DDM Analysis: 688611.SS

Valuation Snapshot

Stable Growth	$5.90 - $12.79	$8.45
Multi-Stage	$26.43 - $29.19	$27.78
Blended Fair Value	$18.11
Current Price	$40.66
Upside	-55.45%
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	-14.83%	0.00%	0.16	0.16	0.67	0.00	0.00	0.36	0.00	0.00	0.00	0.20
YoY Growth	-	-	2.92%	-76.63%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.49%	1.06%	3.38%	0.00%	0.00%	1.76%	0.00%	0.00%	0.00%	0.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.21
(-) Cash Dividends Paid (M)	23.14
(=) Cash Retained (M)	18.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.24	5.15	3.09
Cash Retained (M)	18.06	18.06	18.06
(-) Cash Required (M)	-8.24	-5.15	-3.09
(=) Excess Retained (M)	9.82	12.91	14.97
(/) Shares Outstanding (M)	124.50	124.50	124.50
(=) Excess Retained per Share	0.08	0.10	0.12
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.08	0.10	0.12
(=) Adjusted Dividend	0.26	0.29	0.31
WACC / Discount Rate	2.39%	2.39%	2.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.90	$8.45	$12.79
Upside / Downside	-85.48%	-79.23%	-68.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.21	40.79	40.39	39.98	39.58	39.19	40.36
Payout Ratio	56.17%	62.93%	69.70%	76.47%	83.23%	90.00%	92.50%
Projected Dividends (M)	23.14	25.67	28.15	30.57	32.95	35.27	37.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.39%	2.39%	2.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	24.82	25.07	25.33
Year 2 PV (M)	26.31	26.85	27.39
Year 3 PV (M)	27.62	28.48	29.35
Year 4 PV (M)	28.78	29.97	31.20
Year 5 PV (M)	29.78	31.33	32.95
PV of Terminal Value (M)	3,152.75	3,316.92	3,487.86
Equity Value (M)	3,290.06	3,458.62	3,634.08
Shares Outstanding (M)	124.50	124.50	124.50
Fair Value	$26.43	$27.78	$29.19
Upside / Downside	-35.00%	-31.68%	-28.21%

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Hangzhou Kelin Electric Co., Ltd. (688611.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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