DDM Analysis: 603786.SS

Valuation Snapshot

Stable Growth	$338.39 - $398.68	$373.62
Multi-Stage	$284.65 - $312.40	$298.27
Blended Fair Value	$335.95
Current Price	$104.58
Upside	221.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.06%	29.67%	0.76	0.64	0.62	0.62	0.46	0.59	0.29	0.85	1.03	0.05
YoY Growth	-	-	17.67%	3.60%	0.01%	36.04%	-22.85%	104.41%	-65.81%	-17.55%	1,981.99%	-12.43%
Dividend Yield	-	-	1.26%	1.03%	1.06%	1.27%	0.65%	1.26%	0.75%	2.19%	2.66%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	811.99
(-) Cash Dividends Paid (M)	311.98
(=) Cash Retained (M)	500.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	162.40	101.50	60.90
Cash Retained (M)	500.00	500.00	500.00
(-) Cash Required (M)	-162.40	-101.50	-60.90
(=) Excess Retained (M)	337.61	398.51	439.10
(/) Shares Outstanding (M)	405.04	405.04	405.04
(=) Excess Retained per Share	0.83	0.98	1.08
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	0.83	0.98	1.08
(=) Adjusted Dividend	1.60	1.75	1.85
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$338.39	$373.62	$398.68
Upside / Downside	223.57%	257.26%	281.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	811.99	864.77	920.98	980.84	1,044.59	1,112.49	1,145.87
Payout Ratio	38.42%	48.74%	59.05%	69.37%	79.68%	90.00%	92.50%
Projected Dividends (M)	311.98	421.47	543.87	680.40	832.38	1,001.24	1,059.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	425.91	429.94	433.98
Year 2 PV (M)	555.38	565.96	576.64
Year 3 PV (M)	702.11	722.27	742.81
Year 4 PV (M)	867.99	901.37	935.70
Year 5 PV (M)	1,055.07	1,106.03	1,158.94
PV of Terminal Value (M)	111,691.03	117,085.75	122,686.93
Equity Value (M)	115,297.49	120,811.32	126,535.00
Shares Outstanding (M)	405.04	405.04	405.04
Fair Value	$284.65	$298.27	$312.40
Upside / Downside	172.19%	185.20%	198.72%

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KEBODA TECHNOLOGY Co., Ltd. (603786.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener