DDM Analysis: 009070.KS

Valuation Snapshot

Stable Growth	$13,662.72 - $30,180.09	$19,676.01
Multi-Stage	$9,766.91 - $10,672.92	$10,211.70
Blended Fair Value	$14,943.85
Current Price	$5,300.00
Upside	181.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.17%	12.09%	80.82	60.49	60.45	50.39	47.51	45.50	50.41	35.38	37.79	34.15
YoY Growth	-	-	33.60%	0.07%	19.97%	6.05%	4.42%	-9.74%	42.48%	-6.37%	10.67%	32.31%
Dividend Yield	-	-	2.30%	1.55%	1.42%	0.80%	0.74%	2.31%	1.39%	1.34%	1.16%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,749.93
(-) Cash Dividends Paid (M)	2,646.39
(=) Cash Retained (M)	18,103.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,149.99	2,593.74	1,556.24
Cash Retained (M)	18,103.54	18,103.54	18,103.54
(-) Cash Required (M)	-4,149.99	-2,593.74	-1,556.24
(=) Excess Retained (M)	13,953.56	15,509.80	16,547.30
(/) Shares Outstanding (M)	29.91	29.91	29.91
(=) Excess Retained per Share	466.57	518.61	553.30
LTM Dividend per Share	88.49	88.49	88.49
(+) Excess Retained per Share	466.57	518.61	553.30
(=) Adjusted Dividend	555.06	607.09	641.78
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13,662.72	$19,676.01	$30,180.09
Upside / Downside	157.79%	271.25%	469.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,749.93	22,098.68	23,535.09	25,064.87	26,694.09	28,429.21	29,282.08
Payout Ratio	12.75%	28.20%	43.65%	59.10%	74.55%	90.00%	92.50%
Projected Dividends (M)	2,646.39	6,232.49	10,273.59	14,813.71	19,900.64	25,586.29	27,085.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,623.64	5,676.94	5,730.25
Year 2 PV (M)	8,364.39	8,523.71	8,684.53
Year 3 PV (M)	10,882.57	11,194.97	11,513.29
Year 4 PV (M)	13,191.39	13,698.70	14,220.49
Year 5 PV (M)	15,303.35	16,042.51	16,809.96
PV of Terminal Value (M)	238,731.05	250,261.85	262,233.96
Equity Value (M)	292,096.39	305,398.68	319,192.48
Shares Outstanding (M)	29.91	29.91	29.91
Fair Value	$9,766.91	$10,211.70	$10,672.92
Upside / Downside	84.28%	92.67%	101.38%

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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%

Financial Statements

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KCTC Co. Ltd (009070.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener