DDM Analysis: 6139.KL

Valuation Snapshot

Stable Growth	$3.09 - $4.47	$3.76
Multi-Stage	$5.85 - $6.45	$6.15
Blended Fair Value	$4.95
Current Price	$3.08
Upside	60.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.51%	-1.05%	0.14	0.13	0.12	0.12	0.00	0.33	0.14	0.11	0.07	0.07
YoY Growth	-	-	3.70%	12.73%	0.63%	0.00%	-100.00%	134.05%	25.33%	64.29%	5.10%	-56.22%
Dividend Yield	-	-	3.77%	3.64%	3.49%	3.18%	0.00%	10.29%	2.70%	3.43%	1.75%	1.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	375.87
(-) Cash Dividends Paid (M)	25.85
(=) Cash Retained (M)	350.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.17	46.98	28.19
Cash Retained (M)	350.02	350.02	350.02
(-) Cash Required (M)	-75.17	-46.98	-28.19
(=) Excess Retained (M)	274.85	303.04	321.83
(/) Shares Outstanding (M)	864.35	864.35	864.35
(=) Excess Retained per Share	0.32	0.35	0.37
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.32	0.35	0.37
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	-3.05%	-2.05%	-1.05%
Fair Value	$3.09	$3.76	$4.47
Upside / Downside	0.35%	22.07%	44.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	375.87	368.15	360.59	353.18	345.93	338.82	348.99
Payout Ratio	6.88%	23.50%	40.13%	56.75%	73.38%	90.00%	92.50%
Projected Dividends (M)	25.85	86.52	144.69	200.43	253.83	304.94	322.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	-3.05%	-2.05%	-1.05%
Year 1 PV (M)	79.40	80.22	81.04
Year 2 PV (M)	121.85	124.38	126.93
Year 3 PV (M)	154.90	159.74	164.68
Year 4 PV (M)	180.01	187.55	195.33
Year 5 PV (M)	198.46	208.90	219.79
PV of Terminal Value (M)	4,324.46	4,552.14	4,789.31
Equity Value (M)	5,059.07	5,312.93	5,577.08
Shares Outstanding (M)	864.35	864.35	864.35
Fair Value	$5.85	$6.15	$6.45
Upside / Downside	90.03%	99.57%	109.49%

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Syarikat Takaful Malaysia Keluarga Berhad (6139.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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