DDM Analysis: DREIT.BK

Valuation Snapshot

Stable Growth	$17.63 - $83.66	$38.67
Multi-Stage	$9.94 - $10.84	$10.38
Blended Fair Value	$24.53
Current Price	$4.90
Upside	400.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.57%	-0.51%	0.40	0.60	0.39	0.33	0.20	0.24	0.18	0.00	0.26	0.39
YoY Growth	-	-	-32.99%	54.71%	18.11%	60.71%	-16.02%	39.01%	0.00%	-100.00%	-31.34%	-8.97%
Dividend Yield	-	-	7.89%	12.35%	6.52%	5.87%	4.52%	6.69%	3.12%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	299.29
(-) Cash Dividends Paid (M)	295.27
(=) Cash Retained (M)	4.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.86	37.41	22.45
Cash Retained (M)	4.02	4.02	4.02
(-) Cash Required (M)	-59.86	-37.41	-22.45
(=) Excess Retained (M)	-55.84	-33.39	-18.43
(/) Shares Outstanding (M)	711.50	711.50	711.50
(=) Excess Retained per Share	-0.08	-0.05	-0.03
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	-0.08	-0.05	-0.03
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.63	$38.67	$83.66
Upside / Downside	259.82%	689.24%	1,607.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	299.29	318.74	339.46	361.53	385.02	410.05	422.35
Payout Ratio	98.66%	96.93%	95.19%	93.46%	91.73%	90.00%	92.50%
Projected Dividends (M)	295.27	308.95	323.15	337.89	353.19	369.05	390.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	284.66	287.35	290.05
Year 2 PV (M)	274.33	279.56	284.83
Year 3 PV (M)	264.30	271.89	279.62
Year 4 PV (M)	254.55	264.33	274.40
Year 5 PV (M)	245.06	256.90	269.19
PV of Terminal Value (M)	5,747.65	6,025.27	6,313.50
Equity Value (M)	7,070.55	7,385.30	7,711.60
Shares Outstanding (M)	711.50	711.50	711.50
Fair Value	$9.94	$10.38	$10.84
Upside / Downside	102.81%	111.83%	121.19%

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Financial Statements

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Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener