DDM Analysis: 002625.SZ

Valuation Snapshot

Stable Growth	$6.29 - $13.34	$8.93
Multi-Stage	$4.91 - $5.34	$5.12
Blended Fair Value	$7.03
Current Price	$50.20
Upside	-86.01%
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	108.35%	53.10%	0.23	0.00	0.14	0.00	0.00	0.01	0.01	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	6,939.83%	-60.70%	-17.58%	-8.51%	3,203.99%	-92.99%	238.15%	-74.87%
Dividend Yield	-	-	0.62%	0.00%	0.82%	0.01%	0.02%	0.08%	0.05%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	720.76
(-) Cash Dividends Paid (M)	500.84
(=) Cash Retained (M)	219.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	144.15	90.09	54.06
Cash Retained (M)	219.92	219.92	219.92
(-) Cash Required (M)	-144.15	-90.09	-54.06
(=) Excess Retained (M)	75.77	129.83	165.87
(/) Shares Outstanding (M)	2,150.23	2,150.23	2,150.23
(=) Excess Retained per Share	0.04	0.06	0.08
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.04	0.06	0.08
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.29	$8.93	$13.34
Upside / Downside	-87.47%	-82.22%	-73.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	720.76	767.61	817.50	870.64	927.23	987.50	1,017.13
Payout Ratio	69.49%	73.59%	77.69%	81.79%	85.90%	90.00%	92.50%
Projected Dividends (M)	500.84	564.88	635.14	712.14	796.47	888.75	940.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	508.71	513.53	518.36
Year 2 PV (M)	515.11	524.92	534.82
Year 3 PV (M)	520.12	535.06	550.27
Year 4 PV (M)	523.87	544.02	564.74
Year 5 PV (M)	526.44	551.87	578.27
PV of Terminal Value (M)	7,962.53	8,347.12	8,746.44
Equity Value (M)	10,556.79	11,016.52	11,492.89
Shares Outstanding (M)	2,150.23	2,150.23	2,150.23
Fair Value	$4.91	$5.12	$5.34
Upside / Downside	-90.22%	-89.79%	-89.35%

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Kuang-Chi Technologies Co., Ltd. (002625.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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