DDM Analysis: 5306.KL

Valuation Snapshot

Stable Growth	$0.61 - $0.94	$0.76
Multi-Stage	$1.36 - $1.50	$1.43
Blended Fair Value	$1.09
Current Price	$2.27
Upside	-51.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	120.25%	-5.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.20%	0.64%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.68
(-) Cash Dividends Paid (M)	41.23
(=) Cash Retained (M)	82.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.74	15.46	9.28
Cash Retained (M)	82.45	82.45	82.45
(-) Cash Required (M)	-24.74	-15.46	-9.28
(=) Excess Retained (M)	57.72	66.99	73.18
(/) Shares Outstanding (M)	1,881.38	1,881.38	1,881.38
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.61	$0.76	$0.94
Upside / Downside	-73.22%	-66.45%	-58.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.68	122.45	121.22	120.01	118.81	117.62	121.15
Payout Ratio	33.34%	44.67%	56.00%	67.33%	78.67%	90.00%	92.50%
Projected Dividends (M)	41.23	54.69	67.89	80.81	93.46	105.86	112.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.85	51.37	51.89
Year 2 PV (M)	58.67	59.88	61.09
Year 3 PV (M)	64.93	66.94	68.99
Year 4 PV (M)	69.82	72.71	75.69
Year 5 PV (M)	73.52	77.34	81.33
PV of Terminal Value (M)	2,237.63	2,354.15	2,475.47
Equity Value (M)	2,555.41	2,682.38	2,814.46
Shares Outstanding (M)	1,881.38	1,881.38	1,881.38
Fair Value	$1.36	$1.43	$1.50
Upside / Downside	-40.16%	-37.19%	-34.10%

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Farm Fresh Berhad (5306.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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