DDM Analysis: 603987.SS

Valuation Snapshot

Stable Growth	$25.43 - $111.00	$61.03
Multi-Stage	$13.67 - $14.96	$14.30
Blended Fair Value	$37.67
Current Price	$9.02
Upside	317.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.26%	14.96%	0.22	0.28	0.31	0.06	0.20	0.15	0.11	0.08	0.36	0.08
YoY Growth	-	-	-23.48%	-9.28%	450.17%	-71.76%	31.64%	39.21%	41.35%	-78.45%	375.42%	40.92%
Dividend Yield	-	-	2.94%	3.68%	1.99%	0.29%	0.98%	1.39%	1.38%	0.90%	2.65%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.83
(-) Cash Dividends Paid (M)	83.72
(=) Cash Retained (M)	160.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.77	30.48	18.29
Cash Retained (M)	160.10	160.10	160.10
(-) Cash Required (M)	-48.77	-30.48	-18.29
(=) Excess Retained (M)	111.34	129.63	141.82
(/) Shares Outstanding (M)	435.86	435.86	435.86
(=) Excess Retained per Share	0.26	0.30	0.33
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.26	0.30	0.33
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.26%	6.26%	7.26%
Fair Value	$25.43	$61.03	$111.00
Upside / Downside	181.95%	576.59%	1,130.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.83	259.09	275.30	292.53	310.83	330.29	340.20
Payout Ratio	34.34%	45.47%	56.60%	67.73%	78.87%	90.00%	92.50%
Projected Dividends (M)	83.72	117.81	155.83	198.14	245.15	297.26	314.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.26%	6.26%	7.26%
Year 1 PV (M)	108.95	109.98	111.02
Year 2 PV (M)	133.28	135.82	138.39
Year 3 PV (M)	156.73	161.24	165.84
Year 4 PV (M)	179.34	186.25	193.36
Year 5 PV (M)	201.11	210.85	220.96
PV of Terminal Value (M)	5,179.58	5,430.35	5,690.73
Equity Value (M)	5,959.00	6,234.50	6,520.30
Shares Outstanding (M)	435.86	435.86	435.86
Fair Value	$13.67	$14.30	$14.96
Upside / Downside	51.57%	58.58%	65.85%

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Financial Statements

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Shanghai Kindly Enterprise Development Group Co.,LTD. (603987.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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