DDM Analysis: 5206.TWO

Valuation Snapshot

Stable Growth	$66.50 - $111.08	$86.12
Multi-Stage	$136.22 - $149.97	$142.96
Blended Fair Value	$114.54
Current Price	$34.82
Upside	228.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.29%	0.00%	1.25	0.48	0.46	1.25	0.69	0.64	0.64	0.46	0.46	0.00
YoY Growth	-	-	160.00%	4.17%	-63.08%	82.00%	7.14%	0.00%	40.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.30%	1.55%	2.85%	8.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	925.20
(-) Cash Dividends Paid (M)	202.70
(=) Cash Retained (M)	722.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	185.04	115.65	69.39
Cash Retained (M)	722.50	722.50	722.50
(-) Cash Required (M)	-185.04	-115.65	-69.39
(=) Excess Retained (M)	537.46	606.85	653.11
(/) Shares Outstanding (M)	162.52	162.52	162.52
(=) Excess Retained per Share	3.31	3.73	4.02
LTM Dividend per Share	1.25	1.25	1.25
(+) Excess Retained per Share	3.31	3.73	4.02
(=) Adjusted Dividend	4.55	4.98	5.27
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-0.61%	0.39%	1.39%
Fair Value	$66.50	$86.12	$111.08
Upside / Downside	90.99%	147.34%	219.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	925.20	928.79	932.39	936.01	939.64	943.29	971.59
Payout Ratio	21.91%	35.53%	49.15%	62.76%	76.38%	90.00%	92.50%
Projected Dividends (M)	202.70	329.97	458.23	587.47	717.72	848.96	898.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-0.61%	0.39%	1.39%
Year 1 PV (M)	307.63	310.73	313.82
Year 2 PV (M)	398.28	406.33	414.47
Year 3 PV (M)	476.04	490.55	505.36
Year 4 PV (M)	542.20	564.35	587.17
Year 5 PV (M)	597.92	628.61	660.55
PV of Terminal Value (M)	19,815.48	20,832.62	21,891.10
Equity Value (M)	22,137.54	23,233.19	24,372.47
Shares Outstanding (M)	162.52	162.52	162.52
Fair Value	$136.22	$142.96	$149.97
Upside / Downside	291.20%	310.56%	330.69%

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Kunyue Development Co., Ltd. (5206.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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