DDM Analysis: 600710.SS

Valuation Snapshot

Stable Growth	$57.87 - $188.59	$176.73
Multi-Stage	$25.11 - $27.46	$26.26
Blended Fair Value	$101.50
Current Price	$10.50
Upside	866.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.20%	38.39%	0.46	0.56	0.26	0.63	0.43	0.51	0.51	0.49	0.27	0.26
YoY Growth	-	-	-17.72%	112.45%	-58.06%	45.90%	-16.37%	1.13%	2.67%	82.05%	5.25%	1,348.03%
Dividend Yield	-	-	4.48%	6.89%	4.07%	10.64%	7.43%	10.43%	9.36%	7.87%	2.90%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,250.95
(-) Cash Dividends Paid (M)	584.50
(=) Cash Retained (M)	666.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	250.19	156.37	93.82
Cash Retained (M)	666.45	666.45	666.45
(-) Cash Required (M)	-250.19	-156.37	-93.82
(=) Excess Retained (M)	416.26	510.08	572.63
(/) Shares Outstanding (M)	1,319.20	1,319.20	1,319.20
(=) Excess Retained per Share	0.32	0.39	0.43
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.32	0.39	0.43
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.87	$176.73	$188.59
Upside / Downside	451.17%	1,583.17%	1,696.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,250.95	1,332.26	1,418.85	1,511.08	1,609.30	1,713.90	1,765.32
Payout Ratio	46.72%	55.38%	64.03%	72.69%	81.34%	90.00%	92.50%
Projected Dividends (M)	584.50	737.80	908.56	1,098.40	1,309.08	1,542.51	1,632.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	683.80	690.28	696.77
Year 2 PV (M)	780.44	795.31	810.31
Year 3 PV (M)	874.47	899.57	925.15
Year 4 PV (M)	965.93	1,003.08	1,041.28
Year 5 PV (M)	1,054.88	1,105.83	1,158.73
PV of Terminal Value (M)	28,759.46	30,148.55	31,590.81
Equity Value (M)	33,118.98	34,642.62	36,223.05
Shares Outstanding (M)	1,319.20	1,319.20	1,319.20
Fair Value	$25.11	$26.26	$27.46
Upside / Downside	139.10%	150.10%	161.51%

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Sumec Corporation Limited (600710.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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