DDM Analysis: 3026.KL

Valuation Snapshot

Stable Growth	$16.39 - $25.47	$20.59
Multi-Stage	$37.65 - $41.48	$39.53
Blended Fair Value	$30.06
Current Price	$27.12
Upside	10.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-12.94%	0.00%	0.50	0.50	0.50	0.50	0.80	1.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-37.50%	-20.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.73%	1.54%	1.89%	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)	111.21
(-) Cash Dividends Paid (M)	32.00
(=) Cash Retained (M)	79.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.24	13.90	8.34
Cash Retained (M)	79.21	79.21	79.21
(-) Cash Required (M)	-22.24	-13.90	-8.34
(=) Excess Retained (M)	56.97	65.31	70.87
(/) Shares Outstanding (M)	64.00	64.00	64.00
(=) Excess Retained per Share	0.89	1.02	1.11
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.89	1.02	1.11
(=) Adjusted Dividend	1.39	1.52	1.61
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$16.39	$20.59	$25.47
Upside / Downside	-39.55%	-24.07%	-6.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.21	110.10	109.00	107.91	106.83	105.76	108.94
Payout Ratio	28.77%	41.02%	53.26%	65.51%	77.75%	90.00%	92.50%
Projected Dividends (M)	32.00	45.16	58.06	70.69	83.07	95.19	100.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	42.05	42.48	42.91
Year 2 PV (M)	50.34	51.37	52.41
Year 3 PV (M)	57.07	58.84	60.64
Year 4 PV (M)	62.44	65.03	67.70
Year 5 PV (M)	66.63	70.10	73.71
PV of Terminal Value (M)	2,131.03	2,242.00	2,357.54
Equity Value (M)	2,409.57	2,529.82	2,654.91
Shares Outstanding (M)	64.00	64.00	64.00
Fair Value	$37.65	$39.53	$41.48
Upside / Downside	38.83%	45.75%	52.96%

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Financial Statements

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Sector

Dutch Lady Milk Industries Berhad (3026.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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