DDM Analysis: 7034.KL

Valuation Snapshot

Stable Growth	$6.63 - $29.65	$15.47
Multi-Stage	$4.38 - $4.81	$4.59
Blended Fair Value	$10.03
Current Price	$1.17
Upside	757.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.72%	6.79%	0.06	0.05	0.06	0.04	0.06	0.04	0.03	0.02	0.04	0.01
YoY Growth	-	-	20.18%	-19.73%	35.37%	-30.18%	74.42%	28.85%	37.10%	-49.67%	275.26%	-63.64%
Dividend Yield	-	-	4.89%	2.51%	2.51%	1.84%	2.75%	2.37%	2.17%	1.46%	1.72%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.38
(-) Cash Dividends Paid (M)	10.34
(=) Cash Retained (M)	50.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.08	7.55	4.53
Cash Retained (M)	50.04	50.04	50.04
(-) Cash Required (M)	-12.08	-7.55	-4.53
(=) Excess Retained (M)	37.96	42.49	45.51
(/) Shares Outstanding (M)	400.88	400.88	400.88
(=) Excess Retained per Share	0.09	0.11	0.11
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.09	0.11	0.11
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.42%	5.42%	6.42%
Fair Value	$6.63	$15.47	$29.65
Upside / Downside	466.59%	1,222.48%	2,434.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.38	63.65	67.10	70.73	74.57	78.61	80.97
Payout Ratio	17.13%	31.70%	46.28%	60.85%	75.43%	90.00%	92.50%
Projected Dividends (M)	10.34	20.18	31.05	43.04	56.24	70.75	74.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.42%	5.42%	6.42%
Year 1 PV (M)	18.80	18.98	19.16
Year 2 PV (M)	26.95	27.47	27.99
Year 3 PV (M)	34.81	35.82	36.85
Year 4 PV (M)	42.37	44.02	45.71
Year 5 PV (M)	49.66	52.08	54.60
PV of Terminal Value (M)	1,584.81	1,662.17	1,742.51
Equity Value (M)	1,757.40	1,840.53	1,926.82
Shares Outstanding (M)	400.88	400.88	400.88
Fair Value	$4.38	$4.59	$4.81
Upside / Downside	274.69%	292.41%	310.81%

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Thong Guan Industries Berhad (7034.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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