DDM Analysis: 601377.SS

Valuation Snapshot

Stable Growth	$14.85 - $74.97	$30.74
Multi-Stage	$9.79 - $10.71	$10.25
Blended Fair Value	$20.49
Current Price	$6.54
Upside	213.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.58%	26.01%	0.38	0.33	0.38	0.39	0.34	0.37	0.47	0.35	0.26	0.14
YoY Growth	-	-	13.66%	-13.42%	-3.17%	16.27%	-7.09%	-22.75%	35.74%	33.81%	81.66%	284.72%
Dividend Yield	-	-	6.40%	5.96%	6.25%	5.36%	4.19%	6.09%	6.70%	5.52%	3.54%	1.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,365.08
(-) Cash Dividends Paid (M)	1,854.57
(=) Cash Retained (M)	1,510.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	673.02	420.63	252.38
Cash Retained (M)	1,510.51	1,510.51	1,510.51
(-) Cash Required (M)	-673.02	-420.63	-252.38
(=) Excess Retained (M)	837.49	1,089.87	1,258.13
(/) Shares Outstanding (M)	8,863.08	8,863.08	8,863.08
(=) Excess Retained per Share	0.09	0.12	0.14
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.09	0.12	0.14
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.73%	5.73%	6.73%
Fair Value	$14.85	$30.74	$74.97
Upside / Downside	127.00%	369.98%	1,046.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,365.08	3,557.92	3,761.80	3,977.37	4,205.30	4,446.28	4,579.67
Payout Ratio	55.11%	62.09%	69.07%	76.04%	83.02%	90.00%	92.50%
Projected Dividends (M)	1,854.57	2,209.10	2,598.18	3,024.59	3,491.34	4,001.66	4,236.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	4.73%	5.73%	6.73%
Year 1 PV (M)	2,047.48	2,067.03	2,086.58
Year 2 PV (M)	2,231.91	2,274.73	2,317.97
Year 3 PV (M)	2,408.12	2,477.76	2,548.73
Year 4 PV (M)	2,576.36	2,676.18	2,778.87
Year 5 PV (M)	2,736.89	2,870.08	3,008.40
PV of Terminal Value (M)	74,802.02	78,442.03	82,222.40
Equity Value (M)	86,802.78	90,807.82	94,962.94
Shares Outstanding (M)	8,863.08	8,863.08	8,863.08
Fair Value	$9.79	$10.25	$10.71
Upside / Downside	49.75%	56.66%	63.83%

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Industrial Securities Co.,Ltd. (601377.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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