DDM Analysis: 688305.SS

Valuation Snapshot

Stable Growth	$7.35 - $10.47	$8.88
Multi-Stage	$11.14 - $12.24	$11.68
Blended Fair Value	$10.28
Current Price	$65.68
Upside	-84.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.23	0.00	0.00	0.01	0.01	0.00	0.01	0.00	0.00	0.00
YoY Growth	-	-	29,669.86%	-77.31%	-54.83%	40.40%	0.00%	-100.00%	253.21%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.38%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.56
(-) Cash Dividends Paid (M)	15.22
(=) Cash Retained (M)	106.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.31	15.20	9.12
Cash Retained (M)	106.34	106.34	106.34
(-) Cash Required (M)	-24.31	-15.20	-9.12
(=) Excess Retained (M)	82.03	91.14	97.22
(/) Shares Outstanding (M)	111.65	111.65	111.65
(=) Excess Retained per Share	0.73	0.82	0.87
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.73	0.82	0.87
(=) Adjusted Dividend	0.87	0.95	1.01
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.35	$8.88	$10.47
Upside / Downside	-88.82%	-86.48%	-84.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.56	120.35	119.14	117.95	116.77	115.61	119.07
Payout Ratio	12.52%	28.02%	43.51%	59.01%	74.50%	90.00%	92.50%
Projected Dividends (M)	15.22	33.72	51.84	69.60	87.00	104.05	110.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.45	30.76	31.07
Year 2 PV (M)	42.28	43.14	44.02
Year 3 PV (M)	51.25	52.84	54.46
Year 4 PV (M)	57.85	60.25	62.72
Year 5 PV (M)	62.48	65.73	69.12
PV of Terminal Value (M)	999.00	1,051.03	1,105.19
Equity Value (M)	1,243.31	1,303.75	1,366.58
Shares Outstanding (M)	111.65	111.65	111.65
Fair Value	$11.14	$11.68	$12.24
Upside / Downside	-83.05%	-82.22%	-81.36%

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KEDE Numerical Control Co., Ltd. (688305.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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