DDM Analysis: TWPC.BK

Valuation Snapshot

Stable Growth	$1.45 - $2.19	$1.80
Multi-Stage	$3.59 - $3.96	$3.77
Blended Fair Value	$2.79
Current Price	$2.54
Upside	9.73%
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	-22.31%	-6.51%	0.09	0.22	0.22	0.13	0.13	0.32	0.32	0.21	0.36	0.00
YoY Growth	-	-	-57.84%	-0.01%	61.08%	0.08%	-58.34%	0.40%	52.43%	-41.66%	4,091,037.75%	-100.00%
Dividend Yield	-	-	3.82%	5.96%	4.44%	1.97%	2.75%	11.47%	3.88%	1.68%	3.07%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	152.32
(-) Cash Dividends Paid (M)	50.13
(=) Cash Retained (M)	102.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.46	19.04	11.42
Cash Retained (M)	102.20	102.20	102.20
(-) Cash Required (M)	-30.46	-19.04	-11.42
(=) Excess Retained (M)	71.73	83.16	90.77
(/) Shares Outstanding (M)	880.42	880.42	880.42
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.93%	-1.93%	-0.93%
Fair Value	$1.45	$1.80	$2.19
Upside / Downside	-42.77%	-29.09%	-13.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	152.32	149.38	146.49	143.66	140.89	138.16	142.31
Payout Ratio	32.91%	44.33%	55.74%	67.16%	78.58%	90.00%	92.50%
Projected Dividends (M)	50.13	66.22	81.66	96.49	110.71	124.35	131.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.93%	-1.93%	-0.93%
Year 1 PV (M)	61.65	62.29	62.92
Year 2 PV (M)	70.79	72.26	73.74
Year 3 PV (M)	77.88	80.31	82.79
Year 4 PV (M)	83.19	86.68	90.27
Year 5 PV (M)	87.00	91.57	96.34
PV of Terminal Value (M)	2,782.60	2,928.91	3,081.32
Equity Value (M)	3,163.11	3,322.01	3,487.37
Shares Outstanding (M)	880.42	880.42	880.42
Fair Value	$3.59	$3.77	$3.96
Upside / Downside	41.45%	48.55%	55.95%

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Thai Wah Public Company Limited (TWPC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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