DDM Analysis: ASIMAR.BK

Valuation Snapshot

Stable Growth	$4.38 - $11.09	$6.61
Multi-Stage	$4.39 - $4.80	$4.59
Blended Fair Value	$5.60
Current Price	$1.34
Upside	317.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.33%	-6.09%	0.08	0.04	0.10	0.10	0.05	0.10	0.20	0.12	0.20	0.12
YoY Growth	-	-	99.96%	-60.00%	0.00%	90.50%	-47.41%	-49.94%	66.81%	-40.00%	66.66%	-20.30%
Dividend Yield	-	-	5.71%	2.34%	5.95%	4.46%	2.00%	12.80%	9.87%	4.07%	6.87%	3.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.19
(-) Cash Dividends Paid (M)	30.99
(=) Cash Retained (M)	20.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.24	6.40	3.84
Cash Retained (M)	20.20	20.20	20.20
(-) Cash Required (M)	-10.24	-6.40	-3.84
(=) Excess Retained (M)	9.96	13.80	16.36
(/) Shares Outstanding (M)	258.28	258.28	258.28
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	3.53%	4.53%	5.53%
Fair Value	$4.38	$6.61	$11.09
Upside / Downside	227.17%	392.94%	727.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.19	53.51	55.94	58.47	61.12	63.89	65.81
Payout Ratio	60.54%	66.43%	72.32%	78.22%	84.11%	90.00%	92.50%
Projected Dividends (M)	30.99	35.55	40.45	45.73	51.41	57.50	60.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	3.53%	4.53%	5.53%
Year 1 PV (M)	32.82	33.14	33.45
Year 2 PV (M)	34.48	35.15	35.83
Year 3 PV (M)	35.99	37.04	38.12
Year 4 PV (M)	37.35	38.82	40.32
Year 5 PV (M)	38.57	40.47	42.45
PV of Terminal Value (M)	954.64	1,001.64	1,050.48
Equity Value (M)	1,133.86	1,186.26	1,240.64
Shares Outstanding (M)	258.28	258.28	258.28
Fair Value	$4.39	$4.59	$4.80
Upside / Downside	227.61%	242.75%	258.47%

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Asian Marine Services Public Company Limited (ASIMAR.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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