DDM Analysis: 002335.SZ

Valuation Snapshot

Stable Growth	$32.10 - $176.87	$61.93
Multi-Stage	$18.16 - $19.88	$19.00
Blended Fair Value	$40.47
Current Price	$71.50
Upside	-43.40%
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	-27.12%	7.79%	0.17	0.15	0.26	0.51	0.58	0.83	0.74	0.29	0.25	0.09
YoY Growth	-	-	10.08%	-41.55%	-47.90%	-11.86%	-30.39%	12.45%	158.00%	14.18%	163.94%	17.74%
Dividend Yield	-	-	0.39%	0.49%	0.56%	1.98%	2.99%	6.42%	6.30%	1.75%	1.20%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	421.61
(-) Cash Dividends Paid (M)	62.26
(=) Cash Retained (M)	359.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.32	52.70	31.62
Cash Retained (M)	359.35	359.35	359.35
(-) Cash Required (M)	-84.32	-52.70	-31.62
(=) Excess Retained (M)	275.03	306.65	327.73
(/) Shares Outstanding (M)	474.06	474.06	474.06
(=) Excess Retained per Share	0.58	0.65	0.69
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.58	0.65	0.69
(=) Adjusted Dividend	0.71	0.78	0.82
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.10	$61.93	$176.87
Upside / Downside	-55.10%	-13.38%	147.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	421.61	449.01	478.20	509.28	542.39	577.64	594.97
Payout Ratio	14.77%	29.81%	44.86%	59.91%	74.95%	90.00%	92.50%
Projected Dividends (M)	62.26	133.87	214.52	305.09	406.54	519.88	550.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	122.97	124.14	125.30
Year 2 PV (M)	181.02	184.47	187.95
Year 3 PV (M)	236.50	243.29	250.20
Year 4 PV (M)	289.48	300.61	312.06
Year 5 PV (M)	340.06	356.48	373.53
PV of Terminal Value (M)	7,440.49	7,799.87	8,173.01
Equity Value (M)	8,610.52	9,008.86	9,422.06
Shares Outstanding (M)	474.06	474.06	474.06
Fair Value	$18.16	$19.00	$19.88
Upside / Downside	-74.60%	-73.42%	-72.20%

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Kehua Data Co., Ltd. (002335.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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