DDM Analysis: 2376.HK

Valuation Snapshot

Stable Growth	$4.45 - $6.83	$5.56
Multi-Stage	$9.47 - $10.44	$9.94
Blended Fair Value	$7.75
Current Price	$1.92
Upside	303.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	714.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	1.46%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.54
(-) Cash Dividends Paid (M)	4.59
(=) Cash Retained (M)	65.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.11	8.82	5.29
Cash Retained (M)	65.95	65.95	65.95
(-) Cash Required (M)	-14.11	-8.82	-5.29
(=) Excess Retained (M)	51.84	57.13	60.66
(/) Shares Outstanding (M)	144.24	144.24	144.24
(=) Excess Retained per Share	0.36	0.40	0.42
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.36	0.40	0.42
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.45	$5.56	$6.83
Upside / Downside	131.60%	189.47%	255.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.54	69.83	69.13	68.44	67.76	67.08	69.09
Payout Ratio	6.51%	23.21%	39.90%	56.60%	73.30%	90.00%	92.50%
Projected Dividends (M)	4.59	16.21	27.59	38.74	49.67	60.37	63.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.05	15.20	15.35
Year 2 PV (M)	23.78	24.27	24.76
Year 3 PV (M)	31.00	31.96	32.94
Year 4 PV (M)	36.90	38.43	40.01
Year 5 PV (M)	41.65	43.81	46.07
PV of Terminal Value (M)	1,217.22	1,280.60	1,346.60
Equity Value (M)	1,365.60	1,434.28	1,505.73
Shares Outstanding (M)	144.24	144.24	144.24
Fair Value	$9.47	$9.94	$10.44
Upside / Downside	393.09%	417.89%	443.69%

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Lushang Life Services Co., Ltd. (2376.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener