DDM Analysis: 603161.SS

Valuation Snapshot

Stable Growth	$81.16 - $95.62	$89.61
Multi-Stage	$56.23 - $61.71	$58.92
Blended Fair Value	$74.26
Current Price	$13.21
Upside	462.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.46%	12.56%	0.47	0.36	0.45	0.62	0.41	0.65	0.17	0.08	0.06	0.17
YoY Growth	-	-	27.92%	-18.74%	-28.10%	52.07%	-37.00%	289.45%	113.44%	28.46%	-64.53%	20.39%
Dividend Yield	-	-	3.97%	3.40%	4.09%	7.13%	3.34%	7.33%	1.36%	0.45%	0.36%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.22
(-) Cash Dividends Paid (M)	20.30
(=) Cash Retained (M)	71.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.44	11.53	6.92
Cash Retained (M)	71.92	71.92	71.92
(-) Cash Required (M)	-18.44	-11.53	-6.92
(=) Excess Retained (M)	53.47	60.39	65.00
(/) Shares Outstanding (M)	191.81	191.81	191.81
(=) Excess Retained per Share	0.28	0.31	0.34
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.28	0.31	0.34
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.16	$89.61	$95.62
Upside / Downside	514.37%	578.34%	623.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.22	98.22	104.60	111.40	118.64	126.35	130.14
Payout Ratio	22.02%	35.61%	49.21%	62.81%	76.40%	90.00%	92.50%
Projected Dividends (M)	20.30	34.98	51.47	69.97	90.65	113.72	120.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.01	34.33	34.65
Year 2 PV (M)	48.66	49.59	50.52
Year 3 PV (M)	64.30	66.15	68.03
Year 4 PV (M)	81.00	84.11	87.32
Year 5 PV (M)	98.80	103.57	108.52
PV of Terminal Value (M)	10,458.66	10,963.82	11,488.31
Equity Value (M)	10,785.43	11,301.57	11,837.35
Shares Outstanding (M)	191.81	191.81	191.81
Fair Value	$56.23	$58.92	$61.71
Upside / Downside	325.66%	346.03%	367.18%

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Kehua Holdings Co., Ltd. (603161.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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