DWM had a working agreement with Speer, which also included NWM of Holland. Peter’s explanation of the date code on the headstamp squares perfectly with the only Speer/DWM Price Sheet I have seen, which is dated 1968 and includes Ammunition and Components. The list is all rifle rounds and components for rifle rounds. However, under the agreement .38 Special ammunition was also made, with headstamp H SPEER DWM V .38 SPL.
Both the SFM headstamp shown, and the SPEER-DWM headstamp, can be found in "Otto’s 38s, A Fuide to 38 Special and 357 Magnum Headstamps, Volume 2 (O - End of Alphabet), by Otto Witt (R.I.P. my friend) and published by Gig Concepts Inc. These books date from 2005.
Otto shows the “H” on the .38 Special headstamp as denoting “Hertogenbosch” which I think would indicate at least the cases were made in Holland by NWM. He shows the “V” as the code for 1969. I assume that the “K” stamp indicates “Karlsruhe,” since the Speer-DWM brochure names Karlsruhe as the factory site for DWM.
Edited to remove doubts about the date code “V” which was verified as representing “1969.”