DDM Analysis: JKON.JK

Valuation Snapshot

Stable Growth	$53.43 - $78.27	$65.40
Multi-Stage	$141.27 - $155.80	$148.39
Blended Fair Value	$106.89
Current Price	$88.00
Upside	21.47%
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	3.39%	0.12%	4.25	3.00	0.00	0.03	2.40	3.60	5.80	6.40	4.50	4.30
YoY Growth	-	-	41.67%	929,336.93%	-98.83%	-98.85%	-33.30%	-37.96%	-9.37%	42.22%	4.65%	2.38%
Dividend Yield	-	-	6.07%	3.16%	0.00%	0.03%	1.17%	0.87%	1.71%	1.22%	0.75%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116,686.85
(-) Cash Dividends Paid (M)	53,002.69
(=) Cash Retained (M)	63,684.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23,337.37	14,585.86	8,751.51
Cash Retained (M)	63,684.16	63,684.16	63,684.16
(-) Cash Required (M)	-23,337.37	-14,585.86	-8,751.51
(=) Excess Retained (M)	40,346.79	49,098.31	54,932.65
(/) Shares Outstanding (M)	16,308.52	16,308.52	16,308.52
(=) Excess Retained per Share	2.47	3.01	3.37
LTM Dividend per Share	3.25	3.25	3.25
(+) Excess Retained per Share	2.47	3.01	3.37
(=) Adjusted Dividend	5.72	6.26	6.62
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.95%	-2.95%	-1.95%
Fair Value	$53.43	$65.40	$78.27
Upside / Downside	-39.29%	-25.68%	-11.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116,686.85	113,248.77	109,911.98	106,673.51	103,530.46	100,480.02	103,494.42
Payout Ratio	45.42%	54.34%	63.25%	72.17%	81.08%	90.00%	92.50%
Projected Dividends (M)	53,002.69	61,537.58	69,523.52	76,985.43	83,947.26	90,432.02	95,732.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.95%	-2.95%	-1.95%
Year 1 PV (M)	57,270.04	57,866.27	58,462.50
Year 2 PV (M)	60,215.16	61,475.47	62,748.83
Year 3 PV (M)	62,053.99	64,012.34	66,011.47
Year 4 PV (M)	62,973.06	65,636.71	68,383.98
Year 5 PV (M)	63,133.16	66,488.65	69,985.33
PV of Terminal Value (M)	1,998,323.69	2,104,533.56	2,215,212.18
Equity Value (M)	2,303,969.10	2,420,013.01	2,540,804.30
Shares Outstanding (M)	16,308.52	16,308.52	16,308.52
Fair Value	$141.27	$148.39	$155.80
Upside / Downside	60.54%	68.62%	77.04%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
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%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
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%

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PT Jaya Konstruksi Manggala Pratama Tbk (JKON.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener