DDM Analysis: 002823.SZ

Valuation Snapshot

Stable Growth	$72.91 - $146.99	$137.75
Multi-Stage	$23.02 - $25.17	$24.07
Blended Fair Value	$80.91
Current Price	$16.80
Upside	381.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.33%	18.08%	0.46	0.03	0.01	0.10	0.06	0.24	0.15	0.13	0.10	0.11
YoY Growth	-	-	1,366.89%	244.43%	-90.33%	50.00%	-73.33%	63.04%	15.01%	33.33%	-13.02%	24.05%
Dividend Yield	-	-	3.19%	0.30%	0.09%	1.00%	0.57%	2.37%	1.13%	0.89%	0.66%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.24
(-) Cash Dividends Paid (M)	147.95
(=) Cash Retained (M)	85.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.65	29.16	17.49
Cash Retained (M)	85.29	85.29	85.29
(-) Cash Required (M)	-46.65	-29.16	-17.49
(=) Excess Retained (M)	38.64	56.14	67.80
(/) Shares Outstanding (M)	315.56	315.56	315.56
(=) Excess Retained per Share	0.12	0.18	0.21
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.12	0.18	0.21
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.91	$137.75	$146.99
Upside / Downside	333.97%	719.97%	774.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.24	248.40	264.55	281.74	300.06	319.56	329.15
Payout Ratio	63.43%	68.75%	74.06%	79.37%	84.69%	90.00%	92.50%
Projected Dividends (M)	147.95	170.76	195.92	223.63	254.11	287.60	304.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	159.05	160.56	162.07
Year 2 PV (M)	169.97	173.21	176.47
Year 3 PV (M)	180.70	185.88	191.17
Year 4 PV (M)	191.24	198.60	206.16
Year 5 PV (M)	201.61	211.35	221.46
PV of Terminal Value (M)	6,360.18	6,667.38	6,986.33
Equity Value (M)	7,262.75	7,596.97	7,943.66
Shares Outstanding (M)	315.56	315.56	315.56
Fair Value	$23.02	$24.07	$25.17
Upside / Downside	36.99%	43.30%	49.84%

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Shenzhen Kaizhong Precision Technology Co., Ltd. (002823.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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