DDM Analysis: 601099.SS

Valuation Snapshot

Stable Growth	$0.14 - $0.19	$0.17
Multi-Stage	$0.26 - $0.29	$0.28
Blended Fair Value	$0.22
Current Price	$4.58
Upside	-95.16%
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	-68.34%	-25.04%	0.00	0.00	0.01	0.02	0.06	0.09	0.12	0.13	0.15	0.04
YoY Growth	-	-	-47.13%	-93.43%	-47.14%	-74.80%	-31.26%	-24.74%	-10.29%	-10.47%	304.04%	620.85%
Dividend Yield	-	-	0.01%	0.02%	0.32%	0.54%	1.92%	2.73%	2.81%	4.66%	3.24%	0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	329.42
(-) Cash Dividends Paid (M)	3.56
(=) Cash Retained (M)	325.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.88	41.18	24.71
Cash Retained (M)	325.86	325.86	325.86
(-) Cash Required (M)	-65.88	-41.18	-24.71
(=) Excess Retained (M)	259.98	284.68	301.15
(/) Shares Outstanding (M)	6,805.28	6,805.28	6,805.28
(=) Excess Retained per Share	0.04	0.04	0.04
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.04	0.04	0.04
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	-13.57%	-12.57%	-11.57%
Fair Value	$0.14	$0.17	$0.19
Upside / Downside	-96.87%	-96.38%	-95.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.42	288.00	251.79	220.13	192.46	168.26	173.31
Payout Ratio	1.08%	18.86%	36.65%	54.43%	72.22%	90.00%	92.50%
Projected Dividends (M)	3.56	54.33	92.27	119.82	138.98	151.43	160.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	-13.57%	-12.57%	-11.57%
Year 1 PV (M)	48.92	49.49	50.06
Year 2 PV (M)	74.83	76.57	78.33
Year 3 PV (M)	87.51	90.58	93.72
Year 4 PV (M)	91.40	95.71	100.16
Year 5 PV (M)	89.68	94.99	100.55
PV of Terminal Value (M)	1,401.30	1,484.26	1,571.11
Equity Value (M)	1,793.65	1,891.61	1,993.94
Shares Outstanding (M)	6,805.28	6,805.28	6,805.28
Fair Value	$0.26	$0.28	$0.29
Upside / Downside	-94.25%	-93.93%	-93.60%

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The Pacific Securities Co., Ltd (601099.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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