DDM Analysis: 603195.SS

Valuation Snapshot

Stable Growth	$23.27 - $35.71	$29.07
Multi-Stage	$52.35 - $57.52	$54.89
Blended Fair Value	$41.98
Current Price	$44.66
Upside	-6.00%
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	0.00%	0.00%	1.79	1.30	0.95	0.80	1.47	0.00	0.12	1.34	0.41	0.30
YoY Growth	-	-	38.12%	36.08%	19.66%	-45.81%	0.00%	-100.00%	-91.18%	225.59%	36.64%	0.00%
Dividend Yield	-	-	3.48%	2.55%	1.81%	1.86%	2.47%	0.00%	0.42%	4.72%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,987.63
(-) Cash Dividends Paid (M)	3,104.10
(=) Cash Retained (M)	883.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	797.53	498.45	299.07
Cash Retained (M)	883.52	883.52	883.52
(-) Cash Required (M)	-797.53	-498.45	-299.07
(=) Excess Retained (M)	86.00	385.07	584.45
(/) Shares Outstanding (M)	1,551.85	1,551.85	1,551.85
(=) Excess Retained per Share	0.06	0.25	0.38
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	0.06	0.25	0.38
(=) Adjusted Dividend	2.06	2.25	2.38
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$23.27	$29.07	$35.71
Upside / Downside	-47.89%	-34.91%	-20.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,987.63	3,947.75	3,908.27	3,869.19	3,830.50	3,792.19	3,905.96
Payout Ratio	77.84%	80.27%	82.71%	85.14%	87.57%	90.00%	92.50%
Projected Dividends (M)	3,104.10	3,169.04	3,232.37	3,294.12	3,354.31	3,412.97	3,613.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,941.24	2,971.25	3,001.26
Year 2 PV (M)	2,784.36	2,841.47	2,899.17
Year 3 PV (M)	2,633.57	2,715.02	2,798.13
Year 4 PV (M)	2,488.92	2,592.08	2,698.40
Year 5 PV (M)	2,350.40	2,472.79	2,600.23
PV of Terminal Value (M)	68,039.74	71,582.72	75,271.79
Equity Value (M)	81,238.23	85,175.33	89,268.98
Shares Outstanding (M)	1,551.85	1,551.85	1,551.85
Fair Value	$52.35	$54.89	$57.52
Upside / Downside	17.22%	22.90%	28.81%

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Goneo Group Co., Ltd. (603195.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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