DDM Analysis: 002517.SZ

Valuation Snapshot

Stable Growth	$17.28 - $37.34	$24.69
Multi-Stage	$12.42 - $13.57	$12.99
Blended Fair Value	$18.84
Current Price	$28.08
Upside	-32.91%
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	150.22%	83.51%	0.20	0.13	0.00	0.00	0.00	0.00	0.13	0.07	0.00	0.00
YoY Growth	-	-	54.67%	0.00%	0.00%	0.00%	-100.00%	-98.47%	88.34%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.23%	1.10%	0.00%	0.00%	0.00%	0.07%	2.73%	0.61%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,931.89
(-) Cash Dividends Paid (M)	213.64
(=) Cash Retained (M)	1,718.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	386.38	241.49	144.89
Cash Retained (M)	1,718.25	1,718.25	1,718.25
(-) Cash Required (M)	-386.38	-241.49	-144.89
(=) Excess Retained (M)	1,331.87	1,476.76	1,573.36
(/) Shares Outstanding (M)	2,145.21	2,145.21	2,145.21
(=) Excess Retained per Share	0.62	0.69	0.73
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.62	0.69	0.73
(=) Adjusted Dividend	0.72	0.79	0.83
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.28	$24.69	$37.34
Upside / Downside	-38.46%	-12.06%	32.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,931.89	2,057.46	2,191.20	2,333.63	2,485.31	2,646.86	2,726.26
Payout Ratio	11.06%	26.85%	42.64%	58.42%	74.21%	90.00%	92.50%
Projected Dividends (M)	213.64	552.37	934.22	1,363.39	1,844.39	2,382.17	2,521.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	497.90	502.62	507.34
Year 2 PV (M)	759.05	773.51	788.11
Year 3 PV (M)	998.51	1,027.17	1,056.38
Year 4 PV (M)	1,217.58	1,264.41	1,312.57
Year 5 PV (M)	1,417.52	1,485.98	1,557.07
PV of Terminal Value (M)	21,752.51	22,803.16	23,894.03
Equity Value (M)	26,643.07	27,856.86	29,115.49
Shares Outstanding (M)	2,145.21	2,145.21	2,145.21
Fair Value	$12.42	$12.99	$13.57
Upside / Downside	-55.77%	-53.76%	-51.67%

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Kingnet Network Co., Ltd. (002517.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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