DDM Analysis: 002662.SZ

Valuation Snapshot

Stable Growth	$1.13 - $1.62	$1.37
Multi-Stage	$1.84 - $2.02	$1.93
Blended Fair Value	$1.65
Current Price	$3.92
Upside	-57.87%
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	8.52%	0.11%	0.11	0.08	0.02	0.03	0.11	0.07	0.14	0.30	0.20	0.16
YoY Growth	-	-	37.65%	400.65%	-44.38%	-73.49%	48.11%	-47.70%	-53.09%	46.83%	27.23%	46.57%
Dividend Yield	-	-	2.87%	2.32%	0.44%	0.83%	3.41%	2.78%	2.74%	5.02%	2.23%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235.50
(-) Cash Dividends Paid (M)	116.96
(=) Cash Retained (M)	118.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.10	29.44	17.66
Cash Retained (M)	118.54	118.54	118.54
(-) Cash Required (M)	-47.10	-29.44	-17.66
(=) Excess Retained (M)	71.44	89.11	100.88
(/) Shares Outstanding (M)	1,458.73	1,458.73	1,458.73
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	-1.89%	-0.89%	0.11%
Fair Value	$1.13	$1.37	$1.62
Upside / Downside	-71.15%	-65.00%	-58.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235.50	233.41	231.33	229.27	227.23	225.21	231.97
Payout Ratio	49.66%	57.73%	65.80%	73.87%	81.93%	90.00%	92.50%
Projected Dividends (M)	116.96	134.75	152.21	169.35	186.18	202.69	214.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	-1.89%	-0.89%	0.11%
Year 1 PV (M)	122.02	123.26	124.51
Year 2 PV (M)	124.82	127.37	129.96
Year 3 PV (M)	125.76	129.64	133.61
Year 4 PV (M)	125.20	130.38	135.72
Year 5 PV (M)	123.43	129.85	136.53
PV of Terminal Value (M)	2,069.06	2,176.68	2,288.73
Equity Value (M)	2,690.28	2,817.19	2,949.06
Shares Outstanding (M)	1,458.73	1,458.73	1,458.73
Fair Value	$1.84	$1.93	$2.02
Upside / Downside	-52.95%	-50.73%	-48.43%

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Financial Statements

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Ticker

Industry

Sector

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener