DDM Analysis: 300260.SZ

Valuation Snapshot

Stable Growth	$18.03 - $85.03	$39.77
Multi-Stage	$9.49 - $10.39	$9.93
Blended Fair Value	$24.85
Current Price	$45.66
Upside	-45.58%
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	0.36%	23.42%	0.15	0.16	0.12	0.12	0.10	0.15	0.10	0.03	0.02	0.03
YoY Growth	-	-	-3.27%	34.11%	-4.13%	15.71%	-29.26%	51.63%	253.93%	18.41%	-11.33%	43.01%
Dividend Yield	-	-	0.41%	0.57%	0.31%	0.40%	1.41%	1.79%	1.28%	0.33%	0.27%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173.54
(-) Cash Dividends Paid (M)	37.93
(=) Cash Retained (M)	135.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.71	21.69	13.02
Cash Retained (M)	135.61	135.61	135.61
(-) Cash Required (M)	-34.71	-21.69	-13.02
(=) Excess Retained (M)	100.90	113.92	122.59
(/) Shares Outstanding (M)	405.88	405.88	405.88
(=) Excess Retained per Share	0.25	0.28	0.30
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.25	0.28	0.30
(=) Adjusted Dividend	0.34	0.37	0.40
WACC / Discount Rate	7.50%	7.50%	7.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.03	$39.77	$85.03
Upside / Downside	-60.52%	-12.91%	86.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173.54	184.82	196.83	209.63	223.25	237.76	244.90
Payout Ratio	21.86%	35.49%	49.11%	62.74%	76.37%	90.00%	92.50%
Projected Dividends (M)	37.93	65.58	96.67	131.53	170.50	213.99	226.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.50%	7.50%	7.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.43	61.01	61.58
Year 2 PV (M)	82.09	83.65	85.23
Year 3 PV (M)	102.91	105.87	108.88
Year 4 PV (M)	122.93	127.66	132.52
Year 5 PV (M)	142.17	149.04	156.17
PV of Terminal Value (M)	3,343.16	3,504.63	3,672.29
Equity Value (M)	3,853.70	4,031.86	4,216.67
Shares Outstanding (M)	405.88	405.88	405.88
Fair Value	$9.49	$9.93	$10.39
Upside / Downside	-79.21%	-78.24%	-77.25%

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Kunshan Kinglai Hygienic Materials Co.,Ltd. (300260.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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