DDM Analysis: 688687.SS

Valuation Snapshot

Stable Growth	$22.05 - $73.49	$35.97
Multi-Stage	$14.47 - $15.81	$15.13
Blended Fair Value	$25.55
Current Price	$28.00
Upside	-8.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014
DPS	0.00%	20.04%	0.27	0.20	0.25	0.15	0.00	0.00	0.00	0.01	0.03	0.06
YoY Growth	-	-	31.58%	-20.04%	67.40%	0.00%	0.00%	0.00%	-100.00%	-77.76%	-41.09%	34.22%
Dividend Yield	-	-	1.05%	0.63%	0.95%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.81
(-) Cash Dividends Paid (M)	53.51
(=) Cash Retained (M)	83.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.36	17.10	10.26
Cash Retained (M)	83.30	83.30	83.30
(-) Cash Required (M)	-27.36	-17.10	-10.26
(=) Excess Retained (M)	55.94	66.20	73.04
(/) Shares Outstanding (M)	169.28	169.28	169.28
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.05	$35.97	$73.49
Upside / Downside	-21.25%	28.47%	162.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.81	145.70	155.17	165.26	176.00	187.44	193.07
Payout Ratio	39.11%	49.29%	59.47%	69.64%	79.82%	90.00%	92.50%
Projected Dividends (M)	53.51	71.82	92.28	115.09	140.49	168.70	178.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.51	66.13	66.75
Year 2 PV (M)	76.79	78.25	79.73
Year 3 PV (M)	87.37	89.88	92.43
Year 4 PV (M)	97.28	101.02	104.87
Year 5 PV (M)	106.56	111.71	117.05
PV of Terminal Value (M)	2,016.72	2,114.13	2,215.27
Equity Value (M)	2,450.23	2,561.12	2,676.10
Shares Outstanding (M)	169.28	169.28	169.28
Fair Value	$14.47	$15.13	$15.81
Upside / Downside	-48.31%	-45.97%	-43.54%

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Beijing Kawin Technology Share-Holding Co., Ltd. (688687.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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