DDM Analysis: 688236.SS

Valuation Snapshot

Stable Growth	$26.40 - $133.33	$54.64
Multi-Stage	$14.98 - $16.36	$15.66
Blended Fair Value	$35.15
Current Price	$24.91
Upside	41.11%
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	24.59%	31.54%	0.45	0.32	0.13	0.00	0.03	0.15	0.04	0.03	0.02	0.02
YoY Growth	-	-	42.04%	140.32%	0.00%	-100.00%	-81.74%	255.55%	49.03%	76.14%	0.00%	-44.66%
Dividend Yield	-	-	3.30%	1.50%	0.43%	0.00%	0.10%	0.52%	0.15%	0.10%	0.06%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255.37
(-) Cash Dividends Paid (M)	170.53
(=) Cash Retained (M)	84.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.07	31.92	19.15
Cash Retained (M)	84.83	84.83	84.83
(-) Cash Required (M)	-51.07	-31.92	-19.15
(=) Excess Retained (M)	33.76	52.91	65.68
(/) Shares Outstanding (M)	380.90	380.90	380.90
(=) Excess Retained per Share	0.09	0.14	0.17
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.09	0.14	0.17
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.40	$54.64	$133.33
Upside / Downside	5.98%	119.37%	435.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255.37	271.97	289.64	308.47	328.52	349.88	360.37
Payout Ratio	66.78%	71.42%	76.07%	80.71%	85.36%	90.00%	92.50%
Projected Dividends (M)	170.53	194.25	220.33	248.97	280.41	314.89	333.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	178.76	180.46	182.15
Year 2 PV (M)	186.59	190.15	193.74
Year 3 PV (M)	194.04	199.61	205.29
Year 4 PV (M)	201.12	208.86	216.81
Year 5 PV (M)	207.84	217.88	228.31
PV of Terminal Value (M)	4,738.51	4,967.39	5,205.02
Equity Value (M)	5,706.88	5,964.34	6,231.31
Shares Outstanding (M)	380.90	380.90	380.90
Fair Value	$14.98	$15.66	$16.36
Upside / Downside	-39.85%	-37.14%	-34.33%

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Beijing Chunlizhengda Medical Instruments Co., Ltd. (688236.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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