DDM Analysis: 7231.KL

Valuation Snapshot

Stable Growth	$1.28 - $2.49	$1.76
Multi-Stage	$2.03 - $2.22	$2.13
Blended Fair Value	$1.94
Current Price	$1.34
Upside	45.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	9.46%	0.00%	0.09	0.08	0.07	0.06	0.05	0.06	0.00	0.00	0.00	0.00
YoY Growth	-	-	10.00%	11.11%	28.57%	12.00%	-10.71%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.53%	4.82%	6.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.28
(-) Cash Dividends Paid (M)	39.84
(=) Cash Retained (M)	0.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.06	5.04	3.02
Cash Retained (M)	0.45	0.45	0.45
(-) Cash Required (M)	-8.06	-5.04	-3.02
(=) Excess Retained (M)	-7.61	-4.59	-2.58
(/) Shares Outstanding (M)	497.95	497.95	497.95
(=) Excess Retained per Share	-0.02	-0.01	-0.01
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.02	-0.01	-0.01
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.43%	2.43%	3.43%
Fair Value	$1.28	$1.76	$2.49
Upside / Downside	-4.15%	31.63%	85.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.28	41.26	42.26	43.29	44.34	45.42	46.78
Payout Ratio	98.90%	97.12%	95.34%	93.56%	91.78%	90.00%	92.50%
Projected Dividends (M)	39.84	40.07	40.29	40.50	40.69	40.88	43.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.43%	2.43%	3.43%
Year 1 PV (M)	37.24	37.61	37.98
Year 2 PV (M)	34.81	35.50	36.19
Year 3 PV (M)	32.52	33.49	34.48
Year 4 PV (M)	30.37	31.59	32.84
Year 5 PV (M)	28.35	29.78	31.26
PV of Terminal Value (M)	847.96	890.59	934.92
Equity Value (M)	1,011.25	1,058.55	1,107.67
Shares Outstanding (M)	497.95	497.95	497.95
Fair Value	$2.03	$2.13	$2.22
Upside / Downside	51.56%	58.64%	66.01%

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Wellcall Holdings Berhad (7231.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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