DDM Analysis: BLA-R.BK

Valuation Snapshot

Stable Growth	$18.73 - $26.70	$22.65
Multi-Stage	$46.79 - $51.70	$49.20
Blended Fair Value	$35.92
Current Price	$15.40
Upside	133.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.14%	0.03%	0.40	0.56	0.88	0.23	0.32	0.72	0.54	0.75	0.64	0.78
YoY Growth	-	-	-28.72%	-36.31%	281.86%	-28.25%	-55.46%	33.30%	-27.71%	16.96%	-17.81%	95.36%
Dividend Yield	-	-	2.20%	3.20%	3.14%	0.53%	1.23%	6.05%	1.93%	2.33%	1.24%	1.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,885.43
(-) Cash Dividends Paid (M)	679.87
(=) Cash Retained (M)	4,205.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	977.09	610.68	366.41
Cash Retained (M)	4,205.56	4,205.56	4,205.56
(-) Cash Required (M)	-977.09	-610.68	-366.41
(=) Excess Retained (M)	3,228.47	3,594.88	3,839.15
(/) Shares Outstanding (M)	1,705.35	1,705.35	1,705.35
(=) Excess Retained per Share	1.89	2.11	2.25
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	1.89	2.11	2.25
(=) Adjusted Dividend	2.29	2.51	2.65
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-4.90%	-3.90%	-2.90%
Fair Value	$18.73	$22.65	$26.70
Upside / Downside	21.62%	47.06%	73.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,885.43	4,694.80	4,511.60	4,335.56	4,166.38	4,003.80	4,123.92
Payout Ratio	13.92%	29.13%	44.35%	59.57%	74.78%	90.00%	92.50%
Projected Dividends (M)	679.87	1,367.74	2,000.89	2,582.54	3,115.75	3,603.42	3,814.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-4.90%	-3.90%	-2.90%
Year 1 PV (M)	1,268.10	1,281.44	1,294.77
Year 2 PV (M)	1,719.99	1,756.35	1,793.10
Year 3 PV (M)	2,058.27	2,123.88	2,190.88
Year 4 PV (M)	2,302.34	2,400.72	2,502.22
Year 5 PV (M)	2,468.73	2,601.29	2,739.48
PV of Terminal Value (M)	69,977.80	73,735.25	77,652.39
Equity Value (M)	79,795.23	83,898.93	88,172.84
Shares Outstanding (M)	1,705.35	1,705.35	1,705.35
Fair Value	$46.79	$49.20	$51.70
Upside / Downside	203.84%	219.46%	235.74%

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Bangkok Life Assurance Public Company Limited (BLA-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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