DDM Analysis: TFMAMA.BK

Valuation Snapshot

Stable Growth	$1,254.36 - $2,393.27	$2,242.84
Multi-Stage	$378.67 - $414.27	$396.14
Blended Fair Value	$1,319.49
Current Price	$197.50
Upside	568.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.52%	12.36%	6.72	4.99	3.24	4.25	4.90	4.27	3.54	3.72	3.50	2.05
YoY Growth	-	-	34.76%	54.01%	-23.76%	-13.22%	14.73%	20.58%	-4.98%	6.29%	71.18%	-2.33%
Dividend Yield	-	-	3.39%	2.40%	1.62%	2.04%	2.54%	2.26%	2.21%	2.05%	1.59%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,967.66
(-) Cash Dividends Paid (M)	2,284.60
(=) Cash Retained (M)	1,683.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	793.53	495.96	297.57
Cash Retained (M)	1,683.06	1,683.06	1,683.06
(-) Cash Required (M)	-793.53	-495.96	-297.57
(=) Excess Retained (M)	889.53	1,187.10	1,385.49
(/) Shares Outstanding (M)	329.70	329.70	329.70
(=) Excess Retained per Share	2.70	3.60	4.20
LTM Dividend per Share	6.93	6.93	6.93
(+) Excess Retained per Share	2.70	3.60	4.20
(=) Adjusted Dividend	9.63	10.53	11.13
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,254.36	$2,242.84	$2,393.27
Upside / Downside	535.12%	1,035.62%	1,111.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,967.66	4,225.56	4,500.22	4,792.74	5,104.27	5,436.04	5,599.13
Payout Ratio	57.58%	64.06%	70.55%	77.03%	83.52%	90.00%	92.50%
Projected Dividends (M)	2,284.60	2,707.08	3,174.83	3,691.95	4,262.89	4,892.44	5,179.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,522.50	2,546.41	2,570.32
Year 2 PV (M)	2,756.64	2,809.15	2,862.15
Year 3 PV (M)	2,987.07	3,072.82	3,160.20
Year 4 PV (M)	3,213.83	3,337.43	3,464.55
Year 5 PV (M)	3,436.96	3,602.97	3,775.33
PV of Terminal Value (M)	109,931.20	115,240.92	120,753.86
Equity Value (M)	124,848.22	130,609.70	136,586.41
Shares Outstanding (M)	329.70	329.70	329.70
Fair Value	$378.67	$396.14	$414.27
Upside / Downside	91.73%	100.58%	109.76%

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Thai President Foods Public Company Limited (TFMAMA.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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