DDM Analysis: 600079.SS

Valuation Snapshot

Stable Growth	$23.38 - $77.85	$38.14
Multi-Stage	$23.27 - $25.50	$24.37
Blended Fair Value	$31.26
Current Price	$21.08
Upside	48.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.44%	16.58%	0.78	0.36	0.38	0.41	0.43	0.60	0.63	0.35	0.29	0.26
YoY Growth	-	-	115.98%	-4.12%	-7.91%	-6.25%	-27.12%	-5.28%	82.12%	20.60%	11.23%	53.73%
Dividend Yield	-	-	3.77%	1.79%	1.40%	2.36%	1.41%	4.39%	5.17%	2.22%	1.45%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,428.63
(-) Cash Dividends Paid (M)	686.07
(=) Cash Retained (M)	742.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	285.73	178.58	107.15
Cash Retained (M)	742.55	742.55	742.55
(-) Cash Required (M)	-285.73	-178.58	-107.15
(=) Excess Retained (M)	456.83	563.97	635.41
(/) Shares Outstanding (M)	1,632.85	1,632.85	1,632.85
(=) Excess Retained per Share	0.28	0.35	0.39
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.28	0.35	0.39
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.44%	4.44%	5.44%
Fair Value	$23.38	$38.14	$77.85
Upside / Downside	10.93%	80.95%	269.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,428.63	1,492.01	1,558.21	1,627.34	1,699.54	1,774.94	1,828.19
Payout Ratio	48.02%	56.42%	64.81%	73.21%	81.60%	90.00%	92.50%
Projected Dividends (M)	686.07	841.77	1,009.94	1,191.36	1,386.90	1,597.45	1,691.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.44%	4.44%	5.44%
Year 1 PV (M)	782.59	790.15	797.72
Year 2 PV (M)	872.91	889.87	906.99
Year 3 PV (M)	957.32	985.36	1,013.94
Year 4 PV (M)	1,036.09	1,076.75	1,118.58
Year 5 PV (M)	1,109.48	1,164.15	1,220.97
PV of Terminal Value (M)	33,245.99	34,884.44	36,586.86
Equity Value (M)	38,004.39	39,790.72	41,645.05
Shares Outstanding (M)	1,632.85	1,632.85	1,632.85
Fair Value	$23.27	$24.37	$25.50
Upside / Downside	10.41%	15.60%	20.99%

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Humanwell Healthcare (Group) Co.,Ltd. (600079.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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