DDM Analysis: 300092.SZ

Valuation Snapshot

Stable Growth	$50.14 - $59.08	$55.36
Multi-Stage	$35.75 - $39.22	$37.45
Blended Fair Value	$46.41
Current Price	$16.65
Upside	178.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	78.53%	31.44%	0.23	0.20	0.05	0.04	0.02	0.01	0.01	0.00	0.00	0.01
YoY Growth	-	-	15.00%	330.09%	10.00%	177.78%	20.00%	25.00%	4,044.18%	-76.66%	-88.64%	-38.18%
Dividend Yield	-	-	1.81%	1.83%	0.31%	0.41%	0.18%	0.19%	0.12%	0.00%	0.01%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.37
(-) Cash Dividends Paid (M)	65.19
(=) Cash Retained (M)	16.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.27	10.17	6.10
Cash Retained (M)	16.17	16.17	16.17
(-) Cash Required (M)	-16.27	-10.17	-6.10
(=) Excess Retained (M)	-0.10	6.00	10.07
(/) Shares Outstanding (M)	273.91	273.91	273.91
(=) Excess Retained per Share	0.00	0.02	0.04
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.00	0.02	0.04
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.14	$55.36	$59.08
Upside / Downside	201.16%	232.51%	254.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.37	86.66	92.29	98.29	104.68	111.48	114.82
Payout Ratio	80.12%	82.10%	84.07%	86.05%	88.02%	90.00%	92.50%
Projected Dividends (M)	65.19	71.14	77.59	84.58	92.14	100.33	106.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	69.42	70.08	70.74
Year 2 PV (M)	73.89	75.30	76.72
Year 3 PV (M)	78.59	80.85	83.15
Year 4 PV (M)	83.56	86.77	90.08
Year 5 PV (M)	88.79	93.08	97.53
PV of Terminal Value (M)	9,399.15	9,853.13	10,324.49
Equity Value (M)	9,793.40	10,259.21	10,742.70
Shares Outstanding (M)	273.91	273.91	273.91
Fair Value	$35.75	$37.45	$39.22
Upside / Downside	114.74%	124.95%	135.55%

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Sichuan Kexin Mechanical and Electrical Equipment Co.,Ltd (300092.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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