DDM Analysis: 603987.SS

Valuation Snapshot

Stable Growth	$12.98 - $34.06	$19.78
Multi-Stage	$9.34 - $10.20	$9.76
Blended Fair Value	$14.77
Current Price	$9.02
Upside	63.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.26%	14.96%	0.22	0.28	0.31	0.06	0.20	0.15	0.11	0.08	0.36	0.08
YoY Growth	-	-	-23.48%	-9.28%	450.17%	-71.76%	31.64%	39.21%	41.35%	-78.45%	375.42%	40.92%
Dividend Yield	-	-	2.94%	3.68%	1.99%	0.29%	0.98%	1.39%	1.38%	0.90%	2.65%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.83
(-) Cash Dividends Paid (M)	83.72
(=) Cash Retained (M)	160.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.77	30.48	18.29
Cash Retained (M)	160.10	160.10	160.10
(-) Cash Required (M)	-48.77	-30.48	-18.29
(=) Excess Retained (M)	111.34	129.63	141.82
(/) Shares Outstanding (M)	435.86	435.86	435.86
(=) Excess Retained per Share	0.26	0.30	0.33
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.26	0.30	0.33
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	5.26%	6.26%	7.26%
Fair Value	$12.98	$19.78	$34.06
Upside / Downside	43.88%	119.28%	277.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.83	259.09	275.30	292.53	310.83	330.29	340.20
Payout Ratio	34.34%	45.47%	56.60%	67.73%	78.87%	90.00%	92.50%
Projected Dividends (M)	83.72	117.81	155.83	198.14	245.15	297.26	314.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	5.26%	6.26%	7.26%
Year 1 PV (M)	107.17	108.19	109.21
Year 2 PV (M)	128.96	131.43	133.91
Year 3 PV (M)	149.18	153.48	157.85
Year 4 PV (M)	167.91	174.39	181.04
Year 5 PV (M)	185.23	194.20	203.51
PV of Terminal Value (M)	3,330.36	3,491.59	3,659.01
Equity Value (M)	4,068.82	4,253.26	4,444.53
Shares Outstanding (M)	435.86	435.86	435.86
Fair Value	$9.34	$9.76	$10.20
Upside / Downside	3.49%	8.19%	13.05%

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Financial Statements

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Shanghai Kindly Enterprise Development Group Co.,LTD. (603987.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener