DDM Analysis: 300888.SZ

Valuation Snapshot

Stable Growth	$78.62 - $298.50	$228.80
Multi-Stage	$36.83 - $40.31	$38.54
Blended Fair Value	$133.67
Current Price	$38.30
Upside	249.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	57.15%	23.80%	0.71	1.41	0.69	1.32	0.18	0.07	0.07	0.20	0.10	0.10
YoY Growth	-	-	-49.77%	104.90%	-47.80%	650.68%	137.66%	0.60%	-62.58%	94.91%	-3.64%	24.82%
Dividend Yield	-	-	1.54%	3.99%	1.46%	3.01%	0.18%	0.08%	0.08%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	874.31
(-) Cash Dividends Paid (M)	227.19
(=) Cash Retained (M)	647.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	174.86	109.29	65.57
Cash Retained (M)	647.12	647.12	647.12
(-) Cash Required (M)	-174.86	-109.29	-65.57
(=) Excess Retained (M)	472.26	537.83	581.55
(/) Shares Outstanding (M)	582.51	582.51	582.51
(=) Excess Retained per Share	0.81	0.92	1.00
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.81	0.92	1.00
(=) Adjusted Dividend	1.20	1.31	1.39
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.62	$228.80	$298.50
Upside / Downside	105.27%	497.38%	679.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	874.31	931.14	991.66	1,056.12	1,124.77	1,197.88	1,233.81
Payout Ratio	25.98%	38.79%	51.59%	64.39%	77.20%	90.00%	92.50%
Projected Dividends (M)	227.19	361.17	511.61	680.08	868.29	1,078.09	1,141.28

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)	334.02	337.19	340.36
Year 2 PV (M)	437.59	445.93	454.34
Year 3 PV (M)	537.97	553.42	569.15
Year 4 PV (M)	635.23	659.66	684.79
Year 5 PV (M)	729.44	764.68	801.26
PV of Terminal Value (M)	18,782.27	19,689.46	20,631.37
Equity Value (M)	21,456.54	22,450.33	23,481.27
Shares Outstanding (M)	582.51	582.51	582.51
Fair Value	$36.83	$38.54	$40.31
Upside / Downside	-3.83%	0.63%	5.25%

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Winner Medical Co., Ltd. (300888.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener