DDM Analysis: 000788.SZ

Valuation Snapshot

Stable Growth	$1.97 - $2.95	$2.44
Multi-Stage	$4.68 - $5.16	$4.91
Blended Fair Value	$3.68
Current Price	$6.14
Upside	-40.14%
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	13.30%	-7.51%	0.08	0.01	0.05	0.03	0.02	0.04	0.03	0.01	0.05	0.12
YoY Growth	-	-	1,099.95%	-85.96%	42.79%	42.81%	-45.66%	34.43%	124.25%	-70.36%	-61.38%	-28.92%
Dividend Yield	-	-	1.35%	0.12%	0.64%	0.26%	0.36%	0.68%	0.37%	0.19%	0.38%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	143.61
(-) Cash Dividends Paid (M)	48.28
(=) Cash Retained (M)	95.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.72	17.95	10.77
Cash Retained (M)	95.32	95.32	95.32
(-) Cash Required (M)	-28.72	-17.95	-10.77
(=) Excess Retained (M)	66.60	77.37	84.55
(/) Shares Outstanding (M)	595.90	595.90	595.90
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.95%	-1.95%	-0.95%
Fair Value	$1.97	$2.44	$2.95
Upside / Downside	-67.86%	-60.29%	-51.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	143.61	140.81	138.07	135.38	132.74	130.16	134.06
Payout Ratio	33.62%	44.90%	56.17%	67.45%	78.72%	90.00%	92.50%
Projected Dividends (M)	48.28	63.22	77.56	91.31	104.50	117.14	124.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.95%	-1.95%	-0.95%
Year 1 PV (M)	58.74	59.34	59.95
Year 2 PV (M)	66.95	68.34	69.74
Year 3 PV (M)	73.24	75.52	77.86
Year 4 PV (M)	77.87	81.13	84.49
Year 5 PV (M)	81.10	85.37	89.81
PV of Terminal Value (M)	2,430.25	2,558.06	2,691.19
Equity Value (M)	2,788.15	2,927.76	3,073.04
Shares Outstanding (M)	595.90	595.90	595.90
Fair Value	$4.68	$4.91	$5.16
Upside / Downside	-23.80%	-19.98%	-16.01%

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PKU HealthCare Corp.,Ltd. (000788.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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