DDM Analysis: 016590.KS

Valuation Snapshot

Stable Growth	$55,554.67 - $140,194.75	$131,380.14
Multi-Stage	$21,500.24 - $23,548.43	$22,505.43
Blended Fair Value	$76,942.78
Current Price	$12,410.00
Upside	520.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.59%	16.33%	166.02	151.12	153.29	87.68	95.47	115.16	50.19	0.00	0.00	45.66
YoY Growth	-	-	9.86%	-1.42%	74.83%	-8.16%	-17.09%	129.44%	0.00%	0.00%	-100.00%	24.78%
Dividend Yield	-	-	2.41%	2.38%	1.80%	0.90%	1.17%	2.22%	0.57%	0.00%	0.00%	1.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,274.48
(-) Cash Dividends Paid (M)	6,010.16
(=) Cash Retained (M)	15,264.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,254.90	2,659.31	1,595.59
Cash Retained (M)	15,264.31	15,264.31	15,264.31
(-) Cash Required (M)	-4,254.90	-2,659.31	-1,595.59
(=) Excess Retained (M)	11,009.42	12,605.00	13,668.73
(/) Shares Outstanding (M)	30.11	30.11	30.11
(=) Excess Retained per Share	365.65	418.65	453.97
LTM Dividend per Share	199.61	199.61	199.61
(+) Excess Retained per Share	365.65	418.65	453.97
(=) Adjusted Dividend	565.27	618.26	653.59
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.25%	6.25%	7.25%
Fair Value	$55,554.67	$131,380.14	$140,194.75
Upside / Downside	347.66%	958.66%	1,029.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,274.48	22,604.14	24,016.91	25,517.98	27,112.86	28,807.43	29,671.65
Payout Ratio	28.25%	40.60%	52.95%	65.30%	77.65%	90.00%	92.50%
Projected Dividends (M)	6,010.16	9,177.39	12,717.04	16,663.30	21,053.17	25,926.69	27,446.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.25%	6.25%	7.25%
Year 1 PV (M)	8,550.54	8,631.78	8,713.02
Year 2 PV (M)	11,039.12	11,249.89	11,462.65
Year 3 PV (M)	13,476.71	13,864.50	14,259.67
Year 4 PV (M)	15,864.07	16,475.63	17,104.70
Year 5 PV (M)	18,201.97	19,083.26	19,998.36
PV of Terminal Value (M)	580,218.26	608,310.84	637,481.17
Equity Value (M)	647,350.67	677,615.89	709,019.55
Shares Outstanding (M)	30.11	30.11	30.11
Fair Value	$21,500.24	$22,505.43	$23,548.43
Upside / Downside	73.25%	81.35%	89.75%

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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%
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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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Shindaeyang Paper Co., Ltd. (016590.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener