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Definitive Analysis

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Thailand Future Fund (TFFIF.BK)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$17.20 - $25.99$21.35
Multi-Stage$33.74 - $37.19$35.43
Blended Fair Value$28.39
Current Price$6.15
Upside361.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20252024202320222021202020192018
DPS0.00%0.00%0.000.430.410.330.360.420.270.000.000.00
YoY Growth---100.00%5.43%22.83%-7.42%-13.87%52.36%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%6.77%6.08%4.34%4.88%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)9,152.56
(-) Cash Dividends Paid (M)544.74
(=) Cash Retained (M)8,607.81
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,830.511,144.07686.44
Cash Retained (M)8,607.818,607.818,607.81
(-) Cash Required (M)-1,830.51-1,144.07-686.44
(=) Excess Retained (M)6,777.307,463.747,921.37
(/) Shares Outstanding (M)4,570.004,570.004,570.00
(=) Excess Retained per Share1.481.631.73
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share1.481.631.73
(=) Adjusted Dividend1.601.751.85
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Fair Value$17.20$21.35$25.99
Upside / Downside179.72%247.09%322.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,152.569,061.038,970.428,880.728,791.918,703.998,965.11
Payout Ratio5.95%22.76%39.57%56.38%73.19%90.00%92.50%
Projected Dividends (M)544.742,062.423,549.695,007.016,434.837,833.598,292.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,905.761,925.211,944.65
Year 2 PV (M)3,030.903,093.073,155.88
Year 3 PV (M)3,950.494,072.664,197.32
Year 4 PV (M)4,691.374,885.815,086.22
Year 5 PV (M)5,277.335,552.135,838.27
PV of Terminal Value (M)135,357.86142,406.26149,745.27
Equity Value (M)154,213.72161,935.14169,967.61
Shares Outstanding (M)4,570.004,570.004,570.00
Fair Value$33.74$35.43$37.19
Upside / Downside448.70%476.17%504.75%

High-Yield Dividend Screener

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