DDM Analysis: 5094.KL

Valuation Snapshot

Stable Growth	$0.92 - $1.38	$1.14
Multi-Stage	$1.11 - $1.22	$1.17
Blended Fair Value	$1.15
Current Price	$1.15
Upside	0.17%
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	18.64%	2.92%	0.09	0.03	0.14	0.07	0.07	0.04	0.10	0.14	0.08	0.03
YoY Growth	-	-	213.33%	-78.57%	100.00%	6.06%	65.00%	-60.00%	-28.57%	75.27%	165.46%	-57.32%
Dividend Yield	-	-	8.17%	2.21%	12.28%	4.27%	4.62%	6.61%	9.62%	10.22%	4.49%	2.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.02
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	38.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.60	4.75	2.85
Cash Retained (M)	38.02	38.02	38.02
(-) Cash Required (M)	-7.60	-4.75	-2.85
(=) Excess Retained (M)	30.41	33.26	35.17
(/) Shares Outstanding (M)	369.30	369.30	369.30
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.08	0.09	0.10
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	0.92%	1.92%	2.92%
Fair Value	$0.92	$1.14	$1.38
Upside / Downside	-20.41%	-1.21%	20.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.02	38.75	39.49	40.25	41.02	41.81	43.06
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	6.97	14.22	21.73	29.53	37.63	39.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	0.92%	1.92%	2.92%
Year 1 PV (M)	6.28	6.34	6.40
Year 2 PV (M)	11.52	11.75	11.98
Year 3 PV (M)	15.85	16.33	16.81
Year 4 PV (M)	19.39	20.17	20.98
Year 5 PV (M)	22.24	23.36	24.53
PV of Terminal Value (M)	336.33	353.33	371.00
Equity Value (M)	411.61	431.28	451.71
Shares Outstanding (M)	369.30	369.30	369.30
Fair Value	$1.11	$1.17	$1.22
Upside / Downside	-3.08%	1.55%	6.36%

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CSC Steel Holdings Berhad (5094.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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