DDM Analysis: CK-R.BK

Valuation Snapshot

Stable Growth	$13.13 - $21.55	$16.88
Multi-Stage	$26.16 - $28.79	$27.45
Blended Fair Value	$22.17
Current Price	$11.30
Upside	96.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.71%	-2.78%	0.30	0.25	0.39	0.20	0.20	0.50	0.45	0.50	0.65	0.60
YoY Growth	-	-	20.73%	-36.53%	100.01%	-2.13%	-60.00%	11.15%	-10.00%	-23.11%	8.33%	50.82%
Dividend Yield	-	-	2.18%	1.08%	1.90%	0.97%	1.12%	3.28%	1.79%	2.08%	2.40%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,981.82
(-) Cash Dividends Paid (M)	506.48
(=) Cash Retained (M)	1,475.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	396.36	247.73	148.64
Cash Retained (M)	1,475.34	1,475.34	1,475.34
(-) Cash Required (M)	-396.36	-247.73	-148.64
(=) Excess Retained (M)	1,078.98	1,227.62	1,326.71
(/) Shares Outstanding (M)	1,686.73	1,686.73	1,686.73
(=) Excess Retained per Share	0.64	0.73	0.79
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.64	0.73	0.79
(=) Adjusted Dividend	0.94	1.03	1.09
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-0.69%	0.31%	1.31%
Fair Value	$13.13	$16.88	$21.55
Upside / Downside	16.21%	49.40%	90.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,981.82	1,988.00	1,994.19	2,000.39	2,006.62	2,012.87	2,073.26
Payout Ratio	25.56%	38.45%	51.33%	64.22%	77.11%	90.00%	92.50%
Projected Dividends (M)	506.48	764.29	1,023.69	1,284.70	1,547.33	1,811.58	1,917.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-0.69%	0.31%	1.31%
Year 1 PV (M)	711.02	718.18	725.34
Year 2 PV (M)	885.97	903.90	922.01
Year 3 PV (M)	1,034.37	1,065.94	1,098.13
Year 4 PV (M)	1,159.00	1,206.39	1,255.22
Year 5 PV (M)	1,262.36	1,327.21	1,394.69
PV of Terminal Value (M)	39,072.29	41,079.47	43,168.30
Equity Value (M)	44,125.01	46,301.08	48,563.69
Shares Outstanding (M)	1,686.73	1,686.73	1,686.73
Fair Value	$26.16	$27.45	$28.79
Upside / Downside	131.51%	142.92%	154.79%

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CH. Karnchang Public Company Limited (CK-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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