DDM Analysis: 183190.KS

Valuation Snapshot

Stable Growth	$126,869.27 - $244,018.96	$228,681.50
Multi-Stage	$37,657.47 - $41,246.34	$39,418.82
Blended Fair Value	$134,050.16
Current Price	$12,270.00
Upside	992.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.29%	9.03%	271.76	270.21	238.91	134.36	159.19	159.19	134.65	134.68	134.62	134.62
YoY Growth	-	-	0.57%	13.10%	77.82%	-15.60%	0.00%	18.23%	-0.02%	0.04%	0.00%	17.64%
Dividend Yield	-	-	2.71%	2.62%	2.36%	0.78%	1.37%	3.38%	1.13%	1.35%	1.71%	1.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45,002.25
(-) Cash Dividends Paid (M)	9,650.00
(=) Cash Retained (M)	35,352.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,000.45	5,625.28	3,375.17
Cash Retained (M)	35,352.25	35,352.25	35,352.25
(-) Cash Required (M)	-9,000.45	-5,625.28	-3,375.17
(=) Excess Retained (M)	26,351.80	29,726.97	31,977.08
(/) Shares Outstanding (M)	36.68	36.68	36.68
(=) Excess Retained per Share	718.49	810.51	871.86
LTM Dividend per Share	263.11	263.11	263.11
(+) Excess Retained per Share	718.49	810.51	871.86
(=) Adjusted Dividend	981.60	1,073.62	1,134.97
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$126,869.27	$228,681.50	$244,018.96
Upside / Downside	933.98%	1,763.74%	1,888.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45,002.25	47,927.40	51,042.68	54,360.45	57,893.88	61,656.98	63,506.69
Payout Ratio	21.44%	35.15%	48.87%	62.58%	76.29%	90.00%	92.50%
Projected Dividends (M)	9,650.00	16,848.73	24,942.52	34,017.33	44,166.47	55,491.28	58,743.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15,698.94	15,847.74	15,996.55
Year 2 PV (M)	21,654.43	22,066.88	22,483.23
Year 3 PV (M)	27,517.54	28,307.47	29,112.38
Year 4 PV (M)	33,289.35	34,569.57	35,886.36
Year 5 PV (M)	38,970.91	40,853.22	42,807.57
PV of Terminal Value (M)	1,244,022.42	1,304,109.17	1,366,495.58
Equity Value (M)	1,381,153.59	1,445,754.05	1,512,781.66
Shares Outstanding (M)	36.68	36.68	36.68
Fair Value	$37,657.47	$39,418.82	$41,246.34
Upside / Downside	206.91%	221.26%	236.16%

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Asia Cement Co.,Ltd. (183190.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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