DDM Analysis: 603505.SS

Valuation Snapshot

Stable Growth	$6.54 - $16.59	$9.86
Multi-Stage	$4.70 - $5.13	$4.91
Blended Fair Value	$7.39
Current Price	$19.00
Upside	-61.13%
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	49.78%	39.85%	0.39	0.16	0.13	0.09	0.09	0.05	0.03	0.02	0.02	0.02
YoY Growth	-	-	149.11%	21.58%	50.14%	0.28%	65.30%	80.00%	70.56%	-12.54%	18.60%	19.22%
Dividend Yield	-	-	2.23%	0.70%	0.64%	0.80%	1.20%	0.88%	0.57%	0.28%	1.27%	1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	242.30
(-) Cash Dividends Paid (M)	134.96
(=) Cash Retained (M)	107.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.46	30.29	18.17
Cash Retained (M)	107.33	107.33	107.33
(-) Cash Required (M)	-48.46	-30.29	-18.17
(=) Excess Retained (M)	58.88	77.05	89.16
(/) Shares Outstanding (M)	837.63	837.63	837.63
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.54	$9.86	$16.59
Upside / Downside	-65.59%	-48.11%	-12.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	242.30	258.04	274.82	292.68	311.70	331.97	341.92
Payout Ratio	55.70%	62.56%	69.42%	76.28%	83.14%	90.00%	92.50%
Projected Dividends (M)	134.96	161.43	190.78	223.26	259.15	298.77	316.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	146.40	147.79	149.17
Year 2 PV (M)	156.90	159.89	162.90
Year 3 PV (M)	166.51	171.29	176.16
Year 4 PV (M)	175.28	182.02	188.95
Year 5 PV (M)	183.25	192.11	201.30
PV of Terminal Value (M)	3,111.76	3,262.06	3,418.11
Equity Value (M)	3,940.10	4,115.15	4,296.60
Shares Outstanding (M)	837.63	837.63	837.63
Fair Value	$4.70	$4.91	$5.13
Upside / Downside	-75.24%	-74.14%	-73.00%

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China Kings Resources Group Co.,Ltd. (603505.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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