DDM Analysis: 600143.SS

Valuation Snapshot

Stable Growth	$39.75 - $92.37	$86.56
Multi-Stage	$14.11 - $15.42	$14.75
Blended Fair Value	$50.66
Current Price	$20.99
Upside	141.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.60%	11.28%	0.44	0.70	0.53	0.80	0.31	0.29	0.21	0.20	0.17	0.14
YoY Growth	-	-	-36.70%	30.96%	-33.61%	157.18%	6.72%	42.40%	0.18%	22.45%	18.77%	-7.04%
Dividend Yield	-	-	4.00%	9.75%	5.73%	8.24%	1.44%	3.69%	3.64%	3.42%	2.16%	2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,206.18
(-) Cash Dividends Paid (M)	1,035.16
(=) Cash Retained (M)	171.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	241.24	150.77	90.46
Cash Retained (M)	171.02	171.02	171.02
(-) Cash Required (M)	-241.24	-150.77	-90.46
(=) Excess Retained (M)	-70.22	20.25	80.55
(/) Shares Outstanding (M)	2,597.03	2,597.03	2,597.03
(=) Excess Retained per Share	-0.03	0.01	0.03
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	-0.03	0.01	0.03
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.75	$86.56	$92.37
Upside / Downside	89.38%	312.39%	340.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,206.18	1,284.58	1,368.08	1,457.00	1,551.71	1,652.57	1,702.15
Payout Ratio	85.82%	86.66%	87.49%	88.33%	89.16%	90.00%	92.50%
Projected Dividends (M)	1,035.16	1,113.18	1,196.97	1,286.95	1,383.57	1,487.31	1,574.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,035.56	1,045.38	1,055.19
Year 2 PV (M)	1,035.87	1,055.60	1,075.51
Year 3 PV (M)	1,036.08	1,065.82	1,096.12
Year 4 PV (M)	1,036.19	1,076.04	1,117.03
Year 5 PV (M)	1,036.22	1,086.27	1,138.24
PV of Terminal Value (M)	31,466.52	32,986.37	34,564.38
Equity Value (M)	36,646.44	38,315.47	40,046.48
Shares Outstanding (M)	2,597.03	2,597.03	2,597.03
Fair Value	$14.11	$14.75	$15.42
Upside / Downside	-32.77%	-29.71%	-26.54%

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Kingfa Sci. & Tech. Co., Ltd. (600143.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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