DDM Analysis: 002443.SZ

Valuation Snapshot

Stable Growth	$1.45 - $1.94	$1.70
Multi-Stage	$2.78 - $3.05	$2.91
Blended Fair Value	$2.31
Current Price	$7.72
Upside	-70.12%
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	-24.39%	-6.63%	0.06	0.06	0.41	0.40	0.32	0.24	0.16	0.10	0.14	0.12
YoY Growth	-	-	6.00%	-86.08%	1.21%	28.41%	28.88%	56.05%	60.42%	-32.02%	17.69%	1.70%
Dividend Yield	-	-	1.01%	0.86%	6.25%	5.19%	4.29%	4.23%	1.92%	1.12%	1.20%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172.18
(-) Cash Dividends Paid (M)	110.38
(=) Cash Retained (M)	61.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.44	21.52	12.91
Cash Retained (M)	61.80	61.80	61.80
(-) Cash Required (M)	-34.44	-21.52	-12.91
(=) Excess Retained (M)	27.36	40.28	48.88
(/) Shares Outstanding (M)	524.23	524.23	524.23
(=) Excess Retained per Share	0.05	0.08	0.09
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.05	0.08	0.09
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	-7.06%	-6.06%	-5.06%
Fair Value	$1.45	$1.70	$1.94
Upside / Downside	-81.28%	-78.00%	-74.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172.18	161.75	151.96	142.75	134.10	125.98	129.76
Payout Ratio	64.11%	69.29%	74.47%	79.64%	84.82%	90.00%	92.50%
Projected Dividends (M)	110.38	112.07	113.15	113.69	113.75	113.38	120.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	-7.06%	-6.06%	-5.06%
Year 1 PV (M)	100.95	102.03	103.12
Year 2 PV (M)	91.80	93.79	95.79
Year 3 PV (M)	83.08	85.79	88.56
Year 4 PV (M)	74.87	78.14	81.52
Year 5 PV (M)	67.22	70.91	74.77
PV of Terminal Value (M)	1,040.13	1,097.30	1,156.96
Equity Value (M)	1,458.04	1,527.97	1,600.72
Shares Outstanding (M)	524.23	524.23	524.23
Fair Value	$2.78	$2.91	$3.05
Upside / Downside	-63.97%	-62.24%	-60.45%

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Zhejiang Kingland Pipeline and Technologies Co.,Ltd. (002443.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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