DDM Analysis: 603180.SS

Valuation Snapshot

Stable Growth	$81.74 - $181.95	$170.51
Multi-Stage	$27.09 - $29.66	$28.35
Blended Fair Value	$99.43
Current Price	$20.23
Upside	391.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.49%	36.05%	0.83	0.70	1.04	0.59	0.38	0.42	0.34	0.15	0.09	0.09
YoY Growth	-	-	17.54%	-32.76%	77.47%	52.95%	-8.30%	23.62%	128.25%	59.41%	1.17%	142.67%
Dividend Yield	-	-	4.45%	3.07%	2.82%	1.82%	0.74%	1.42%	0.81%	0.18%	0.46%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.44
(-) Cash Dividends Paid (M)	40.14
(=) Cash Retained (M)	104.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.89	18.05	10.83
Cash Retained (M)	104.30	104.30	104.30
(-) Cash Required (M)	-28.89	-18.05	-10.83
(=) Excess Retained (M)	75.41	86.24	93.46
(/) Shares Outstanding (M)	157.88	157.88	157.88
(=) Excess Retained per Share	0.48	0.55	0.59
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.48	0.55	0.59
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.74	$170.51	$181.95
Upside / Downside	304.05%	742.86%	799.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.44	153.83	163.83	174.48	185.82	197.90	203.83
Payout Ratio	27.79%	40.23%	52.68%	65.12%	77.56%	90.00%	92.50%
Projected Dividends (M)	40.14	61.89	86.30	113.61	144.12	178.11	188.54

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)	57.60	58.14	58.69
Year 2 PV (M)	74.74	76.16	77.60
Year 3 PV (M)	91.57	94.20	96.88
Year 4 PV (M)	108.10	112.26	116.53
Year 5 PV (M)	124.33	130.33	136.57
PV of Terminal Value (M)	3,820.88	4,005.43	4,197.04
Equity Value (M)	4,277.22	4,476.53	4,683.32
Shares Outstanding (M)	157.88	157.88	157.88
Fair Value	$27.09	$28.35	$29.66
Upside / Downside	33.92%	40.16%	46.63%

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GoldenHome Living Co., Ltd. (603180.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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