DDM Analysis: 002972.SZ

Valuation Snapshot

Stable Growth	$2.93 - $4.49	$3.66
Multi-Stage	$6.40 - $7.04	$6.71
Blended Fair Value	$5.18
Current Price	$12.06
Upside	-57.02%
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	45.15%	0.00%	0.45	0.43	0.36	0.14	0.11	0.07	0.06	0.16	0.09	0.00
YoY Growth	-	-	5.97%	18.13%	152.66%	32.43%	53.85%	8.33%	-60.00%	81.82%	0.00%	0.00%
Dividend Yield	-	-	4.08%	4.23%	2.80%	1.16%	0.88%	0.39%	0.55%	1.37%	0.75%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.30
(-) Cash Dividends Paid (M)	37.23
(=) Cash Retained (M)	42.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.86	9.91	5.95
Cash Retained (M)	42.07	42.07	42.07
(-) Cash Required (M)	-15.86	-9.91	-5.95
(=) Excess Retained (M)	26.21	32.16	36.12
(/) Shares Outstanding (M)	244.85	244.85	244.85
(=) Excess Retained per Share	0.11	0.13	0.15
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.11	0.13	0.15
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.93	$3.66	$4.49
Upside / Downside	-75.73%	-69.69%	-62.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.30	78.51	77.72	76.95	76.18	75.41	77.68
Payout Ratio	46.95%	55.56%	64.17%	72.78%	81.39%	90.00%	92.50%
Projected Dividends (M)	37.23	43.62	49.87	56.00	62.00	67.87	71.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	40.48	40.89	41.30
Year 2 PV (M)	42.95	43.83	44.72
Year 3 PV (M)	44.75	46.13	47.54
Year 4 PV (M)	45.97	47.88	49.84
Year 5 PV (M)	46.70	49.13	51.67
PV of Terminal Value (M)	1,345.26	1,415.31	1,488.25
Equity Value (M)	1,566.11	1,643.18	1,723.33
Shares Outstanding (M)	244.85	244.85	244.85
Fair Value	$6.40	$6.71	$7.04
Upside / Downside	-46.96%	-44.35%	-41.64%

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Shenzhen keanda electronic technology co.,ltd (002972.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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