DDM Analysis: 011500.KS

Valuation Snapshot

Stable Growth	$3,117.97 - $4,642.35	$3,843.97
Multi-Stage	$4,665.77 - $5,125.13	$4,891.02
Blended Fair Value	$4,367.50
Current Price	$13,870.00
Upside	-68.51%
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	0.00%	4.14%	120.18	120.18	230.35	180.28	150.23	120.18	140.22	110.17	100.15	90.14
YoY Growth	-	-	0.00%	-47.83%	27.78%	20.00%	25.00%	-14.29%	27.27%	10.00%	11.11%	12.50%
Dividend Yield	-	-	0.83%	0.57%	1.11%	1.12%	0.94%	3.03%	3.46%	2.30%	1.79%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,770.03
(-) Cash Dividends Paid (M)	917.64
(=) Cash Retained (M)	4,852.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,154.01	721.25	432.75
Cash Retained (M)	4,852.39	4,852.39	4,852.39
(-) Cash Required (M)	-1,154.01	-721.25	-432.75
(=) Excess Retained (M)	3,698.38	4,131.13	4,419.63
(/) Shares Outstanding (M)	15.27	15.27	15.27
(=) Excess Retained per Share	242.19	270.53	289.42
LTM Dividend per Share	60.09	60.09	60.09
(+) Excess Retained per Share	242.19	270.53	289.42
(=) Adjusted Dividend	302.28	330.62	349.51
WACC / Discount Rate	8.91%	8.91%	8.91%
Growth Rate	-0.71%	0.29%	1.29%
Fair Value	$3,117.97	$3,843.97	$4,642.35
Upside / Downside	-77.52%	-72.29%	-66.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,770.03	5,786.55	5,803.12	5,819.74	5,836.41	5,853.12	6,028.72
Payout Ratio	15.90%	30.72%	45.54%	60.36%	75.18%	90.00%	92.50%
Projected Dividends (M)	917.64	1,777.79	2,642.87	3,512.88	4,387.85	5,267.81	5,576.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.91%	8.91%	8.91%
Growth Rate	-0.71%	0.29%	1.29%
Year 1 PV (M)	1,616.04	1,632.32	1,648.60
Year 2 PV (M)	2,183.83	2,228.04	2,272.70
Year 3 PV (M)	2,638.63	2,719.16	2,801.32
Year 4 PV (M)	2,995.98	3,118.52	3,244.78
Year 5 PV (M)	3,269.56	3,437.56	3,612.40
PV of Terminal Value (M)	58,544.80	61,553.07	64,683.75
Equity Value (M)	71,248.85	74,688.68	78,263.55
Shares Outstanding (M)	15.27	15.27	15.27
Fair Value	$4,665.77	$4,891.02	$5,125.13
Upside / Downside	-66.36%	-64.74%	-63.05%

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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%
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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%
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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

Fundamentals

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Ticker

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Sector

Hannong Chemicals Inc. (011500.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener