DDM Analysis: 300666.SZ

Valuation Snapshot

Stable Growth	$189.71 - $385.64	$361.40
Multi-Stage	$58.83 - $64.42	$61.57
Blended Fair Value	$211.49
Current Price	$101.90
Upside	107.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	51.20%	25.78%	0.38	0.21	0.09	0.12	0.05	0.05	0.04	0.03	0.03	0.05
YoY Growth	-	-	83.29%	140.34%	-25.42%	132.52%	3.45%	9.43%	46.73%	-11.09%	-25.71%	18.22%
Dividend Yield	-	-	0.50%	0.45%	0.12%	0.21%	0.12%	0.10%	0.09%	0.04%	0.50%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	514.49
(-) Cash Dividends Paid (M)	134.63
(=) Cash Retained (M)	379.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.90	64.31	38.59
Cash Retained (M)	379.86	379.86	379.86
(-) Cash Required (M)	-102.90	-64.31	-38.59
(=) Excess Retained (M)	276.97	315.55	341.28
(/) Shares Outstanding (M)	265.32	265.32	265.32
(=) Excess Retained per Share	1.04	1.19	1.29
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	1.04	1.19	1.29
(=) Adjusted Dividend	1.55	1.70	1.79
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$189.71	$361.40	$385.64
Upside / Downside	86.17%	254.66%	278.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	514.49	547.94	583.55	621.48	661.88	704.90	726.05
Payout Ratio	26.17%	38.93%	51.70%	64.47%	77.23%	90.00%	92.50%
Projected Dividends (M)	134.63	213.33	301.70	400.65	511.19	634.41	671.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	198.69	200.57	202.45
Year 2 PV (M)	261.70	266.68	271.71
Year 3 PV (M)	323.67	332.96	342.43
Year 4 PV (M)	384.63	399.42	414.63
Year 5 PV (M)	444.57	466.04	488.33
PV of Terminal Value (M)	13,995.38	14,671.36	15,373.21
Equity Value (M)	15,608.63	16,337.03	17,092.78
Shares Outstanding (M)	265.32	265.32	265.32
Fair Value	$58.83	$61.57	$64.42
Upside / Downside	-42.27%	-39.57%	-36.78%

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Konfoong Materials International Co., Ltd (300666.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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