DDM Analysis: 300633.SZ

Valuation Snapshot

Stable Growth	$3.72 - $10.22	$5.75
Multi-Stage	$2.66 - $2.90	$2.78
Blended Fair Value	$4.27
Current Price	$34.38
Upside	-87.59%
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	27.43%	8.20%	0.33	0.19	0.13	0.01	0.07	0.10	0.05	0.04	0.01	0.01
YoY Growth	-	-	74.48%	43.22%	942.23%	-81.91%	-28.68%	98.04%	39.37%	285.08%	-20.68%	-92.24%
Dividend Yield	-	-	1.15%	0.51%	0.24%	0.05%	0.30%	0.38%	0.16%	0.12%	0.12%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.92
(-) Cash Dividends Paid (M)	47.69
(=) Cash Retained (M)	19.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.38	8.37	5.02
Cash Retained (M)	19.23	19.23	19.23
(-) Cash Required (M)	-13.38	-8.37	-5.02
(=) Excess Retained (M)	5.85	10.87	14.22
(/) Shares Outstanding (M)	432.54	432.54	432.54
(=) Excess Retained per Share	0.01	0.03	0.03
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.01	0.03	0.03
(=) Adjusted Dividend	0.12	0.14	0.14
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.72	$5.75	$10.22
Upside / Downside	-89.17%	-83.26%	-70.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.92	71.27	75.91	80.84	86.09	91.69	94.44
Payout Ratio	71.26%	75.01%	78.76%	82.50%	86.25%	90.00%	92.50%
Projected Dividends (M)	47.69	53.46	59.78	66.70	74.26	82.52	87.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.58	49.04	49.50
Year 2 PV (M)	49.37	50.31	51.26
Year 3 PV (M)	50.06	51.49	52.96
Year 4 PV (M)	50.65	52.59	54.60
Year 5 PV (M)	51.15	53.62	56.18
PV of Terminal Value (M)	901.57	945.12	990.33
Equity Value (M)	1,151.38	1,202.18	1,254.84
Shares Outstanding (M)	432.54	432.54	432.54
Fair Value	$2.66	$2.78	$2.90
Upside / Downside	-92.26%	-91.92%	-91.56%

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SonoScape Medical Corp. (300633.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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