DDM Analysis: 183190.KS

Valuation Snapshot

Stable Growth	$78,310.68 - $244,018.96	$228,681.50
Multi-Stage	$32,415.32 - $35,489.38	$33,924.08
Blended Fair Value	$131,302.79
Current Price	$12,270.00
Upside	970.11%
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	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78,310.68	$228,681.50	$244,018.96
Upside / Downside	538.23%	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	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15,624.55	15,772.65	15,920.75
Year 2 PV (M)	21,449.71	21,858.27	22,270.68
Year 3 PV (M)	27,128.24	27,907.00	28,700.52
Year 4 PV (M)	32,662.90	33,919.02	35,211.03
Year 5 PV (M)	38,056.36	39,894.50	41,802.98
PV of Terminal Value (M)	1,053,966.70	1,104,873.68	1,157,729.00
Equity Value (M)	1,188,888.46	1,244,225.12	1,301,634.96
Shares Outstanding (M)	36.68	36.68	36.68
Fair Value	$32,415.32	$33,924.08	$35,489.38
Upside / Downside	164.18%	176.48%	189.24%

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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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