DDM Analysis: 6929.HK

Valuation Snapshot

Stable Growth	$0.68 - $0.98	$0.83
Multi-Stage	$1.09 - $1.20	$1.14
Blended Fair Value	$0.99
Current Price	$0.51
Upside	94.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.68%	0.00%	0.00%	0.00%	0.00%	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)	79.39
(-) Cash Dividends Paid (M)	10.62
(=) Cash Retained (M)	68.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.88	9.92	5.95
Cash Retained (M)	68.78	68.78	68.78
(-) Cash Required (M)	-15.88	-9.92	-5.95
(=) Excess Retained (M)	52.90	58.85	62.82
(/) Shares Outstanding (M)	828.15	828.15	828.15
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.68	$0.83	$0.98
Upside / Downside	34.31%	63.22%	93.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.39	78.60	77.81	77.03	76.26	75.50	77.77
Payout Ratio	13.37%	28.70%	44.02%	59.35%	74.67%	90.00%	92.50%
Projected Dividends (M)	10.62	22.55	34.25	45.72	56.95	67.95	71.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.48	20.69	20.90
Year 2 PV (M)	28.25	28.82	29.41
Year 3 PV (M)	34.23	35.29	36.37
Year 4 PV (M)	38.72	40.32	41.98
Year 5 PV (M)	41.95	44.14	46.41
PV of Terminal Value (M)	738.56	777.02	817.06
Equity Value (M)	902.19	946.28	992.13
Shares Outstanding (M)	828.15	828.15	828.15
Fair Value	$1.09	$1.14	$1.20
Upside / Downside	114.40%	124.87%	135.77%

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OrbusNeich Medical Group Holdings Limited (6929.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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