DDM Analysis: 5139.KL

Valuation Snapshot

Stable Growth	$28.13 - $132.40	$62.20
Multi-Stage	$18.14 - $19.88	$19.00
Blended Fair Value	$40.60
Current Price	$4.85
Upside	737.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.10%	6.90%	0.28	0.25	0.24	0.24	0.12	0.22	0.21	0.19	0.17	0.17
YoY Growth	-	-	14.14%	2.06%	0.00%	109.88%	-47.56%	6.41%	6.76%	14.42%	1.09%	15.66%
Dividend Yield	-	-	4.93%	3.42%	4.25%	3.33%	0.97%	2.45%	1.29%	1.31%	1.32%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	342.82
(-) Cash Dividends Paid (M)	72.76
(=) Cash Retained (M)	270.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.56	42.85	25.71
Cash Retained (M)	270.05	270.05	270.05
(-) Cash Required (M)	-68.56	-42.85	-25.71
(=) Excess Retained (M)	201.49	227.20	244.34
(/) Shares Outstanding (M)	510.62	510.62	510.62
(=) Excess Retained per Share	0.39	0.44	0.48
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.39	0.44	0.48
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	4.60%	5.60%	6.60%
Fair Value	$28.13	$62.20	$132.40
Upside / Downside	479.93%	1,182.38%	2,629.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	342.82	362.01	382.28	403.69	426.30	450.17	463.67
Payout Ratio	21.23%	34.98%	48.74%	62.49%	76.25%	90.00%	92.50%
Projected Dividends (M)	72.76	126.63	186.31	252.27	325.03	405.15	428.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	4.60%	5.60%	6.60%
Year 1 PV (M)	117.67	118.80	119.92
Year 2 PV (M)	160.87	163.96	167.08
Year 3 PV (M)	202.41	208.27	214.24
Year 4 PV (M)	242.33	251.73	261.41
Year 5 PV (M)	280.69	294.37	308.57
PV of Terminal Value (M)	8,260.79	8,663.29	9,081.33
Equity Value (M)	9,264.77	9,700.42	10,152.55
Shares Outstanding (M)	510.62	510.62	510.62
Fair Value	$18.14	$19.00	$19.88
Upside / Downside	274.11%	291.70%	309.96%

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AEON Credit Service (M) Berhad (5139.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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