DDM Analysis: 600587.SS

Valuation Snapshot

Stable Growth	$21.20 - $60.69	$33.16
Multi-Stage	$13.92 - $15.22	$14.56
Blended Fair Value	$23.86
Current Price	$16.03
Upside	48.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	78.24%	11.18%	0.55	0.17	0.16	0.22	0.31	0.03	0.37	0.38	0.31	0.27
YoY Growth	-	-	216.98%	7.06%	-24.65%	-29.79%	902.10%	-91.67%	-3.88%	23.93%	14.10%	41.71%
Dividend Yield	-	-	3.43%	0.98%	0.76%	1.13%	3.05%	0.23%	3.08%	3.12%	1.66%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	508.92
(-) Cash Dividends Paid (M)	30.14
(=) Cash Retained (M)	478.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.78	63.61	38.17
Cash Retained (M)	478.78	478.78	478.78
(-) Cash Required (M)	-101.78	-63.61	-38.17
(=) Excess Retained (M)	376.99	415.16	440.61
(/) Shares Outstanding (M)	596.16	596.16	596.16
(=) Excess Retained per Share	0.63	0.70	0.74
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.63	0.70	0.74
(=) Adjusted Dividend	0.68	0.75	0.79
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.20	$33.16	$60.69
Upside / Downside	32.24%	106.88%	278.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	508.92	542.00	577.23	614.75	654.71	697.26	718.18
Payout Ratio	5.92%	22.74%	39.55%	56.37%	73.18%	90.00%	92.50%
Projected Dividends (M)	30.14	123.24	228.31	346.53	479.14	627.54	664.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	112.11	113.17	114.23
Year 2 PV (M)	188.93	192.53	196.16
Year 3 PV (M)	260.84	268.33	275.96
Year 4 PV (M)	328.08	340.70	353.68
Year 5 PV (M)	390.88	409.76	429.36
PV of Terminal Value (M)	7,014.83	7,353.65	7,705.44
Equity Value (M)	8,295.67	8,678.13	9,074.82
Shares Outstanding (M)	596.16	596.16	596.16
Fair Value	$13.92	$14.56	$15.22
Upside / Downside	-13.19%	-9.19%	-5.04%

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Shinva Medical Instrument Co., Ltd. (600587.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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