DDM Analysis: 2376.HK

Valuation Snapshot

Stable Growth	$4.55 - $7.04	$5.71
Multi-Stage	$10.04 - $11.08	$10.55
Blended Fair Value	$8.13
Current Price	$1.92
Upside	323.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	714.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	1.46%	0.15%	0.00%	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)	70.54
(-) Cash Dividends Paid (M)	4.59
(=) Cash Retained (M)	65.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.11	8.82	5.29
Cash Retained (M)	65.95	65.95	65.95
(-) Cash Required (M)	-14.11	-8.82	-5.29
(=) Excess Retained (M)	51.84	57.13	60.66
(/) Shares Outstanding (M)	144.24	144.24	144.24
(=) Excess Retained per Share	0.36	0.40	0.42
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.36	0.40	0.42
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.55	$5.71	$7.04
Upside / Downside	137.03%	197.17%	266.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.54	69.83	69.13	68.44	67.76	67.08	69.09
Payout Ratio	6.51%	23.21%	39.90%	56.60%	73.30%	90.00%	92.50%
Projected Dividends (M)	4.59	16.21	27.59	38.74	49.67	60.37	63.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.07	15.23	15.38
Year 2 PV (M)	23.87	24.36	24.85
Year 3 PV (M)	31.18	32.14	33.12
Year 4 PV (M)	37.18	38.72	40.31
Year 5 PV (M)	42.03	44.22	46.50
PV of Terminal Value (M)	1,299.39	1,367.05	1,437.50
Equity Value (M)	1,448.71	1,521.71	1,597.66
Shares Outstanding (M)	144.24	144.24	144.24
Fair Value	$10.04	$10.55	$11.08
Upside / Downside	423.10%	449.46%	476.89%

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Lushang Life Services Co., Ltd. (2376.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener