DDM Analysis: 1155.KL

Valuation Snapshot

Stable Growth	$15.16 - $31.42	$21.35
Multi-Stage	$19.36 - $21.20	$20.26
Blended Fair Value	$20.81
Current Price	$9.91
Upside	109.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.67%	3.90%	0.60	0.59	0.57	0.76	0.36	0.53	0.52	0.47	0.41	0.44
YoY Growth	-	-	1.80%	2.85%	-24.72%	109.53%	-30.92%	1.80%	9.21%	15.87%	-8.06%	8.50%
Dividend Yield	-	-	5.81%	6.07%	6.68%	8.51%	4.40%	7.05%	5.61%	4.46%	4.57%	4.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,370.52
(-) Cash Dividends Paid (M)	7,485.76
(=) Cash Retained (M)	2,884.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,074.10	1,296.32	777.79
Cash Retained (M)	2,884.77	2,884.77	2,884.77
(-) Cash Required (M)	-2,074.10	-1,296.32	-777.79
(=) Excess Retained (M)	810.66	1,588.45	2,106.98
(/) Shares Outstanding (M)	12,075.10	12,075.10	12,075.10
(=) Excess Retained per Share	0.07	0.13	0.17
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.07	0.13	0.17
(=) Adjusted Dividend	0.69	0.75	0.79
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	2.40%	3.40%	4.40%
Fair Value	$15.16	$21.35	$31.42
Upside / Downside	53.02%	115.44%	217.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,370.52	10,722.67	11,086.78	11,463.25	11,852.51	12,254.98	12,622.63
Payout Ratio	72.18%	75.75%	79.31%	82.87%	86.44%	90.00%	92.50%
Projected Dividends (M)	7,485.76	8,122.04	8,792.90	9,499.96	10,244.91	11,029.48	11,675.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	2.40%	3.40%	4.40%
Year 1 PV (M)	7,514.82	7,588.21	7,661.60
Year 2 PV (M)	7,527.31	7,675.05	7,824.23
Year 3 PV (M)	7,524.60	7,747.21	7,974.18
Year 4 PV (M)	7,507.98	7,805.59	8,111.97
Year 5 PV (M)	7,478.66	7,851.05	8,238.12
PV of Terminal Value (M)	196,211.43	205,981.44	216,136.82
Equity Value (M)	233,764.79	244,648.56	255,946.92
Shares Outstanding (M)	12,075.10	12,075.10	12,075.10
Fair Value	$19.36	$20.26	$21.20
Upside / Downside	95.35%	104.45%	113.89%

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Financial Statements

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Sector

Malayan Banking Berhad (1155.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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