DDM Analysis: 300298.SZ

Valuation Snapshot

Stable Growth	$20.07 - $101.38	$41.55
Multi-Stage	$11.20 - $12.24	$11.71
Blended Fair Value	$26.63
Current Price	$19.93
Upside	33.62%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.18%	7.19%	0.24	0.26	0.29	0.24	0.32	0.31	0.26	0.22	0.16	0.12
YoY Growth	-	-	-9.10%	-9.87%	22.24%	-25.86%	3.23%	21.39%	16.73%	34.29%	32.51%	3.63%
Dividend Yield	-	-	1.00%	1.24%	0.91%	1.28%	1.04%	2.10%	1.90%	1.09%	1.28%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.95
(-) Cash Dividends Paid (M)	133.13
(=) Cash Retained (M)	148.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.39	35.24	21.15
Cash Retained (M)	148.82	148.82	148.82
(-) Cash Required (M)	-56.39	-35.24	-21.15
(=) Excess Retained (M)	92.43	113.58	127.68
(/) Shares Outstanding (M)	553.08	553.08	553.08
(=) Excess Retained per Share	0.17	0.21	0.23
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.17	0.21	0.23
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.07	$41.55	$101.38
Upside / Downside	0.72%	108.47%	408.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.95	300.28	319.80	340.58	362.72	386.30	397.89
Payout Ratio	47.22%	55.77%	64.33%	72.89%	81.44%	90.00%	92.50%
Projected Dividends (M)	133.13	167.48	205.73	248.24	295.41	347.67	368.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	154.12	155.58	157.04
Year 2 PV (M)	174.23	177.55	180.90
Year 3 PV (M)	193.47	199.03	204.69
Year 4 PV (M)	211.88	220.03	228.41
Year 5 PV (M)	229.48	240.56	252.07
PV of Terminal Value (M)	5,231.75	5,484.45	5,746.81
Equity Value (M)	6,194.94	6,477.20	6,769.92
Shares Outstanding (M)	553.08	553.08	553.08
Fair Value	$11.20	$11.71	$12.24
Upside / Downside	-43.80%	-41.24%	-38.58%

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Sinocare Inc. (300298.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener