DDM Analysis: M-CHAI.BK

Valuation Snapshot

Stable Growth	$26.22 - $119.98	$59.67
Multi-Stage	$13.82 - $15.11	$14.46
Blended Fair Value	$37.06
Current Price	$16.10
Upside	130.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.92%	6.08%	0.70	0.80	0.70	0.20	0.30	0.33	0.41	0.44	0.42	0.30
YoY Growth	-	-	-12.57%	14.52%	250.52%	-33.55%	-10.24%	-18.17%	-6.65%	4.86%	40.00%	-23.13%
Dividend Yield	-	-	3.56%	1.25%	1.77%	0.65%	1.67%	2.40%	2.25%	2.24%	1.53%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.52
(-) Cash Dividends Paid (M)	40.53
(=) Cash Retained (M)	56.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.30	12.07	7.24
Cash Retained (M)	56.00	56.00	56.00
(-) Cash Required (M)	-19.30	-12.07	-7.24
(=) Excess Retained (M)	36.69	43.93	48.76
(/) Shares Outstanding (M)	160.00	160.00	160.00
(=) Excess Retained per Share	0.23	0.27	0.30
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.23	0.27	0.30
(=) Adjusted Dividend	0.48	0.53	0.56
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.22	$59.67	$119.98
Upside / Downside	62.84%	270.63%	645.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.52	102.80	109.48	116.60	124.18	132.25	136.21
Payout Ratio	41.99%	51.59%	61.19%	70.80%	80.40%	90.00%	92.50%
Projected Dividends (M)	40.53	53.03	66.99	82.55	99.83	119.02	126.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.90	49.36	49.82
Year 2 PV (M)	56.95	58.04	59.13
Year 3 PV (M)	64.70	66.55	68.45
Year 4 PV (M)	72.14	74.92	77.77
Year 5 PV (M)	79.30	83.13	87.11
PV of Terminal Value (M)	1,889.80	1,981.08	2,075.85
Equity Value (M)	2,211.79	2,313.08	2,418.13
Shares Outstanding (M)	160.00	160.00	160.00
Fair Value	$13.82	$14.46	$15.11
Upside / Downside	-14.14%	-10.21%	-6.13%

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Mahachai Hospital Public Company Limited (M-CHAI.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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