DDM Analysis: 688103.SS

Valuation Snapshot

Stable Growth	$19.85 - $86.90	$34.54
Multi-Stage	$12.24 - $13.38	$12.80
Blended Fair Value	$23.67
Current Price	$73.49
Upside	-67.79%
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	50.12%	17.66%	0.25	0.27	0.32	0.01	0.14	0.03	0.04	0.03	0.15	0.05
YoY Growth	-	-	-10.24%	-13.49%	6,086.07%	-96.21%	318.49%	-23.36%	40.66%	-80.65%	201.88%	5.91%
Dividend Yield	-	-	0.49%	0.70%	0.53%	0.01%	0.18%	0.04%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.49
(-) Cash Dividends Paid (M)	17.81
(=) Cash Retained (M)	43.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.30	7.69	4.61
Cash Retained (M)	43.68	43.68	43.68
(-) Cash Required (M)	-12.30	-7.69	-4.61
(=) Excess Retained (M)	31.39	36.00	39.07
(/) Shares Outstanding (M)	95.54	95.54	95.54
(=) Excess Retained per Share	0.33	0.38	0.41
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.33	0.38	0.41
(=) Adjusted Dividend	0.51	0.56	0.60
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.85	$34.54	$86.90
Upside / Downside	-72.99%	-53.00%	18.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.49	65.49	69.75	74.28	79.11	84.25	86.78
Payout Ratio	28.96%	41.17%	53.37%	65.58%	77.79%	90.00%	92.50%
Projected Dividends (M)	17.81	26.96	37.23	48.71	61.54	75.82	80.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24.67	24.91	25.14
Year 2 PV (M)	31.18	31.78	32.38
Year 3 PV (M)	37.35	38.42	39.51
Year 4 PV (M)	43.18	44.84	46.55
Year 5 PV (M)	48.69	51.04	53.48
PV of Terminal Value (M)	984.35	1,031.89	1,081.25
Equity Value (M)	1,169.42	1,222.87	1,278.31
Shares Outstanding (M)	95.54	95.54	95.54
Fair Value	$12.24	$12.80	$13.38
Upside / Downside	-83.34%	-82.58%	-81.79%

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Kunshan GuoLi Electronic Technology Co., Ltd. (688103.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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