DDM Analysis: 300685.SZ

Valuation Snapshot

Stable Growth	$32.98 - $147.69	$76.87
Multi-Stage	$17.05 - $18.65	$17.83
Blended Fair Value	$47.35
Current Price	$23.00
Upside	105.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.00%	45.84%	0.16	0.14	0.13	0.14	0.09	0.07	0.05	0.00	0.00	0.00
YoY Growth	-	-	7.88%	9.13%	-7.15%	49.85%	39.63%	37.97%	0.00%	0.00%	-100.00%	-98.23%
Dividend Yield	-	-	0.69%	0.63%	0.47%	0.50%	0.24%	0.27%	0.24%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	290.10
(-) Cash Dividends Paid (M)	93.61
(=) Cash Retained (M)	196.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.02	36.26	21.76
Cash Retained (M)	196.49	196.49	196.49
(-) Cash Required (M)	-58.02	-36.26	-21.76
(=) Excess Retained (M)	138.47	160.23	174.73
(/) Shares Outstanding (M)	390.64	390.64	390.64
(=) Excess Retained per Share	0.35	0.41	0.45
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.35	0.41	0.45
(=) Adjusted Dividend	0.59	0.65	0.69
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.98	$76.87	$147.69
Upside / Downside	43.41%	234.22%	542.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	290.10	308.96	329.04	350.42	373.20	397.46	409.38
Payout Ratio	32.27%	43.81%	55.36%	66.91%	78.45%	90.00%	92.50%
Projected Dividends (M)	93.61	135.37	182.16	234.46	292.79	357.71	378.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	124.86	126.04	127.22
Year 2 PV (M)	154.97	157.92	160.90
Year 3 PV (M)	183.98	189.26	194.64
Year 4 PV (M)	211.91	220.06	228.44
Year 5 PV (M)	238.79	250.33	262.30
PV of Terminal Value (M)	5,744.91	6,022.39	6,310.49
Equity Value (M)	6,659.41	6,965.99	7,284.00
Shares Outstanding (M)	390.64	390.64	390.64
Fair Value	$17.05	$17.83	$18.65
Upside / Downside	-25.88%	-22.47%	-18.93%

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Amoy Diagnostics Co., Ltd. (300685.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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