DDM Analysis: 603605.SS

Valuation Snapshot

Stable Growth	$78.22 - $171.40	$112.33
Multi-Stage	$57.36 - $62.61	$59.94
Blended Fair Value	$86.14
Current Price	$80.79
Upside	6.62%
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	33.77%	38.44%	0.94	1.01	0.44	0.37	0.30	0.22	0.16	0.05	0.10	0.92
YoY Growth	-	-	-6.72%	129.92%	19.38%	21.94%	37.20%	39.60%	200.39%	-49.28%	-88.83%	2,439.68%
Dividend Yield	-	-	1.14%	1.05%	0.34%	0.38%	0.37%	0.37%	0.44%	0.33%	0.92%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,578.49
(-) Cash Dividends Paid (M)	476.68
(=) Cash Retained (M)	1,101.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	315.70	197.31	118.39
Cash Retained (M)	1,101.81	1,101.81	1,101.81
(-) Cash Required (M)	-315.70	-197.31	-118.39
(=) Excess Retained (M)	786.11	904.50	983.42
(/) Shares Outstanding (M)	393.70	393.70	393.70
(=) Excess Retained per Share	2.00	2.30	2.50
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	2.00	2.30	2.50
(=) Adjusted Dividend	3.21	3.51	3.71
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.22	$112.33	$171.40
Upside / Downside	-3.18%	39.04%	112.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,578.49	1,681.09	1,790.36	1,906.73	2,030.67	2,162.66	2,227.54
Payout Ratio	30.20%	42.16%	54.12%	66.08%	78.04%	90.00%	92.50%
Projected Dividends (M)	476.68	708.72	968.92	1,259.96	1,584.73	1,946.40	2,060.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	639.26	645.31	651.37
Year 2 PV (M)	788.29	803.30	818.46
Year 3 PV (M)	924.59	951.13	978.17
Year 4 PV (M)	1,048.93	1,089.27	1,130.76
Year 5 PV (M)	1,162.04	1,218.16	1,276.44
PV of Terminal Value (M)	18,021.38	18,891.82	19,795.57
Equity Value (M)	22,584.47	23,598.99	24,650.77
Shares Outstanding (M)	393.70	393.70	393.70
Fair Value	$57.36	$59.94	$62.61
Upside / Downside	-29.00%	-25.81%	-22.50%

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Financial Statements

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Proya Cosmetics Co.,Ltd. (603605.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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