DDM Analysis: BAY-R.BK

Valuation Snapshot

Stable Growth	$52.98 - $90.99	$69.40
Multi-Stage	$83.59 - $91.85	$87.64
Blended Fair Value	$78.52
Current Price	$23.50
Upside	234.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.19%	2.65%	0.86	0.86	0.86	0.75	0.45	0.85	0.87	0.86	0.81	0.84
YoY Growth	-	-	0.04%	-0.03%	14.40%	66.67%	-47.06%	-1.80%	0.52%	6.16%	-3.32%	27.00%
Dividend Yield	-	-	3.78%	3.18%	2.96%	2.13%	1.20%	4.47%	2.32%	2.14%	2.11%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,887.75
(-) Cash Dividends Paid (M)	6,365.48
(=) Cash Retained (M)	24,522.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,177.55	3,860.97	2,316.58
Cash Retained (M)	24,522.27	24,522.27	24,522.27
(-) Cash Required (M)	-6,177.55	-3,860.97	-2,316.58
(=) Excess Retained (M)	18,344.72	20,661.30	22,205.69
(/) Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
(=) Excess Retained per Share	2.49	2.81	3.02
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.49	2.81	3.02
(=) Adjusted Dividend	3.36	3.67	3.88
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.65%	1.65%	2.65%
Fair Value	$52.98	$69.40	$90.99
Upside / Downside	125.44%	195.30%	287.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,887.75	31,397.23	31,915.11	32,441.53	32,976.64	33,520.57	34,526.18
Payout Ratio	20.61%	34.49%	48.37%	62.24%	76.12%	90.00%	92.50%
Projected Dividends (M)	6,365.48	10,827.88	15,435.76	20,192.70	25,102.37	30,168.51	31,936.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.65%	1.65%	2.65%
Year 1 PV (M)	10,017.02	10,116.54	10,216.06
Year 2 PV (M)	13,210.46	13,474.27	13,740.69
Year 3 PV (M)	15,987.46	16,468.74	16,959.58
Year 4 PV (M)	18,386.32	19,127.98	19,891.87
Year 5 PV (M)	20,442.26	21,478.16	22,555.63
PV of Terminal Value (M)	536,790.44	563,991.95	592,285.20
Equity Value (M)	614,833.94	644,657.64	675,649.02
Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
Fair Value	$83.59	$87.64	$91.85
Upside / Downside	255.68%	272.94%	290.86%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

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Bank of Ayudhya Public Company Limited (BAY-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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