DDM Analysis: 2445.KL

Valuation Snapshot

Stable Growth	$65.68 - $146.68	$137.46
Multi-Stage	$22.85 - $25.01	$23.91
Blended Fair Value	$80.68
Current Price	$20.60
Upside	291.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.36%	-5.70%	0.29	0.27	0.97	0.97	0.54	0.21	0.43	0.48	0.48	0.43
YoY Growth	-	-	9.96%	-72.52%	0.03%	81.77%	159.65%	-52.33%	-10.00%	0.00%	11.11%	-18.18%
Dividend Yield	-	-	1.43%	1.23%	4.47%	4.36%	2.46%	0.87%	1.75%	1.95%	1.92%	1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	817.28
(-) Cash Dividends Paid (M)	325.83
(=) Cash Retained (M)	491.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	163.46	102.16	61.30
Cash Retained (M)	491.45	491.45	491.45
(-) Cash Required (M)	-163.46	-102.16	-61.30
(=) Excess Retained (M)	327.99	389.29	430.15
(/) Shares Outstanding (M)	1,106.67	1,106.67	1,106.67
(=) Excess Retained per Share	0.30	0.35	0.39
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.30	0.35	0.39
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.36%	6.36%	7.36%
Fair Value	$65.68	$137.46	$146.68
Upside / Downside	218.83%	567.27%	612.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	817.28	869.26	924.55	983.36	1,045.90	1,112.43	1,145.80
Payout Ratio	39.87%	49.89%	59.92%	69.95%	79.97%	90.00%	92.50%
Projected Dividends (M)	325.83	433.71	554.00	687.83	836.44	1,001.18	1,059.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.36%	6.36%	7.36%
Year 1 PV (M)	404.14	407.98	411.81
Year 2 PV (M)	481.03	490.20	499.46
Year 3 PV (M)	556.51	572.51	588.81
Year 4 PV (M)	630.61	654.89	679.87
Year 5 PV (M)	703.34	737.36	772.68
PV of Terminal Value (M)	22,506.46	23,595.00	24,725.25
Equity Value (M)	25,282.08	26,457.93	27,677.88
Shares Outstanding (M)	1,106.67	1,106.67	1,106.67
Fair Value	$22.85	$23.91	$25.01
Upside / Downside	10.90%	16.06%	21.41%

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Kuala Lumpur Kepong Berhad (2445.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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