DDM Analysis: 603737.SS

Valuation Snapshot

Stable Growth	$135.32 - $209.29	$196.14
Multi-Stage	$34.50 - $37.77	$36.11
Blended Fair Value	$116.12
Current Price	$47.88
Upside	142.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.25%	20.01%	0.44	0.30	0.25	0.42	0.31	0.17	0.11	0.07	0.07	0.05
YoY Growth	-	-	49.46%	17.90%	-40.22%	33.74%	86.02%	58.45%	43.71%	3.90%	49.93%	-33.33%
Dividend Yield	-	-	1.20%	1.25%	0.42%	0.93%	0.43%	0.73%	0.92%	0.75%	0.69%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	665.21
(-) Cash Dividends Paid (M)	297.64
(=) Cash Retained (M)	367.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	133.04	83.15	49.89
Cash Retained (M)	367.57	367.57	367.57
(-) Cash Required (M)	-133.04	-83.15	-49.89
(=) Excess Retained (M)	234.53	284.42	317.68
(/) Shares Outstanding (M)	632.10	632.10	632.10
(=) Excess Retained per Share	0.37	0.45	0.50
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.37	0.45	0.50
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135.32	$196.14	$209.29
Upside / Downside	182.62%	309.64%	337.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	665.21	708.45	754.50	803.54	855.77	911.40	938.74
Payout Ratio	44.74%	53.80%	62.85%	71.90%	80.95%	90.00%	92.50%
Projected Dividends (M)	297.64	381.11	474.18	577.73	692.74	820.26	868.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	355.64	359.01	362.38
Year 2 PV (M)	412.91	420.77	428.71
Year 3 PV (M)	469.45	482.93	496.66
Year 4 PV (M)	525.29	545.49	566.27
Year 5 PV (M)	580.41	608.44	637.55
PV of Terminal Value (M)	19,466.22	20,406.45	21,382.66
Equity Value (M)	21,809.92	22,823.09	23,874.23
Shares Outstanding (M)	632.10	632.10	632.10
Fair Value	$34.50	$36.11	$37.77
Upside / Downside	-27.94%	-24.59%	-21.12%

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SKSHU Paint Co.,Ltd. (603737.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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