DDM Analysis: 600406.SS

Valuation Snapshot

Stable Growth	$18.76 - $39.70	$26.61
Multi-Stage	$14.42 - $15.71	$15.05
Blended Fair Value	$20.83
Current Price	$22.96
Upside	-9.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.03%	34.95%	0.68	0.33	0.29	0.25	0.18	0.27	0.31	0.32	0.08	0.05
YoY Growth	-	-	104.79%	13.45%	16.53%	43.25%	-35.76%	-12.33%	-1.13%	283.04%	59.75%	51.61%
Dividend Yield	-	-	3.11%	1.36%	1.30%	1.15%	0.97%	2.39%	2.48%	3.24%	0.88%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,992.61
(-) Cash Dividends Paid (M)	4,526.21
(=) Cash Retained (M)	3,466.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,598.52	999.08	599.45
Cash Retained (M)	3,466.41	3,466.41	3,466.41
(-) Cash Required (M)	-1,598.52	-999.08	-599.45
(=) Excess Retained (M)	1,867.89	2,467.33	2,866.96
(/) Shares Outstanding (M)	7,973.93	7,973.93	7,973.93
(=) Excess Retained per Share	0.23	0.31	0.36
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.23	0.31	0.36
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.76	$26.61	$39.70
Upside / Downside	-18.31%	15.88%	72.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,992.61	8,512.13	9,065.42	9,654.68	10,282.23	10,950.57	11,279.09
Payout Ratio	56.63%	63.30%	69.98%	76.65%	83.33%	90.00%	92.50%
Projected Dividends (M)	4,526.21	5,388.51	6,343.79	7,400.50	8,567.77	9,855.52	10,433.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,852.18	4,898.18	4,944.17
Year 2 PV (M)	5,143.82	5,241.80	5,340.70
Year 3 PV (M)	5,403.39	5,558.50	5,716.55
Year 4 PV (M)	5,633.02	5,849.65	6,072.47
Year 5 PV (M)	5,834.74	6,116.56	6,409.17
PV of Terminal Value (M)	88,105.94	92,361.49	96,779.91
Equity Value (M)	114,973.10	120,026.18	125,262.97
Shares Outstanding (M)	7,973.93	7,973.93	7,973.93
Fair Value	$14.42	$15.05	$15.71
Upside / Downside	-37.20%	-34.44%	-31.58%

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NARI Technology Co., Ltd. (600406.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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