DDM Analysis: BNII.JK

Valuation Snapshot

Stable Growth	$172.46 - $259.25	$213.52
Multi-Stage	$357.46 - $393.62	$375.19
Blended Fair Value	$294.35
Current Price	$202.00
Upside	45.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.26%	0.00%	10.29	7.72	6.47	3.32	4.83	6.61	4.73	5.11	0.00	0.00
YoY Growth	-	-	33.33%	19.24%	94.85%	-31.27%	-26.87%	39.66%	-7.38%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.42%	3.04%	2.81%	1.09%	1.34%	4.79%	1.75%	1.88%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,563,233.00
(-) Cash Dividends Paid (M)	446,335.00
(=) Cash Retained (M)	1,116,898.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	312,646.60	195,404.13	117,242.48
Cash Retained (M)	1,116,898.00	1,116,898.00	1,116,898.00
(-) Cash Required (M)	-312,646.60	-195,404.13	-117,242.48
(=) Excess Retained (M)	804,251.40	921,493.88	999,655.53
(/) Shares Outstanding (M)	76,215.20	76,215.20	76,215.20
(=) Excess Retained per Share	10.55	12.09	13.12
LTM Dividend per Share	5.86	5.86	5.86
(+) Excess Retained per Share	10.55	12.09	13.12
(=) Adjusted Dividend	16.41	17.95	18.97
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.27%	-1.27%	-0.27%
Fair Value	$172.46	$213.52	$259.25
Upside / Downside	-14.62%	5.70%	28.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,563,233.00	1,543,423.83	1,523,865.68	1,504,555.37	1,485,489.76	1,466,665.75	1,510,665.72
Payout Ratio	28.55%	40.84%	53.13%	65.42%	77.71%	90.00%	92.50%
Projected Dividends (M)	446,335.00	630,359.55	809,648.54	984,292.44	1,154,380.17	1,319,999.18	1,397,365.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.27%	-1.27%	-0.27%
Year 1 PV (M)	582,982.94	588,948.01	594,913.08
Year 2 PV (M)	692,518.78	706,762.95	721,152.14
Year 3 PV (M)	778,622.00	802,767.92	827,407.94
Year 4 PV (M)	844,537.41	879,636.69	915,818.83
Year 5 PV (M)	893,122.85	939,759.57	988,324.47
PV of Terminal Value (M)	23,452,391.37	24,677,018.83	25,952,277.92
Equity Value (M)	27,244,175.34	28,594,893.97	29,999,894.38
Shares Outstanding (M)	76,215.20	76,215.20	76,215.20
Fair Value	$357.46	$375.19	$393.62
Upside / Downside	76.96%	85.74%	94.86%

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PT Bank Maybank Indonesia Tbk (BNII.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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