DDM Analysis: 603301.SS

Valuation Snapshot

Stable Growth	$28.91 - $98.61	$47.46
Multi-Stage	$19.46 - $21.22	$20.33
Blended Fair Value	$33.89
Current Price	$46.66
Upside	-27.37%
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	22.26%	10.25%	0.59	1.58	0.61	2.03	0.29	0.22	0.08	0.08	0.08	0.14
YoY Growth	-	-	-62.38%	157.97%	-69.79%	594.25%	34.22%	177.62%	-1.60%	-5.61%	-40.12%	-37.09%
Dividend Yield	-	-	2.75%	7.60%	1.70%	5.14%	0.51%	0.77%	0.39%	0.55%	0.58%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	280.90
(-) Cash Dividends Paid (M)	191.55
(=) Cash Retained (M)	89.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.18	35.11	21.07
Cash Retained (M)	89.35	89.35	89.35
(-) Cash Required (M)	-56.18	-35.11	-21.07
(=) Excess Retained (M)	33.17	54.24	68.28
(/) Shares Outstanding (M)	268.34	268.34	268.34
(=) Excess Retained per Share	0.12	0.20	0.25
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	0.12	0.20	0.25
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.91	$47.46	$98.61
Upside / Downside	-38.03%	1.70%	111.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	280.90	299.15	318.60	339.31	361.36	384.85	396.40
Payout Ratio	68.19%	72.55%	76.91%	81.28%	85.64%	90.00%	92.50%
Projected Dividends (M)	191.55	217.04	245.05	275.78	309.47	346.37	366.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	198.06	199.94	201.82
Year 2 PV (M)	204.06	207.95	211.87
Year 3 PV (M)	209.56	215.58	221.71
Year 4 PV (M)	214.59	222.85	231.33
Year 5 PV (M)	219.18	229.76	240.75
PV of Terminal Value (M)	4,176.38	4,378.11	4,587.55
Equity Value (M)	5,221.83	5,454.17	5,695.03
Shares Outstanding (M)	268.34	268.34	268.34
Fair Value	$19.46	$20.33	$21.22
Upside / Downside	-58.30%	-56.44%	-54.52%

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Zhende Medical Co., Ltd. (603301.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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