DDM Analysis: 600406.SS

Valuation Snapshot

Stable Growth	$81.39 - $199.34	$186.81
Multi-Stage	$29.42 - $32.17	$30.77
Blended Fair Value	$108.79
Current Price	$22.96
Upside	373.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.03%	34.95%	0.68	0.33	0.29	0.25	0.18	0.27	0.31	0.32	0.08	0.05
YoY Growth	-	-	104.79%	13.45%	16.53%	43.25%	-35.76%	-12.33%	-1.13%	283.04%	59.75%	51.61%
Dividend Yield	-	-	3.11%	1.36%	1.30%	1.15%	0.97%	2.39%	2.48%	3.24%	0.88%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,992.61
(-) Cash Dividends Paid (M)	4,526.21
(=) Cash Retained (M)	3,466.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,598.52	999.08	599.45
Cash Retained (M)	3,466.41	3,466.41	3,466.41
(-) Cash Required (M)	-1,598.52	-999.08	-599.45
(=) Excess Retained (M)	1,867.89	2,467.33	2,866.96
(/) Shares Outstanding (M)	7,973.93	7,973.93	7,973.93
(=) Excess Retained per Share	0.23	0.31	0.36
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.23	0.31	0.36
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.39	$186.81	$199.34
Upside / Downside	254.50%	713.64%	768.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,992.61	8,512.13	9,065.42	9,654.68	10,282.23	10,950.57	11,279.09
Payout Ratio	56.63%	63.30%	69.98%	76.65%	83.33%	90.00%	92.50%
Projected Dividends (M)	4,526.21	5,388.51	6,343.79	7,400.50	8,567.77	9,855.52	10,433.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,010.27	5,057.77	5,105.26
Year 2 PV (M)	5,484.47	5,588.93	5,694.38
Year 3 PV (M)	5,948.93	6,119.70	6,293.71
Year 4 PV (M)	6,403.81	6,650.09	6,903.39
Year 5 PV (M)	6,849.25	7,180.07	7,523.56
PV of Terminal Value (M)	204,858.46	214,753.20	225,026.63
Equity Value (M)	234,555.20	245,349.76	256,546.93
Shares Outstanding (M)	7,973.93	7,973.93	7,973.93
Fair Value	$29.42	$30.77	$32.17
Upside / Downside	28.12%	34.01%	40.13%

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NARI Technology Co., Ltd. (600406.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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