DDM Analysis: 605288.SS

Valuation Snapshot

Stable Growth	$12.41 - $29.21	$18.27
Multi-Stage	$51.73 - $57.13	$54.38
Blended Fair Value	$36.32
Current Price	$94.10
Upside	-61.40%
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	-34.76%	0.00%	0.48	0.27	0.50	0.74	0.27	4.04	0.15	0.64	0.47	0.03
YoY Growth	-	-	75.80%	-45.89%	-32.38%	175.31%	-93.33%	2,548.53%	-76.35%	37.49%	1,408.39%	0.00%
Dividend Yield	-	-	1.20%	0.72%	1.35%	1.80%	0.32%	4.24%	0.16%	0.68%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44.33
(-) Cash Dividends Paid (M)	27.43
(=) Cash Retained (M)	16.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.87	5.54	3.32
Cash Retained (M)	16.90	16.90	16.90
(-) Cash Required (M)	-8.87	-5.54	-3.32
(=) Excess Retained (M)	8.04	11.36	13.58
(/) Shares Outstanding (M)	69.79	69.79	69.79
(=) Excess Retained per Share	0.12	0.16	0.19
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.12	0.16	0.19
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	2.01%	2.01%	2.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.41	$18.27	$29.21
Upside / Downside	-86.81%	-80.58%	-68.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.33	43.89	43.45	43.01	42.58	42.16	43.42
Payout Ratio	61.87%	67.49%	73.12%	78.75%	84.37%	90.00%	92.50%
Projected Dividends (M)	27.43	29.62	31.77	33.87	35.93	37.94	40.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.01%	2.01%	2.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.74	29.04	29.33
Year 2 PV (M)	29.91	30.53	31.15
Year 3 PV (M)	30.95	31.91	32.88
Year 4 PV (M)	31.86	33.18	34.54
Year 5 PV (M)	32.65	34.34	36.11
PV of Terminal Value (M)	3,455.84	3,635.79	3,823.17
Equity Value (M)	3,609.95	3,794.79	3,987.18
Shares Outstanding (M)	69.79	69.79	69.79
Fair Value	$51.73	$54.38	$57.13
Upside / Downside	-45.03%	-42.21%	-39.28%

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ChangZhou KAIDI Electrical Inc. (605288.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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