DDM Analysis: 8206.KL

Valuation Snapshot

Stable Growth	$4.87 - $23.31	$10.58
Multi-Stage	$3.64 - $3.99	$3.81
Blended Fair Value	$7.19
Current Price	$1.88
Upside	282.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	57.36%	0.06	0.06	0.05	0.04	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.10%	20.00%	25.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.21%	4.25%	6.77%	4.04%	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)	374.04
(-) Cash Dividends Paid (M)	206.74
(=) Cash Retained (M)	167.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.81	46.75	28.05
Cash Retained (M)	167.30	167.30	167.30
(-) Cash Required (M)	-74.81	-46.75	-28.05
(=) Excess Retained (M)	92.49	120.55	139.25
(/) Shares Outstanding (M)	3,151.37	3,151.37	3,151.37
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	4.16%	5.16%	6.16%
Fair Value	$4.87	$10.58	$23.31
Upside / Downside	158.81%	462.54%	1,139.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	374.04	393.34	413.65	435.00	457.45	481.06	495.49
Payout Ratio	55.27%	62.22%	69.16%	76.11%	83.05%	90.00%	92.50%
Projected Dividends (M)	206.74	244.73	286.09	331.07	379.93	432.96	458.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	4.16%	5.16%	6.16%
Year 1 PV (M)	228.26	230.45	232.64
Year 2 PV (M)	248.89	253.69	258.54
Year 3 PV (M)	268.64	276.45	284.41
Year 4 PV (M)	287.54	298.75	310.27
Year 5 PV (M)	305.63	320.58	336.12
PV of Terminal Value (M)	10,128.66	10,624.28	11,139.12
Equity Value (M)	11,467.61	12,004.20	12,561.10
Shares Outstanding (M)	3,151.37	3,151.37	3,151.37
Fair Value	$3.64	$3.81	$3.99
Upside / Downside	93.56%	102.62%	112.02%

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Eco World Development Group Berhad (8206.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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