DDM Analysis: 688626.SS

Valuation Snapshot

Stable Growth	$3.52 - $5.11	$4.29
Multi-Stage	$6.12 - $6.71	$6.41
Blended Fair Value	$5.35
Current Price	$51.10
Upside	-89.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.56	0.26	0.39	0.39	0.01	0.00	0.00	0.66	0.00	0.00
YoY Growth	-	-	111.56%	-32.50%	0.88%	7,273.22%	0.00%	-100.00%	-99.97%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.54%	0.59%	0.96%	1.02%	0.01%	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)	73.51
(-) Cash Dividends Paid (M)	41.33
(=) Cash Retained (M)	32.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.70	9.19	5.51
Cash Retained (M)	32.18	32.18	32.18
(-) Cash Required (M)	-14.70	-9.19	-5.51
(=) Excess Retained (M)	17.48	22.99	26.67
(/) Shares Outstanding (M)	152.83	152.83	152.83
(=) Excess Retained per Share	0.11	0.15	0.17
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.11	0.15	0.17
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.52	$4.29	$5.11
Upside / Downside	-93.11%	-91.60%	-90.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.51	72.78	72.05	71.33	70.61	69.91	72.01
Payout Ratio	56.22%	62.98%	69.73%	76.49%	83.24%	90.00%	92.50%
Projected Dividends (M)	41.33	45.83	50.24	54.56	58.78	62.92	66.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	41.74	42.16	42.59
Year 2 PV (M)	41.66	42.52	43.38
Year 3 PV (M)	41.20	42.47	43.77
Year 4 PV (M)	40.42	42.10	43.82
Year 5 PV (M)	39.40	41.45	43.59
PV of Terminal Value (M)	731.21	769.29	808.93
Equity Value (M)	935.63	979.99	1,026.09
Shares Outstanding (M)	152.83	152.83	152.83
Fair Value	$6.12	$6.41	$6.71
Upside / Downside	-88.02%	-87.45%	-86.86%

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Xiangyu Medical Co.,Ltd (688626.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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