DDM Analysis: 600933.SS

Valuation Snapshot

Stable Growth	$87.64 - $214.29	$200.82
Multi-Stage	$31.10 - $34.05	$32.55
Blended Fair Value	$116.68
Current Price	$22.73
Upside	413.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.21%	5.09%	0.33	0.25	0.17	0.22	0.22	0.20	0.19	0.17	0.07	0.25
YoY Growth	-	-	30.82%	46.02%	-22.63%	2.08%	7.80%	3.48%	10.77%	150.15%	-72.33%	27.35%
Dividend Yield	-	-	1.99%	1.28%	0.70%	1.87%	1.24%	2.12%	1.98%	1.28%	0.44%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,093.06
(-) Cash Dividends Paid (M)	343.87
(=) Cash Retained (M)	749.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	218.61	136.63	81.98
Cash Retained (M)	749.19	749.19	749.19
(-) Cash Required (M)	-218.61	-136.63	-81.98
(=) Excess Retained (M)	530.58	612.56	667.21
(/) Shares Outstanding (M)	1,014.45	1,014.45	1,014.45
(=) Excess Retained per Share	0.52	0.60	0.66
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.52	0.60	0.66
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87.64	$200.82	$214.29
Upside / Downside	285.58%	783.49%	842.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,093.06	1,164.11	1,239.78	1,320.36	1,406.19	1,497.59	1,542.51
Payout Ratio	31.46%	43.17%	54.88%	66.58%	78.29%	90.00%	92.50%
Projected Dividends (M)	343.87	502.52	680.34	879.15	1,100.93	1,347.83	1,426.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	467.25	471.68	476.11
Year 2 PV (M)	588.20	599.40	610.71
Year 3 PV (M)	706.74	727.03	747.70
Year 4 PV (M)	822.92	854.57	887.12
Year 5 PV (M)	936.77	982.02	1,029.00
PV of Terminal Value (M)	28,032.13	29,386.09	30,791.88
Equity Value (M)	31,554.02	33,020.79	34,542.51
Shares Outstanding (M)	1,014.45	1,014.45	1,014.45
Fair Value	$31.10	$32.55	$34.05
Upside / Downside	36.84%	43.21%	49.80%

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IKD Co., Ltd. (600933.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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