DDM Analysis: 603228.SS

Valuation Snapshot

Stable Growth	$221.57 - $261.04	$244.64
Multi-Stage	$176.55 - $193.71	$184.97
Blended Fair Value	$214.81
Current Price	$62.97
Upside	241.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.70%	12.98%	0.48	0.51	0.30	0.28	0.20	0.35	0.22	0.27	0.13	0.03
YoY Growth	-	-	-5.28%	70.83%	7.26%	37.04%	-41.85%	58.26%	-18.08%	107.82%	274.27%	-75.70%
Dividend Yield	-	-	1.41%	2.48%	1.17%	1.18%	0.77%	1.12%	0.66%	1.00%	0.54%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,212.72
(-) Cash Dividends Paid (M)	756.40
(=) Cash Retained (M)	456.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	242.54	151.59	90.95
Cash Retained (M)	456.32	456.32	456.32
(-) Cash Required (M)	-242.54	-151.59	-90.95
(=) Excess Retained (M)	213.77	304.73	365.37
(/) Shares Outstanding (M)	923.91	923.91	923.91
(=) Excess Retained per Share	0.23	0.33	0.40
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	0.23	0.33	0.40
(=) Adjusted Dividend	1.05	1.15	1.21
WACC / Discount Rate	-0.81%	-0.81%	-0.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$221.57	$244.64	$261.04
Upside / Downside	251.86%	288.50%	314.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,212.72	1,291.55	1,375.50	1,464.91	1,560.13	1,661.54	1,711.38
Payout Ratio	62.37%	67.90%	73.42%	78.95%	84.47%	90.00%	92.50%
Projected Dividends (M)	756.40	876.94	1,009.94	1,156.53	1,317.91	1,495.38	1,583.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.81%	-0.81%	-0.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	875.81	884.11	892.41
Year 2 PV (M)	1,007.34	1,026.53	1,045.90
Year 3 PV (M)	1,152.07	1,185.14	1,218.84
Year 4 PV (M)	1,311.13	1,361.56	1,413.42
Year 5 PV (M)	1,485.78	1,557.54	1,632.05
PV of Terminal Value (M)	157,286.02	164,882.99	172,770.72
Equity Value (M)	163,118.14	170,897.86	178,973.33
Shares Outstanding (M)	923.91	923.91	923.91
Fair Value	$176.55	$184.97	$193.71
Upside / Downside	180.38%	193.75%	207.63%

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Shenzhen Kinwong Electronic Co., Ltd. (603228.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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