DDM Analysis: 000048.SZ

Valuation Snapshot

Stable Growth	$81.43 - $155.23	$145.48
Multi-Stage	$24.59 - $26.90	$25.72
Blended Fair Value	$85.60
Current Price	$16.26
Upside	426.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	134.75%	40.74%	0.57	1.19	1.41	1.31	0.58	0.01	0.10	0.07	0.01	0.02
YoY Growth	-	-	-52.04%	-15.96%	7.65%	126.59%	7,152.60%	-91.86%	41.33%	481.18%	-22.69%	-17.30%
Dividend Yield	-	-	3.28%	6.80%	6.11%	5.91%	2.86%	0.04%	0.64%	0.39%	0.05%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	409.86
(-) Cash Dividends Paid (M)	241.72
(=) Cash Retained (M)	168.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.97	51.23	30.74
Cash Retained (M)	168.14	168.14	168.14
(-) Cash Required (M)	-81.97	-51.23	-30.74
(=) Excess Retained (M)	86.16	116.90	137.40
(/) Shares Outstanding (M)	525.08	525.08	525.08
(=) Excess Retained per Share	0.16	0.22	0.26
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.16	0.22	0.26
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.43	$145.48	$155.23
Upside / Downside	400.81%	794.69%	854.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	409.86	436.50	464.87	495.09	527.27	561.54	578.39
Payout Ratio	58.98%	65.18%	71.39%	77.59%	83.80%	90.00%	92.50%
Projected Dividends (M)	241.72	284.52	331.85	384.14	441.83	505.39	535.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	265.12	267.63	270.15
Year 2 PV (M)	288.15	293.63	299.17
Year 3 PV (M)	310.81	319.73	328.82
Year 4 PV (M)	333.11	345.92	359.09
Year 5 PV (M)	355.05	372.20	390.00
PV of Terminal Value (M)	11,358.63	11,907.25	12,476.88
Equity Value (M)	12,910.85	13,506.36	14,124.11
Shares Outstanding (M)	525.08	525.08	525.08
Fair Value	$24.59	$25.72	$26.90
Upside / Downside	51.22%	58.19%	65.43%

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Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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