DDM Analysis: MREI.JK

Valuation Snapshot

Stable Growth	$861.13 - $1,175.05	$1,020.61
Multi-Stage	$3,686.41 - $4,100.69	$3,889.09
Blended Fair Value	$2,454.85
Current Price	$925.00
Upside	165.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-23.01%	-7.61%	13.45	13.45	0.00	49.62	49.67	49.74	54.64	41.10	34.92	29.73
YoY Growth	-	-	0.00%	0.00%	-100.00%	-0.09%	-0.14%	-8.97%	32.95%	17.70%	17.45%	0.18%
Dividend Yield	-	-	1.78%	0.90%	0.00%	1.54%	0.99%	0.94%	0.85%	0.85%	0.92%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92,098.98
(-) Cash Dividends Paid (M)	7,022.65
(=) Cash Retained (M)	85,076.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,419.80	11,512.37	6,907.42
Cash Retained (M)	85,076.32	85,076.32	85,076.32
(-) Cash Required (M)	-18,419.80	-11,512.37	-6,907.42
(=) Excess Retained (M)	66,656.53	73,563.95	78,168.90
(/) Shares Outstanding (M)	517.79	517.79	517.79
(=) Excess Retained per Share	128.73	142.07	150.97
LTM Dividend per Share	13.56	13.56	13.56
(+) Excess Retained per Share	128.73	142.07	150.97
(=) Adjusted Dividend	142.29	155.64	164.53
WACC / Discount Rate	5.33%	5.33%	5.33%
Growth Rate	-9.61%	-8.61%	-7.61%
Fair Value	$861.13	$1,020.61	$1,175.05
Upside / Downside	-6.90%	10.34%	27.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92,098.98	84,171.57	76,926.51	70,305.06	64,253.56	58,722.94	60,484.63
Payout Ratio	7.63%	24.10%	40.58%	57.05%	73.53%	90.00%	92.50%
Projected Dividends (M)	7,022.65	20,285.43	31,212.98	40,109.07	47,242.44	52,850.65	55,948.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.33%	5.33%	5.33%
Growth Rate	-9.61%	-8.61%	-7.61%
Year 1 PV (M)	19,048.35	19,259.08	19,469.81
Year 2 PV (M)	27,522.11	28,134.43	28,753.48
Year 3 PV (M)	33,209.50	34,323.91	35,462.98
Year 4 PV (M)	36,730.37	38,382.91	40,090.60
Year 5 PV (M)	38,584.82	40,766.86	43,046.52
PV of Terminal Value (M)	1,753,696.02	1,852,870.70	1,956,482.27
Equity Value (M)	1,908,791.17	2,013,737.89	2,123,305.67
Shares Outstanding (M)	517.79	517.79	517.79
Fair Value	$3,686.41	$3,889.09	$4,100.69
Upside / Downside	298.53%	320.44%	343.32%

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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%
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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%

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PT Maskapai Reasuransi Indonesia Tbk (MREI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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