DDM Analysis: 5211.KL

Valuation Snapshot

Stable Growth	$1.28 - $1.87	$1.57
Multi-Stage	$2.09 - $2.30	$2.20
Blended Fair Value	$1.88
Current Price	$5.65
Upside	-66.69%
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	-6.23%	0.21%	0.03	0.03	0.03	0.02	0.03	0.04	0.05	0.03	0.03	0.10
YoY Growth	-	-	-23.81%	3.87%	46.39%	-31.10%	-9.18%	-25.57%	43.02%	3.96%	-66.58%	281.11%
Dividend Yield	-	-	0.58%	1.00%	2.09%	1.30%	1.94%	2.34%	2.92%	2.29%	2.43%	7.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,137.11
(-) Cash Dividends Paid (M)	139.14
(=) Cash Retained (M)	997.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	227.42	142.14	85.28
Cash Retained (M)	997.97	997.97	997.97
(-) Cash Required (M)	-227.42	-142.14	-85.28
(=) Excess Retained (M)	770.55	855.83	912.69
(/) Shares Outstanding (M)	6,688.34	6,688.34	6,688.34
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	-1.79%	-0.79%	0.21%
Fair Value	$1.28	$1.57	$1.87
Upside / Downside	-77.29%	-72.25%	-66.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,137.11	1,128.18	1,119.31	1,110.52	1,101.80	1,093.14	1,125.93
Payout Ratio	12.24%	27.79%	43.34%	58.89%	74.45%	90.00%	92.50%
Projected Dividends (M)	139.14	313.51	485.13	654.03	820.26	983.83	1,041.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	-1.79%	-0.79%	0.21%
Year 1 PV (M)	285.70	288.61	291.52
Year 2 PV (M)	402.89	411.13	419.46
Year 3 PV (M)	494.98	510.26	525.84
Year 4 PV (M)	565.72	589.12	613.23
Year 5 PV (M)	618.35	650.48	683.93
PV of Terminal Value (M)	11,633.56	12,238.00	12,867.31
Equity Value (M)	14,001.21	14,687.60	15,401.29
Shares Outstanding (M)	6,688.34	6,688.34	6,688.34
Fair Value	$2.09	$2.20	$2.30
Upside / Downside	-62.95%	-61.13%	-59.24%

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Sunway Berhad (5211.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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