DDM Analysis: 002516.SZ

Valuation Snapshot

Stable Growth	$1.44 - $2.42	$1.87
Multi-Stage	$2.74 - $3.00	$2.87
Blended Fair Value	$2.37
Current Price	$6.24
Upside	-62.03%
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	-17.04%	6.77%	0.10	0.19	0.05	0.05	0.24	0.24	0.30	0.07	0.09	0.07
YoY Growth	-	-	-50.00%	300.00%	-3.56%	-79.61%	-0.10%	-18.07%	299.29%	-17.03%	22.87%	46.88%
Dividend Yield	-	-	1.86%	3.98%	0.94%	1.10%	7.60%	8.38%	8.56%	1.35%	1.33%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.62
(-) Cash Dividends Paid (M)	117.67
(=) Cash Retained (M)	62.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.12	22.58	13.55
Cash Retained (M)	62.95	62.95	62.95
(-) Cash Required (M)	-36.12	-22.58	-13.55
(=) Excess Retained (M)	26.83	40.37	49.40
(/) Shares Outstanding (M)	1,503.52	1,503.52	1,503.52
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-0.13%	0.87%	1.87%
Fair Value	$1.44	$1.87	$2.42
Upside / Downside	-76.94%	-70.03%	-61.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.62	182.18	183.77	185.36	186.97	188.59	194.25
Payout Ratio	65.15%	70.12%	75.09%	80.06%	85.03%	90.00%	92.50%
Projected Dividends (M)	117.67	127.74	137.99	148.40	158.98	169.73	179.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-0.13%	0.87%	1.87%
Year 1 PV (M)	118.72	119.91	121.09
Year 2 PV (M)	119.17	121.57	123.99
Year 3 PV (M)	119.11	122.72	126.41
Year 4 PV (M)	118.58	123.41	128.37
Year 5 PV (M)	117.66	123.67	129.92
PV of Terminal Value (M)	3,521.11	3,700.96	3,888.09
Equity Value (M)	4,114.35	4,312.23	4,517.88
Shares Outstanding (M)	1,503.52	1,503.52	1,503.52
Fair Value	$2.74	$2.87	$3.00
Upside / Downside	-56.15%	-54.04%	-51.85%

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Kuangda Technology Group Co., Ltd. (002516.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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