DDM Analysis: KDH.BK

Valuation Snapshot

Stable Growth	$289.27 - $1,554.95	$568.67
Multi-Stage	$164.39 - $179.75	$171.93
Blended Fair Value	$370.30
Current Price	$85.00
Upside	335.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	107.66%	1.97	0.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	167.52%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	2.24%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.56
(-) Cash Dividends Paid (M)	49.27
(=) Cash Retained (M)	102.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.31	18.94	11.37
Cash Retained (M)	102.29	102.29	102.29
(-) Cash Required (M)	-30.31	-18.94	-11.37
(=) Excess Retained (M)	71.98	83.34	90.92
(/) Shares Outstanding (M)	19.38	19.38	19.38
(=) Excess Retained per Share	3.71	4.30	4.69
LTM Dividend per Share	2.54	2.54	2.54
(+) Excess Retained per Share	3.71	4.30	4.69
(=) Adjusted Dividend	6.25	6.84	7.23
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$289.27	$568.67	$1,554.95
Upside / Downside	240.32%	569.03%	1,729.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.56	161.41	171.90	183.08	194.98	207.65	213.88
Payout Ratio	32.51%	44.01%	55.51%	67.00%	78.50%	90.00%	92.50%
Projected Dividends (M)	49.27	71.03	95.42	122.67	153.06	186.89	197.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.29	65.90	66.52
Year 2 PV (M)	80.60	82.14	83.69
Year 3 PV (M)	95.24	97.97	100.76
Year 4 PV (M)	109.22	113.42	117.74
Year 5 PV (M)	122.57	128.49	134.63
PV of Terminal Value (M)	2,713.74	2,844.82	2,980.91
Equity Value (M)	3,186.65	3,332.74	3,484.25
Shares Outstanding (M)	19.38	19.38	19.38
Fair Value	$164.39	$171.93	$179.75
Upside / Downside	93.40%	102.27%	111.47%

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Financial Statements

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Sector

Thonburi Medical Centre Public Company Limited (KDH.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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