Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

AMMB Holdings Berhad (1015.KL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$6.45 - $10.29$8.19
Multi-Stage$11.91 - $13.09$12.49
Blended Fair Value$10.34
Current Price$5.65
Upside83.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.04%0.21%0.270.180.110.000.070.190.140.160.140.19
YoY Growth--46.95%66.19%0.00%-100.00%-65.29%40.00%-14.77%13.55%-23.65%-29.76%
Dividend Yield--5.28%4.28%3.04%0.00%2.25%6.16%3.17%4.28%2.90%4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,051.18
(-) Cash Dividends Paid (M)998.00
(=) Cash Retained (M)1,053.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)410.24256.40153.84
Cash Retained (M)1,053.181,053.181,053.18
(-) Cash Required (M)-410.24-256.40-153.84
(=) Excess Retained (M)642.94796.78899.34
(/) Shares Outstanding (M)3,305.513,305.513,305.51
(=) Excess Retained per Share0.190.240.27
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.190.240.27
(=) Adjusted Dividend0.500.540.57
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-0.62%0.38%1.38%
Fair Value$6.45$8.19$10.29
Upside / Downside14.08%44.98%82.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,051.182,058.992,066.832,074.712,082.612,090.552,153.27
Payout Ratio48.65%56.92%65.19%73.46%81.73%90.00%92.50%
Projected Dividends (M)998.001,172.061,347.431,524.121,702.141,881.491,991.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate-0.62%0.38%1.38%
Year 1 PV (M)1,084.121,095.021,105.93
Year 2 PV (M)1,152.811,176.131,199.68
Year 3 PV (M)1,206.141,242.921,280.44
Year 4 PV (M)1,245.951,296.861,349.32
Year 5 PV (M)1,273.901,339.291,407.34
PV of Terminal Value (M)33,422.1935,137.8936,923.34
Equity Value (M)39,385.1241,288.1243,266.05
Shares Outstanding (M)3,305.513,305.513,305.51
Fair Value$11.91$12.49$13.09
Upside / Downside110.88%121.07%131.66%

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