DDM Analysis: 603228.SS

Valuation Snapshot

Stable Growth	$94.28 - $261.04	$244.64
Multi-Stage	$37.20 - $40.67	$38.91
Blended Fair Value	$141.77
Current Price	$62.97
Upside	125.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.70%	12.98%	0.48	0.51	0.30	0.28	0.20	0.35	0.22	0.27	0.13	0.03
YoY Growth	-	-	-5.28%	70.83%	7.26%	37.04%	-41.85%	58.26%	-18.08%	107.82%	274.27%	-75.70%
Dividend Yield	-	-	1.41%	2.48%	1.17%	1.18%	0.77%	1.12%	0.66%	1.00%	0.54%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,212.72
(-) Cash Dividends Paid (M)	756.40
(=) Cash Retained (M)	456.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	242.54	151.59	90.95
Cash Retained (M)	456.32	456.32	456.32
(-) Cash Required (M)	-242.54	-151.59	-90.95
(=) Excess Retained (M)	213.77	304.73	365.37
(/) Shares Outstanding (M)	923.91	923.91	923.91
(=) Excess Retained per Share	0.23	0.33	0.40
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	0.23	0.33	0.40
(=) Adjusted Dividend	1.05	1.15	1.21
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$94.28	$244.64	$261.04
Upside / Downside	49.72%	288.50%	314.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,212.72	1,291.55	1,375.50	1,464.91	1,560.13	1,661.54	1,711.38
Payout Ratio	62.37%	67.90%	73.42%	78.95%	84.47%	90.00%	92.50%
Projected Dividends (M)	756.40	876.94	1,009.94	1,156.53	1,317.91	1,495.38	1,583.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	814.34	822.06	829.78
Year 2 PV (M)	870.91	887.50	904.25
Year 3 PV (M)	926.14	952.73	979.82
Year 4 PV (M)	980.04	1,017.73	1,056.50
Year 5 PV (M)	1,032.65	1,082.53	1,134.31
PV of Terminal Value (M)	29,745.74	31,182.47	32,674.19
Equity Value (M)	34,369.84	35,945.03	37,578.85
Shares Outstanding (M)	923.91	923.91	923.91
Fair Value	$37.20	$38.91	$40.67
Upside / Downside	-40.92%	-38.22%	-35.41%

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Shenzhen Kinwong Electronic Co., Ltd. (603228.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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