DDM Analysis: 002972.SZ

Valuation Snapshot

Stable Growth	$37.71 - $59.92	$56.11
Multi-Stage	$30.97 - $34.22	$32.56
Blended Fair Value	$44.34
Current Price	$12.06
Upside	267.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.15%	0.00%	0.45	0.43	0.36	0.14	0.11	0.07	0.06	0.16	0.09	0.00
YoY Growth	-	-	5.97%	18.13%	152.66%	32.43%	53.85%	8.33%	-60.00%	81.82%	0.00%	0.00%
Dividend Yield	-	-	4.08%	4.23%	2.80%	1.16%	0.88%	0.39%	0.55%	1.37%	0.75%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.30
(-) Cash Dividends Paid (M)	37.23
(=) Cash Retained (M)	42.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.86	9.91	5.95
Cash Retained (M)	42.07	42.07	42.07
(-) Cash Required (M)	-15.86	-9.91	-5.95
(=) Excess Retained (M)	26.21	32.16	36.12
(/) Shares Outstanding (M)	244.85	244.85	244.85
(=) Excess Retained per Share	0.11	0.13	0.15
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.11	0.13	0.15
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	-1.33%	-1.33%	-1.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$37.71	$56.11	$59.92
Upside / Downside	212.72%	365.27%	396.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.30	78.51	77.72	76.95	76.18	75.41	77.68
Payout Ratio	46.95%	55.56%	64.17%	72.78%	81.39%	90.00%	92.50%
Projected Dividends (M)	37.23	43.62	49.87	56.00	62.00	67.87	71.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.33%	-1.33%	-1.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	43.76	44.20	44.65
Year 2 PV (M)	50.19	51.22	52.26
Year 3 PV (M)	56.54	58.29	60.07
Year 4 PV (M)	62.80	65.40	68.09
Year 5 PV (M)	68.97	72.56	76.30
PV of Terminal Value (M)	7,301.19	7,681.37	8,077.24
Equity Value (M)	7,583.45	7,973.06	8,378.62
Shares Outstanding (M)	244.85	244.85	244.85
Fair Value	$30.97	$32.56	$34.22
Upside / Downside	156.81%	170.00%	183.74%

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Shenzhen keanda electronic technology co.,ltd (002972.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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