DDM Analysis: 003220.KS

Valuation Snapshot

Stable Growth	$15,550.62 - $75,147.37	$33,508.98
Multi-Stage	$8,708.59 - $9,505.24	$9,099.71
Blended Fair Value	$21,304.35
Current Price	$13,240.00
Upside	60.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.40%	18.57%	294.29	339.69	190.68	145.32	233.01	226.25	215.50	209.24	157.51	112.51
YoY Growth	-	-	-13.36%	78.14%	31.22%	-37.63%	2.99%	4.99%	2.99%	32.84%	39.99%	109.99%
Dividend Yield	-	-	2.18%	2.26%	1.33%	0.81%	1.50%	1.72%	1.45%	1.17%	0.93%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,164.47
(-) Cash Dividends Paid (M)	6,430.03
(=) Cash Retained (M)	1,734.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,632.89	1,020.56	612.34
Cash Retained (M)	1,734.44	1,734.44	1,734.44
(-) Cash Required (M)	-1,632.89	-1,020.56	-612.34
(=) Excess Retained (M)	101.54	713.88	1,122.10
(/) Shares Outstanding (M)	21.61	21.61	21.61
(=) Excess Retained per Share	4.70	33.04	51.93
LTM Dividend per Share	297.59	297.59	297.59
(+) Excess Retained per Share	4.70	33.04	51.93
(=) Adjusted Dividend	302.29	330.63	349.52
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15,550.62	$33,508.98	$75,147.37
Upside / Downside	17.45%	153.09%	467.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,164.47	8,695.16	9,260.35	9,862.27	10,503.32	11,186.03	11,521.61
Payout Ratio	78.76%	81.01%	83.25%	85.50%	87.75%	90.00%	92.50%
Projected Dividends (M)	6,430.03	7,043.52	7,709.59	8,432.49	9,216.79	10,067.43	10,657.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,487.52	6,549.01	6,610.51
Year 2 PV (M)	6,540.48	6,665.05	6,790.81
Year 3 PV (M)	6,589.05	6,778.20	6,970.94
Year 4 PV (M)	6,633.40	6,888.50	7,150.89
Year 5 PV (M)	6,673.66	6,996.00	7,330.68
PV of Terminal Value (M)	155,242.47	162,740.74	170,525.98
Equity Value (M)	188,166.58	196,617.51	205,379.80
Shares Outstanding (M)	21.61	21.61	21.61
Fair Value	$8,708.59	$9,099.71	$9,505.24
Upside / Downside	-34.23%	-31.27%	-28.21%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
017810.KS	Pulmuone Co., Ltd.	2.55%	$331.61	65.57%
023160.KQ	Tae Kwang Corporation	2.55%	$535.13	21.10%
3152.TWO	Advanced Ceramic X Corporation	2.55%	$3.66	36.41%
600415.SS	Zhejiang China Commodities City Group Co., Ltd.	2.55%	$0.41	53.66%
601808.SS	China Oilfield Services Limited	2.55%	$0.36	43.75%
7606.T	United Arrows Ltd.	2.55%	$62.63	43.42%
CYRE3.SA	Cyrela Brazil Realty S.A. Empreendimentos e Participações	2.55%	$0.61	12.29%
JUNGH.SW	Jungheinrich AG	2.55%	$0.79	22.62%
RENT3.SA	Localiza Rent a Car S.A.	2.55%	$1.11	66.67%
002380.KS	KCC Corporation	2.54%	$10,000.23	6.25%
1527.HK	Zhejiang Tengy Environmental Technology Co., Ltd	2.54%	$0.05	4.95%
5212.KL	Pavilion Real Estate Investment Trust	2.54%	$0.05	39.63%
5489.TWO	DynaColor, Inc.	2.54%	$1.02	50.42%
600273.SS	Zhejiang Jiahua Energy Chemical Industry Co.,Ltd.	2.54%	$0.22	28.18%
600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
2367.HK	Giant Biogene Holding Co., Ltd.	2.53%	$0.87	22.55%
2701.TW	Wan Hwa Enterprise Company Ltd.	2.53%	$0.28	52.89%
600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
603697.SS	YouYou Foods Co., Ltd.	2.53%	$0.31	63.16%
CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
SCHO.CO	Aktieselskabet Schouw & Co.	2.53%	$16.81	42.51%
003006.SZ	Chongqing Baiya Sanitary Products Co., Ltd.	2.52%	$0.55	80.44%
5191.T	Sumitomo Riko Company Limited	2.52%	$66.01	23.54%
600406.SS	NARI Technology Co., Ltd.	2.52%	$0.57	56.63%
600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
603811.SS	Zhejiang Cheng Yi Pharmaceutical Co., Ltd.	2.52%	$0.26	37.15%
BESALCO.SN	Besalco S.A.	2.52%	$30.59	34.76%
000019.SZ	Shenzhen Cereals Holdings Co., Ltd.	2.51%	$0.17	62.11%
094820.KQ	Iljin Power Co., Ltd.	2.51%	$320.01	48.44%
0QVR.L	Scandi Standard AB (publ)	2.51%	$2.49	52.58%
4041.T	Nippon Soda Co., Ltd.	2.51%	$90.77	32.02%
600056.SS	China Meheco Group Co., Ltd.	2.51%	$0.26	71.36%
605169.SS	Xinjiang Hongtong Natural Gas Co., Ltd.	2.51%	$0.33	91.06%
6691.TW	Yankey Engineering Co., Ltd.	2.51%	$13.92	62.80%
7483.T	Doshisha Co.,Ltd.	2.51%	$82.93	37.87%
GPSC-R.BK	Global Power Synergy Public Company Limited	2.51%	$0.90	51.48%
HOVE.CO	Hove A/S	2.51%	$0.14	34.71%
NOLA-B.ST	Nolato AB (publ)	2.51%	$1.50	51.20%
0QNH.L	Huber+Suhner AG	2.50%	$3.61	49.61%
100840.KS	SNT Energy Co., Ltd.	2.50%	$899.87	27.57%
138490.KS	Kolon Plastics, Inc.	2.50%	$200.40	17.45%
2612.T	Kadoya Sesame Mills Incorporated	2.50%	$99.85	34.73%
603112.SS	Shanxi Huaxiang Group Co., Ltd.	2.50%	$0.43	43.19%
603766.SS	Loncin Motor Co., Ltd.	2.50%	$0.40	45.87%
ISCTR.IS	Türkiye Is Bankasi A.S.	2.50%	$0.36	16.38%
002539.SZ	Chengdu Wintrue Holding Co., Ltd.	2.49%	$0.29	41.75%
2542.TW	Highwealth Construction Corp.	2.49%	$0.98	39.34%

Financial Statements

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Daewon Pharmaceutical Co., Ltd. (003220.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener