DDM Analysis: 6600.HK

Valuation Snapshot

Stable Growth	$18.34 - $29.70	$23.45
Multi-Stage	$52.35 - $57.76	$55.00
Blended Fair Value	$39.22
Current Price	$12.61
Upside	211.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	-17.52%	0.00%	0.33	0.32	1.27	3.34	0.33	0.87	0.00	0.00	0.00	0.00
YoY Growth	-	-	4.57%	-75.15%	-61.94%	927.32%	-62.44%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.62%	3.53%	18.30%	21.13%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,121.90
(-) Cash Dividends Paid (M)	215.02
(=) Cash Retained (M)	906.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	224.38	140.24	84.14
Cash Retained (M)	906.88	906.88	906.88
(-) Cash Required (M)	-224.38	-140.24	-84.14
(=) Excess Retained (M)	682.50	766.65	822.74
(/) Shares Outstanding (M)	650.43	650.43	650.43
(=) Excess Retained per Share	1.05	1.18	1.26
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	1.05	1.18	1.26
(=) Adjusted Dividend	1.38	1.51	1.60
WACC / Discount Rate	5.37%	5.37%	5.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.34	$23.45	$29.70
Upside / Downside	45.45%	85.93%	135.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,121.90	1,110.68	1,099.58	1,088.58	1,077.69	1,066.92	1,098.93
Payout Ratio	19.17%	33.33%	47.50%	61.67%	75.83%	90.00%	92.50%
Projected Dividends (M)	215.02	370.22	522.29	671.29	817.25	960.23	1,016.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.37%	5.37%	5.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	347.79	351.34	354.89
Year 2 PV (M)	460.93	470.39	479.94
Year 3 PV (M)	556.54	573.75	591.31
Year 4 PV (M)	636.51	662.89	690.08
Year 5 PV (M)	702.57	739.15	777.24
PV of Terminal Value (M)	31,345.71	32,977.96	34,677.50
Equity Value (M)	34,050.05	35,775.48	37,570.97
Shares Outstanding (M)	650.43	650.43	650.43
Fair Value	$52.35	$55.00	$57.76
Upside / Downside	315.15%	336.18%	358.07%

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SciClone Pharmaceuticals (Holdings) Limited (6600.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener