DDM Analysis: 5288.KL

Valuation Snapshot

Stable Growth	$1.39 - $3.18	$2.03
Multi-Stage	$1.94 - $2.13	$2.03
Blended Fair Value	$2.03
Current Price	$1.44
Upside	41.08%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016
DPS	8.45%	0.14%	0.03	0.02	0.01	0.01	0.03	0.02	0.03	0.02	0.01	0.04
YoY Growth	-	-	50.00%	100.00%	0.00%	-66.67%	50.00%	-33.33%	50.00%	172.03%	-80.09%	24.77%
Dividend Yield	-	-	2.26%	2.15%	2.06%	1.69%	4.62%	3.67%	2.68%	1.74%	0.61%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	478.61
(-) Cash Dividends Paid (M)	204.03
(=) Cash Retained (M)	274.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	95.72	59.83	35.90
Cash Retained (M)	274.59	274.59	274.59
(-) Cash Required (M)	-95.72	-59.83	-35.90
(=) Excess Retained (M)	178.87	214.76	238.69
(/) Shares Outstanding (M)	6,800.84	6,800.84	6,800.84
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	2.07%	3.07%	4.07%
Fair Value	$1.39	$2.03	$3.18
Upside / Downside	-3.32%	40.91%	121.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	478.61	493.29	508.42	524.02	540.09	556.66	573.36
Payout Ratio	42.63%	52.10%	61.58%	71.05%	80.53%	90.00%	92.50%
Projected Dividends (M)	204.03	257.02	313.07	372.32	434.91	500.99	530.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	2.07%	3.07%	4.07%
Year 1 PV (M)	239.68	242.03	244.37
Year 2 PV (M)	272.25	277.61	283.02
Year 3 PV (M)	301.93	310.89	320.03
Year 4 PV (M)	328.89	341.97	355.43
Year 5 PV (M)	353.30	370.94	389.29
PV of Terminal Value (M)	11,705.56	12,290.33	12,898.24
Equity Value (M)	13,201.60	13,833.77	14,490.39
Shares Outstanding (M)	6,800.84	6,800.84	6,800.84
Fair Value	$1.94	$2.03	$2.13
Upside / Downside	34.80%	41.26%	47.96%

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Sime Darby Property Berhad (5288.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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