DDM Analysis: 688269.SS

Valuation Snapshot

Stable Growth	$85.17 - $171.49	$160.71
Multi-Stage	$26.94 - $29.47	$28.18
Blended Fair Value	$94.45
Current Price	$40.90
Upside	130.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.71%	13.44%	0.59	0.74	0.75	0.48	0.45	0.23	0.21	0.17	0.09	0.14
YoY Growth	-	-	-20.19%	-1.05%	54.64%	6.57%	96.95%	12.33%	18.10%	87.90%	-34.36%	-15.87%
Dividend Yield	-	-	2.19%	2.56%	0.99%	0.74%	0.80%	0.41%	0.36%	0.31%	0.16%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.66
(-) Cash Dividends Paid (M)	76.29
(=) Cash Retained (M)	35.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.33	13.96	8.37
Cash Retained (M)	35.37	35.37	35.37
(-) Cash Required (M)	-22.33	-13.96	-8.37
(=) Excess Retained (M)	13.04	21.42	27.00
(/) Shares Outstanding (M)	129.50	129.50	129.50
(=) Excess Retained per Share	0.10	0.17	0.21
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.10	0.17	0.21
(=) Adjusted Dividend	0.69	0.75	0.80
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.17	$160.71	$171.49
Upside / Downside	108.25%	292.94%	319.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.66	118.92	126.65	134.89	143.65	152.99	157.58
Payout Ratio	68.32%	72.66%	76.99%	81.33%	85.66%	90.00%	92.50%
Projected Dividends (M)	76.29	86.41	97.51	109.70	123.06	137.69	145.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	80.48	81.24	82.01
Year 2 PV (M)	84.60	86.21	87.84
Year 3 PV (M)	88.64	91.19	93.78
Year 4 PV (M)	92.62	96.18	99.85
Year 5 PV (M)	96.53	101.19	106.03
PV of Terminal Value (M)	3,046.18	3,193.32	3,346.08
Equity Value (M)	3,489.05	3,649.33	3,815.58
Shares Outstanding (M)	129.50	129.50	129.50
Fair Value	$26.94	$28.18	$29.47
Upside / Downside	-34.12%	-31.10%	-27.96%

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Kaili Catalyst & New Materials Co.,Ltd. (688269.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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