DDM Analysis: 603111.SS

Valuation Snapshot

Stable Growth	$70.53 - $83.09	$77.87
Multi-Stage	$82.42 - $90.49	$86.38
Blended Fair Value	$82.13
Current Price	$7.98
Upside	929.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	56.92%	10.35%	0.20	0.01	0.01	0.02	0.02	0.02	0.14	0.08	0.07	0.05
YoY Growth	-	-	3,725.45%	-48.25%	-46.81%	-15.79%	7.29%	-85.25%	67.85%	25.00%	33.33%	-31.82%
Dividend Yield	-	-	2.93%	0.09%	0.22%	0.37%	0.42%	0.30%	2.65%	0.75%	0.46%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	363.62
(-) Cash Dividends Paid (M)	16.09
(=) Cash Retained (M)	347.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.72	45.45	27.27
Cash Retained (M)	347.54	347.54	347.54
(-) Cash Required (M)	-72.72	-45.45	-27.27
(=) Excess Retained (M)	274.81	302.08	320.26
(/) Shares Outstanding (M)	870.28	870.28	870.28
(=) Excess Retained per Share	0.32	0.35	0.37
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.32	0.35	0.37
(=) Adjusted Dividend	0.33	0.37	0.39
WACC / Discount Rate	-8.35%	-8.35%	-8.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.53	$77.87	$83.09
Upside / Downside	783.81%	875.84%	941.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	363.62	387.26	412.43	439.24	467.79	498.19	513.14
Payout Ratio	4.42%	21.54%	38.65%	55.77%	72.88%	90.00%	92.50%
Projected Dividends (M)	16.09	83.41	159.42	244.96	340.95	448.37	474.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-8.35%	-8.35%	-8.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.16	91.01	91.87
Year 2 PV (M)	186.24	189.79	193.37
Year 3 PV (M)	309.31	318.19	327.24
Year 4 PV (M)	465.32	483.21	501.62
Year 5 PV (M)	661.41	693.36	726.53
PV of Terminal Value (M)	70,017.86	73,399.75	76,911.07
Equity Value (M)	71,730.30	75,175.32	78,751.70
Shares Outstanding (M)	870.28	870.28	870.28
Fair Value	$82.42	$86.38	$90.49
Upside / Downside	932.86%	982.47%	1,033.96%

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Nanjing Kangni Mechanical & Electrical Co.,Ltd (603111.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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