DDM Analysis: 603610.SS

Valuation Snapshot

Stable Growth	$5.16 - $8.74	$6.72
Multi-Stage	$19.95 - $22.02	$20.96
Blended Fair Value	$13.84
Current Price	$18.83
Upside	-26.49%
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	38.29%	0.00%	1.06	0.06	0.37	0.31	0.43	0.21	0.02	0.02	0.26	0.02
YoY Growth	-	-	1,537.76%	-82.57%	19.89%	-28.25%	105.95%	821.17%	0.22%	-91.37%	1,042.53%	0.00%
Dividend Yield	-	-	9.13%	0.57%	3.14%	2.14%	2.55%	1.43%	0.08%	0.08%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.90
(-) Cash Dividends Paid (M)	46.86
(=) Cash Retained (M)	105.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.38	18.99	11.39
Cash Retained (M)	105.04	105.04	105.04
(-) Cash Required (M)	-30.38	-18.99	-11.39
(=) Excess Retained (M)	74.66	86.05	93.65
(/) Shares Outstanding (M)	350.28	350.28	350.28
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	4.59%	4.59%	4.59%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.16	$6.72	$8.74
Upside / Downside	-72.60%	-64.30%	-53.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.90	150.38	148.88	147.39	145.92	144.46	148.79
Payout Ratio	30.85%	42.68%	54.51%	66.34%	78.17%	90.00%	92.50%
Projected Dividends (M)	46.86	64.18	81.15	97.78	114.06	130.01	137.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.59%	4.59%	4.59%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60.75	61.37	61.99
Year 2 PV (M)	72.70	74.19	75.70
Year 3 PV (M)	82.90	85.47	88.08
Year 4 PV (M)	91.53	95.33	99.24
Year 5 PV (M)	98.75	103.89	109.24
PV of Terminal Value (M)	6,580.19	6,922.84	7,279.61
Equity Value (M)	6,986.82	7,343.07	7,713.85
Shares Outstanding (M)	350.28	350.28	350.28
Fair Value	$19.95	$20.96	$22.02
Upside / Downside	5.93%	11.33%	16.95%

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Keeson Technology Corporation Limited (603610.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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