DDM Analysis: 001308.SZ

Valuation Snapshot

Stable Growth	$179.93 - $212.16	$198.75
Multi-Stage	$110.59 - $121.88	$116.12
Blended Fair Value	$157.44
Current Price	$23.28
Upside	576.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	16.01%	0.00%	0.61	0.66	0.46	0.39	0.39	0.29	0.11	0.00	0.00	0.00
YoY Growth	-	-	-7.49%	43.77%	17.39%	-0.32%	35.00%	164.37%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.68%	2.48%	1.57%	1.57%	1.06%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	778.07
(-) Cash Dividends Paid (M)	128.66
(=) Cash Retained (M)	649.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	155.61	97.26	58.36
Cash Retained (M)	649.41	649.41	649.41
(-) Cash Required (M)	-155.61	-97.26	-58.36
(=) Excess Retained (M)	493.80	552.15	591.05
(/) Shares Outstanding (M)	698.83	698.83	698.83
(=) Excess Retained per Share	0.71	0.79	0.85
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.71	0.79	0.85
(=) Adjusted Dividend	0.89	0.97	1.03
WACC / Discount Rate	0.79%	0.79%	0.79%
Growth Rate	1.00%	2.00%	3.00%
Fair Value	$179.93	$198.75	$212.16
Upside / Downside	672.90%	753.73%	811.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	778.07	793.66	809.57	825.79	842.35	859.23	885.01
Payout Ratio	16.54%	31.23%	45.92%	60.61%	75.31%	90.00%	92.50%
Projected Dividends (M)	128.66	247.85	371.77	500.55	634.35	773.31	818.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.79%	0.79%	0.79%
Growth Rate	1.00%	2.00%	3.00%
Year 1 PV (M)	243.49	245.90	248.31
Year 2 PV (M)	358.80	365.94	373.15
Year 3 PV (M)	474.59	488.83	503.35
Year 4 PV (M)	590.87	614.62	639.08
Year 5 PV (M)	707.63	743.36	780.52
PV of Terminal Value (M)	74,910.41	78,692.85	82,626.55
Equity Value (M)	77,285.78	81,151.49	85,170.95
Shares Outstanding (M)	698.83	698.83	698.83
Fair Value	$110.59	$116.12	$121.88
Upside / Downside	375.06%	398.82%	423.52%

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Shenzhen KTC Technology Co., Ltd. (001308.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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