DDM Analysis: 601636.SS

Valuation Snapshot

Stable Growth	$14.70 - $42.89	$40.20
Multi-Stage	$6.02 - $6.58	$6.29
Blended Fair Value	$23.24
Current Price	$7.18
Upside	223.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.97%	25.55%	0.44	0.24	0.77	0.33	0.28	0.28	0.29	0.15	0.10	0.04
YoY Growth	-	-	81.53%	-68.70%	130.00%	17.68%	-0.09%	-2.07%	100.52%	49.93%	165.87%	-19.12%
Dividend Yield	-	-	7.67%	3.22%	7.39%	2.52%	2.20%	5.90%	6.14%	2.52%	2.19%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	598.64
(-) Cash Dividends Paid (M)	388.75
(=) Cash Retained (M)	209.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.73	74.83	44.90
Cash Retained (M)	209.89	209.89	209.89
(-) Cash Required (M)	-119.73	-74.83	-44.90
(=) Excess Retained (M)	90.16	135.06	164.99
(/) Shares Outstanding (M)	2,775.74	2,775.74	2,775.74
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.70	$40.20	$42.89
Upside / Downside	104.77%	459.82%	497.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	598.64	637.55	678.99	723.13	770.13	820.19	844.79
Payout Ratio	64.94%	69.95%	74.96%	79.98%	84.99%	90.00%	92.50%
Projected Dividends (M)	388.75	445.97	508.99	578.32	654.51	738.17	781.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	413.90	417.82	421.74
Year 2 PV (M)	438.41	446.76	455.19
Year 3 PV (M)	462.30	475.57	489.09
Year 4 PV (M)	485.57	504.25	523.45
Year 5 PV (M)	508.25	532.79	558.28
PV of Terminal Value (M)	14,393.46	15,088.67	15,810.49
Equity Value (M)	16,701.88	17,465.86	18,258.25
Shares Outstanding (M)	2,775.74	2,775.74	2,775.74
Fair Value	$6.02	$6.29	$6.58
Upside / Downside	-16.20%	-12.36%	-8.39%

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Zhuzhou Kibing Group Co.,Ltd (601636.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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