DDM Analysis: 002823.SZ

Valuation Snapshot

Stable Growth	$22.01 - $88.08	$37.55
Multi-Stage	$14.26 - $15.56	$14.90
Blended Fair Value	$26.22
Current Price	$16.80
Upside	56.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.33%	18.08%	0.46	0.03	0.01	0.10	0.06	0.24	0.15	0.13	0.10	0.11
YoY Growth	-	-	1,366.89%	244.43%	-90.33%	50.00%	-73.33%	63.04%	15.01%	33.33%	-13.02%	24.05%
Dividend Yield	-	-	3.19%	0.30%	0.09%	1.00%	0.57%	2.37%	1.13%	0.89%	0.66%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.24
(-) Cash Dividends Paid (M)	147.95
(=) Cash Retained (M)	85.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.65	29.16	17.49
Cash Retained (M)	85.29	85.29	85.29
(-) Cash Required (M)	-46.65	-29.16	-17.49
(=) Excess Retained (M)	38.64	56.14	67.80
(/) Shares Outstanding (M)	315.56	315.56	315.56
(=) Excess Retained per Share	0.12	0.18	0.21
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.12	0.18	0.21
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.01	$37.55	$88.08
Upside / Downside	31.00%	123.50%	424.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.24	248.40	264.55	281.74	300.06	319.56	329.15
Payout Ratio	63.43%	68.75%	74.06%	79.37%	84.69%	90.00%	92.50%
Projected Dividends (M)	147.95	170.76	195.92	223.63	254.11	287.60	304.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	156.15	157.63	159.11
Year 2 PV (M)	163.82	166.94	170.09
Year 3 PV (M)	170.98	175.88	180.88
Year 4 PV (M)	177.65	184.48	191.51
Year 5 PV (M)	183.86	192.74	201.96
PV of Terminal Value (M)	3,648.61	3,824.84	4,007.82
Equity Value (M)	4,501.06	4,702.51	4,911.36
Shares Outstanding (M)	315.56	315.56	315.56
Fair Value	$14.26	$14.90	$15.56
Upside / Downside	-15.10%	-11.30%	-7.36%

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Financial Statements

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Shenzhen Kaizhong Precision Technology Co., Ltd. (002823.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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