DDM Analysis: 002012.SZ

Valuation Snapshot

Stable Growth	$0.05 - $0.06	$0.05
Multi-Stage	$0.08 - $0.09	$0.09
Blended Fair Value	$0.07
Current Price	$5.49
Upside	-98.72%
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	2.91%	4.61%	0.04	0.02	0.04	0.03	0.02	0.03	0.02	0.04	0.02	0.02
YoY Growth	-	-	75.43%	-45.92%	11.77%	65.11%	-34.09%	29.32%	-45.54%	148.25%	-6.38%	-16.93%
Dividend Yield	-	-	0.77%	0.45%	0.65%	0.61%	0.33%	0.53%	0.41%	0.59%	0.13%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.86
(-) Cash Dividends Paid (M)	2.43
(=) Cash Retained (M)	2.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.97	0.61	0.36
Cash Retained (M)	2.43	2.43	2.43
(-) Cash Required (M)	-0.97	-0.61	-0.36
(=) Excess Retained (M)	1.46	1.82	2.07
(/) Shares Outstanding (M)	485.82	485.82	485.82
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.01	0.01	0.01
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	-6.47%	-5.47%	-4.47%
Fair Value	$0.05	$0.05	$0.06
Upside / Downside	-99.17%	-99.03%	-98.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.86	4.59	4.34	4.10	3.88	3.67	3.78
Payout Ratio	49.97%	57.97%	65.98%	73.99%	81.99%	90.00%	92.50%
Projected Dividends (M)	2.43	2.66	2.86	3.04	3.18	3.30	3.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	-6.47%	-5.47%	-4.47%
Year 1 PV (M)	2.39	2.42	2.45
Year 2 PV (M)	2.32	2.37	2.42
Year 3 PV (M)	2.21	2.28	2.35
Year 4 PV (M)	2.08	2.17	2.27
Year 5 PV (M)	1.94	2.05	2.16
PV of Terminal Value (M)	29.34	30.94	32.62
Equity Value (M)	40.29	42.23	44.26
Shares Outstanding (M)	485.82	485.82	485.82
Fair Value	$0.08	$0.09	$0.09
Upside / Downside	-98.49%	-98.42%	-98.34%

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Sector

Zhejiang Kan Specialities Material Co., Ltd. (002012.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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