DDM Analysis: 6114.KL

Valuation Snapshot

Stable Growth	$0.97 - $1.39	$1.17
Multi-Stage	$1.52 - $1.67	$1.59
Blended Fair Value	$1.38
Current Price	$1.03
Upside	34.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	2.65%	0.00%	0.04	0.04	0.03	0.03	0.04	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	14.29%	16.67%	-25.21%	14.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.53%	2.77%	2.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78.20
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	78.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.64	9.77	5.86
Cash Retained (M)	78.19	78.19	78.19
(-) Cash Required (M)	-15.64	-9.77	-5.86
(=) Excess Retained (M)	62.55	68.42	72.33
(/) Shares Outstanding (M)	579.57	579.57	579.57
(=) Excess Retained per Share	0.11	0.12	0.12
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.11	0.12	0.12
(=) Adjusted Dividend	0.11	0.12	0.12
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.97	$1.17	$1.39
Upside / Downside	-6.27%	13.97%	35.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.20	77.41	76.64	75.87	75.11	74.36	76.59
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	13.94	27.59	40.97	54.08	66.93	70.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.66	12.79	12.92
Year 2 PV (M)	22.77	23.24	23.71
Year 3 PV (M)	30.73	31.68	32.65
Year 4 PV (M)	36.85	38.38	39.95
Year 5 PV (M)	41.43	43.59	45.83
PV of Terminal Value (M)	736.33	774.67	814.60
Equity Value (M)	880.77	924.34	969.66
Shares Outstanding (M)	579.57	579.57	579.57
Fair Value	$1.52	$1.59	$1.67
Upside / Downside	47.54%	54.84%	62.43%

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MKH Berhad (6114.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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