DDM Analysis: 001770.KS

Valuation Snapshot

Stable Growth	$43,170.70 - $70,358.95	$55,335.07
Multi-Stage	$52,267.14 - $57,359.19	$54,765.00
Blended Fair Value	$55,050.03
Current Price	$18,710.00
Upside	194.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-3.97%	99.91	99.91	99.91	99.91	99.91	99.91	99.91	249.78	349.69	199.82
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-60.00%	-28.57%	75.00%	33.33%
Dividend Yield	-	-	0.67%	0.52%	0.30%	0.32%	0.42%	0.62%	0.44%	1.14%	1.34%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,667.08
(-) Cash Dividends Paid (M)	121.49
(=) Cash Retained (M)	4,545.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	933.42	583.38	350.03
Cash Retained (M)	4,545.59	4,545.59	4,545.59
(-) Cash Required (M)	-933.42	-583.38	-350.03
(=) Excess Retained (M)	3,612.17	3,962.20	4,195.56
(/) Shares Outstanding (M)	1.22	1.22	1.22
(=) Excess Retained per Share	2,970.63	3,258.50	3,450.41
LTM Dividend per Share	99.91	99.91	99.91
(+) Excess Retained per Share	2,970.63	3,258.50	3,450.41
(=) Adjusted Dividend	3,070.54	3,358.41	3,550.32
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	1.66%	2.66%	3.66%
Fair Value	$43,170.70	$55,335.07	$70,358.95
Upside / Downside	130.74%	195.75%	276.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,667.08	4,791.35	4,918.93	5,049.91	5,184.37	5,322.42	5,482.09
Payout Ratio	2.60%	20.08%	37.56%	55.04%	72.52%	90.00%	92.50%
Projected Dividends (M)	121.49	962.22	1,847.64	2,779.53	3,759.74	4,790.18	5,070.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	1.66%	2.66%	3.66%
Year 1 PV (M)	875.03	883.63	892.24
Year 2 PV (M)	1,527.96	1,558.16	1,588.67
Year 3 PV (M)	2,090.31	2,152.61	2,216.13
Year 4 PV (M)	2,571.25	2,673.92	2,779.64
Year 5 PV (M)	2,979.10	3,128.53	3,283.90
PV of Terminal Value (M)	53,511.13	56,195.21	58,985.94
Equity Value (M)	63,554.78	66,592.07	69,746.51
Shares Outstanding (M)	1.22	1.22	1.22
Fair Value	$52,267.14	$54,765.00	$57,359.19
Upside / Downside	179.35%	192.70%	206.57%

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Shin Hwa Dynamics Co., Ltd. (001770.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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