DDM Analysis: HTC-R.BK

Valuation Snapshot

Stable Growth	$111.35 - $289.99	$271.76
Multi-Stage	$42.37 - $46.31	$44.30
Blended Fair Value	$158.03
Current Price	$14.90
Upside	960.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.82%	18.03%	1.04	0.97	0.76	0.98	0.88	0.60	0.50	0.36	0.27	0.15
YoY Growth	-	-	7.78%	27.82%	-22.57%	10.79%	47.95%	20.00%	36.99%	32.73%	83.33%	-25.00%
Dividend Yield	-	-	6.38%	5.68%	4.51%	5.95%	4.46%	6.92%	6.89%	2.68%	3.43%	2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	585.85
(-) Cash Dividends Paid (M)	409.96
(=) Cash Retained (M)	175.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	117.17	73.23	43.94
Cash Retained (M)	175.89	175.89	175.89
(-) Cash Required (M)	-117.17	-73.23	-43.94
(=) Excess Retained (M)	58.72	102.66	131.95
(/) Shares Outstanding (M)	401.78	401.78	401.78
(=) Excess Retained per Share	0.15	0.26	0.33
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	0.15	0.26	0.33
(=) Adjusted Dividend	1.17	1.28	1.35
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$111.35	$271.76	$289.99
Upside / Downside	647.33%	1,723.89%	1,846.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	585.85	623.93	664.48	707.67	753.67	802.66	826.74
Payout Ratio	69.98%	73.98%	77.99%	81.99%	86.00%	90.00%	92.50%
Projected Dividends (M)	409.96	461.59	518.20	580.23	648.12	722.39	764.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	428.92	432.99	437.06
Year 2 PV (M)	447.46	455.98	464.58
Year 3 PV (M)	465.55	478.92	492.54
Year 4 PV (M)	483.23	501.82	520.93
Year 5 PV (M)	500.49	524.67	549.76
PV of Terminal Value (M)	14,696.12	15,405.95	16,142.95
Equity Value (M)	17,021.78	17,800.32	18,607.82
Shares Outstanding (M)	401.78	401.78	401.78
Fair Value	$42.37	$44.30	$46.31
Upside / Downside	184.34%	197.34%	210.83%

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Haad Thip Public Company Limited (HTC-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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