DDM Analysis: 2852.KL

Valuation Snapshot

Stable Growth	$0.49 - $0.66	$0.58
Multi-Stage	$1.56 - $1.73	$1.65
Blended Fair Value	$1.11
Current Price	$1.26
Upside	-11.85%
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	-23.00%	-9.30%	0.02	0.03	0.02	0.02	0.03	0.07	0.08	0.06	0.03	0.08
YoY Growth	-	-	-33.33%	50.00%	0.00%	-33.24%	-59.46%	-7.65%	26.98%	110.00%	-64.56%	59.49%
Dividend Yield	-	-	2.18%	2.97%	1.75%	1.83%	1.37%	6.10%	2.32%	1.59%	0.71%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.93
(-) Cash Dividends Paid (M)	32.24
(=) Cash Retained (M)	79.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.39	13.99	8.39
Cash Retained (M)	79.69	79.69	79.69
(-) Cash Required (M)	-22.39	-13.99	-8.39
(=) Excess Retained (M)	57.30	65.70	71.30
(/) Shares Outstanding (M)	1,074.65	1,074.65	1,074.65
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.08	0.09	0.10
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-9.23%	-8.23%	-7.23%
Fair Value	$0.49	$0.58	$0.66
Upside / Downside	-61.38%	-54.35%	-47.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.93	102.72	94.27	86.52	79.40	72.87	75.06
Payout Ratio	28.80%	41.04%	53.28%	65.52%	77.76%	90.00%	92.50%
Projected Dividends (M)	32.24	42.16	50.23	56.69	61.74	65.58	69.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-9.23%	-8.23%	-7.23%
Year 1 PV (M)	39.22	39.66	40.09
Year 2 PV (M)	43.48	44.44	45.41
Year 3 PV (M)	45.65	47.17	48.73
Year 4 PV (M)	46.25	48.33	50.47
Year 5 PV (M)	45.71	48.28	50.97
PV of Terminal Value (M)	1,459.13	1,541.29	1,627.11
Equity Value (M)	1,679.44	1,769.17	1,862.78
Shares Outstanding (M)	1,074.65	1,074.65	1,074.65
Fair Value	$1.56	$1.65	$1.73
Upside / Downside	24.03%	30.66%	37.57%

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Cahya Mata Sarawak Berhad (2852.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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