DDM Analysis: 4677.KL

Valuation Snapshot

Stable Growth	$6.25 - $32.60	$12.58
Multi-Stage	$4.56 - $5.00	$4.78
Blended Fair Value	$8.68
Current Price	$2.32
Upside	274.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.09%	-6.61%	0.04	0.04	0.03	0.02	0.04	0.04	0.04	0.05	0.09	0.09
YoY Growth	-	-	13.28%	33.34%	20.00%	-35.77%	0.00%	0.95%	-19.75%	-47.33%	1.04%	0.53%
Dividend Yield	-	-	1.89%	1.54%	1.91%	4.17%	6.17%	5.76%	4.19%	3.87%	6.84%	5.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,880.27
(-) Cash Dividends Paid (M)	496.82
(=) Cash Retained (M)	1,383.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	376.05	235.03	141.02
Cash Retained (M)	1,383.45	1,383.45	1,383.45
(-) Cash Required (M)	-376.05	-235.03	-141.02
(=) Excess Retained (M)	1,007.40	1,148.42	1,242.43
(/) Shares Outstanding (M)	11,339.77	11,339.77	11,339.77
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.13	0.15	0.15
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$6.25	$12.58	$32.60
Upside / Downside	169.30%	442.31%	1,305.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,880.27	1,979.62	2,084.22	2,194.35	2,310.29	2,432.36	2,505.33
Payout Ratio	26.42%	39.14%	51.85%	64.57%	77.28%	90.00%	92.50%
Projected Dividends (M)	496.82	774.79	1,080.75	1,416.87	1,785.50	2,189.13	2,317.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	720.61	727.52	734.43
Year 2 PV (M)	934.87	952.89	971.07
Year 3 PV (M)	1,139.92	1,173.03	1,206.77
Year 4 PV (M)	1,336.03	1,388.02	1,441.51
Year 5 PV (M)	1,523.50	1,597.96	1,675.30
PV of Terminal Value (M)	46,107.76	48,361.25	50,702.01
Equity Value (M)	51,762.69	54,200.66	56,731.09
Shares Outstanding (M)	11,339.77	11,339.77	11,339.77
Fair Value	$4.56	$4.78	$5.00
Upside / Downside	96.75%	106.02%	115.64%

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YTL Corporation Berhad (4677.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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