DDM Analysis: 688687.SS

Valuation Snapshot

Stable Growth	$27.02 - $153.32	$49.41
Multi-Stage	$16.22 - $17.73	$16.96
Blended Fair Value	$33.19
Current Price	$28.00
Upside	18.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014
DPS	0.00%	20.04%	0.27	0.20	0.25	0.15	0.00	0.00	0.00	0.01	0.03	0.06
YoY Growth	-	-	31.58%	-20.04%	67.40%	0.00%	0.00%	0.00%	-100.00%	-77.76%	-41.09%	34.22%
Dividend Yield	-	-	1.05%	0.63%	0.95%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.81
(-) Cash Dividends Paid (M)	53.51
(=) Cash Retained (M)	83.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.36	17.10	10.26
Cash Retained (M)	83.30	83.30	83.30
(-) Cash Required (M)	-27.36	-17.10	-10.26
(=) Excess Retained (M)	55.94	66.20	73.04
(/) Shares Outstanding (M)	169.28	169.28	169.28
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.02	$49.41	$153.32
Upside / Downside	-3.49%	76.47%	447.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.81	145.70	155.17	165.26	176.00	187.44	193.07
Payout Ratio	39.11%	49.29%	59.47%	69.64%	79.82%	90.00%	92.50%
Projected Dividends (M)	53.51	71.82	92.28	115.09	140.49	168.70	178.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.86	66.48	67.10
Year 2 PV (M)	77.60	79.08	80.57
Year 3 PV (M)	88.76	91.30	93.90
Year 4 PV (M)	99.35	103.17	107.10
Year 5 PV (M)	109.40	114.68	120.17
PV of Terminal Value (M)	2,305.11	2,416.45	2,532.05
Equity Value (M)	2,746.07	2,871.17	3,000.89
Shares Outstanding (M)	169.28	169.28	169.28
Fair Value	$16.22	$16.96	$17.73
Upside / Downside	-42.06%	-39.42%	-36.69%

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Beijing Kawin Technology Share-Holding Co., Ltd. (688687.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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