DDM Analysis: 3468.T

Valuation Snapshot

Stable Growth	$101,160.98 - $246,238.29	$150,542.31
Multi-Stage	$126,856.88 - $138,951.50	$132,790.97
Blended Fair Value	$141,666.64
Current Price	$58,700.00
Upside	141.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.68%	0.00%	1,815.39	2,646.51	2,186.90	2,022.81	2,182.31	1,377.40	1,317.01	1,397.61	557.16	0.00
YoY Growth	-	-	-31.40%	21.02%	8.11%	-7.31%	58.44%	4.59%	-5.77%	150.84%	0.00%	0.00%
Dividend Yield	-	-	3.09%	4.66%	3.80%	3.41%	3.61%	3.25%	2.25%	2.60%	1.11%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,030.93
(-) Cash Dividends Paid (M)	9,424.55
(=) Cash Retained (M)	2,606.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,406.19	1,503.87	902.32
Cash Retained (M)	2,606.38	2,606.38	2,606.38
(-) Cash Required (M)	-2,406.19	-1,503.87	-902.32
(=) Excess Retained (M)	200.19	1,102.51	1,704.06
(/) Shares Outstanding (M)	2.52	2.52	2.52
(=) Excess Retained per Share	79.53	437.98	676.95
LTM Dividend per Share	3,743.97	3,743.97	3,743.97
(+) Excess Retained per Share	79.53	437.98	676.95
(=) Adjusted Dividend	3,823.50	4,181.95	4,420.92
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	2.60%	3.60%	4.60%
Fair Value	$101,160.98	$150,542.31	$246,238.29
Upside / Downside	72.34%	156.46%	319.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,030.93	12,464.55	12,913.80	13,379.25	13,861.46	14,361.06	14,791.89
Payout Ratio	78.34%	80.67%	83.00%	85.33%	87.67%	90.00%	92.50%
Projected Dividends (M)	9,424.55	10,055.01	10,718.67	11,417.10	12,151.96	12,924.96	13,682.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	2.60%	3.60%	4.60%
Year 1 PV (M)	9,351.75	9,442.90	9,534.04
Year 2 PV (M)	9,271.75	9,453.36	9,636.73
Year 3 PV (M)	9,185.17	9,456.36	9,732.83
Year 4 PV (M)	9,092.60	9,452.29	9,822.55
Year 5 PV (M)	8,994.59	9,441.54	9,906.07
PV of Terminal Value (M)	273,436.29	287,023.37	301,145.28
Equity Value (M)	319,332.16	334,269.82	349,777.51
Shares Outstanding (M)	2.52	2.52	2.52
Fair Value	$126,856.88	$132,790.97	$138,951.50
Upside / Downside	116.11%	126.22%	136.71%

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Star Asia Investment Corporation (3468.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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