DDM Analysis: 078000.KS

Valuation Snapshot

Stable Growth	$9,281.22 - $14,120.97	$11,551.81
Multi-Stage	$20,951.61 - $23,045.40	$21,977.98
Blended Fair Value	$16,764.89
Current Price	$15,540.00
Upside	7.88%
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	-0.49%	-0.25%	689.52	652.46	543.72	521.97	598.09	706.84	630.72	543.72	717.71	652.46
YoY Growth	-	-	5.68%	20.00%	4.17%	-12.73%	-15.38%	12.07%	16.00%	-24.24%	10.00%	-7.69%
Dividend Yield	-	-	7.87%	6.10%	5.99%	4.86%	5.20%	6.07%	4.35%	3.42%	6.30%	4.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,471.01
(-) Cash Dividends Paid (M)	3,304.96
(=) Cash Retained (M)	2,166.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,094.20	683.88	410.33
Cash Retained (M)	2,166.05	2,166.05	2,166.05
(-) Cash Required (M)	-1,094.20	-683.88	-410.33
(=) Excess Retained (M)	1,071.84	1,482.17	1,755.72
(/) Shares Outstanding (M)	5.17	5.17	5.17
(=) Excess Retained per Share	207.15	286.45	339.32
LTM Dividend per Share	638.74	638.74	638.74
(+) Excess Retained per Share	207.15	286.45	339.32
(=) Adjusted Dividend	845.89	925.19	978.06
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.25%	-1.25%	-0.25%
Fair Value	$9,281.22	$11,551.81	$14,120.97
Upside / Downside	-40.28%	-25.66%	-9.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,471.01	5,402.75	5,335.34	5,268.77	5,203.04	5,138.12	5,292.27
Payout Ratio	60.41%	66.33%	72.25%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	3,304.96	3,583.48	3,854.53	4,118.26	4,374.80	4,624.31	4,895.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.25%	-1.25%	-0.25%
Year 1 PV (M)	3,325.65	3,359.67	3,393.69
Year 2 PV (M)	3,319.83	3,388.10	3,457.06
Year 3 PV (M)	3,291.77	3,393.83	3,497.98
Year 4 PV (M)	3,245.24	3,380.09	3,519.09
Year 5 PV (M)	3,183.52	3,349.72	3,522.79
PV of Terminal Value (M)	92,041.84	96,847.06	101,850.91
Equity Value (M)	108,407.85	113,718.47	119,241.54
Shares Outstanding (M)	5.17	5.17	5.17
Fair Value	$20,951.61	$21,977.98	$23,045.40
Upside / Downside	34.82%	41.43%	48.30%

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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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Telcoware Co.,Ltd. (078000.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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