DDM Analysis: 603050.SS

Valuation Snapshot

Stable Growth	$103.06 - $121.42	$113.79
Multi-Stage	$78.97 - $86.68	$82.75
Blended Fair Value	$98.27
Current Price	$18.50
Upside	431.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.27%	31.79%	0.31	0.33	0.18	0.13	0.09	0.08	0.06	0.08	0.03	0.02
YoY Growth	-	-	-3.45%	83.18%	36.51%	44.74%	11.56%	30.56%	-26.50%	171.65%	25.00%	24.39%
Dividend Yield	-	-	2.08%	1.99%	2.18%	2.33%	1.83%	1.63%	1.02%	1.12%	0.62%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	246.21
(-) Cash Dividends Paid (M)	67.83
(=) Cash Retained (M)	178.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.24	30.78	18.47
Cash Retained (M)	178.39	178.39	178.39
(-) Cash Required (M)	-49.24	-30.78	-18.47
(=) Excess Retained (M)	129.14	147.61	159.92
(/) Shares Outstanding (M)	403.28	403.28	403.28
(=) Excess Retained per Share	0.32	0.37	0.40
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.32	0.37	0.40
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	-0.15%	-0.15%	-0.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$103.06	$113.79	$121.42
Upside / Downside	457.06%	515.05%	556.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	246.21	262.22	279.26	297.41	316.74	337.33	347.45
Payout Ratio	27.55%	40.04%	52.53%	65.02%	77.51%	90.00%	92.50%
Projected Dividends (M)	67.83	104.99	146.69	193.37	245.51	303.60	321.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.15%	-0.15%	-0.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.15	105.14	106.13
Year 2 PV (M)	144.37	147.12	149.89
Year 3 PV (M)	188.80	194.22	199.74
Year 4 PV (M)	237.79	246.94	256.34
Year 5 PV (M)	291.72	305.81	320.44
PV of Terminal Value (M)	30,881.81	32,373.41	33,922.10
Equity Value (M)	31,848.64	33,372.63	34,954.64
Shares Outstanding (M)	403.28	403.28	403.28
Fair Value	$78.97	$82.75	$86.68
Upside / Downside	326.88%	347.31%	368.51%

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Shijiazhuang Kelin Electric Co., Ltd. (603050.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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