DDM Analysis: 7034.KL

Valuation Snapshot

Stable Growth	$3.40 - $8.74	$5.15
Multi-Stage	$2.76 - $3.03	$2.89
Blended Fair Value	$4.02
Current Price	$1.17
Upside	243.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.72%	6.79%	0.06	0.05	0.06	0.04	0.06	0.04	0.03	0.02	0.04	0.01
YoY Growth	-	-	20.18%	-19.73%	35.37%	-30.18%	74.42%	28.85%	37.10%	-49.67%	275.26%	-63.64%
Dividend Yield	-	-	4.89%	2.51%	2.51%	1.84%	2.75%	2.37%	2.17%	1.46%	1.72%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.38
(-) Cash Dividends Paid (M)	10.34
(=) Cash Retained (M)	50.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.08	7.55	4.53
Cash Retained (M)	50.04	50.04	50.04
(-) Cash Required (M)	-12.08	-7.55	-4.53
(=) Excess Retained (M)	37.96	42.49	45.51
(/) Shares Outstanding (M)	400.88	400.88	400.88
(=) Excess Retained per Share	0.09	0.11	0.11
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.09	0.11	0.11
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	4.42%	5.42%	6.42%
Fair Value	$3.40	$5.15	$8.74
Upside / Downside	190.90%	340.35%	646.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.38	63.65	67.10	70.73	74.57	78.61	80.97
Payout Ratio	17.13%	31.70%	46.28%	60.85%	75.43%	90.00%	92.50%
Projected Dividends (M)	10.34	20.18	31.05	43.04	56.24	70.75	74.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	4.42%	5.42%	6.42%
Year 1 PV (M)	18.49	18.66	18.84
Year 2 PV (M)	26.06	26.56	27.07
Year 3 PV (M)	33.10	34.06	35.04
Year 4 PV (M)	39.62	41.16	42.75
Year 5 PV (M)	45.66	47.89	50.21
PV of Terminal Value (M)	944.93	991.05	1,038.96
Equity Value (M)	1,107.86	1,159.39	1,212.86
Shares Outstanding (M)	400.88	400.88	400.88
Fair Value	$2.76	$2.89	$3.03
Upside / Downside	136.20%	147.19%	158.59%

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Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Thong Guan Industries Berhad (7034.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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