DDM Analysis: 6596.TWO

Valuation Snapshot

Stable Growth	$170.91 - $261.72	$213.32
Multi-Stage	$368.22 - $405.34	$386.41
Blended Fair Value	$299.87
Current Price	$150.50
Upside	99.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	28.15%	0.00%	4.73	0.41	0.00	3.65	3.39	1.37	0.00	0.00	0.00	0.00
YoY Growth	-	-	1,066.00%	0.00%	-100.00%	7.80%	147.50%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.98%	0.56%	0.00%	0.00%	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)	701.90
(-) Cash Dividends Paid (M)	266.00
(=) Cash Retained (M)	435.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	140.38	87.74	52.64
Cash Retained (M)	435.90	435.90	435.90
(-) Cash Required (M)	-140.38	-87.74	-52.64
(=) Excess Retained (M)	295.52	348.16	383.25
(/) Shares Outstanding (M)	36.95	36.95	36.95
(=) Excess Retained per Share	8.00	9.42	10.37
LTM Dividend per Share	7.20	7.20	7.20
(+) Excess Retained per Share	8.00	9.42	10.37
(=) Adjusted Dividend	15.20	16.62	17.57
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$170.91	$213.32	$261.72
Upside / Downside	13.56%	41.74%	73.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	701.90	694.88	687.93	681.05	674.24	667.50	687.52
Payout Ratio	37.90%	48.32%	58.74%	69.16%	79.58%	90.00%	92.50%
Projected Dividends (M)	266.00	335.75	404.08	471.01	536.56	600.75	635.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	311.45	314.63	317.80
Year 2 PV (M)	347.70	354.83	362.03
Year 3 PV (M)	375.95	387.58	399.44
Year 4 PV (M)	397.27	413.74	430.71
Year 5 PV (M)	412.60	434.09	456.46
PV of Terminal Value (M)	11,759.81	12,372.17	13,009.78
Equity Value (M)	13,604.79	14,277.04	14,976.23
Shares Outstanding (M)	36.95	36.95	36.95
Fair Value	$368.22	$386.41	$405.34
Upside / Downside	144.66%	156.75%	169.33%

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Kuang Hong Arts Management Incorporation (6596.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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