DDM Analysis: THANI.BK

Valuation Snapshot

Stable Growth	$1.29 - $1.95	$1.60
Multi-Stage	$3.00 - $3.30	$3.15
Blended Fair Value	$2.38
Current Price	$1.66
Upside	43.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-40.19%	8.89%	0.02	0.15	0.15	0.15	0.10	0.24	0.01	0.08	0.07	0.01
YoY Growth	-	-	-88.23%	0.01%	-0.01%	59.37%	-59.18%	1,941.66%	-85.71%	16.67%	620.00%	25.00%
Dividend Yield	-	-	1.06%	6.60%	4.64%	4.09%	2.36%	8.80%	0.30%	2.00%	3.22%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	955.60
(-) Cash Dividends Paid (M)	436.05
(=) Cash Retained (M)	519.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	191.12	119.45	71.67
Cash Retained (M)	519.56	519.56	519.56
(-) Cash Required (M)	-191.12	-119.45	-71.67
(=) Excess Retained (M)	328.44	400.11	447.89
(/) Shares Outstanding (M)	6,229.33	6,229.33	6,229.33
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-2.63%	-1.63%	-0.63%
Fair Value	$1.29	$1.60	$1.95
Upside / Downside	-22.02%	-3.37%	17.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	955.60	939.99	924.63	909.52	894.66	880.05	906.45
Payout Ratio	45.63%	54.50%	63.38%	72.25%	81.13%	90.00%	92.50%
Projected Dividends (M)	436.05	512.34	586.02	657.15	725.81	792.04	838.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-2.63%	-1.63%	-0.63%
Year 1 PV (M)	475.74	480.63	485.51
Year 2 PV (M)	505.29	515.73	526.27
Year 3 PV (M)	526.16	542.54	559.25
Year 4 PV (M)	539.62	562.13	585.34
Year 5 PV (M)	546.81	575.47	605.32
PV of Terminal Value (M)	16,092.55	16,936.10	17,814.65
Equity Value (M)	18,686.17	19,612.59	20,576.35
Shares Outstanding (M)	6,229.33	6,229.33	6,229.33
Fair Value	$3.00	$3.15	$3.30
Upside / Downside	80.71%	89.66%	98.98%

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298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
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NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
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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%
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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%
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%
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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%
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PWO.DE	PWO AG	5.95%	$1.75	48.89%
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Ratchthani Leasing Public Company Limited (THANI.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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