DDM Analysis: 2658.KL

Valuation Snapshot

Stable Growth	$27.32 - $109.58	$46.64
Multi-Stage	$17.37 - $18.97	$18.16
Blended Fair Value	$32.40
Current Price	$13.98
Upside	131.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	39.74%	29.76%	2.50	0.09	0.08	0.38	0.49	0.47	0.46	1.55	0.34	0.20
YoY Growth	-	-	2,651.66%	7.06%	-77.78%	-22.41%	4.89%	1.08%	-70.00%	359.26%	68.75%	8.11%
Dividend Yield	-	-	19.50%	0.59%	0.57%	3.19%	3.18%	2.76%	2.64%	7.01%	1.39%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.74
(-) Cash Dividends Paid (M)	24.84
(=) Cash Retained (M)	30.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.15	6.97	4.18
Cash Retained (M)	30.90	30.90	30.90
(-) Cash Required (M)	-11.15	-6.97	-4.18
(=) Excess Retained (M)	19.76	23.94	26.72
(/) Shares Outstanding (M)	60.80	60.80	60.80
(=) Excess Retained per Share	0.32	0.39	0.44
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.32	0.39	0.44
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.32	$46.64	$109.58
Upside / Downside	95.44%	233.59%	683.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.74	59.36	63.22	67.33	71.71	76.37	78.66
Payout Ratio	44.56%	53.65%	62.73%	71.82%	80.91%	90.00%	92.50%
Projected Dividends (M)	24.84	31.85	39.66	48.36	58.02	68.73	72.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.12	29.40	29.67
Year 2 PV (M)	33.16	33.80	34.43
Year 3 PV (M)	36.98	38.04	39.12
Year 4 PV (M)	40.57	42.13	43.73
Year 5 PV (M)	43.94	46.07	48.27
PV of Terminal Value (M)	872.45	914.59	958.34
Equity Value (M)	1,056.22	1,104.01	1,153.56
Shares Outstanding (M)	60.80	60.80	60.80
Fair Value	$17.37	$18.16	$18.97
Upside / Downside	24.27%	29.89%	35.72%

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Ajinomoto (Malaysia) Bhd (2658.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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