DDM Analysis: 300353.SZ

Valuation Snapshot

Stable Growth	$1.01 - $1.89	$1.37
Multi-Stage	$1.17 - $1.28	$1.22
Blended Fair Value	$1.29
Current Price	$25.86
Upside	-94.99%
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	-10.61%	13.16%	0.05	0.05	0.05	0.07	0.09	0.08	0.09	0.05	0.01	0.02
YoY Growth	-	-	-2.88%	-7.45%	-24.97%	-22.21%	8.81%	-5.85%	85.37%	270.49%	-45.98%	72.74%
Dividend Yield	-	-	0.22%	0.49%	0.41%	0.71%	1.46%	0.70%	0.64%	0.29%	0.08%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.62
(-) Cash Dividends Paid (M)	23.67
(=) Cash Retained (M)	16.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.12	5.08	3.05
Cash Retained (M)	16.95	16.95	16.95
(-) Cash Required (M)	-8.12	-5.08	-3.05
(=) Excess Retained (M)	8.82	11.87	13.90
(/) Shares Outstanding (M)	614.94	614.94	614.94
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	2.75%	3.75%	4.75%
Fair Value	$1.01	$1.37	$1.89
Upside / Downside	-96.10%	-94.71%	-92.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.62	42.14	43.72	45.36	47.06	48.83	50.29
Payout Ratio	58.28%	64.62%	70.97%	77.31%	83.66%	90.00%	92.50%
Projected Dividends (M)	23.67	27.23	31.03	35.07	39.37	43.95	46.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	2.75%	3.75%	4.75%
Year 1 PV (M)	24.94	25.18	25.43
Year 2 PV (M)	26.03	26.54	27.05
Year 3 PV (M)	26.94	27.74	28.55
Year 4 PV (M)	27.70	28.80	29.92
Year 5 PV (M)	28.32	29.72	31.18
PV of Terminal Value (M)	583.98	612.95	643.07
Equity Value (M)	717.91	750.93	785.20
Shares Outstanding (M)	614.94	614.94	614.94
Fair Value	$1.17	$1.22	$1.28
Upside / Downside	-95.49%	-95.28%	-95.06%

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Kyland Technology Co., Ltd. (300353.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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