DDM Analysis: 300677.SZ

Valuation Snapshot

Stable Growth	$139.49 - $529.60	$405.94
Multi-Stage	$64.98 - $71.13	$68.00
Blended Fair Value	$236.97
Current Price	$36.74
Upside	544.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	62.62%	49.66%	0.53	0.10	0.64	1.65	0.23	0.05	0.02	0.02	0.02	0.02
YoY Growth	-	-	419.81%	-84.21%	-60.99%	632.98%	384.67%	101.91%	-0.65%	1.75%	26.33%	92.27%
Dividend Yield	-	-	2.21%	0.44%	2.50%	4.29%	0.25%	0.27%	0.32%	0.17%	0.42%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,702.42
(-) Cash Dividends Paid (M)	318.39
(=) Cash Retained (M)	1,384.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	340.48	212.80	127.68
Cash Retained (M)	1,384.03	1,384.03	1,384.03
(-) Cash Required (M)	-340.48	-212.80	-127.68
(=) Excess Retained (M)	1,043.55	1,171.23	1,256.35
(/) Shares Outstanding (M)	639.29	639.29	639.29
(=) Excess Retained per Share	1.63	1.83	1.97
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	1.63	1.83	1.97
(=) Adjusted Dividend	2.13	2.33	2.46
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$139.49	$405.94	$529.60
Upside / Downside	279.66%	1,004.89%	1,341.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,702.42	1,813.08	1,930.93	2,056.44	2,190.11	2,332.46	2,402.44
Payout Ratio	18.70%	32.96%	47.22%	61.48%	75.74%	90.00%	92.50%
Projected Dividends (M)	318.39	597.62	911.81	1,264.32	1,658.80	2,099.22	2,222.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	552.70	557.94	563.18
Year 2 PV (M)	779.90	794.75	809.75
Year 3 PV (M)	1,000.13	1,028.84	1,058.10
Year 4 PV (M)	1,213.56	1,260.24	1,308.24
Year 5 PV (M)	1,420.35	1,488.95	1,560.18
PV of Terminal Value (M)	36,572.17	38,338.62	40,172.68
Equity Value (M)	41,538.82	43,469.35	45,472.13
Shares Outstanding (M)	639.29	639.29	639.29
Fair Value	$64.98	$68.00	$71.13
Upside / Downside	76.85%	85.07%	93.60%

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Intco Medical Technology Co., Ltd. (300677.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener