DDM Analysis: 000739.SZ

Valuation Snapshot

Stable Growth	$60.72 - $147.77	$138.48
Multi-Stage	$21.75 - $23.79	$22.75
Blended Fair Value	$80.62
Current Price	$16.38
Upside	392.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.10%	16.37%	0.35	0.33	0.31	0.26	0.17	0.12	0.10	0.12	0.11	0.14
YoY Growth	-	-	4.86%	5.57%	20.17%	49.95%	41.74%	18.54%	-15.35%	9.40%	-20.40%	84.35%
Dividend Yield	-	-	2.30%	2.57%	1.47%	0.83%	0.61%	0.62%	0.91%	1.90%	1.34%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	861.74
(-) Cash Dividends Paid (M)	428.76
(=) Cash Retained (M)	432.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	172.35	107.72	64.63
Cash Retained (M)	432.98	432.98	432.98
(-) Cash Required (M)	-172.35	-107.72	-64.63
(=) Excess Retained (M)	260.63	325.26	368.35
(/) Shares Outstanding (M)	1,159.74	1,159.74	1,159.74
(=) Excess Retained per Share	0.22	0.28	0.32
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.22	0.28	0.32
(=) Adjusted Dividend	0.59	0.65	0.69
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.72	$138.48	$147.77
Upside / Downside	270.72%	745.45%	802.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	861.74	917.75	977.40	1,040.93	1,108.59	1,180.65	1,216.07
Payout Ratio	49.76%	57.80%	65.85%	73.90%	81.95%	90.00%	92.50%
Projected Dividends (M)	428.76	530.50	643.65	769.27	908.50	1,062.59	1,124.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	493.29	497.97	502.64
Year 2 PV (M)	556.53	567.13	577.83
Year 3 PV (M)	618.50	636.25	654.34
Year 4 PV (M)	679.21	705.33	732.20
Year 5 PV (M)	738.69	774.37	811.41
PV of Terminal Value (M)	22,135.23	23,204.37	24,314.43
Equity Value (M)	25,221.45	26,385.42	27,592.86
Shares Outstanding (M)	1,159.74	1,159.74	1,159.74
Fair Value	$21.75	$22.75	$23.79
Upside / Downside	32.77%	38.90%	45.25%

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Apeloa Pharmaceutical Co.,Ltd (000739.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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