DDM Analysis: 300907.SZ

Valuation Snapshot

Stable Growth	$117.26 - $138.15	$129.47
Multi-Stage	$78.30 - $85.94	$82.05
Blended Fair Value	$105.76
Current Price	$35.94
Upside	194.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.54%	0.00%	0.92	0.29	0.03	0.52	0.01	0.61	0.01	0.52	0.86	0.00
YoY Growth	-	-	217.10%	851.74%	-94.16%	7,194.04%	-98.83%	5,915.83%	-98.06%	-39.28%	0.00%	0.00%
Dividend Yield	-	-	3.57%	1.67%	0.15%	2.25%	0.02%	1.02%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.68
(-) Cash Dividends Paid (M)	9.75
(=) Cash Retained (M)	56.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.34	8.34	5.00
Cash Retained (M)	56.93	56.93	56.93
(-) Cash Required (M)	-13.34	-8.34	-5.00
(=) Excess Retained (M)	43.59	48.60	51.93
(/) Shares Outstanding (M)	95.99	95.99	95.99
(=) Excess Retained per Share	0.45	0.51	0.54
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.45	0.51	0.54
(=) Adjusted Dividend	0.56	0.61	0.64
WACC / Discount Rate	2.62%	2.62%	2.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$117.26	$129.47	$138.15
Upside / Downside	226.27%	260.24%	284.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.68	71.02	75.63	80.55	85.79	91.36	94.10
Payout Ratio	14.62%	29.70%	44.77%	59.85%	74.92%	90.00%	92.50%
Projected Dividends (M)	9.75	21.09	33.87	48.21	64.28	82.23	87.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.62%	2.62%	2.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	20.36	20.55	20.75
Year 2 PV (M)	31.56	32.16	32.76
Year 3 PV (M)	43.36	44.61	45.88
Year 4 PV (M)	55.81	57.96	60.16
Year 5 PV (M)	68.92	72.25	75.70
PV of Terminal Value (M)	7,295.81	7,648.20	8,014.08
Equity Value (M)	7,515.82	7,875.72	8,249.33
Shares Outstanding (M)	95.99	95.99	95.99
Fair Value	$78.30	$82.05	$85.94
Upside / Downside	117.85%	128.28%	139.11%

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Kangping Technology (Suzhou) Co., Ltd. (300907.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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