DDM Analysis: ASBI.JK

Valuation Snapshot

Stable Growth	$170.46 - $218.53	$196.17
Multi-Stage	$308.92 - $343.90	$326.02
Blended Fair Value	$261.10
Current Price	$442.00
Upside	-40.93%
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	-22.90%	-14.13%	2.86	5.20	5.70	10.54	6.00	10.50	10.10	13.10	12.50	10.00
YoY Growth	-	-	-44.96%	-8.79%	-45.93%	75.57%	-42.82%	4.01%	-22.91%	4.76%	25.00%	-23.82%
Dividend Yield	-	-	0.70%	0.56%	1.04%	3.61%	2.04%	4.17%	3.28%	4.20%	3.47%	4.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23,108.81
(-) Cash Dividends Paid (M)	1,441.79
(=) Cash Retained (M)	21,667.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,621.76	2,888.60	1,733.16
Cash Retained (M)	21,667.02	21,667.02	21,667.02
(-) Cash Required (M)	-4,621.76	-2,888.60	-1,733.16
(=) Excess Retained (M)	17,045.26	18,778.42	19,933.86
(/) Shares Outstanding (M)	348.39	348.39	348.39
(=) Excess Retained per Share	48.93	53.90	57.22
LTM Dividend per Share	4.14	4.14	4.14
(+) Excess Retained per Share	48.93	53.90	57.22
(=) Adjusted Dividend	53.06	58.04	61.36
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-16.13%	-15.13%	-14.13%
Fair Value	$170.46	$196.17	$218.53
Upside / Downside	-61.44%	-55.62%	-50.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23,108.81	19,612.57	16,645.29	14,126.95	11,989.61	10,175.65	10,480.92
Payout Ratio	6.24%	22.99%	39.74%	56.50%	73.25%	90.00%	92.50%
Projected Dividends (M)	1,441.79	4,509.18	6,615.42	7,981.11	8,782.13	9,158.08	9,694.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-16.13%	-15.13%	-14.13%
Year 1 PV (M)	4,051.69	4,100.00	4,148.30
Year 2 PV (M)	5,341.13	5,469.25	5,598.90
Year 3 PV (M)	5,789.98	5,999.56	6,214.14
Year 4 PV (M)	5,724.68	6,002.63	6,290.58
Year 5 PV (M)	5,364.06	5,691.56	6,034.87
PV of Terminal Value (M)	81,350.67	86,317.49	91,523.99
Equity Value (M)	107,622.21	113,580.49	119,810.78
Shares Outstanding (M)	348.39	348.39	348.39
Fair Value	$308.92	$326.02	$343.90
Upside / Downside	-30.11%	-26.24%	-22.19%

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TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
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0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
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0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

Financial Statements

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PT Asuransi Bintang Tbk (ASBI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener