DDM Analysis: 300146.SZ

Valuation Snapshot

Stable Growth	$42.88 - $81.82	$76.67
Multi-Stage	$13.19 - $14.42	$13.80
Blended Fair Value	$45.24
Current Price	$11.53
Upside	292.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.61%	16.54%	0.90	0.18	0.71	0.66	0.34	0.44	0.30	0.23	0.26	0.22
YoY Growth	-	-	395.48%	-74.28%	7.55%	94.26%	-22.42%	45.75%	31.81%	-12.49%	20.00%	10.95%
Dividend Yield	-	-	7.76%	1.06%	3.32%	3.09%	1.18%	2.60%	1.27%	1.34%	2.36%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	691.53
(-) Cash Dividends Paid (M)	609.47
(=) Cash Retained (M)	82.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	138.31	86.44	51.86
Cash Retained (M)	82.05	82.05	82.05
(-) Cash Required (M)	-138.31	-86.44	-51.86
(=) Excess Retained (M)	-56.25	-4.39	30.19
(/) Shares Outstanding (M)	1,680.90	1,680.90	1,680.90
(=) Excess Retained per Share	-0.03	0.00	0.02
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	-0.03	0.00	0.02
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.88	$76.67	$81.82
Upside / Downside	271.92%	565.00%	609.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	691.53	736.48	784.35	835.33	889.62	947.45	975.87
Payout Ratio	88.13%	88.51%	88.88%	89.25%	89.63%	90.00%	92.50%
Projected Dividends (M)	609.47	651.84	697.13	745.56	797.34	852.71	902.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	607.39	613.15	618.91
Year 2 PV (M)	605.31	616.84	628.47
Year 3 PV (M)	603.22	620.53	638.18
Year 4 PV (M)	601.13	624.24	648.02
Year 5 PV (M)	599.03	627.96	658.00
PV of Terminal Value (M)	19,159.96	20,085.39	21,046.24
Equity Value (M)	22,176.03	23,188.12	24,237.83
Shares Outstanding (M)	1,680.90	1,680.90	1,680.90
Fair Value	$13.19	$13.80	$14.42
Upside / Downside	14.42%	19.64%	25.06%

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By-health Co., Ltd. (300146.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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