DDM Analysis: HFT.BK

Valuation Snapshot

Stable Growth	$3.59 - $5.42	$4.45
Multi-Stage	$4.67 - $5.13	$4.90
Blended Fair Value	$4.67
Current Price	$4.20
Upside	11.28%
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	30.87%	14.39%	0.57	0.38	0.42	0.31	0.14	0.15	0.20	0.10	0.20	0.15
YoY Growth	-	-	51.49%	-10.60%	34.90%	117.35%	-3.33%	-25.05%	100.00%	-50.00%	33.33%	0.00%
Dividend Yield	-	-	15.51%	9.06%	7.95%	3.79%	2.10%	6.64%	6.75%	2.65%	3.97%	2.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	270.18
(-) Cash Dividends Paid (M)	2.21
(=) Cash Retained (M)	267.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.04	33.77	20.26
Cash Retained (M)	267.97	267.97	267.97
(-) Cash Required (M)	-54.04	-33.77	-20.26
(=) Excess Retained (M)	213.93	234.20	247.71
(/) Shares Outstanding (M)	663.76	663.76	663.76
(=) Excess Retained per Share	0.32	0.35	0.37
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.32	0.35	0.37
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	0.38%	1.38%	2.38%
Fair Value	$3.59	$4.45	$5.42
Upside / Downside	-14.62%	5.93%	28.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	270.18	273.92	277.71	281.55	285.44	289.39	298.08
Payout Ratio	0.82%	18.65%	36.49%	54.33%	72.16%	90.00%	92.50%
Projected Dividends (M)	2.21	51.10	101.34	152.96	205.99	260.45	275.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	0.38%	1.38%	2.38%
Year 1 PV (M)	46.21	46.67	47.13
Year 2 PV (M)	82.86	84.52	86.19
Year 3 PV (M)	113.09	116.50	119.98
Year 4 PV (M)	137.71	143.28	149.02
Year 5 PV (M)	157.45	165.45	173.77
PV of Terminal Value (M)	2,564.49	2,694.80	2,830.34
Equity Value (M)	3,101.81	3,251.22	3,406.44
Shares Outstanding (M)	663.76	663.76	663.76
Fair Value	$4.67	$4.90	$5.13
Upside / Downside	11.26%	16.62%	22.19%

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Hwa Fong Rubber (Thailand) Public Company Limited (HFT.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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