DDM Analysis: 2205.HK

Valuation Snapshot

Stable Growth	$0.92 - $1.43	$1.16
Multi-Stage	$2.09 - $2.30	$2.19
Blended Fair Value	$1.68
Current Price	$0.62
Upside	170.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.02	0.03	0.03	0.14	0.05	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-41.83%	-9.36%	-75.91%	194.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	4.47%	4.10%	4.84%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.52
(-) Cash Dividends Paid (M)	25.65
(=) Cash Retained (M)	43.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.90	8.69	5.21
Cash Retained (M)	43.87	43.87	43.87
(-) Cash Required (M)	-13.90	-8.69	-5.21
(=) Excess Retained (M)	29.97	35.18	38.66
(/) Shares Outstanding (M)	700.00	700.00	700.00
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.08	0.09	0.09
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.92	$1.16	$1.43
Upside / Downside	49.00%	86.80%	130.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.52	68.83	68.14	67.46	66.78	66.11	68.10
Payout Ratio	36.89%	47.51%	58.13%	68.76%	79.38%	90.00%	92.50%
Projected Dividends (M)	25.65	32.70	39.61	46.38	53.01	59.50	62.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.42	30.73	31.04
Year 2 PV (M)	34.27	34.97	35.68
Year 3 PV (M)	37.32	38.48	39.65
Year 4 PV (M)	39.68	41.32	43.02
Year 5 PV (M)	41.43	43.58	45.83
PV of Terminal Value (M)	1,280.49	1,347.17	1,416.59
Equity Value (M)	1,463.60	1,536.25	1,611.82
Shares Outstanding (M)	700.00	700.00	700.00
Fair Value	$2.09	$2.19	$2.30
Upside / Downside	237.07%	253.80%	271.21%

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Kangqiao Service Group Limited (2205.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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