DDM Analysis: 014620.KQ

Valuation Snapshot

Stable Growth	$21,201.71 - $42,632.90	$29,525.16
Multi-Stage	$46,540.43 - $51,254.78	$48,851.71
Blended Fair Value	$39,188.43
Current Price	$32,800.00
Upside	19.48%
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	13.11%	-0.24%	157.75	105.17	105.17	105.17	105.17	85.22	105.17	157.75	157.75	158.89
YoY Growth	-	-	50.00%	0.00%	0.00%	0.00%	23.41%	-18.97%	-33.33%	0.00%	-0.71%	-1.64%
Dividend Yield	-	-	0.65%	0.94%	0.85%	1.20%	1.28%	1.67%	0.95%	1.37%	1.50%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33,908.02
(-) Cash Dividends Paid (M)	5,311.47
(=) Cash Retained (M)	28,596.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,781.60	4,238.50	2,543.10
Cash Retained (M)	28,596.55	28,596.55	28,596.55
(-) Cash Required (M)	-6,781.60	-4,238.50	-2,543.10
(=) Excess Retained (M)	21,814.94	24,358.04	26,053.45
(/) Shares Outstanding (M)	26.56	26.56	26.56
(=) Excess Retained per Share	821.45	917.22	981.06
LTM Dividend per Share	200.01	200.01	200.01
(+) Excess Retained per Share	821.45	917.22	981.06
(=) Adjusted Dividend	1,021.46	1,117.22	1,181.06
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	0.39%	1.39%	2.39%
Fair Value	$21,201.71	$29,525.16	$42,632.90
Upside / Downside	-35.36%	-9.98%	29.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33,908.02	34,377.86	34,854.21	35,337.16	35,826.81	36,323.23	37,412.93
Payout Ratio	15.66%	30.53%	45.40%	60.27%	75.13%	90.00%	92.50%
Projected Dividends (M)	5,311.47	10,496.07	15,823.33	21,296.20	26,917.71	32,690.91	34,606.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	0.39%	1.39%	2.39%
Year 1 PV (M)	9,876.78	9,975.16	10,073.55
Year 2 PV (M)	14,011.18	14,291.72	14,575.04
Year 3 PV (M)	17,744.66	18,280.25	18,826.52
Year 4 PV (M)	21,105.32	21,958.94	22,838.19
Year 5 PV (M)	24,119.56	25,345.08	26,619.91
PV of Terminal Value (M)	1,149,093.55	1,207,479.21	1,268,214.39
Equity Value (M)	1,235,951.04	1,297,330.36	1,361,147.60
Shares Outstanding (M)	26.56	26.56	26.56
Fair Value	$46,540.43	$48,851.71	$51,254.78
Upside / Downside	41.89%	48.94%	56.26%

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Sung Kwang Bend Co.,Ltd. (014620.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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