DDM Analysis: 603610.SS

Valuation Snapshot

Stable Growth	$4.95 - $8.25	$6.41
Multi-Stage	$16.95 - $18.70	$17.81
Blended Fair Value	$12.11
Current Price	$18.83
Upside	-35.71%
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	38.29%	0.00%	1.06	0.06	0.37	0.31	0.43	0.21	0.02	0.02	0.26	0.02
YoY Growth	-	-	1,537.76%	-82.57%	19.89%	-28.25%	105.95%	821.17%	0.22%	-91.37%	1,042.53%	0.00%
Dividend Yield	-	-	9.13%	0.57%	3.14%	2.14%	2.55%	1.43%	0.08%	0.08%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.90
(-) Cash Dividends Paid (M)	46.86
(=) Cash Retained (M)	105.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.38	18.99	11.39
Cash Retained (M)	105.04	105.04	105.04
(-) Cash Required (M)	-30.38	-18.99	-11.39
(=) Excess Retained (M)	74.66	86.05	93.65
(/) Shares Outstanding (M)	350.28	350.28	350.28
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	4.86%	4.86%	4.86%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.95	$6.41	$8.25
Upside / Downside	-73.70%	-65.98%	-56.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.90	150.38	148.88	147.39	145.92	144.46	148.79
Payout Ratio	30.85%	42.68%	54.51%	66.34%	78.17%	90.00%	92.50%
Projected Dividends (M)	46.86	64.18	81.15	97.78	114.06	130.01	137.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.86%	4.86%	4.86%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60.59	61.21	61.82
Year 2 PV (M)	72.32	73.80	75.30
Year 3 PV (M)	82.25	84.79	87.39
Year 4 PV (M)	90.57	94.33	98.19
Year 5 PV (M)	97.45	102.53	107.81
PV of Terminal Value (M)	5,532.66	5,820.76	6,120.73
Equity Value (M)	5,935.84	6,237.41	6,551.25
Shares Outstanding (M)	350.28	350.28	350.28
Fair Value	$16.95	$17.81	$18.70
Upside / Downside	-10.01%	-5.43%	-0.67%

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Keeson Technology Corporation Limited (603610.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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