DDM Analysis: 016610.KS

Valuation Snapshot

Stable Growth	$44,511.96 - $261,877.00	$82,000.11
Multi-Stage	$33,147.93 - $36,308.79	$34,699.06
Blended Fair Value	$58,349.59
Current Price	$8,290.00
Upside	603.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.69%	31.92%	212.27	181.93	527.11	321.61	270.23	269.94	116.07	13.30	13.30	116.07
YoY Growth	-	-	16.68%	-65.49%	63.90%	19.02%	0.11%	132.57%	772.93%	0.00%	-88.54%	772.93%
Dividend Yield	-	-	3.98%	4.34%	13.13%	4.81%	4.47%	8.95%	2.38%	0.32%	0.37%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53,641.90
(-) Cash Dividends Paid (M)	16,222.35
(=) Cash Retained (M)	37,419.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,728.38	6,705.24	4,023.14
Cash Retained (M)	37,419.55	37,419.55	37,419.55
(-) Cash Required (M)	-10,728.38	-6,705.24	-4,023.14
(=) Excess Retained (M)	26,691.17	30,714.31	33,396.41
(/) Shares Outstanding (M)	40.31	40.31	40.31
(=) Excess Retained per Share	662.13	761.93	828.46
LTM Dividend per Share	402.43	402.43	402.43
(+) Excess Retained per Share	662.13	761.93	828.46
(=) Adjusted Dividend	1,064.55	1,164.36	1,230.89
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$44,511.96	$82,000.11	$261,877.00
Upside / Downside	436.94%	889.14%	3,058.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53,641.90	56,526.23	59,565.64	62,768.49	66,143.56	69,700.10	71,791.10
Payout Ratio	30.24%	42.19%	54.15%	66.10%	78.05%	90.00%	92.50%
Projected Dividends (M)	16,222.35	23,850.42	32,251.91	41,487.95	51,623.98	62,730.09	66,406.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	22,104.76	22,316.54	22,528.32
Year 2 PV (M)	27,703.52	28,236.90	28,775.37
Year 3 PV (M)	33,028.68	33,987.11	34,963.91
Year 4 PV (M)	38,089.96	39,570.78	41,094.36
Year 5 PV (M)	42,896.78	44,991.43	47,167.12
PV of Terminal Value (M)	1,172,410.98	1,229,659.81	1,289,123.47
Equity Value (M)	1,336,234.69	1,398,762.57	1,463,652.55
Shares Outstanding (M)	40.31	40.31	40.31
Fair Value	$33,147.93	$34,699.06	$36,308.79
Upside / Downside	299.85%	318.57%	337.98%

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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%

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DB Securities Co., Ltd. (016610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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