DDM Analysis: 300272.SZ

Valuation Snapshot

Stable Growth	$10.36 - $32.64	$30.59
Multi-Stage	$4.51 - $4.93	$4.72
Blended Fair Value	$17.66
Current Price	$6.46
Upside	173.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.91%	20.60%	0.31	0.14	0.12	0.07	0.07	0.16	0.09	0.08	0.06	0.03
YoY Growth	-	-	132.19%	11.86%	71.00%	-3.22%	-53.39%	76.12%	13.44%	38.54%	85.11%	-36.60%
Dividend Yield	-	-	4.78%	2.43%	2.05%	0.98%	1.56%	3.56%	1.17%	1.19%	0.78%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.76
(-) Cash Dividends Paid (M)	78.36
(=) Cash Retained (M)	16.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.95	11.85	7.11
Cash Retained (M)	16.41	16.41	16.41
(-) Cash Required (M)	-18.95	-11.85	-7.11
(=) Excess Retained (M)	-2.55	4.56	9.30
(/) Shares Outstanding (M)	577.34	577.34	577.34
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.36	$30.59	$32.64
Upside / Downside	60.31%	373.55%	405.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.76	100.92	107.48	114.47	121.91	129.83	133.73
Payout Ratio	82.69%	84.15%	85.61%	87.07%	88.54%	90.00%	92.50%
Projected Dividends (M)	78.36	84.93	92.02	99.67	107.94	116.85	123.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	78.74	79.49	80.24
Year 2 PV (M)	79.11	80.62	82.14
Year 3 PV (M)	79.45	81.74	84.06
Year 4 PV (M)	79.78	82.85	86.00
Year 5 PV (M)	80.08	83.95	87.96
PV of Terminal Value (M)	2,208.98	2,315.68	2,426.46
Equity Value (M)	2,606.15	2,724.31	2,846.86
Shares Outstanding (M)	577.34	577.34	577.34
Fair Value	$4.51	$4.72	$4.93
Upside / Downside	-30.12%	-26.95%	-23.67%

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Canature Health Technology Co., Ltd. (300272.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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