DDM Analysis: 688656.SS

Valuation Snapshot

Stable Growth	$4.25 - $6.10	$5.16
Multi-Stage	$7.11 - $7.79	$7.44
Blended Fair Value	$6.30
Current Price	$158.55
Upside	-96.03%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-9.84%	0.00%	0.47	0.32	0.56	0.32	0.82	0.79	0.03	0.03	0.03	0.00
YoY Growth	-	-	48.91%	-43.40%	76.67%	-61.55%	4.02%	2,756.71%	-9.98%	20.39%	0.00%	0.00%
Dividend Yield	-	-	0.54%	1.18%	1.48%	0.75%	1.27%	1.24%	0.04%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36.43
(-) Cash Dividends Paid (M)	21.68
(=) Cash Retained (M)	14.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.29	4.55	2.73
Cash Retained (M)	14.75	14.75	14.75
(-) Cash Required (M)	-7.29	-4.55	-2.73
(=) Excess Retained (M)	7.46	10.19	12.01
(/) Shares Outstanding (M)	59.69	59.69	59.69
(=) Excess Retained per Share	0.12	0.17	0.20
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.12	0.17	0.20
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.25	$5.16	$6.10
Upside / Downside	-97.32%	-96.75%	-96.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.43	36.07	35.71	35.35	34.99	34.64	35.68
Payout Ratio	59.52%	65.62%	71.71%	77.81%	83.90%	90.00%	92.50%
Projected Dividends (M)	21.68	23.67	25.61	27.50	29.36	31.18	33.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.44	21.66	21.88
Year 2 PV (M)	21.02	21.45	21.89
Year 3 PV (M)	20.46	21.09	21.74
Year 4 PV (M)	19.79	20.61	21.46
Year 5 PV (M)	19.04	20.03	21.06
PV of Terminal Value (M)	322.41	339.20	356.68
Equity Value (M)	424.17	444.05	464.71
Shares Outstanding (M)	59.69	59.69	59.69
Fair Value	$7.11	$7.44	$7.79
Upside / Downside	-95.52%	-95.31%	-95.09%

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HOB Biotech Group Corp.,Ltd (688656.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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