DDM Analysis: FSMART.BK

Valuation Snapshot

Stable Growth	$3.40 - $4.62	$4.02
Multi-Stage	$10.02 - $11.10	$10.55
Blended Fair Value	$7.29
Current Price	$5.70
Upside	27.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.16%	0.00%	0.41	0.34	0.40	0.56	0.65	0.66	0.63	0.53	0.34	0.35
YoY Growth	-	-	20.59%	-15.00%	-28.57%	-13.67%	-2.14%	5.33%	18.49%	56.25%	-3.03%	0.00%
Dividend Yield	-	-	7.04%	5.33%	3.87%	3.64%	7.18%	12.00%	8.89%	4.90%	1.85%	2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	543.70
(-) Cash Dividends Paid (M)	173.22
(=) Cash Retained (M)	370.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.74	67.96	40.78
Cash Retained (M)	370.48	370.48	370.48
(-) Cash Required (M)	-108.74	-67.96	-40.78
(=) Excess Retained (M)	261.74	302.52	329.70
(/) Shares Outstanding (M)	756.51	756.51	756.51
(=) Excess Retained per Share	0.35	0.40	0.44
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.35	0.40	0.44
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-8.76%	-7.76%	-6.76%
Fair Value	$3.40	$4.02	$4.62
Upside / Downside	-40.33%	-29.44%	-18.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	543.70	501.50	462.58	426.68	393.56	363.01	373.90
Payout Ratio	31.86%	43.49%	55.12%	66.74%	78.37%	90.00%	92.50%
Projected Dividends (M)	173.22	218.09	254.95	284.78	308.44	326.71	345.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-8.76%	-7.76%	-6.76%
Year 1 PV (M)	202.26	204.47	206.69
Year 2 PV (M)	219.27	224.10	228.99
Year 3 PV (M)	227.13	234.69	242.40
Year 4 PV (M)	228.14	238.31	248.81
Year 5 PV (M)	224.11	236.66	249.77
PV of Terminal Value (M)	6,479.38	6,842.33	7,221.36
Equity Value (M)	7,580.29	7,980.56	8,398.02
Shares Outstanding (M)	756.51	756.51	756.51
Fair Value	$10.02	$10.55	$11.10
Upside / Downside	75.79%	85.07%	94.75%

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Forth Smart Service Public Company Limited (FSMART.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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