DDM Analysis: MTC-R.BK

Valuation Snapshot

Stable Growth	$497.51 - $586.15	$549.31
Multi-Stage	$138.95 - $152.38	$145.54
Blended Fair Value	$347.42
Current Price	$35.25
Upside	885.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.18%	4.03%	0.21	0.95	0.37	0.37	0.30	0.26	0.18	0.10	0.20	0.13
YoY Growth	-	-	-77.89%	156.76%	0.00%	23.33%	15.38%	44.44%	80.00%	-50.00%	53.85%	-8.13%
Dividend Yield	-	-	0.58%	2.01%	1.07%	0.70%	0.42%	0.74%	0.40%	0.26%	0.64%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,251.92
(-) Cash Dividends Paid (M)	530.00
(=) Cash Retained (M)	5,721.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,250.38	781.49	468.89
Cash Retained (M)	5,721.92	5,721.92	5,721.92
(-) Cash Required (M)	-1,250.38	-781.49	-468.89
(=) Excess Retained (M)	4,471.54	4,940.43	5,253.03
(/) Shares Outstanding (M)	2,121.23	2,121.23	2,121.23
(=) Excess Retained per Share	2.11	2.33	2.48
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	2.11	2.33	2.48
(=) Adjusted Dividend	2.36	2.58	2.73
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$497.51	$549.31	$586.15
Upside / Downside	1,311.37%	1,458.31%	1,562.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,251.92	6,658.30	7,091.09	7,552.01	8,042.89	8,565.68	8,822.65
Payout Ratio	8.48%	24.78%	41.09%	57.39%	73.70%	90.00%	92.50%
Projected Dividends (M)	530.00	1,650.05	2,913.48	4,334.17	5,927.25	7,709.11	8,160.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,553.98	1,568.70	1,583.43
Year 2 PV (M)	2,584.06	2,633.28	2,682.97
Year 3 PV (M)	3,620.29	3,724.22	3,830.11
Year 4 PV (M)	4,662.69	4,842.00	5,026.44
Year 5 PV (M)	5,711.28	5,987.14	6,273.56
PV of Terminal Value (M)	276,610.24	289,970.62	303,842.33
Equity Value (M)	294,742.55	308,725.97	323,238.84
Shares Outstanding (M)	2,121.23	2,121.23	2,121.23
Fair Value	$138.95	$145.54	$152.38
Upside / Downside	294.18%	312.88%	332.29%

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Muangthai Capital Public Company Limited (MTC-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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