DDM Analysis: 002917.SZ

Valuation Snapshot

Stable Growth	$73.61 - $86.73	$81.28
Multi-Stage	$14.92 - $16.35	$15.62
Blended Fair Value	$48.45
Current Price	$13.95
Upside	247.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.00%	0.00%	0.18	0.16	0.18	0.12	0.06	0.03	0.06	0.00	0.03	0.21
YoY Growth	-	-	18.36%	-15.71%	52.31%	88.24%	94.84%	-46.45%	0.00%	-100.00%	-86.17%	0.00%
Dividend Yield	-	-	1.39%	1.78%	1.73%	1.16%	0.76%	0.35%	0.55%	0.00%	0.41%	2.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	149.28
(-) Cash Dividends Paid (M)	16.57
(=) Cash Retained (M)	132.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.86	18.66	11.20
Cash Retained (M)	132.70	132.70	132.70
(-) Cash Required (M)	-29.86	-18.66	-11.20
(=) Excess Retained (M)	102.85	114.05	121.51
(/) Shares Outstanding (M)	342.29	342.29	342.29
(=) Excess Retained per Share	0.30	0.33	0.35
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.30	0.33	0.35
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$73.61	$81.28	$86.73
Upside / Downside	427.70%	482.65%	521.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	149.28	158.98	169.31	180.32	192.04	204.52	210.66
Payout Ratio	11.10%	26.88%	42.66%	58.44%	74.22%	90.00%	92.50%
Projected Dividends (M)	16.57	42.73	72.23	105.38	142.53	184.07	194.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.95	40.33	40.70
Year 2 PV (M)	63.11	64.32	65.53
Year 3 PV (M)	86.07	88.54	91.06
Year 4 PV (M)	108.83	113.01	117.32
Year 5 PV (M)	131.37	137.72	144.31
PV of Terminal Value (M)	4,677.05	4,902.95	5,137.50
Equity Value (M)	5,106.38	5,346.86	5,596.42
Shares Outstanding (M)	342.29	342.29	342.29
Fair Value	$14.92	$15.62	$16.35
Upside / Downside	6.94%	11.98%	17.20%

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LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
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MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
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MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
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HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Shenzhen King Explorer Science and Technology Corporation (002917.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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