DDM Analysis: 4863.KL

Valuation Snapshot

Stable Growth	$5.74 - $9.36	$7.36
Multi-Stage	$11.18 - $12.28	$11.72
Blended Fair Value	$9.54
Current Price	$6.55
Upside	45.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	70.21%	1.44%	0.28	0.17	0.10	0.14	0.16	0.02	0.12	0.21	0.21	0.22
YoY Growth	-	-	65.41%	67.90%	-29.29%	-13.58%	742.02%	-83.46%	-43.98%	0.93%	-5.15%	-8.97%
Dividend Yield	-	-	4.25%	2.83%	2.06%	2.92%	2.69%	0.52%	3.76%	4.05%	3.26%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,999.90
(-) Cash Dividends Paid (M)	1,189.70
(=) Cash Retained (M)	810.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	399.98	249.99	149.99
Cash Retained (M)	810.20	810.20	810.20
(-) Cash Required (M)	-399.98	-249.99	-149.99
(=) Excess Retained (M)	410.22	560.21	660.21
(/) Shares Outstanding (M)	3,837.93	3,837.93	3,837.93
(=) Excess Retained per Share	0.11	0.15	0.17
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.11	0.15	0.17
(=) Adjusted Dividend	0.42	0.46	0.48
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-0.56%	0.44%	1.44%
Fair Value	$5.74	$7.36	$9.36
Upside / Downside	-12.38%	12.35%	42.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,999.90	2,008.67	2,017.47	2,026.32	2,035.20	2,044.12	2,105.45
Payout Ratio	59.49%	65.59%	71.69%	77.80%	83.90%	90.00%	92.50%
Projected Dividends (M)	1,189.70	1,317.49	1,446.38	1,576.38	1,707.48	1,839.71	1,947.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-0.56%	0.44%	1.44%
Year 1 PV (M)	1,222.91	1,235.21	1,247.51
Year 2 PV (M)	1,246.17	1,271.36	1,296.80
Year 3 PV (M)	1,260.67	1,299.08	1,338.27
Year 4 PV (M)	1,267.49	1,319.25	1,372.58
Year 5 PV (M)	1,267.60	1,332.63	1,400.31
PV of Terminal Value (M)	36,648.88	38,529.11	40,485.74
Equity Value (M)	42,913.72	44,986.65	47,141.21
Shares Outstanding (M)	3,837.93	3,837.93	3,837.93
Fair Value	$11.18	$11.72	$12.28
Upside / Downside	70.71%	78.96%	87.53%

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Telekom Malaysia Berhad (4863.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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