DDM Analysis: 002443.SZ

Valuation Snapshot

Stable Growth	$1.82 - $2.53	$2.18
Multi-Stage	$5.64 - $6.23	$5.93
Blended Fair Value	$4.05
Current Price	$7.72
Upside	-47.52%
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	-24.39%	-6.63%	0.06	0.06	0.41	0.40	0.32	0.24	0.16	0.10	0.14	0.12
YoY Growth	-	-	6.00%	-86.08%	1.21%	28.41%	28.88%	56.05%	60.42%	-32.02%	17.69%	1.70%
Dividend Yield	-	-	1.01%	0.86%	6.25%	5.19%	4.29%	4.23%	1.92%	1.12%	1.20%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172.18
(-) Cash Dividends Paid (M)	110.38
(=) Cash Retained (M)	61.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.44	21.52	12.91
Cash Retained (M)	61.80	61.80	61.80
(-) Cash Required (M)	-34.44	-21.52	-12.91
(=) Excess Retained (M)	27.36	40.28	48.88
(/) Shares Outstanding (M)	524.23	524.23	524.23
(=) Excess Retained per Share	0.05	0.08	0.09
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.05	0.08	0.09
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-7.06%	-6.06%	-5.06%
Fair Value	$1.82	$2.18	$2.53
Upside / Downside	-76.40%	-71.81%	-67.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172.18	161.75	151.96	142.75	134.10	125.98	129.76
Payout Ratio	64.11%	69.29%	74.47%	79.64%	84.82%	90.00%	92.50%
Projected Dividends (M)	110.38	112.07	113.15	113.69	113.75	113.38	120.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-7.06%	-6.06%	-5.06%
Year 1 PV (M)	104.26	105.38	106.51
Year 2 PV (M)	97.93	100.05	102.19
Year 3 PV (M)	91.53	94.52	97.57
Year 4 PV (M)	85.20	88.92	92.77
Year 5 PV (M)	79.00	83.35	87.88
PV of Terminal Value (M)	2,497.30	2,634.57	2,777.81
Equity Value (M)	2,955.23	3,106.79	3,264.72
Shares Outstanding (M)	524.23	524.23	524.23
Fair Value	$5.64	$5.93	$6.23
Upside / Downside	-26.98%	-23.23%	-19.33%

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Zhejiang Kingland Pipeline and Technologies Co.,Ltd. (002443.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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