DDM Analysis: 002518.SZ

Valuation Snapshot

Stable Growth	$16.99 - $38.90	$24.77
Multi-Stage	$12.23 - $13.35	$12.78
Blended Fair Value	$18.77
Current Price	$41.29
Upside	-54.53%
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	17.45%	28.93%	0.45	0.35	0.25	0.20	0.20	0.20	0.20	0.16	0.13	0.07
YoY Growth	-	-	29.20%	37.67%	25.46%	-0.93%	1.10%	0.98%	28.97%	20.80%	71.48%	110.50%
Dividend Yield	-	-	1.77%	1.41%	0.54%	1.09%	1.57%	1.74%	1.51%	0.95%	0.86%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	483.17
(-) Cash Dividends Paid (M)	134.87
(=) Cash Retained (M)	348.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	96.63	60.40	36.24
Cash Retained (M)	348.30	348.30	348.30
(-) Cash Required (M)	-96.63	-60.40	-36.24
(=) Excess Retained (M)	251.67	287.91	312.07
(/) Shares Outstanding (M)	582.76	582.76	582.76
(=) Excess Retained per Share	0.43	0.49	0.54
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.43	0.49	0.54
(=) Adjusted Dividend	0.66	0.73	0.77
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.99	$24.77	$38.90
Upside / Downside	-58.86%	-40.01%	-5.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	483.17	514.58	548.02	583.65	621.58	661.99	681.85
Payout Ratio	27.91%	40.33%	52.75%	65.17%	77.58%	90.00%	92.50%
Projected Dividends (M)	134.87	207.53	289.07	380.33	482.24	595.79	630.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	187.54	189.32	191.10
Year 2 PV (M)	236.07	240.56	245.10
Year 3 PV (M)	280.68	288.74	296.95
Year 4 PV (M)	321.61	333.97	346.70
Year 5 PV (M)	359.06	376.40	394.41
PV of Terminal Value (M)	5,742.27	6,019.62	6,307.59
Equity Value (M)	7,127.22	7,448.62	7,781.84
Shares Outstanding (M)	582.76	582.76	582.76
Fair Value	$12.23	$12.78	$13.35
Upside / Downside	-70.38%	-69.04%	-67.66%

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Shenzhen KSTAR Science and Technology Co., Ltd. (002518.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener