DDM Analysis: 603738.SS

Valuation Snapshot

Stable Growth	$5.43 - $19.30	$17.79
Multi-Stage	$2.55 - $2.79	$2.67
Blended Fair Value	$10.23
Current Price	$15.66
Upside	-34.68%
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	16.55%	9.63%	0.08	0.15	0.19	0.18	0.03	0.04	0.07	0.05	0.04	0.04
YoY Growth	-	-	-47.39%	-22.64%	5.24%	426.84%	-4.69%	-45.21%	22.20%	33.35%	9.21%	19.55%
Dividend Yield	-	-	0.50%	1.06%	1.01%	1.01%	0.31%	0.28%	0.75%	0.53%	0.30%	0.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.18
(-) Cash Dividends Paid (M)	30.76
(=) Cash Retained (M)	7.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.64	4.77	2.86
Cash Retained (M)	7.43	7.43	7.43
(-) Cash Required (M)	-7.64	-4.77	-2.86
(=) Excess Retained (M)	-0.21	2.66	4.56
(/) Shares Outstanding (M)	393.38	393.38	393.38
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.43	$17.79	$19.30
Upside / Downside	-65.32%	13.63%	23.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.18	40.67	43.31	46.13	49.12	52.32	53.89
Payout Ratio	80.55%	82.44%	84.33%	86.22%	88.11%	90.00%	92.50%
Projected Dividends (M)	30.76	33.52	36.52	39.77	43.28	47.08	49.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31.03	31.33	31.62
Year 2 PV (M)	31.30	31.90	32.50
Year 3 PV (M)	31.55	32.46	33.38
Year 4 PV (M)	31.79	33.01	34.27
Year 5 PV (M)	32.01	33.56	35.16
PV of Terminal Value (M)	845.43	886.27	928.67
Equity Value (M)	1,003.12	1,048.52	1,095.60
Shares Outstanding (M)	393.38	393.38	393.38
Fair Value	$2.55	$2.67	$2.79
Upside / Downside	-83.72%	-82.98%	-82.22%

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TKD Science and Technology Co.,Ltd. (603738.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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