DDM Analysis: BAY-R.BK

Valuation Snapshot

Stable Growth	$56.34 - $99.64	$74.67
Multi-Stage	$92.76 - $101.98	$97.28
Blended Fair Value	$85.98
Current Price	$23.50
Upside	265.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.19%	2.65%	0.86	0.86	0.86	0.75	0.45	0.85	0.87	0.86	0.81	0.84
YoY Growth	-	-	0.04%	-0.03%	14.40%	66.67%	-47.06%	-1.80%	0.52%	6.16%	-3.32%	27.00%
Dividend Yield	-	-	3.78%	3.18%	2.96%	2.13%	1.20%	4.47%	2.32%	2.14%	2.11%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,887.75
(-) Cash Dividends Paid (M)	6,365.48
(=) Cash Retained (M)	24,522.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,177.55	3,860.97	2,316.58
Cash Retained (M)	24,522.27	24,522.27	24,522.27
(-) Cash Required (M)	-6,177.55	-3,860.97	-2,316.58
(=) Excess Retained (M)	18,344.72	20,661.30	22,205.69
(/) Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
(=) Excess Retained per Share	2.49	2.81	3.02
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.49	2.81	3.02
(=) Adjusted Dividend	3.36	3.67	3.88
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	0.65%	1.65%	2.65%
Fair Value	$56.34	$74.67	$99.64
Upside / Downside	139.73%	217.76%	323.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,887.75	31,397.23	31,915.11	32,441.53	32,976.64	33,520.57	34,526.18
Payout Ratio	20.61%	34.49%	48.37%	62.24%	76.12%	90.00%	92.50%
Projected Dividends (M)	6,365.48	10,827.88	15,435.76	20,192.70	25,102.37	30,168.51	31,936.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	0.65%	1.65%	2.65%
Year 1 PV (M)	10,052.75	10,152.63	10,252.51
Year 2 PV (M)	13,304.88	13,570.57	13,838.89
Year 3 PV (M)	16,159.16	16,645.60	17,141.72
Year 4 PV (M)	18,650.07	19,402.38	20,177.22
Year 5 PV (M)	20,809.47	21,863.98	22,960.80
PV of Terminal Value (M)	603,371.98	633,947.47	665,750.11
Equity Value (M)	682,348.30	715,582.63	750,121.24
Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
Fair Value	$92.76	$97.28	$101.98
Upside / Downside	294.74%	313.97%	333.95%

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Bank of Ayudhya Public Company Limited (BAY-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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