DDM Analysis: 003008.SZ

Valuation Snapshot

Stable Growth	$8.40 - $13.22	$10.61
Multi-Stage	$18.79 - $20.64	$19.70
Blended Fair Value	$15.15
Current Price	$21.44
Upside	-29.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.02%	0.00%	0.59	0.39	0.39	0.47	0.00	0.29	0.23	0.19	0.00	0.00
YoY Growth	-	-	51.00%	0.00%	-16.67%	0.00%	-100.00%	25.00%	20.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	2.22%	1.87%	2.29%	0.00%	0.87%	0.69%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.42
(-) Cash Dividends Paid (M)	67.60
(=) Cash Retained (M)	19.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.48	10.93	6.56
Cash Retained (M)	19.82	19.82	19.82
(-) Cash Required (M)	-17.48	-10.93	-6.56
(=) Excess Retained (M)	2.34	8.90	13.27
(/) Shares Outstanding (M)	102.75	102.75	102.75
(=) Excess Retained per Share	0.02	0.09	0.13
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	0.02	0.09	0.13
(=) Adjusted Dividend	0.68	0.74	0.79
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-1.53%	-0.53%	0.47%
Fair Value	$8.40	$10.61	$13.22
Upside / Downside	-60.83%	-50.52%	-38.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.42	86.96	86.50	86.04	85.58	85.12	87.68
Payout Ratio	77.32%	79.86%	82.39%	84.93%	87.46%	90.00%	92.50%
Projected Dividends (M)	67.60	69.44	71.27	73.07	74.85	76.61	81.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-1.53%	-0.53%	0.47%
Year 1 PV (M)	64.58	65.24	65.89
Year 2 PV (M)	61.64	62.90	64.17
Year 3 PV (M)	58.77	60.58	62.42
Year 4 PV (M)	55.99	58.30	60.68
Year 5 PV (M)	53.29	56.05	58.93
PV of Terminal Value (M)	1,636.08	1,720.86	1,809.13
Equity Value (M)	1,930.35	2,023.93	2,121.21
Shares Outstanding (M)	102.75	102.75	102.75
Fair Value	$18.79	$19.70	$20.64
Upside / Downside	-12.38%	-8.13%	-3.71%

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Xuchang KETOP Testing Research Institute Co.,Ltd (003008.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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