DDM Analysis: TOA.BK

Valuation Snapshot

Stable Growth	$19.36 - $36.55	$26.33
Multi-Stage	$30.86 - $33.88	$32.34
Blended Fair Value	$29.33
Current Price	$13.60
Upside	115.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.45%	-1.30%	0.63	0.59	0.45	0.59	0.55	0.42	0.36	0.76	3.29	0.76
YoY Growth	-	-	6.04%	31.82%	-23.12%	5.98%	31.71%	17.14%	-52.59%	-77.04%	331.55%	6.33%
Dividend Yield	-	-	5.57%	2.87%	1.45%	1.97%	1.74%	1.33%	1.14%	1.91%	13.72%	3.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,523.30
(-) Cash Dividends Paid (M)	1,168.07
(=) Cash Retained (M)	1,355.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	504.66	315.41	189.25
Cash Retained (M)	1,355.23	1,355.23	1,355.23
(-) Cash Required (M)	-504.66	-315.41	-189.25
(=) Excess Retained (M)	850.57	1,039.82	1,165.98
(/) Shares Outstanding (M)	1,981.03	1,981.03	1,981.03
(=) Excess Retained per Share	0.43	0.52	0.59
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.43	0.52	0.59
(=) Adjusted Dividend	1.02	1.11	1.18
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	1.16%	2.16%	3.16%
Fair Value	$19.36	$26.33	$36.55
Upside / Downside	42.34%	93.57%	168.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,523.30	2,577.83	2,633.53	2,690.43	2,748.57	2,807.96	2,892.20
Payout Ratio	46.29%	55.03%	63.77%	72.52%	81.26%	90.00%	92.50%
Projected Dividends (M)	1,168.07	1,418.66	1,679.53	1,951.01	2,233.44	2,527.17	2,675.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	1.16%	2.16%	3.16%
Year 1 PV (M)	1,319.21	1,332.25	1,345.29
Year 2 PV (M)	1,452.31	1,481.16	1,510.30
Year 3 PV (M)	1,568.80	1,615.79	1,663.70
Year 4 PV (M)	1,670.01	1,737.03	1,806.04
Year 5 PV (M)	1,757.17	1,845.75	1,937.88
PV of Terminal Value (M)	53,362.94	56,053.14	58,850.75
Equity Value (M)	61,130.44	64,065.12	67,113.96
Shares Outstanding (M)	1,981.03	1,981.03	1,981.03
Fair Value	$30.86	$32.34	$33.88
Upside / Downside	126.90%	137.79%	149.11%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 61 of 151 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
017810.KS	Pulmuone Co., Ltd.	2.55%	$331.61	65.57%
023160.KQ	Tae Kwang Corporation	2.55%	$535.13	21.10%
3152.TWO	Advanced Ceramic X Corporation	2.55%	$3.66	36.41%
600415.SS	Zhejiang China Commodities City Group Co., Ltd.	2.55%	$0.41	53.66%
601808.SS	China Oilfield Services Limited	2.55%	$0.36	43.75%
7606.T	United Arrows Ltd.	2.55%	$62.63	43.42%
CYRE3.SA	Cyrela Brazil Realty S.A. Empreendimentos e Participações	2.55%	$0.61	12.29%
JUNGH.SW	Jungheinrich AG	2.55%	$0.79	22.62%
RENT3.SA	Localiza Rent a Car S.A.	2.55%	$1.11	66.67%
002380.KS	KCC Corporation	2.54%	$10,000.23	6.25%
1527.HK	Zhejiang Tengy Environmental Technology Co., Ltd	2.54%	$0.05	4.95%
5212.KL	Pavilion Real Estate Investment Trust	2.54%	$0.05	39.63%
5489.TWO	DynaColor, Inc.	2.54%	$1.02	50.42%
600273.SS	Zhejiang Jiahua Energy Chemical Industry Co.,Ltd.	2.54%	$0.22	28.18%
600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
2367.HK	Giant Biogene Holding Co., Ltd.	2.53%	$0.87	22.55%
2701.TW	Wan Hwa Enterprise Company Ltd.	2.53%	$0.28	52.89%
600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
603697.SS	YouYou Foods Co., Ltd.	2.53%	$0.31	63.16%
CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
SCHO.CO	Aktieselskabet Schouw & Co.	2.53%	$16.81	42.51%
003006.SZ	Chongqing Baiya Sanitary Products Co., Ltd.	2.52%	$0.55	80.44%
5191.T	Sumitomo Riko Company Limited	2.52%	$66.01	23.54%
600406.SS	NARI Technology Co., Ltd.	2.52%	$0.57	56.63%
600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
603811.SS	Zhejiang Cheng Yi Pharmaceutical Co., Ltd.	2.52%	$0.26	37.15%
BESALCO.SN	Besalco S.A.	2.52%	$30.59	34.76%
000019.SZ	Shenzhen Cereals Holdings Co., Ltd.	2.51%	$0.17	62.11%
094820.KQ	Iljin Power Co., Ltd.	2.51%	$320.01	48.44%
0QVR.L	Scandi Standard AB (publ)	2.51%	$2.49	52.58%
4041.T	Nippon Soda Co., Ltd.	2.51%	$90.77	32.02%
600056.SS	China Meheco Group Co., Ltd.	2.51%	$0.26	71.36%
605169.SS	Xinjiang Hongtong Natural Gas Co., Ltd.	2.51%	$0.33	91.06%
6691.TW	Yankey Engineering Co., Ltd.	2.51%	$13.92	62.80%
7483.T	Doshisha Co.,Ltd.	2.51%	$82.93	37.87%
GPSC-R.BK	Global Power Synergy Public Company Limited	2.51%	$0.90	51.48%
HOVE.CO	Hove A/S	2.51%	$0.14	34.71%
NOLA-B.ST	Nolato AB (publ)	2.51%	$1.50	51.20%
0QNH.L	Huber+Suhner AG	2.50%	$3.61	49.61%
100840.KS	SNT Energy Co., Ltd.	2.50%	$899.87	27.57%
138490.KS	Kolon Plastics, Inc.	2.50%	$200.40	17.45%
2612.T	Kadoya Sesame Mills Incorporated	2.50%	$99.85	34.73%
603112.SS	Shanxi Huaxiang Group Co., Ltd.	2.50%	$0.43	43.19%
603766.SS	Loncin Motor Co., Ltd.	2.50%	$0.40	45.87%
ISCTR.IS	Türkiye Is Bankasi A.S.	2.50%	$0.36	16.38%
002539.SZ	Chengdu Wintrue Holding Co., Ltd.	2.49%	$0.29	41.75%
2542.TW	Highwealth Construction Corp.	2.49%	$0.98	39.34%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

TOA Paint (Thailand) Public Company Limited (TOA.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener