DDM Analysis: FTREIT.BK

Valuation Snapshot

Stable Growth	$47.27 - $179.11	$138.07
Multi-Stage	$25.79 - $28.19	$26.97
Blended Fair Value	$82.52
Current Price	$9.05
Upside	811.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.02%	0.00%	0.74	0.70	0.64	0.62	0.56	0.52	0.30	0.12	0.10	0.03
YoY Growth	-	-	5.39%	8.56%	4.43%	9.33%	7.47%	74.79%	154.29%	13.01%	214.23%	0.00%
Dividend Yield	-	-	7.14%	6.65%	6.25%	4.89%	4.82%	3.34%	2.60%	1.10%	1.10%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,970.35
(-) Cash Dividends Paid (M)	2,462.54
(=) Cash Retained (M)	507.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	594.07	371.29	222.78
Cash Retained (M)	507.81	507.81	507.81
(-) Cash Required (M)	-594.07	-371.29	-222.78
(=) Excess Retained (M)	-86.26	136.52	285.04
(/) Shares Outstanding (M)	3,283.39	3,283.39	3,283.39
(=) Excess Retained per Share	-0.03	0.04	0.09
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	-0.03	0.04	0.09
(=) Adjusted Dividend	0.72	0.79	0.84
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.02%	6.02%	7.02%
Fair Value	$47.27	$138.07	$179.11
Upside / Downside	422.34%	1,425.60%	1,879.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,970.35	3,149.15	3,338.71	3,539.69	3,752.76	3,978.65	4,098.01
Payout Ratio	82.90%	84.32%	85.74%	87.16%	88.58%	90.00%	92.50%
Projected Dividends (M)	2,462.54	2,655.46	2,862.69	3,085.25	3,324.22	3,580.79	3,790.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.02%	6.02%	7.02%
Year 1 PV (M)	2,466.93	2,490.42	2,513.91
Year 2 PV (M)	2,470.62	2,517.90	2,565.62
Year 3 PV (M)	2,473.64	2,544.98	2,617.68
Year 4 PV (M)	2,476.01	2,571.68	2,670.08
Year 5 PV (M)	2,477.75	2,597.98	2,722.84
PV of Terminal Value (M)	72,311.88	75,820.86	79,464.75
Equity Value (M)	84,676.84	88,543.81	92,554.88
Shares Outstanding (M)	3,283.39	3,283.39	3,283.39
Fair Value	$25.79	$26.97	$28.19
Upside / Downside	184.97%	197.98%	211.48%

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Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener