DDM Analysis: 5235SS.KL

Valuation Snapshot

Stable Growth	$5.86 - $10.66	$7.86
Multi-Stage	$9.80 - $10.77	$10.28
Blended Fair Value	$9.07
Current Price	$8.61
Upside	5.31%
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	4.18%	0.78%	0.15	0.13	0.09	0.04	0.11	0.12	0.14	0.14	0.13	0.13
YoY Growth	-	-	12.46%	52.45%	130.10%	-64.79%	-11.64%	-14.25%	1.78%	9.66%	0.79%	-8.68%
Dividend Yield	-	-	1.77%	1.80%	1.28%	0.58%	1.55%	1.58%	1.84%	1.96%	1.62%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	746.79
(-) Cash Dividends Paid (M)	287.38
(=) Cash Retained (M)	459.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.36	93.35	56.01
Cash Retained (M)	459.41	459.41	459.41
(-) Cash Required (M)	-149.36	-93.35	-56.01
(=) Excess Retained (M)	310.05	366.06	403.40
(/) Shares Outstanding (M)	1,805.33	1,805.33	1,805.33
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	0.79%	1.79%	2.79%
Fair Value	$5.86	$7.86	$10.66
Upside / Downside	-31.92%	-8.76%	23.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	746.79	760.16	773.78	787.64	801.75	816.10	840.59
Payout Ratio	38.48%	48.79%	59.09%	69.39%	79.70%	90.00%	92.50%
Projected Dividends (M)	287.38	370.85	457.22	546.56	638.96	734.49	777.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	0.79%	1.79%	2.79%
Year 1 PV (M)	344.86	348.28	351.70
Year 2 PV (M)	395.37	403.26	411.22
Year 3 PV (M)	439.50	452.71	466.19
Year 4 PV (M)	477.79	497.03	516.85
Year 5 PV (M)	510.73	536.57	563.45
PV of Terminal Value (M)	15,531.43	16,317.35	17,134.76
Equity Value (M)	17,699.68	18,555.20	19,444.17
Shares Outstanding (M)	1,805.33	1,805.33	1,805.33
Fair Value	$9.80	$10.28	$10.77
Upside / Downside	13.87%	19.37%	25.09%

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KLCC Property Holdings Berhad (5235SS.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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