DDM Analysis: 603596.SS

Valuation Snapshot

Stable Growth	$367.41 - $432.88	$405.67
Multi-Stage	$311.60 - $342.05	$326.54
Blended Fair Value	$366.10
Current Price	$53.89
Upside	579.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.64%	56.52%	0.26	0.24	0.09	0.09	0.07	0.06	0.06	0.05	0.12	0.02
YoY Growth	-	-	7.24%	163.19%	1.82%	20.73%	22.85%	-2.28%	36.54%	-62.93%	532.72%	561.71%
Dividend Yield	-	-	0.41%	0.60%	0.18%	0.19%	0.38%	0.38%	0.38%	0.29%	0.79%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,322.31
(-) Cash Dividends Paid (M)	176.78
(=) Cash Retained (M)	1,145.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	264.46	165.29	99.17
Cash Retained (M)	1,145.54	1,145.54	1,145.54
(-) Cash Required (M)	-264.46	-165.29	-99.17
(=) Excess Retained (M)	881.08	980.25	1,046.36
(/) Shares Outstanding (M)	607.51	607.51	607.51
(=) Excess Retained per Share	1.45	1.61	1.72
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	1.45	1.61	1.72
(=) Adjusted Dividend	1.74	1.90	2.01
WACC / Discount Rate	-2.21%	-2.21%	-2.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$367.41	$405.67	$432.88
Upside / Downside	581.78%	652.77%	703.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,322.31	1,408.26	1,499.80	1,597.29	1,701.11	1,811.69	1,866.04
Payout Ratio	13.37%	28.69%	44.02%	59.35%	74.67%	90.00%	92.50%
Projected Dividends (M)	176.78	404.10	660.23	947.95	1,270.28	1,630.52	1,726.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.21%	-2.21%	-2.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	409.37	413.25	417.13
Year 2 PV (M)	677.55	690.46	703.48
Year 3 PV (M)	985.49	1,013.78	1,042.61
Year 4 PV (M)	1,337.80	1,389.25	1,442.17
Year 5 PV (M)	1,739.55	1,823.58	1,910.81
PV of Terminal Value (M)	184,151.18	193,045.75	202,280.74
Equity Value (M)	189,300.95	198,376.06	207,796.94
Shares Outstanding (M)	607.51	607.51	607.51
Fair Value	$311.60	$326.54	$342.05
Upside / Downside	478.22%	505.94%	534.72%

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Bethel Automotive Safety Systems Co., Ltd (603596.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener