DDM Analysis: 6078.HK

Valuation Snapshot

Stable Growth	$15.16 - $23.13	$18.89
Multi-Stage	$31.24 - $34.43	$32.80
Blended Fair Value	$25.85
Current Price	$13.92
Upside	85.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.00	0.15	0.00	0.12	0.11	0.00	0.03	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	5.83%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.47%	0.00%	0.30%	0.27%	0.00%	0.12%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,070.59
(-) Cash Dividends Paid (M)	94.48
(=) Cash Retained (M)	976.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	214.12	133.82	80.29
Cash Retained (M)	976.11	976.11	976.11
(-) Cash Required (M)	-214.12	-133.82	-80.29
(=) Excess Retained (M)	761.99	842.28	895.81
(/) Shares Outstanding (M)	627.03	627.03	627.03
(=) Excess Retained per Share	1.22	1.34	1.43
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	1.22	1.34	1.43
(=) Adjusted Dividend	1.37	1.49	1.58
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15.16	$18.89	$23.13
Upside / Downside	8.92%	35.72%	66.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,070.59	1,059.88	1,049.28	1,038.79	1,028.40	1,018.12	1,048.66
Payout Ratio	8.82%	25.06%	41.29%	57.53%	73.76%	90.00%	92.50%
Projected Dividends (M)	94.48	265.61	433.30	597.61	758.60	916.30	970.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	246.12	248.63	251.14
Year 2 PV (M)	372.04	379.68	387.38
Year 3 PV (M)	475.48	490.18	505.19
Year 4 PV (M)	559.27	582.45	606.34
Year 5 PV (M)	625.97	658.57	692.51
PV of Terminal Value (M)	17,307.47	18,208.71	19,147.11
Equity Value (M)	19,586.35	20,568.21	21,589.67
Shares Outstanding (M)	627.03	627.03	627.03
Fair Value	$31.24	$32.80	$34.43
Upside / Downside	124.40%	135.65%	147.35%

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Hygeia Healthcare Holdings Co., Limited (6078.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener