DDM Analysis: 002119.SZ

Valuation Snapshot

Stable Growth	$1.77 - $2.52	$2.14
Multi-Stage	$3.28 - $3.61	$3.45
Blended Fair Value	$2.79
Current Price	$17.64
Upside	-84.17%
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	-5.07%	-3.20%	0.08	0.08	0.10	0.03	0.10	0.10	0.13	0.13	0.06	0.08
YoY Growth	-	-	-4.50%	-20.94%	288.68%	-74.85%	4.44%	-21.85%	-3.44%	117.00%	-22.74%	-25.92%
Dividend Yield	-	-	0.45%	0.69%	0.69%	0.20%	1.20%	0.88%	1.41%	1.49%	0.58%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	100.19
(-) Cash Dividends Paid (M)	19.58
(=) Cash Retained (M)	80.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.04	12.52	7.51
Cash Retained (M)	80.60	80.60	80.60
(-) Cash Required (M)	-20.04	-12.52	-7.51
(=) Excess Retained (M)	60.57	68.08	73.09
(/) Shares Outstanding (M)	372.78	372.78	372.78
(=) Excess Retained per Share	0.16	0.18	0.20
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.16	0.18	0.20
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	8.31%	8.31%	8.31%
Growth Rate	-3.42%	-2.42%	-1.42%
Fair Value	$1.77	$2.14	$2.52
Upside / Downside	-89.96%	-87.88%	-85.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	100.19	97.77	95.40	93.10	90.85	88.66	91.32
Payout Ratio	19.54%	33.64%	47.73%	61.82%	75.91%	90.00%	92.50%
Projected Dividends (M)	19.58	32.88	45.53	57.55	68.96	79.79	84.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.31%	8.31%	8.31%
Growth Rate	-3.42%	-2.42%	-1.42%
Year 1 PV (M)	30.05	30.36	30.67
Year 2 PV (M)	38.02	38.81	39.61
Year 3 PV (M)	43.91	45.29	46.70
Year 4 PV (M)	48.08	50.10	52.19
Year 5 PV (M)	50.83	53.52	56.32
PV of Terminal Value (M)	1,012.62	1,066.14	1,121.90
Equity Value (M)	1,223.52	1,284.22	1,347.38
Shares Outstanding (M)	372.78	372.78	372.78
Fair Value	$3.28	$3.45	$3.61
Upside / Downside	-81.39%	-80.47%	-79.51%

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Ningbo Kangqiang Electronics Co., Ltd (002119.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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