DDM Analysis: 600499.SS

Valuation Snapshot

Stable Growth	$62.88 - $154.00	$144.32
Multi-Stage	$22.38 - $24.50	$23.42
Blended Fair Value	$83.87
Current Price	$12.23
Upside	585.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.67%	13.98%	0.41	0.83	0.24	0.16	0.08	0.10	0.13	0.10	0.11	0.12
YoY Growth	-	-	-50.47%	249.31%	53.65%	97.56%	-21.76%	-20.15%	21.81%	-9.27%	-4.37%	6.72%
Dividend Yield	-	-	4.91%	7.79%	1.65%	0.86%	0.72%	2.42%	2.27%	1.11%	1.45%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,452.56
(-) Cash Dividends Paid (M)	497.17
(=) Cash Retained (M)	955.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.51	181.57	108.94
Cash Retained (M)	955.39	955.39	955.39
(-) Cash Required (M)	-290.51	-181.57	-108.94
(=) Excess Retained (M)	664.87	773.82	846.44
(/) Shares Outstanding (M)	1,875.87	1,875.87	1,875.87
(=) Excess Retained per Share	0.35	0.41	0.45
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.35	0.41	0.45
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.88	$144.32	$154.00
Upside / Downside	414.14%	1,080.03%	1,159.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,452.56	1,546.98	1,647.53	1,754.62	1,868.67	1,990.13	2,049.84
Payout Ratio	34.23%	45.38%	56.54%	67.69%	78.85%	90.00%	92.50%
Projected Dividends (M)	497.17	702.05	931.46	1,187.72	1,473.36	1,791.12	1,896.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	652.77	658.96	665.14
Year 2 PV (M)	805.28	820.62	836.10
Year 3 PV (M)	954.75	982.16	1,010.09
Year 4 PV (M)	1,101.24	1,143.59	1,187.15
Year 5 PV (M)	1,244.77	1,304.89	1,367.31
PV of Terminal Value (M)	37,230.52	39,028.76	40,895.84
Equity Value (M)	41,989.32	43,938.98	45,961.63
Shares Outstanding (M)	1,875.87	1,875.87	1,875.87
Fair Value	$22.38	$23.42	$24.50
Upside / Downside	83.02%	91.52%	100.34%

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Keda Industrial Group Co., Ltd. (600499.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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