DDM Analysis: 7233.KL

Valuation Snapshot

Stable Growth	$0.37 - $0.59	$0.47
Multi-Stage	$0.80 - $0.88	$0.84
Blended Fair Value	$0.66
Current Price	$1.24
Upside	-47.17%
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	29.40%	0.00%	0.03	0.05	0.07	0.06	0.04	0.01	0.02	0.02	0.01	0.00
YoY Growth	-	-	-36.23%	-26.54%	31.94%	37.46%	327.07%	-55.09%	24.40%	29.06%	0.00%	0.00%
Dividend Yield	-	-	3.24%	3.04%	3.55%	1.95%	1.08%	0.58%	2.70%	5.07%	3.82%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.48
(-) Cash Dividends Paid (M)	18.63
(=) Cash Retained (M)	0.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.90	2.43	1.46
Cash Retained (M)	0.85	0.85	0.85
(-) Cash Required (M)	-3.90	-2.43	-1.46
(=) Excess Retained (M)	-3.05	-1.59	-0.61
(/) Shares Outstanding (M)	532.36	532.36	532.36
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-1.17%	-0.17%	0.83%
Fair Value	$0.37	$0.47	$0.59
Upside / Downside	-69.96%	-61.90%	-52.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.48	19.45	19.41	19.38	19.35	19.31	19.89
Payout Ratio	95.65%	94.52%	93.39%	92.26%	91.13%	90.00%	92.50%
Projected Dividends (M)	18.63	18.38	18.13	17.88	17.63	17.38	18.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-1.17%	-0.17%	0.83%
Year 1 PV (M)	17.07	17.24	17.41
Year 2 PV (M)	15.64	15.95	16.28
Year 3 PV (M)	14.32	14.76	15.21
Year 4 PV (M)	13.12	13.66	14.21
Year 5 PV (M)	12.01	12.63	13.28
PV of Terminal Value (M)	353.48	371.73	390.73
Equity Value (M)	425.64	445.98	467.11
Shares Outstanding (M)	532.36	532.36	532.36
Fair Value	$0.80	$0.84	$0.88
Upside / Downside	-35.52%	-32.44%	-29.24%

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Dufu Technology Corp. Berhad (7233.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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