DDM Analysis: 010660.KS

Valuation Snapshot

Stable Growth	$3,876.17 - $11,914.08	$6,189.69
Multi-Stage	$13,452.79 - $14,866.07	$14,145.24
Blended Fair Value	$10,167.47
Current Price	$5,630.00
Upside	80.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.23%	-10.40%	30.65	27.58	9.19	0.00	0.00	9.19	9.19	0.00	32.19	82.75
YoY Growth	-	-	11.11%	199.98%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	-61.11%	-10.00%
Dividend Yield	-	-	1.00%	0.44%	0.32%	0.00%	0.00%	0.45%	0.42%	0.00%	1.48%	3.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,455.87
(-) Cash Dividends Paid (M)	879.89
(=) Cash Retained (M)	2,575.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	691.17	431.98	259.19
Cash Retained (M)	2,575.98	2,575.98	2,575.98
(-) Cash Required (M)	-691.17	-431.98	-259.19
(=) Excess Retained (M)	1,884.80	2,143.99	2,316.79
(/) Shares Outstanding (M)	21.53	21.53	21.53
(=) Excess Retained per Share	87.53	99.56	107.59
LTM Dividend per Share	40.86	40.86	40.86
(+) Excess Retained per Share	87.53	99.56	107.59
(=) Adjusted Dividend	128.39	140.42	148.45
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3,876.17	$6,189.69	$11,914.08
Upside / Downside	-31.15%	9.94%	111.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,455.87	3,421.31	3,387.10	3,353.23	3,319.69	3,286.50	3,385.09
Payout Ratio	25.46%	38.37%	51.28%	64.18%	77.09%	90.00%	92.50%
Projected Dividends (M)	879.89	1,312.71	1,736.79	2,152.25	2,559.22	2,957.85	3,131.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,283.46	1,296.56	1,309.65
Year 2 PV (M)	1,660.25	1,694.30	1,728.70
Year 3 PV (M)	2,011.55	2,073.76	2,137.24
Year 4 PV (M)	2,338.62	2,435.55	2,535.46
Year 5 PV (M)	2,642.66	2,780.27	2,923.55
PV of Terminal Value (M)	279,754.75	294,322.23	309,490.34
Equity Value (M)	289,691.29	304,602.67	320,124.94
Shares Outstanding (M)	21.53	21.53	21.53
Fair Value	$13,452.79	$14,145.24	$14,866.07
Upside / Downside	138.95%	151.25%	164.05%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Hwacheon Machinery Co., Ltd. (010660.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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