DDM Analysis: BDMS-R.BK

Valuation Snapshot

Stable Growth	$41.90 - $204.02	$89.68
Multi-Stage	$27.34 - $29.89	$28.59
Blended Fair Value	$59.14
Current Price	$20.80
Upside	184.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.88%	13.63%	0.70	0.65	0.50	0.80	0.30	0.44	0.35	0.31	0.35	0.22
YoY Growth	-	-	7.50%	30.21%	-37.64%	168.67%	-31.69%	24.07%	12.91%	-11.13%	56.49%	14.99%
Dividend Yield	-	-	3.21%	2.28%	1.69%	3.21%	1.38%	2.31%	1.41%	1.33%	1.65%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,414.99
(-) Cash Dividends Paid (M)	11,920.80
(=) Cash Retained (M)	4,494.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,283.00	2,051.87	1,231.12
Cash Retained (M)	4,494.19	4,494.19	4,494.19
(-) Cash Required (M)	-3,283.00	-2,051.87	-1,231.12
(=) Excess Retained (M)	1,211.19	2,442.32	3,263.07
(/) Shares Outstanding (M)	15,892.00	15,892.00	15,892.00
(=) Excess Retained per Share	0.08	0.15	0.21
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	0.08	0.15	0.21
(=) Adjusted Dividend	0.83	0.90	0.96
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	4.76%	5.76%	6.76%
Fair Value	$41.90	$89.68	$204.02
Upside / Downside	101.46%	331.16%	880.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,414.99	17,361.31	18,362.17	19,420.74	20,540.33	21,724.46	22,376.20
Payout Ratio	72.62%	76.10%	79.57%	83.05%	86.52%	90.00%	92.50%
Projected Dividends (M)	11,920.80	13,211.46	14,611.30	16,128.64	17,772.37	19,552.02	20,697.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	4.76%	5.76%	6.76%
Year 1 PV (M)	12,249.78	12,366.71	12,483.64
Year 2 PV (M)	12,561.58	12,802.53	13,045.77
Year 3 PV (M)	12,856.74	13,228.43	13,607.21
Year 4 PV (M)	13,135.79	13,644.55	14,167.95
Year 5 PV (M)	13,399.24	14,051.05	14,727.99
PV of Terminal Value (M)	370,276.08	388,288.43	406,995.05
Equity Value (M)	434,479.22	454,381.71	475,027.60
Shares Outstanding (M)	15,892.00	15,892.00	15,892.00
Fair Value	$27.34	$28.59	$29.89
Upside / Downside	31.44%	37.46%	43.71%

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8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
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HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
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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%
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Bangkok Dusit Medical Services Public Company Limited (BDMS-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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