DDM Analysis: 023160.KQ

Valuation Snapshot

Stable Growth	$138,035.74 - $502,079.27	$432,840.02
Multi-Stage	$69,949.67 - $76,625.46	$73,225.86
Blended Fair Value	$253,032.94
Current Price	$25,800.00
Upside	880.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.78%	0.00%	170.01	170.01	100.01	50.00	100.01	75.01	50.00	50.00	100.01	0.00
YoY Growth	-	-	0.00%	70.00%	100.00%	-50.00%	33.33%	50.00%	0.00%	-50.00%	0.00%	0.00%
Dividend Yield	-	-	0.82%	1.37%	0.59%	0.48%	1.14%	1.15%	0.44%	0.40%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65,572.15
(-) Cash Dividends Paid (M)	13,838.97
(=) Cash Retained (M)	51,733.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,114.43	8,196.52	4,917.91
Cash Retained (M)	51,733.17	51,733.17	51,733.17
(-) Cash Required (M)	-13,114.43	-8,196.52	-4,917.91
(=) Excess Retained (M)	38,618.74	43,536.66	46,815.26
(/) Shares Outstanding (M)	25.87	25.87	25.87
(=) Excess Retained per Share	1,493.06	1,683.19	1,809.95
LTM Dividend per Share	535.04	535.04	535.04
(+) Excess Retained per Share	1,493.06	1,683.19	1,809.95
(=) Adjusted Dividend	2,028.10	2,218.23	2,344.99
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.05%	6.05%	7.05%
Fair Value	$138,035.74	$432,840.02	$502,079.27
Upside / Downside	435.02%	1,577.67%	1,846.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65,572.15	69,541.75	73,751.65	78,216.42	82,951.48	87,973.18	90,612.38
Payout Ratio	21.10%	34.88%	48.66%	62.44%	76.22%	90.00%	92.50%
Projected Dividends (M)	13,838.97	24,258.92	35,889.75	48,839.88	63,226.44	79,175.86	83,816.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.05%	6.05%	7.05%
Year 1 PV (M)	22,542.95	22,757.54	22,972.12
Year 2 PV (M)	30,991.97	31,584.79	32,183.24
Year 3 PV (M)	39,191.57	40,321.45	41,472.83
Year 4 PV (M)	47,147.22	48,968.18	50,841.39
Year 5 PV (M)	54,864.27	57,525.70	60,289.43
PV of Terminal Value (M)	1,614,545.09	1,692,865.76	1,774,196.80
Equity Value (M)	1,809,283.07	1,894,023.42	1,981,955.81
Shares Outstanding (M)	25.87	25.87	25.87
Fair Value	$69,949.67	$73,225.86	$76,625.46
Upside / Downside	171.12%	183.82%	197.00%

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Tae Kwang Corporation (023160.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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