DDM Analysis: 5106.KL

Valuation Snapshot

Stable Growth	$7.75 - $23.95	$22.44
Multi-Stage	$3.55 - $3.89	$3.72
Blended Fair Value	$13.08
Current Price	$2.05
Upside	538.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.72%	6.83%	0.09	0.07	0.08	0.07	0.06	0.07	0.04	0.05	0.05	0.04
YoY Growth	-	-	23.38%	-6.29%	16.55%	23.12%	-16.56%	47.75%	-14.84%	16.11%	15.11%	-16.87%
Dividend Yield	-	-	5.07%	4.09%	4.22%	3.66%	2.84%	3.62%	2.51%	4.08%	2.75%	2.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	239.22
(-) Cash Dividends Paid (M)	136.34
(=) Cash Retained (M)	102.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.84	29.90	17.94
Cash Retained (M)	102.88	102.88	102.88
(-) Cash Required (M)	-47.84	-29.90	-17.94
(=) Excess Retained (M)	55.03	72.97	84.93
(/) Shares Outstanding (M)	1,980.31	1,980.31	1,980.31
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.17%	6.17%	7.17%
Fair Value	$7.75	$22.44	$23.95
Upside / Downside	277.83%	994.83%	1,068.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	239.22	253.98	269.65	286.29	303.95	322.70	332.38
Payout Ratio	56.99%	63.60%	70.20%	76.80%	83.40%	90.00%	92.50%
Projected Dividends (M)	136.34	161.52	189.28	219.86	253.49	290.43	307.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.17%	6.17%	7.17%
Year 1 PV (M)	150.26	151.69	153.11
Year 2 PV (M)	163.81	166.94	170.10
Year 3 PV (M)	177.01	182.10	187.30
Year 4 PV (M)	189.85	197.18	204.71
Year 5 PV (M)	202.35	212.16	222.34
PV of Terminal Value (M)	6,151.54	6,449.61	6,759.13
Equity Value (M)	7,034.82	7,359.68	7,696.69
Shares Outstanding (M)	1,980.31	1,980.31	1,980.31
Fair Value	$3.55	$3.72	$3.89
Upside / Downside	73.29%	81.29%	89.59%

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Axis Real Estate Investment Trust (5106.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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