DDM Analysis: 4023.T

Valuation Snapshot

Stable Growth	$1,893.38 - $3,015.53	$2,403.41
Multi-Stage	$2,783.57 - $3,049.33	$2,913.94
Blended Fair Value	$2,658.68
Current Price	$3,820.00
Upside	-30.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.25%	8.96%	99.73	112.74	104.42	71.01	71.01	77.22	61.87	43.51	40.45	44.11
YoY Growth	-	-	-11.54%	7.97%	47.05%	0.00%	-8.04%	24.80%	42.20%	7.57%	-8.30%	4.35%
Dividend Yield	-	-	3.17%	4.01%	3.82%	2.23%	3.31%	4.92%	2.50%	1.65%	2.19%	3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,468.00
(-) Cash Dividends Paid (M)	4,431.00
(=) Cash Retained (M)	4,037.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,693.60	1,058.50	635.10
Cash Retained (M)	4,037.00	4,037.00	4,037.00
(-) Cash Required (M)	-1,693.60	-1,058.50	-635.10
(=) Excess Retained (M)	2,343.40	2,978.50	3,401.90
(/) Shares Outstanding (M)	46.73	46.73	46.73
(=) Excess Retained per Share	50.15	63.75	72.81
LTM Dividend per Share	94.83	94.83	94.83
(+) Excess Retained per Share	50.15	63.75	72.81
(=) Adjusted Dividend	144.98	158.58	167.64
WACC / Discount Rate	8.32%	8.32%	8.32%
Growth Rate	0.61%	1.61%	2.61%
Fair Value	$1,893.38	$2,403.41	$3,015.53
Upside / Downside	-50.44%	-37.08%	-21.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,468.00	8,604.75	8,743.70	8,884.90	9,028.38	9,174.17	9,449.40
Payout Ratio	52.33%	59.86%	67.40%	74.93%	82.47%	90.00%	92.50%
Projected Dividends (M)	4,431.00	5,150.90	5,892.89	6,657.51	7,445.28	8,256.76	8,740.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.32%	8.32%	8.32%
Growth Rate	0.61%	1.61%	2.61%
Year 1 PV (M)	4,708.49	4,755.29	4,802.08
Year 2 PV (M)	4,924.09	5,022.45	5,121.79
Year 3 PV (M)	5,085.19	5,238.33	5,394.51
Year 4 PV (M)	5,198.47	5,408.24	5,624.30
Year 5 PV (M)	5,269.91	5,537.05	5,814.92
PV of Terminal Value (M)	104,876.25	110,192.65	115,722.50
Equity Value (M)	130,062.40	136,154.02	142,480.10
Shares Outstanding (M)	46.73	46.73	46.73
Fair Value	$2,783.57	$2,913.94	$3,049.33
Upside / Downside	-27.13%	-23.72%	-20.17%

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3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
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Financial Statements

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Kureha Corporation (4023.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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