DDM Analysis: 002517.SZ

Valuation Snapshot

Stable Growth	$152.01 - $179.10	$167.84
Multi-Stage	$110.73 - $121.55	$116.04
Blended Fair Value	$141.94
Current Price	$28.08
Upside	405.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	150.22%	83.51%	0.20	0.13	0.00	0.00	0.00	0.00	0.13	0.07	0.00	0.00
YoY Growth	-	-	54.67%	0.00%	0.00%	0.00%	-100.00%	-98.47%	88.34%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.23%	1.10%	0.00%	0.00%	0.00%	0.07%	2.73%	0.61%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,931.89
(-) Cash Dividends Paid (M)	213.64
(=) Cash Retained (M)	1,718.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	386.38	241.49	144.89
Cash Retained (M)	1,718.25	1,718.25	1,718.25
(-) Cash Required (M)	-386.38	-241.49	-144.89
(=) Excess Retained (M)	1,331.87	1,476.76	1,573.36
(/) Shares Outstanding (M)	2,145.21	2,145.21	2,145.21
(=) Excess Retained per Share	0.62	0.69	0.73
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.62	0.69	0.73
(=) Adjusted Dividend	0.72	0.79	0.83
WACC / Discount Rate	0.82%	0.82%	0.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$152.01	$167.84	$179.10
Upside / Downside	441.36%	497.73%	537.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,931.89	2,057.46	2,191.20	2,333.63	2,485.31	2,646.86	2,726.26
Payout Ratio	11.06%	26.85%	42.64%	58.42%	74.21%	90.00%	92.50%
Projected Dividends (M)	213.64	552.37	934.22	1,363.39	1,844.39	2,382.17	2,521.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.82%	0.82%	0.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	542.72	547.86	553.01
Year 2 PV (M)	901.87	919.05	936.39
Year 3 PV (M)	1,293.18	1,330.30	1,368.13
Year 4 PV (M)	1,718.86	1,784.97	1,852.96
Year 5 PV (M)	2,181.26	2,286.62	2,396.00
PV of Terminal Value (M)	230,910.56	242,063.63	253,643.55
Equity Value (M)	237,548.46	248,932.43	260,750.04
Shares Outstanding (M)	2,145.21	2,145.21	2,145.21
Fair Value	$110.73	$116.04	$121.55
Upside / Downside	294.35%	313.25%	332.87%

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Kingnet Network Co., Ltd. (002517.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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