DDM Analysis: 003540.KS

Valuation Snapshot

Stable Growth	$233,869.54 - $604,039.03	$566,073.03
Multi-Stage	$86,949.11 - $95,135.77	$90,967.38
Blended Fair Value	$328,520.20
Current Price	$26,400.00
Upside	1,144.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.72%	17.82%	1,087.48	1,061.40	1,251.23	1,065.97	908.89	597.62	585.90	527.56	478.59	254.51
YoY Growth	-	-	2.46%	-15.17%	17.38%	17.28%	52.08%	2.00%	11.06%	10.23%	88.04%	20.67%
Dividend Yield	-	-	6.70%	6.84%	9.78%	5.99%	5.59%	6.98%	5.21%	3.91%	4.02%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	229,187.06
(-) Cash Dividends Paid (M)	101,540.61
(=) Cash Retained (M)	127,646.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45,837.41	28,648.38	17,189.03
Cash Retained (M)	127,646.45	127,646.45	127,646.45
(-) Cash Required (M)	-45,837.41	-28,648.38	-17,189.03
(=) Excess Retained (M)	81,809.04	98,998.07	110,457.42
(/) Shares Outstanding (M)	75.46	75.46	75.46
(=) Excess Retained per Share	1,084.17	1,311.96	1,463.83
LTM Dividend per Share	1,345.66	1,345.66	1,345.66
(+) Excess Retained per Share	1,084.17	1,311.96	1,463.83
(=) Adjusted Dividend	2,429.82	2,657.62	2,809.48
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$233,869.54	$566,073.03	$604,039.03
Upside / Downside	785.87%	2,044.22%	2,188.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	229,187.06	244,084.22	259,949.70	276,846.43	294,841.44	314,006.14	323,426.32
Payout Ratio	44.30%	53.44%	62.58%	71.72%	80.86%	90.00%	92.50%
Projected Dividends (M)	101,540.61	130,447.76	162,683.83	198,559.45	238,411.56	282,605.52	299,169.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121,226.66	122,375.73	123,524.79
Year 2 PV (M)	140,497.11	143,173.19	145,874.51
Year 3 PV (M)	159,358.44	163,933.04	168,594.37
Year 4 PV (M)	177,817.01	184,655.35	191,689.06
Year 5 PV (M)	195,879.12	205,340.16	215,163.29
PV of Terminal Value (M)	5,766,227.88	6,044,738.85	6,333,909.08
Equity Value (M)	6,561,006.22	6,864,216.31	7,178,755.10
Shares Outstanding (M)	75.46	75.46	75.46
Fair Value	$86,949.11	$90,967.38	$95,135.77
Upside / Downside	229.35%	244.57%	260.36%

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Daishin Securities Co., Ltd. (003540.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener