DDM Analysis: 603600.SS

Valuation Snapshot

Stable Growth	$70.43 - $156.75	$146.89
Multi-Stage	$23.61 - $25.84	$24.71
Blended Fair Value	$85.80
Current Price	$10.81
Upside	693.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.16%	20.54%	0.60	0.34	0.26	0.31	0.23	0.39	0.39	0.18	0.15	0.07
YoY Growth	-	-	74.97%	33.66%	-16.81%	35.36%	-41.14%	-1.04%	117.35%	19.35%	124.77%	-27.60%
Dividend Yield	-	-	5.15%	2.75%	2.36%	3.34%	1.91%	2.76%	3.71%	1.57%	0.72%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	262.87
(-) Cash Dividends Paid (M)	119.39
(=) Cash Retained (M)	143.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.57	32.86	19.71
Cash Retained (M)	143.48	143.48	143.48
(-) Cash Required (M)	-52.57	-32.86	-19.71
(=) Excess Retained (M)	90.90	110.62	123.76
(/) Shares Outstanding (M)	333.51	333.51	333.51
(=) Excess Retained per Share	0.27	0.33	0.37
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.27	0.33	0.37
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.43	$146.89	$156.75
Upside / Downside	551.52%	1,258.88%	1,350.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	262.87	279.95	298.15	317.53	338.17	360.15	370.95
Payout Ratio	45.42%	54.33%	63.25%	72.17%	81.08%	90.00%	92.50%
Projected Dividends (M)	119.39	152.11	188.58	229.15	274.20	324.13	343.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	141.56	142.90	144.24
Year 2 PV (M)	163.33	166.44	169.58
Year 3 PV (M)	184.70	190.00	195.40
Year 4 PV (M)	205.68	213.59	221.72
Year 5 PV (M)	226.27	237.20	248.54
PV of Terminal Value (M)	6,953.93	7,289.80	7,638.54
Equity Value (M)	7,875.45	8,239.92	8,618.02
Shares Outstanding (M)	333.51	333.51	333.51
Fair Value	$23.61	$24.71	$25.84
Upside / Downside	118.44%	128.55%	139.04%

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UE Furniture Co., Ltd. (603600.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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