DDM Analysis: BELL.JK

Valuation Snapshot

Stable Growth	$6.73 - $10.10	$8.33
Multi-Stage	$52.52 - $58.22	$55.31
Blended Fair Value	$31.82
Current Price	$50.00
Upside	-36.36%
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	-13.20%	0.00%	0.35	0.50	0.28	0.07	0.50	0.70	0.60	0.00	0.00	0.00
YoY Growth	-	-	-31.03%	78.57%	300.00%	-86.00%	-28.57%	16.67%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.63%	0.84%	0.20%	0.10%	0.36%	0.52%	1.21%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,082.21
(-) Cash Dividends Paid (M)	4,977.00
(=) Cash Retained (M)	1,105.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,216.44	760.28	456.17
Cash Retained (M)	1,105.21	1,105.21	1,105.21
(-) Cash Required (M)	-1,216.44	-760.28	-456.17
(=) Excess Retained (M)	-111.23	344.94	649.05
(/) Shares Outstanding (M)	7,232.23	7,232.23	7,232.23
(=) Excess Retained per Share	-0.02	0.05	0.09
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	-0.02	0.05	0.09
(=) Adjusted Dividend	0.67	0.74	0.78
WACC / Discount Rate	3.48%	3.48%	3.48%
Growth Rate	-5.92%	-4.92%	-3.92%
Fair Value	$6.73	$8.33	$10.10
Upside / Downside	-86.53%	-83.34%	-79.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,082.21	5,783.00	5,498.52	5,228.02	4,970.84	4,726.31	4,868.10
Payout Ratio	81.83%	83.46%	85.10%	86.73%	88.37%	90.00%	92.50%
Projected Dividends (M)	4,977.00	4,826.67	4,679.09	4,534.34	4,392.52	4,253.68	4,502.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.48%	3.48%	3.48%
Growth Rate	-5.92%	-4.92%	-3.92%
Year 1 PV (M)	4,615.22	4,664.28	4,713.33
Year 2 PV (M)	4,278.10	4,369.53	4,461.92
Year 3 PV (M)	3,964.14	4,091.90	4,222.37
Year 4 PV (M)	3,671.92	3,830.54	3,994.25
Year 5 PV (M)	3,400.08	3,584.66	3,777.17
PV of Terminal Value (M)	359,935.90	379,476.02	399,855.70
Equity Value (M)	379,865.36	400,016.92	421,024.74
Shares Outstanding (M)	7,232.23	7,232.23	7,232.23
Fair Value	$52.52	$55.31	$58.22
Upside / Downside	5.05%	10.62%	16.43%

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298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
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NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
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ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
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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%
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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%
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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%
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Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

PT Trisula Textile Industries Tbk (BELL.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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