DDM Analysis: KBANK-R.BK

Valuation Snapshot

Stable Growth	$402.61 - $889.19	$579.82
Multi-Stage	$476.66 - $522.03	$498.92
Blended Fair Value	$539.37
Current Price	$167.50
Upside	222.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.17%	7.81%	7.50	4.00	3.25	3.00	4.50	4.04	4.04	4.04	4.04	4.04
YoY Growth	-	-	87.50%	23.08%	8.33%	-33.33%	11.37%	0.00%	0.00%	0.00%	0.00%	14.29%
Dividend Yield	-	-	4.64%	3.23%	2.45%	1.86%	3.10%	4.42%	2.17%	1.91%	2.14%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,780.89
(-) Cash Dividends Paid (M)	29,616.60
(=) Cash Retained (M)	20,164.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,956.18	6,222.61	3,733.57
Cash Retained (M)	20,164.29	20,164.29	20,164.29
(-) Cash Required (M)	-9,956.18	-6,222.61	-3,733.57
(=) Excess Retained (M)	10,208.12	13,941.68	16,430.73
(/) Shares Outstanding (M)	2,369.33	2,369.33	2,369.33
(=) Excess Retained per Share	4.31	5.88	6.93
LTM Dividend per Share	12.50	12.50	12.50
(+) Excess Retained per Share	4.31	5.88	6.93
(=) Adjusted Dividend	16.81	18.38	19.43
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	2.74%	3.74%	4.74%
Fair Value	$402.61	$579.82	$889.19
Upside / Downside	140.37%	246.16%	430.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,780.89	51,643.75	53,576.32	55,581.21	57,661.13	59,818.88	61,613.44
Payout Ratio	59.49%	65.60%	71.70%	77.80%	83.90%	90.00%	92.50%
Projected Dividends (M)	29,616.60	33,875.78	38,412.26	43,240.83	48,376.98	53,836.99	56,992.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	2.74%	3.74%	4.74%
Year 1 PV (M)	31,345.22	31,650.31	31,955.39
Year 2 PV (M)	32,887.73	33,531.05	34,180.59
Year 3 PV (M)	34,256.27	35,266.30	36,295.98
Year 4 PV (M)	35,462.30	36,863.22	38,305.24
Year 5 PV (M)	36,516.65	38,328.68	40,211.94
PV of Terminal Value (M)	958,885.65	1,006,467.60	1,055,919.97
Equity Value (M)	1,129,353.82	1,182,107.15	1,236,869.13
Shares Outstanding (M)	2,369.33	2,369.33	2,369.33
Fair Value	$476.66	$498.92	$522.03
Upside / Downside	184.57%	197.86%	211.66%

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Kasikornbank Public Company Limited (KBANK-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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