DDM Analysis: 603087.SS

Valuation Snapshot

Stable Growth	$15.38 - $24.09	$19.38
Multi-Stage	$30.40 - $33.32	$31.83
Blended Fair Value	$25.61
Current Price	$75.90
Upside	-66.26%
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	0.00%	107.61%	0.71	0.00	0.29	0.38	0.34	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-25.00%	12.00%	0.00%	0.00%	0.00%	-100.00%	-18.67%	887.12%
Dividend Yield	-	-	1.58%	0.00%	0.76%	0.73%	0.26%	0.00%	0.00%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	925.74
(-) Cash Dividends Paid (M)	899.82
(=) Cash Retained (M)	25.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	185.15	115.72	69.43
Cash Retained (M)	25.91	25.91	25.91
(-) Cash Required (M)	-185.15	-115.72	-69.43
(=) Excess Retained (M)	-159.23	-89.80	-43.52
(/) Shares Outstanding (M)	589.25	589.25	589.25
(=) Excess Retained per Share	-0.27	-0.15	-0.07
LTM Dividend per Share	1.53	1.53	1.53
(+) Excess Retained per Share	-0.27	-0.15	-0.07
(=) Adjusted Dividend	1.26	1.37	1.45
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-0.98%	0.02%	1.02%
Fair Value	$15.38	$19.38	$24.09
Upside / Downside	-79.74%	-74.46%	-68.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	925.74	925.90	926.06	926.22	926.38	926.54	954.34
Payout Ratio	97.20%	95.76%	94.32%	92.88%	91.44%	90.00%	92.50%
Projected Dividends (M)	899.82	886.65	873.46	860.28	847.08	833.89	882.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-0.98%	0.02%	1.02%
Year 1 PV (M)	819.51	827.79	836.06
Year 2 PV (M)	746.20	761.34	776.65
Year 3 PV (M)	679.28	700.07	721.28
Year 4 PV (M)	618.22	643.58	669.70
Year 5 PV (M)	562.51	591.49	621.66
PV of Terminal Value (M)	14,487.17	15,233.64	16,010.58
Equity Value (M)	17,912.89	18,757.92	19,635.93
Shares Outstanding (M)	589.25	589.25	589.25
Fair Value	$30.40	$31.83	$33.32
Upside / Downside	-59.95%	-58.06%	-56.10%

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Gan & Lee Pharmaceuticals. (603087.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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