DDM Analysis: 003220.KS

Valuation Snapshot

Stable Growth	$30,878.54 - $75,147.37	$70,424.09
Multi-Stage	$11,274.18 - $12,322.23	$11,788.64
Blended Fair Value	$41,106.37
Current Price	$13,240.00
Upside	210.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.40%	18.57%	294.29	339.69	190.68	145.32	233.01	226.25	215.50	209.24	157.51	112.51
YoY Growth	-	-	-13.36%	78.14%	31.22%	-37.63%	2.99%	4.99%	2.99%	32.84%	39.99%	109.99%
Dividend Yield	-	-	2.18%	2.26%	1.33%	0.81%	1.50%	1.72%	1.45%	1.17%	0.93%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,164.47
(-) Cash Dividends Paid (M)	6,430.03
(=) Cash Retained (M)	1,734.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,632.89	1,020.56	612.34
Cash Retained (M)	1,734.44	1,734.44	1,734.44
(-) Cash Required (M)	-1,632.89	-1,020.56	-612.34
(=) Excess Retained (M)	101.54	713.88	1,122.10
(/) Shares Outstanding (M)	21.61	21.61	21.61
(=) Excess Retained per Share	4.70	33.04	51.93
LTM Dividend per Share	297.59	297.59	297.59
(+) Excess Retained per Share	4.70	33.04	51.93
(=) Adjusted Dividend	302.29	330.63	349.52
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30,878.54	$70,424.09	$75,147.37
Upside / Downside	133.22%	431.90%	467.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,164.47	8,695.16	9,260.35	9,862.27	10,503.32	11,186.03	11,521.61
Payout Ratio	78.76%	81.01%	83.25%	85.50%	87.75%	90.00%	92.50%
Projected Dividends (M)	6,430.03	7,043.52	7,709.59	8,432.49	9,216.79	10,067.43	10,657.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,549.51	6,611.59	6,673.67
Year 2 PV (M)	6,666.07	6,793.04	6,921.21
Year 3 PV (M)	6,779.76	6,974.38	7,172.69
Year 4 PV (M)	6,890.61	7,155.60	7,428.17
Year 5 PV (M)	6,998.68	7,336.72	7,687.69
PV of Terminal Value (M)	209,716.47	219,845.85	230,362.91
Equity Value (M)	243,601.10	254,717.19	266,246.35
Shares Outstanding (M)	21.61	21.61	21.61
Fair Value	$11,274.18	$11,788.64	$12,322.23
Upside / Downside	-14.85%	-10.96%	-6.93%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

Financials

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Sector

Daewon Pharmaceutical Co., Ltd. (003220.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener