DDM Analysis: SPALI-R.BK

Valuation Snapshot

Stable Growth	$69.11 - $265.89	$116.85
Multi-Stage	$71.18 - $78.01	$74.53
Blended Fair Value	$95.69
Current Price	$18.20
Upside	425.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.23%	7.43%	1.36	1.46	1.46	1.01	1.12	1.11	0.43	0.49	0.89	1.02
YoY Growth	-	-	-6.87%	0.09%	45.20%	-9.83%	0.80%	155.81%	-11.26%	-44.95%	-13.12%	53.34%
Dividend Yield	-	-	8.51%	6.93%	6.58%	4.64%	5.22%	7.43%	2.22%	2.27%	3.55%	5.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,665.39
(-) Cash Dividends Paid (M)	2,700.75
(=) Cash Retained (M)	1,964.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	933.08	583.17	349.90
Cash Retained (M)	1,964.64	1,964.64	1,964.64
(-) Cash Required (M)	-933.08	-583.17	-349.90
(=) Excess Retained (M)	1,031.56	1,381.47	1,614.74
(/) Shares Outstanding (M)	1,935.02	1,935.02	1,935.02
(=) Excess Retained per Share	0.53	0.71	0.83
LTM Dividend per Share	1.40	1.40	1.40
(+) Excess Retained per Share	0.53	0.71	0.83
(=) Adjusted Dividend	1.93	2.11	2.23
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	3.31%	4.31%	5.31%
Fair Value	$69.11	$116.85	$265.89
Upside / Downside	279.73%	542.01%	1,360.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,665.39	4,866.55	5,076.38	5,295.26	5,523.58	5,761.74	5,934.59
Payout Ratio	57.89%	64.31%	70.73%	77.16%	83.58%	90.00%	92.50%
Projected Dividends (M)	2,700.75	3,129.73	3,590.70	4,085.59	4,616.48	5,185.57	5,489.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	3.31%	4.31%	5.31%
Year 1 PV (M)	2,918.90	2,947.16	2,975.41
Year 2 PV (M)	3,123.22	3,183.98	3,245.32
Year 3 PV (M)	3,314.29	3,411.47	3,510.53
Year 4 PV (M)	3,492.69	3,629.89	3,771.10
Year 5 PV (M)	3,658.95	3,839.49	4,027.10
PV of Terminal Value (M)	121,230.18	127,212.07	133,427.79
Equity Value (M)	137,738.23	144,224.06	150,957.24
Shares Outstanding (M)	1,935.02	1,935.02	1,935.02
Fair Value	$71.18	$74.53	$78.01
Upside / Downside	291.11%	309.53%	328.65%

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Supalai Public Company Limited (SPALI-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener