DDM Analysis: 603680.SS

Valuation Snapshot

Stable Growth	$10.26 - $19.93	$14.10
Multi-Stage	$15.92 - $17.49	$16.69
Blended Fair Value	$15.40
Current Price	$12.40
Upside	24.18%
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	-8.77%	-2.64%	0.16	0.14	0.21	0.24	0.36	0.26	0.24	1.22	0.03	0.99
YoY Growth	-	-	15.08%	-32.61%	-10.16%	-35.25%	40.10%	6.35%	-80.03%	4,220.98%	-97.15%	362.61%
Dividend Yield	-	-	1.96%	1.74%	2.35%	2.94%	2.30%	2.85%	1.84%	5.69%	0.11%	3.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	504.60
(-) Cash Dividends Paid (M)	144.39
(=) Cash Retained (M)	360.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.92	63.07	37.84
Cash Retained (M)	360.21	360.21	360.21
(-) Cash Required (M)	-100.92	-63.07	-37.84
(=) Excess Retained (M)	259.29	297.14	322.36
(/) Shares Outstanding (M)	783.86	783.86	783.86
(=) Excess Retained per Share	0.33	0.38	0.41
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.33	0.38	0.41
(=) Adjusted Dividend	0.51	0.56	0.60
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	1.31%	2.31%	3.31%
Fair Value	$10.26	$14.10	$19.93
Upside / Downside	-17.28%	13.73%	60.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	504.60	516.25	528.18	540.38	552.86	565.64	582.60
Payout Ratio	28.61%	40.89%	53.17%	65.45%	77.72%	90.00%	92.50%
Projected Dividends (M)	144.39	211.10	280.83	353.66	429.70	509.07	538.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	1.31%	2.31%	3.31%
Year 1 PV (M)	196.47	198.41	200.35
Year 2 PV (M)	243.25	248.07	252.95
Year 3 PV (M)	285.10	293.63	302.32
Year 4 PV (M)	322.40	335.32	348.62
Year 5 PV (M)	355.48	373.37	391.98
PV of Terminal Value (M)	11,078.92	11,636.60	12,216.52
Equity Value (M)	12,481.61	13,085.40	13,712.73
Shares Outstanding (M)	783.86	783.86	783.86
Fair Value	$15.92	$16.69	$17.49
Upside / Downside	28.41%	34.63%	41.08%

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KTK Group Co., Ltd. (603680.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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