DDM Analysis: 600686.SS

Valuation Snapshot

Stable Growth	$3.23 - $4.58	$3.89
Multi-Stage	$3.11 - $3.37	$3.24
Blended Fair Value	$3.56
Current Price	$11.33
Upside	-68.54%
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	65.60%	8.71%	0.28	0.29	0.29	0.00	0.02	0.02	0.08	0.24	0.14	0.04
YoY Growth	-	-	-0.19%	-1.93%	5,713.35%	-80.00%	9.43%	-73.00%	-64.56%	76.36%	220.02%	-65.73%
Dividend Yield	-	-	2.04%	3.79%	4.82%	0.09%	0.39%	0.37%	0.85%	1.82%	0.92%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	328.64
(-) Cash Dividends Paid (M)	167.74
(=) Cash Retained (M)	160.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.73	41.08	24.65
Cash Retained (M)	160.90	160.90	160.90
(-) Cash Required (M)	-65.73	-41.08	-24.65
(=) Excess Retained (M)	95.17	119.82	136.25
(/) Shares Outstanding (M)	717.05	717.05	717.05
(=) Excess Retained per Share	0.13	0.17	0.19
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.13	0.17	0.19
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	4.63%	5.63%	6.63%
Fair Value	$3.23	$3.89	$4.58
Upside / Downside	-71.50%	-65.63%	-59.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	328.64	347.16	366.72	387.39	409.21	432.27	445.24
Payout Ratio	51.04%	58.83%	66.62%	74.42%	82.21%	90.00%	92.50%
Projected Dividends (M)	167.74	204.24	244.33	288.28	336.41	389.04	411.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	4.63%	5.63%	6.63%
Year 1 PV (M)	173.64	175.29	176.95
Year 2 PV (M)	176.58	179.97	183.40
Year 3 PV (M)	177.12	182.25	187.48
Year 4 PV (M)	175.72	182.53	189.54
Year 5 PV (M)	172.76	181.17	189.91
PV of Terminal Value (M)	1,353.20	1,419.11	1,487.57
Equity Value (M)	2,229.02	2,320.34	2,414.85
Shares Outstanding (M)	717.05	717.05	717.05
Fair Value	$3.11	$3.24	$3.37
Upside / Downside	-72.56%	-71.44%	-70.28%

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Xiamen King Long Motor Group Co., Ltd. (600686.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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