DDM Analysis: 5246.KL

Valuation Snapshot

Stable Growth	$4.07 - $7.44	$5.47
Multi-Stage	$4.26 - $4.65	$4.45
Blended Fair Value	$4.96
Current Price	$5.40
Upside	-8.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.14%	5.49%	0.18	0.16	0.16	0.15	0.11	0.13	0.13	0.13	0.13	0.11
YoY Growth	-	-	12.52%	-3.34%	8.15%	32.36%	-13.47%	-2.10%	2.13%	-0.06%	14.04%	11.14%
Dividend Yield	-	-	3.65%	4.12%	4.50%	3.74%	2.69%	3.87%	3.67%	3.64%	3.23%	2.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	943.82
(-) Cash Dividends Paid (M)	673.48
(=) Cash Retained (M)	270.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	188.76	117.98	70.79
Cash Retained (M)	270.34	270.34	270.34
(-) Cash Required (M)	-188.76	-117.98	-70.79
(=) Excess Retained (M)	81.58	152.36	199.56
(/) Shares Outstanding (M)	3,410.00	3,410.00	3,410.00
(=) Excess Retained per Share	0.02	0.04	0.06
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.02	0.04	0.06
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	3.52%	4.52%	5.52%
Fair Value	$4.07	$5.47	$7.44
Upside / Downside	-24.60%	1.25%	37.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	943.82	986.51	1,031.13	1,077.76	1,126.51	1,177.46	1,212.79
Payout Ratio	71.36%	75.09%	78.81%	82.54%	86.27%	90.00%	92.50%
Projected Dividends (M)	673.48	740.72	812.67	889.61	971.86	1,059.72	1,121.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	3.52%	4.52%	5.52%
Year 1 PV (M)	672.11	678.61	685.10
Year 2 PV (M)	669.10	682.09	695.21
Year 3 PV (M)	664.61	684.06	703.88
Year 4 PV (M)	658.81	684.63	711.21
Year 5 PV (M)	651.83	683.93	717.28
PV of Terminal Value (M)	11,214.67	11,766.89	12,340.64
Equity Value (M)	14,531.14	15,180.21	15,853.33
Shares Outstanding (M)	3,410.00	3,410.00	3,410.00
Fair Value	$4.26	$4.45	$4.65
Upside / Downside	-21.09%	-17.56%	-13.91%

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Financial Statements

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Ticker

Industry

Sector

Westports Holdings Berhad (5246.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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