DDM Analysis: 688278.SS

Valuation Snapshot

Stable Growth	$54.14 - $143.38	$82.75
Multi-Stage	$37.19 - $40.63	$38.88
Blended Fair Value	$60.81
Current Price	$84.05
Upside	-27.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	117.96%	0.00%	0.41	0.21	0.10	0.05	0.03	0.01	0.01	0.01	0.01	0.00
YoY Growth	-	-	92.49%	113.00%	100.00%	59.85%	275.28%	-9.80%	-6.57%	-11.43%	0.00%	0.00%
Dividend Yield	-	-	0.53%	0.34%	0.22%	0.17%	0.10%	0.03%	0.03%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	939.58
(-) Cash Dividends Paid (M)	252.36
(=) Cash Retained (M)	687.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	187.92	117.45	70.47
Cash Retained (M)	687.21	687.21	687.21
(-) Cash Required (M)	-187.92	-117.45	-70.47
(=) Excess Retained (M)	499.30	569.77	616.75
(/) Shares Outstanding (M)	406.50	406.50	406.50
(=) Excess Retained per Share	1.23	1.40	1.52
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	1.23	1.40	1.52
(=) Adjusted Dividend	1.85	2.02	2.14
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.14	$82.75	$143.38
Upside / Downside	-35.58%	-1.55%	70.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	939.58	1,000.65	1,065.69	1,134.96	1,208.73	1,287.30	1,325.92
Payout Ratio	26.86%	39.49%	52.12%	64.74%	77.37%	90.00%	92.50%
Projected Dividends (M)	252.36	395.13	555.39	734.82	935.22	1,158.57	1,226.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	358.76	362.16	365.56
Year 2 PV (M)	457.86	466.58	475.38
Year 3 PV (M)	550.02	565.81	581.90
Year 4 PV (M)	635.59	660.04	685.18
Year 5 PV (M)	714.91	749.44	785.30
PV of Terminal Value (M)	12,400.77	12,999.73	13,621.61
Equity Value (M)	15,117.91	15,803.75	16,514.93
Shares Outstanding (M)	406.50	406.50	406.50
Fair Value	$37.19	$38.88	$40.63
Upside / Downside	-55.75%	-53.75%	-51.66%

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Xiamen Amoytop Biotech Co., Ltd. (688278.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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