DDM Analysis: 002626.SZ

Valuation Snapshot

Stable Growth	$7.55 - $11.77	$9.50
Multi-Stage	$16.60 - $18.26	$17.41
Blended Fair Value	$13.46
Current Price	$20.14
Upside	-33.19%
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	-23.56%	5.62%	0.24	0.26	0.66	0.67	0.65	0.92	0.45	0.23	0.08	0.17
YoY Growth	-	-	-8.43%	-60.48%	-1.28%	3.35%	-29.30%	104.02%	95.00%	189.66%	-52.21%	20.14%
Dividend Yield	-	-	1.61%	1.71%	2.72%	2.23%	1.64%	4.15%	3.27%	1.25%	0.57%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	482.09
(-) Cash Dividends Paid (M)	261.57
(=) Cash Retained (M)	220.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	96.42	60.26	36.16
Cash Retained (M)	220.51	220.51	220.51
(-) Cash Required (M)	-96.42	-60.26	-36.16
(=) Excess Retained (M)	124.10	160.25	184.36
(/) Shares Outstanding (M)	609.63	609.63	609.63
(=) Excess Retained per Share	0.20	0.26	0.30
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.20	0.26	0.30
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-1.70%	-0.70%	0.30%
Fair Value	$7.55	$9.50	$11.77
Upside / Downside	-62.49%	-52.83%	-41.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	482.09	478.71	475.37	472.04	468.74	465.46	479.43
Payout Ratio	54.26%	61.41%	68.56%	75.70%	82.85%	90.00%	92.50%
Projected Dividends (M)	261.57	293.96	325.89	357.35	388.36	418.92	443.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-1.70%	-0.70%	0.30%
Year 1 PV (M)	273.16	275.94	278.72
Year 2 PV (M)	281.39	287.15	292.96
Year 3 PV (M)	286.72	295.56	304.58
Year 4 PV (M)	289.55	301.51	313.84
Year 5 PV (M)	290.22	305.29	320.97
PV of Terminal Value (M)	8,696.71	9,148.15	9,618.15
Equity Value (M)	10,117.75	10,613.59	11,129.22
Shares Outstanding (M)	609.63	609.63	609.63
Fair Value	$16.60	$17.41	$18.26
Upside / Downside	-17.59%	-13.56%	-9.36%

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Xiamen Kingdomway Group Company (002626.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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