DDM Analysis: 3069.KL

Valuation Snapshot

Stable Growth	$46.86 - $86.52	$81.08
Multi-Stage	$13.49 - $14.77	$14.12
Blended Fair Value	$47.60
Current Price	$3.80
Upside	1,152.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	59.47%	17.32%	0.09	0.08	0.07	0.07	0.06	0.01	0.02	0.02	0.03	0.02
YoY Growth	-	-	11.31%	10.41%	9.00%	8.33%	610.60%	-48.79%	-18.86%	-27.89%	49.75%	6.74%
Dividend Yield	-	-	2.13%	1.82%	2.03%	1.76%	1.66%	0.38%	0.86%	1.26%	1.94%	2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	410.19
(-) Cash Dividends Paid (M)	84.83
(=) Cash Retained (M)	325.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.04	51.27	30.76
Cash Retained (M)	325.36	325.36	325.36
(-) Cash Required (M)	-82.04	-51.27	-30.76
(=) Excess Retained (M)	243.32	274.09	294.60
(/) Shares Outstanding (M)	942.84	942.84	942.84
(=) Excess Retained per Share	0.26	0.29	0.31
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.26	0.29	0.31
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.86	$81.08	$86.52
Upside / Downside	1,133.06%	2,033.79%	2,176.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	410.19	436.85	465.25	495.49	527.69	561.99	578.85
Payout Ratio	20.68%	34.54%	48.41%	62.27%	76.14%	90.00%	92.50%
Projected Dividends (M)	84.83	150.91	225.22	308.55	401.77	505.80	535.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	140.65	141.99	143.32
Year 2 PV (M)	195.65	199.37	203.14
Year 3 PV (M)	249.83	257.00	264.30
Year 4 PV (M)	303.19	314.85	326.85
Year 5 PV (M)	355.76	372.94	390.78
PV of Terminal Value (M)	11,469.27	12,023.24	12,598.42
Equity Value (M)	12,714.35	13,309.40	13,926.80
Shares Outstanding (M)	942.84	942.84	942.84
Fair Value	$13.49	$14.12	$14.77
Upside / Downside	254.87%	271.48%	288.72%

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LZOEX	Lazard Emerging Markets Equity Portfolio	0.09%	$0.02	36.87%
PWR	Quanta Services, Inc.	0.09%	$0.39	5.78%
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CHCI	Comstock Holding Companies, Inc.	0.06%	$0.01	0.56%
MTVC	Motive Capital Corp II	0.06%	$0.01	2.21%
ENJ	Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052	0.05%	$0.01	0.31%
ENO	Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066	0.05%	$0.01	0.31%
AJRD	Aerojet Rocketdyne Holdings, Inc.	0.04%	$0.02	2.70%
ERES	East Resources Acquisition Company	0.04%	$0.00	1.55%
NBN	Northeast Bank	0.04%	$0.04	0.38%
ARHS	Arhaus, Inc.	0.03%	$0.00	0.61%
BSIG	BrightSphere Investment Group Inc.	0.03%	$0.01	0.34%
EWCZ	European Wax Center, Inc.	0.03%	$0.00	0.37%
WIRE	Encore Wire Corporation	0.03%	$0.08	0.42%
ACFN	Acorn Energy, Inc.	0.02%	$0.00	0.09%
ACMR	ACM Research, Inc.	0.02%	$0.01	0.62%
CFB	CrossFirst Bankshares, Inc.	0.02%	$0.00	0.21%
FDSB	Fifth District Savings Bank	0.02%	$0.00	0.35%
GRDN	Guardian Pharmacy Services, Inc.	0.02%	$0.00	0.75%
NVDA	NVIDIA Corporation	0.02%	$0.04	0.98%
AMG	Affiliated Managers Group, Inc.	0.01%	$0.04	0.23%
BSX-PA	Boston Scientific Corporation	0.01%	$0.02	0.82%
FIGR	Figure Technology Solutions, Inc. Class A Common Stock	0.01%	$0.00	2.22%
GNRC	Generac Holdings Inc.	0.01%	$0.01	0.18%
LAUR	Laureate Education, Inc.	0.01%	$0.00	0.22%
PLNT	Planet Fitness, Inc.	0.01%	$0.01	0.57%
SUM	Summit Materials, Inc.	0.01%	$0.00	0.32%
BE	Bloom Energy Corporation	0.00%	$0.00	6.20%
BJRI	BJ's Restaurants, Inc.	0.00%	$0.00	0.01%
CXW	CoreCivic, Inc.	0.00%	$0.00	0.04%
INFA	Informatica Inc.	0.00%	$0.00	0.10%
MMMB	MamaMancini's Holdings, Inc.	0.00%	$0.00	0.04%
PMO	Putnam Municipal Opportunities Trust	0.00%	$0.00	0.05%
SENEA	Seneca Foods Corporation	0.00%	$0.00	0.04%
SLCA	U.S. Silica Holdings, Inc.	0.00%	$0.00	0.02%
UNIT	Uniti Group Inc.	0.00%	$0.00	0.00%

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Mega First Corporation Berhad (3069.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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