DDM Analysis: KDH.BK

Valuation Snapshot

Stable Growth	$496.86 - $1,554.95	$1,457.21
Multi-Stage	$207.92 - $227.54	$217.55
Blended Fair Value	$837.38
Current Price	$85.00
Upside	885.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	107.66%	1.97	0.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	167.52%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	2.24%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.56
(-) Cash Dividends Paid (M)	49.27
(=) Cash Retained (M)	102.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.31	18.94	11.37
Cash Retained (M)	102.29	102.29	102.29
(-) Cash Required (M)	-30.31	-18.94	-11.37
(=) Excess Retained (M)	71.98	83.34	90.92
(/) Shares Outstanding (M)	19.38	19.38	19.38
(=) Excess Retained per Share	3.71	4.30	4.69
LTM Dividend per Share	2.54	2.54	2.54
(+) Excess Retained per Share	3.71	4.30	4.69
(=) Adjusted Dividend	6.25	6.84	7.23
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$496.86	$1,457.21	$1,554.95
Upside / Downside	484.55%	1,614.37%	1,729.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.56	161.41	171.90	183.08	194.98	207.65	213.88
Payout Ratio	32.51%	44.01%	55.51%	67.00%	78.50%	90.00%	92.50%
Projected Dividends (M)	49.27	71.03	95.42	122.67	153.06	186.89	197.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.87	66.49	67.12
Year 2 PV (M)	82.05	83.61	85.19
Year 3 PV (M)	97.81	100.62	103.48
Year 4 PV (M)	113.17	117.52	122.00
Year 5 PV (M)	128.13	134.32	140.75
PV of Terminal Value (M)	3,543.32	3,714.47	3,892.16
Equity Value (M)	4,030.35	4,217.03	4,410.69
Shares Outstanding (M)	19.38	19.38	19.38
Fair Value	$207.92	$217.55	$227.54
Upside / Downside	144.61%	155.94%	167.69%

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Thonburi Medical Centre Public Company Limited (KDH.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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