DDM Analysis: BAM-R.BK

Valuation Snapshot

Stable Growth	$2.59 - $3.43	$3.03
Multi-Stage	$7.50 - $8.31	$7.90
Blended Fair Value	$5.46
Current Price	$7.10
Upside	-23.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-40.25%	-11.27%	0.38	0.55	0.55	0.51	1.05	4.97	1.36	1.22	1.18	1.16
YoY Growth	-	-	-30.91%	0.00%	7.31%	-51.19%	-78.95%	266.35%	11.08%	3.10%	2.29%	-7.49%
Dividend Yield	-	-	6.36%	5.43%	4.03%	2.48%	4.82%	24.85%	7.75%	6.98%	6.77%	6.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,232.88
(-) Cash Dividends Paid (M)	1,131.19
(=) Cash Retained (M)	1,101.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	446.58	279.11	167.47
Cash Retained (M)	1,101.69	1,101.69	1,101.69
(-) Cash Required (M)	-446.58	-279.11	-167.47
(=) Excess Retained (M)	655.11	822.58	934.22
(/) Shares Outstanding (M)	3,244.02	3,244.02	3,244.02
(=) Excess Retained per Share	0.20	0.25	0.29
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.20	0.25	0.29
(=) Adjusted Dividend	0.55	0.60	0.64
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-11.63%	-10.63%	-9.63%
Fair Value	$2.59	$3.03	$3.43
Upside / Downside	-63.46%	-57.31%	-51.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,232.88	1,995.48	1,783.33	1,593.73	1,424.29	1,272.87	1,311.05
Payout Ratio	50.66%	58.53%	66.40%	74.26%	82.13%	90.00%	92.50%
Projected Dividends (M)	1,131.19	1,167.93	1,184.07	1,183.58	1,169.80	1,145.58	1,212.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-11.63%	-10.63%	-9.63%
Year 1 PV (M)	1,078.03	1,090.23	1,102.43
Year 2 PV (M)	1,008.80	1,031.76	1,054.98
Year 3 PV (M)	930.76	962.72	995.40
Year 4 PV (M)	849.12	888.22	928.64
Year 5 PV (M)	767.53	811.96	858.41
PV of Terminal Value (M)	19,688.24	20,827.73	22,019.38
Equity Value (M)	24,322.49	25,612.61	26,959.24
Shares Outstanding (M)	3,244.02	3,244.02	3,244.02
Fair Value	$7.50	$7.90	$8.31
Upside / Downside	5.60%	11.20%	17.05%

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Bangkok Commercial Asset Management Public Company Limited (BAM-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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