DDM Analysis: 601566.SS

Valuation Snapshot

Stable Growth	$2.74 - $3.70	$3.23
Multi-Stage	$9.03 - $10.01	$9.51
Blended Fair Value	$6.37
Current Price	$8.65
Upside	-26.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-21.09%	-7.71%	0.31	0.12	0.53	0.53	0.67	1.03	1.01	1.01	0.50	0.99
YoY Growth	-	-	156.75%	-77.11%	0.06%	-19.83%	-35.11%	1.84%	0.09%	99.49%	-49.23%	41.91%
Dividend Yield	-	-	3.70%	1.21%	5.16%	5.16%	5.96%	9.95%	6.93%	6.83%	2.97%	6.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	351.31
(-) Cash Dividends Paid (M)	175.75
(=) Cash Retained (M)	175.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.26	43.91	26.35
Cash Retained (M)	175.56	175.56	175.56
(-) Cash Required (M)	-70.26	-43.91	-26.35
(=) Excess Retained (M)	105.30	131.65	149.22
(/) Shares Outstanding (M)	577.87	577.87	577.87
(=) Excess Retained per Share	0.18	0.23	0.26
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.18	0.23	0.26
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-9.71%	-8.71%	-7.71%
Fair Value	$2.74	$3.23	$3.70
Upside / Downside	-68.36%	-62.68%	-57.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	351.31	320.71	292.78	267.28	244.00	222.75	229.43
Payout Ratio	50.03%	58.02%	66.02%	74.01%	82.01%	90.00%	92.50%
Projected Dividends (M)	175.75	186.08	193.28	197.82	200.09	200.48	212.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-9.71%	-8.71%	-7.71%
Year 1 PV (M)	173.08	174.99	176.91
Year 2 PV (M)	167.21	170.94	174.70
Year 3 PV (M)	159.18	164.53	169.99
Year 4 PV (M)	149.76	156.51	163.48
Year 5 PV (M)	139.56	147.46	155.72
PV of Terminal Value (M)	4,430.19	4,681.01	4,943.07
Equity Value (M)	5,218.98	5,495.44	5,783.87
Shares Outstanding (M)	577.87	577.87	577.87
Fair Value	$9.03	$9.51	$10.01
Upside / Downside	4.41%	9.94%	15.71%

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Joeone Co., Ltd. (601566.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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