DDM Analysis: 002516.SZ

Valuation Snapshot

Stable Growth	$19.20 - $22.64	$21.21
Multi-Stage	$13.07 - $14.41	$13.73
Blended Fair Value	$17.47
Current Price	$6.24
Upside	179.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.04%	6.77%	0.10	0.19	0.05	0.05	0.24	0.24	0.30	0.07	0.09	0.07
YoY Growth	-	-	-50.00%	300.00%	-3.56%	-79.61%	-0.10%	-18.07%	299.29%	-17.03%	22.87%	46.88%
Dividend Yield	-	-	1.86%	3.98%	0.94%	1.10%	7.60%	8.38%	8.56%	1.35%	1.33%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.62
(-) Cash Dividends Paid (M)	117.67
(=) Cash Retained (M)	62.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.12	22.58	13.55
Cash Retained (M)	62.95	62.95	62.95
(-) Cash Required (M)	-36.12	-22.58	-13.55
(=) Excess Retained (M)	26.83	40.37	49.40
(/) Shares Outstanding (M)	1,503.52	1,503.52	1,503.52
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	-0.13%	0.87%	1.87%
Fair Value	$19.20	$21.21	$22.64
Upside / Downside	207.62%	239.83%	262.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.62	182.18	183.77	185.36	186.97	188.59	194.25
Payout Ratio	65.15%	70.12%	75.09%	80.06%	85.03%	90.00%	92.50%
Projected Dividends (M)	117.67	127.74	137.99	148.40	158.98	169.73	179.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	-0.13%	0.87%	1.87%
Year 1 PV (M)	129.02	130.31	131.60
Year 2 PV (M)	140.76	143.59	146.45
Year 3 PV (M)	152.89	157.53	162.26
Year 4 PV (M)	165.43	172.16	179.09
Year 5 PV (M)	178.39	187.50	196.98
PV of Terminal Value (M)	18,884.18	19,848.76	20,852.36
Equity Value (M)	19,650.67	20,639.85	21,668.75
Shares Outstanding (M)	1,503.52	1,503.52	1,503.52
Fair Value	$13.07	$13.73	$14.41
Upside / Downside	109.45%	120.00%	130.96%

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Kuangda Technology Group Co., Ltd. (002516.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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