DDM Analysis: 5032.KL

Valuation Snapshot

Stable Growth	$2.66 - $4.08	$3.32
Multi-Stage	$6.09 - $6.71	$6.40
Blended Fair Value	$4.86
Current Price	$5.85
Upside	-16.94%
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	-6.30%	-6.52%	0.13	0.12	0.14	0.11	0.10	0.18	0.18	0.21	0.24	0.25
YoY Growth	-	-	8.33%	-14.29%	27.27%	10.00%	-44.44%	0.00%	-14.29%	-12.50%	-4.00%	-1.96%
Dividend Yield	-	-	2.20%	2.08%	2.79%	2.12%	2.39%	4.70%	3.79%	3.56%	3.90%	3.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.22
(-) Cash Dividends Paid (M)	69.00
(=) Cash Retained (M)	67.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.24	17.03	10.22
Cash Retained (M)	67.22	67.22	67.22
(-) Cash Required (M)	-27.24	-17.03	-10.22
(=) Excess Retained (M)	39.97	50.19	57.00
(/) Shares Outstanding (M)	459.97	459.97	459.97
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-2.20%	-1.20%	-0.20%
Fair Value	$2.66	$3.32	$4.08
Upside / Downside	-54.50%	-43.20%	-30.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.22	134.59	132.97	131.38	129.81	128.25	132.10
Payout Ratio	50.65%	58.52%	66.39%	74.26%	82.13%	90.00%	92.50%
Projected Dividends (M)	69.00	78.76	88.28	97.56	106.61	115.43	122.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-2.20%	-1.20%	-0.20%
Year 1 PV (M)	73.20	73.95	74.70
Year 2 PV (M)	76.26	77.83	79.41
Year 3 PV (M)	78.33	80.75	83.23
Year 4 PV (M)	79.54	82.85	86.25
Year 5 PV (M)	80.04	84.22	88.57
PV of Terminal Value (M)	2,415.86	2,541.92	2,673.19
Equity Value (M)	2,803.24	2,941.52	3,085.35
Shares Outstanding (M)	459.97	459.97	459.97
Fair Value	$6.09	$6.40	$6.71
Upside / Downside	4.18%	9.32%	14.66%

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Bintulu Port Holdings Berhad (5032.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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