DDM Analysis: 7148.KL

Valuation Snapshot

Stable Growth	$6.97 - $17.26	$16.18
Multi-Stage	$2.52 - $2.76	$2.64
Blended Fair Value	$9.41
Current Price	$1.32
Upside	612.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.76%	1.04%	0.03	0.01	0.01	0.05	0.01	0.01	0.01	0.02	0.02	0.03
YoY Growth	-	-	204.30%	7.90%	-81.75%	521.75%	19.32%	-53.96%	-27.41%	-18.75%	-28.89%	29.18%
Dividend Yield	-	-	2.33%	0.76%	0.55%	3.14%	0.36%	0.61%	1.41%	2.09%	3.12%	3.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.50
(-) Cash Dividends Paid (M)	33.67
(=) Cash Retained (M)	49.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.70	10.44	6.26
Cash Retained (M)	49.83	49.83	49.83
(-) Cash Required (M)	-16.70	-10.44	-6.26
(=) Excess Retained (M)	33.13	39.39	43.57
(/) Shares Outstanding (M)	961.94	961.94	961.94
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.48%	6.48%	7.48%
Fair Value	$6.97	$16.18	$17.26
Upside / Downside	428.10%	1,125.39%	1,207.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.50	88.91	94.68	100.82	107.35	114.31	117.74
Payout Ratio	40.32%	50.26%	60.19%	70.13%	80.06%	90.00%	92.50%
Projected Dividends (M)	33.67	44.68	56.99	70.70	85.95	102.88	108.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.48%	6.48%	7.48%
Year 1 PV (M)	41.55	41.94	42.34
Year 2 PV (M)	49.27	50.21	51.16
Year 3 PV (M)	56.84	58.47	60.14
Year 4 PV (M)	64.25	66.72	69.27
Year 5 PV (M)	71.51	74.97	78.56
PV of Terminal Value (M)	2,141.83	2,245.30	2,352.72
Equity Value (M)	2,425.26	2,537.62	2,654.18
Shares Outstanding (M)	961.94	961.94	961.94
Fair Value	$2.52	$2.64	$2.76
Upside / Downside	91.00%	99.85%	109.03%

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Duopharma Biotech Berhad (7148.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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