DDM Analysis: 603612.SS

Valuation Snapshot

Stable Growth	$138.68 - $279.16	$261.61
Multi-Stage	$42.74 - $46.80	$44.74
Blended Fair Value	$153.17
Current Price	$26.60
Upside	475.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	52.58%	12.08%	0.50	1.04	0.43	0.17	0.04	0.06	0.33	0.07	0.19	0.22
YoY Growth	-	-	-52.20%	142.69%	148.66%	309.47%	-30.00%	-81.57%	362.23%	-62.33%	-14.97%	38.59%
Dividend Yield	-	-	2.93%	8.42%	1.85%	0.90%	0.26%	0.57%	2.09%	0.23%	2.31%	2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	709.57
(-) Cash Dividends Paid (M)	197.40
(=) Cash Retained (M)	512.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	141.91	88.70	53.22
Cash Retained (M)	512.17	512.17	512.17
(-) Cash Required (M)	-141.91	-88.70	-53.22
(=) Excess Retained (M)	370.25	423.47	458.95
(/) Shares Outstanding (M)	505.50	505.50	505.50
(=) Excess Retained per Share	0.73	0.84	0.91
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.73	0.84	0.91
(=) Adjusted Dividend	1.12	1.23	1.30
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$138.68	$261.61	$279.16
Upside / Downside	421.35%	883.50%	949.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	709.57	755.69	804.81	857.12	912.83	972.17	1,001.33
Payout Ratio	27.82%	40.26%	52.69%	65.13%	77.56%	90.00%	92.50%
Projected Dividends (M)	197.40	304.21	424.07	558.22	708.03	874.95	926.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	283.35	286.03	288.72
Year 2 PV (M)	367.90	374.91	381.98
Year 3 PV (M)	451.08	464.03	477.22
Year 4 PV (M)	532.90	553.39	574.47
Year 5 PV (M)	613.37	643.00	673.76
PV of Terminal Value (M)	19,357.95	20,292.95	21,263.73
Equity Value (M)	21,606.55	22,614.30	23,659.88
Shares Outstanding (M)	505.50	505.50	505.50
Fair Value	$42.74	$44.74	$46.80
Upside / Downside	60.69%	68.18%	75.96%

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Sunstone Development Co., Ltd. (603612.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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