DDM Analysis: 688681.SS

Valuation Snapshot

Stable Growth	$81.91 - $96.51	$90.44
Multi-Stage	$55.55 - $60.98	$58.21
Blended Fair Value	$74.33
Current Price	$17.16
Upside	333.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.52%	2.08%	0.15	0.11	0.12	0.10	0.11	0.11	0.11	0.11	0.11	0.11
YoY Growth	-	-	43.47%	-11.94%	24.14%	-9.85%	1.63%	-2.48%	4.68%	-0.20%	-4.98%	-11.71%
Dividend Yield	-	-	1.26%	0.96%	0.77%	0.61%	0.44%	0.44%	0.45%	0.00%	0.43%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.34
(-) Cash Dividends Paid (M)	15.74
(=) Cash Retained (M)	34.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.07	6.29	3.78
Cash Retained (M)	34.60	34.60	34.60
(-) Cash Required (M)	-10.07	-6.29	-3.78
(=) Excess Retained (M)	24.53	28.30	30.82
(/) Shares Outstanding (M)	103.32	103.32	103.32
(=) Excess Retained per Share	0.24	0.27	0.30
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.24	0.27	0.30
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	2.04%	2.04%	2.04%
Growth Rate	5.08%	6.08%	7.08%
Fair Value	$81.91	$90.44	$96.51
Upside / Downside	377.34%	427.05%	462.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.34	53.40	56.65	60.09	63.75	67.63	69.65
Payout Ratio	31.27%	43.02%	54.76%	66.51%	78.25%	90.00%	92.50%
Projected Dividends (M)	15.74	22.97	31.02	39.97	49.89	60.86	64.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.04%	2.04%	2.04%
Growth Rate	5.08%	6.08%	7.08%
Year 1 PV (M)	22.30	22.51	22.72
Year 2 PV (M)	29.23	29.79	30.36
Year 3 PV (M)	36.56	37.61	38.69
Year 4 PV (M)	44.30	46.01	47.77
Year 5 PV (M)	52.47	55.01	57.65
PV of Terminal Value (M)	5,554.23	5,823.58	6,103.29
Equity Value (M)	5,739.08	6,014.52	6,300.48
Shares Outstanding (M)	103.32	103.32	103.32
Fair Value	$55.55	$58.21	$60.98
Upside / Downside	223.69%	239.23%	255.35%

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Shandong Kehui Power Automation Co.,Ltd. (688681.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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