DDM Analysis: 300407.SZ

Valuation Snapshot

Stable Growth	$7.16 - $15.78	$10.30
Multi-Stage	$5.06 - $5.53	$5.29
Blended Fair Value	$7.79
Current Price	$10.62
Upside	-26.60%
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	71.36%	14.78%	0.17	0.15	0.06	0.11	0.06	0.01	0.10	0.08	0.05	0.04
YoY Growth	-	-	13.49%	153.66%	-45.08%	90.79%	389.86%	-88.97%	34.17%	49.01%	33.33%	-8.66%
Dividend Yield	-	-	1.58%	1.96%	0.70%	1.26%	0.77%	0.13%	1.02%	0.63%	0.30%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.37
(-) Cash Dividends Paid (M)	2.92
(=) Cash Retained (M)	93.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.27	12.05	7.23
Cash Retained (M)	93.45	93.45	93.45
(-) Cash Required (M)	-19.27	-12.05	-7.23
(=) Excess Retained (M)	74.18	81.40	86.22
(/) Shares Outstanding (M)	264.50	264.50	264.50
(=) Excess Retained per Share	0.28	0.31	0.33
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.28	0.31	0.33
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.16	$10.30	$15.78
Upside / Downside	-32.59%	-2.99%	48.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.37	102.64	109.31	116.41	123.98	132.04	136.00
Payout Ratio	3.03%	20.43%	37.82%	55.21%	72.61%	90.00%	92.50%
Projected Dividends (M)	2.92	20.97	41.34	64.28	90.02	118.84	125.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18.92	19.09	19.27
Year 2 PV (M)	33.65	34.29	34.94
Year 3 PV (M)	47.21	48.56	49.94
Year 4 PV (M)	59.65	61.94	64.30
Year 5 PV (M)	71.04	74.48	78.04
PV of Terminal Value (M)	1,106.69	1,160.14	1,215.64
Equity Value (M)	1,337.16	1,398.51	1,462.14
Shares Outstanding (M)	264.50	264.50	264.50
Fair Value	$5.06	$5.29	$5.53
Upside / Downside	-52.40%	-50.21%	-47.95%

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Tianjin Keyvia Electric Co.,Ltd (300407.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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