DDM Analysis: 004910.KS

Valuation Snapshot

Stable Growth	$6,227.95 - $13,370.59	$8,880.56
Multi-Stage	$8,601.34 - $9,433.41	$9,009.51
Blended Fair Value	$8,945.03
Current Price	$5,520.00
Upside	62.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.12%	-0.33%	185.15	92.57	92.13	184.27	191.32	95.65	239.13	382.60	239.15	191.29
YoY Growth	-	-	100.00%	0.48%	-50.00%	-3.69%	100.02%	-60.00%	-37.50%	59.99%	25.02%	0.00%
Dividend Yield	-	-	3.45%	1.55%	1.28%	2.11%	2.71%	2.25%	3.42%	4.28%	2.07%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,714.36
(-) Cash Dividends Paid (M)	2,046.91
(=) Cash Retained (M)	1,667.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	742.87	464.29	278.58
Cash Retained (M)	1,667.44	1,667.44	1,667.44
(-) Cash Required (M)	-742.87	-464.29	-278.58
(=) Excess Retained (M)	924.57	1,203.15	1,388.87
(/) Shares Outstanding (M)	10.98	10.98	10.98
(=) Excess Retained per Share	84.23	109.61	126.53
LTM Dividend per Share	186.48	186.48	186.48
(+) Excess Retained per Share	84.23	109.61	126.53
(=) Adjusted Dividend	270.71	296.09	313.01
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	2.05%	3.05%	4.05%
Fair Value	$6,227.95	$8,880.56	$13,370.59
Upside / Downside	12.83%	60.88%	142.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,714.36	3,827.66	3,944.41	4,064.73	4,188.72	4,316.49	4,445.98
Payout Ratio	55.11%	62.09%	69.06%	76.04%	83.02%	90.00%	92.50%
Projected Dividends (M)	2,046.91	2,376.46	2,724.20	3,090.95	3,477.54	3,884.84	4,112.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	2.05%	3.05%	4.05%
Year 1 PV (M)	2,210.05	2,231.70	2,253.36
Year 2 PV (M)	2,356.04	2,402.44	2,449.29
Year 3 PV (M)	2,486.04	2,559.84	2,635.08
Year 4 PV (M)	2,601.11	2,704.57	2,811.09
Year 5 PV (M)	2,702.29	2,837.31	2,977.67
PV of Terminal Value (M)	82,057.04	86,157.02	90,419.28
Equity Value (M)	94,412.56	98,892.89	103,545.79
Shares Outstanding (M)	10.98	10.98	10.98
Fair Value	$8,601.34	$9,009.51	$9,433.41
Upside / Downside	55.82%	63.22%	70.90%

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Chokwang Paint Co., Ltd. (004910.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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