DDM Analysis: 605288.SS

Valuation Snapshot

Stable Growth	$11.47 - $25.11	$16.47
Multi-Stage	$50.92 - $56.24	$53.52
Blended Fair Value	$35.00
Current Price	$94.10
Upside	-62.81%
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	-34.76%	0.00%	0.48	0.27	0.50	0.74	0.27	4.04	0.15	0.64	0.47	0.03
YoY Growth	-	-	75.80%	-45.89%	-32.38%	175.31%	-93.33%	2,548.53%	-76.35%	37.49%	1,408.39%	0.00%
Dividend Yield	-	-	1.20%	0.72%	1.35%	1.80%	0.32%	4.24%	0.16%	0.68%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44.33
(-) Cash Dividends Paid (M)	27.43
(=) Cash Retained (M)	16.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.87	5.54	3.32
Cash Retained (M)	16.90	16.90	16.90
(-) Cash Required (M)	-8.87	-5.54	-3.32
(=) Excess Retained (M)	8.04	11.36	13.58
(/) Shares Outstanding (M)	69.79	69.79	69.79
(=) Excess Retained per Share	0.12	0.16	0.19
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.12	0.16	0.19
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	2.34%	2.34%	2.34%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.47	$16.47	$25.11
Upside / Downside	-87.81%	-82.49%	-73.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.33	43.89	43.45	43.01	42.58	42.16	43.42
Payout Ratio	61.87%	67.49%	73.12%	78.75%	84.37%	90.00%	92.50%
Projected Dividends (M)	27.43	29.62	31.77	33.87	35.93	37.94	40.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.34%	2.34%	2.34%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.65	28.94	29.24
Year 2 PV (M)	29.72	30.33	30.95
Year 3 PV (M)	30.65	31.60	32.57
Year 4 PV (M)	31.45	32.75	34.10
Year 5 PV (M)	32.12	33.80	35.54
PV of Terminal Value (M)	3,400.76	3,577.85	3,762.23
Equity Value (M)	3,553.36	3,735.28	3,924.62
Shares Outstanding (M)	69.79	69.79	69.79
Fair Value	$50.92	$53.52	$56.24
Upside / Downside	-45.89%	-43.12%	-40.24%

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ChangZhou KAIDI Electrical Inc. (605288.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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