DDM Analysis: 2367.HK

Valuation Snapshot

Stable Growth	$37.27 - $57.66	$46.72
Multi-Stage	$83.31 - $91.81	$87.47
Blended Fair Value	$67.10
Current Price	$52.63
Upside	27.49%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.90	0.00	0.37	2.54	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-85.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.93%	0.00%	1.23%	11.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,029.24
(-) Cash Dividends Paid (M)	908.44
(=) Cash Retained (M)	3,120.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.85	503.66	302.19
Cash Retained (M)	3,120.81	3,120.81	3,120.81
(-) Cash Required (M)	-805.85	-503.66	-302.19
(=) Excess Retained (M)	2,314.96	2,617.15	2,818.61
(/) Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
(=) Excess Retained per Share	2.30	2.60	2.80
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.30	2.60	2.80
(=) Adjusted Dividend	3.20	3.50	3.71
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$37.27	$46.72	$57.66
Upside / Downside	-29.19%	-11.22%	9.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,029.24	3,988.95	3,949.06	3,909.57	3,870.47	3,831.77	3,946.72
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	908.44	1,437.49	1,955.88	2,463.75	2,961.27	3,448.59	3,650.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,337.05	1,350.69	1,364.33
Year 2 PV (M)	1,692.09	1,726.80	1,761.86
Year 3 PV (M)	1,982.53	2,043.84	2,106.40
Year 4 PV (M)	2,216.37	2,308.23	2,402.91
Year 5 PV (M)	2,400.75	2,525.77	2,655.93
PV of Terminal Value (M)	74,170.71	78,032.95	82,054.44
Equity Value (M)	83,799.51	87,988.28	92,345.88
Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
Fair Value	$83.31	$87.47	$91.81
Upside / Downside	58.29%	66.20%	74.44%

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Giant Biogene Holding Co., Ltd. (2367.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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