DDM Analysis: 688117.SS

Valuation Snapshot

Stable Growth	$147.85 - $174.22	$163.26
Multi-Stage	$45.33 - $49.73	$47.49
Blended Fair Value	$105.37
Current Price	$40.91
Upside	157.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	143.25%	0.00%	0.25	0.21	0.20	0.00	0.00	0.00	0.00	0.21	0.00	0.00
YoY Growth	-	-	17.08%	8.81%	107,176.87%	0.00%	-100.00%	-3.47%	-98.57%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.20%	1.02%	1.14%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.09
(-) Cash Dividends Paid (M)	25.29
(=) Cash Retained (M)	94.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.02	15.01	9.01
Cash Retained (M)	94.80	94.80	94.80
(-) Cash Required (M)	-24.02	-15.01	-9.01
(=) Excess Retained (M)	70.78	79.79	85.80
(/) Shares Outstanding (M)	136.32	136.32	136.32
(=) Excess Retained per Share	0.52	0.59	0.63
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.52	0.59	0.63
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	4.96%	4.96%	4.96%
Growth Rate	4.90%	5.90%	6.90%
Fair Value	$147.85	$163.26	$174.22
Upside / Downside	261.41%	299.07%	325.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.09	127.17	134.67	142.61	151.02	159.93	164.72
Payout Ratio	21.06%	34.84%	48.63%	62.42%	76.21%	90.00%	92.50%
Projected Dividends (M)	25.29	44.31	65.49	89.02	115.09	143.93	152.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.96%	4.96%	4.96%
Growth Rate	4.90%	5.90%	6.90%
Year 1 PV (M)	41.82	42.22	42.61
Year 2 PV (M)	58.33	59.44	60.57
Year 3 PV (M)	74.82	76.98	79.18
Year 4 PV (M)	91.28	94.82	98.45
Year 5 PV (M)	107.73	112.96	118.40
PV of Terminal Value (M)	5,804.65	6,086.66	6,379.53
Equity Value (M)	6,178.63	6,473.08	6,778.74
Shares Outstanding (M)	136.32	136.32	136.32
Fair Value	$45.33	$47.49	$49.73
Upside / Downside	10.79%	16.07%	21.56%

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ChengDu ShengNuo Biotec Co.,Ltd. (688117.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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