DDM Analysis: KTMS.BK

Valuation Snapshot

Stable Growth	$1.13 - $1.70	$1.40
Multi-Stage	$2.15 - $2.37	$2.26
Blended Fair Value	$1.83
Current Price	$2.04
Upside	-10.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.01	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-57.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.98%	1.26%	0.00%	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)	40.94
(-) Cash Dividends Paid (M)	6.99
(=) Cash Retained (M)	33.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.19	5.12	3.07
Cash Retained (M)	33.95	33.95	33.95
(-) Cash Required (M)	-8.19	-5.12	-3.07
(=) Excess Retained (M)	25.77	28.84	30.88
(/) Shares Outstanding (M)	300.20	300.20	300.20
(=) Excess Retained per Share	0.09	0.10	0.10
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.09	0.10	0.10
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.13	$1.40	$1.70
Upside / Downside	-44.49%	-31.40%	-16.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.94	40.53	40.13	39.73	39.33	38.94	40.10
Payout Ratio	17.07%	31.66%	46.24%	60.83%	75.41%	90.00%	92.50%
Projected Dividends (M)	6.99	12.83	18.56	24.16	29.66	35.04	37.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.82	11.94	12.06
Year 2 PV (M)	15.75	16.07	16.40
Year 3 PV (M)	18.90	19.48	20.08
Year 4 PV (M)	21.37	22.26	23.17
Year 5 PV (M)	23.26	24.47	25.74
PV of Terminal Value (M)	554.40	583.26	613.32
Equity Value (M)	645.50	677.50	710.77
Shares Outstanding (M)	300.20	300.20	300.20
Fair Value	$2.15	$2.26	$2.37
Upside / Downside	5.40%	10.63%	16.06%

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Kt Medical Service Public Company Limited (KTMS.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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