DDM Analysis: KKP.BK

Valuation Snapshot

Stable Growth	$91.49 - $168.41	$123.20
Multi-Stage	$134.55 - $147.47	$140.89
Blended Fair Value	$132.05
Current Price	$45.25
Upside	191.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.79%	3.47%	3.05	2.79	4.01	3.05	2.79	4.57	5.08	6.10	4.06	2.38
YoY Growth	-	-	9.09%	-30.35%	31.60%	9.09%	-38.89%	-10.00%	-16.67%	50.00%	70.49%	10.01%
Dividend Yield	-	-	5.59%	5.30%	6.34%	4.42%	4.58%	11.72%	7.33%	8.32%	5.85%	5.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,226.96
(-) Cash Dividends Paid (M)	3,334.65
(=) Cash Retained (M)	1,892.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,045.39	653.37	392.02
Cash Retained (M)	1,892.31	1,892.31	1,892.31
(-) Cash Required (M)	-1,045.39	-653.37	-392.02
(=) Excess Retained (M)	846.92	1,238.94	1,500.29
(/) Shares Outstanding (M)	833.52	833.52	833.52
(=) Excess Retained per Share	1.02	1.49	1.80
LTM Dividend per Share	4.00	4.00	4.00
(+) Excess Retained per Share	1.02	1.49	1.80
(=) Adjusted Dividend	5.02	5.49	5.80
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	1.47%	2.47%	3.47%
Fair Value	$91.49	$123.20	$168.41
Upside / Downside	102.19%	172.26%	272.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,226.96	5,356.09	5,488.42	5,624.01	5,762.96	5,905.34	6,082.50
Payout Ratio	63.80%	69.04%	74.28%	79.52%	84.76%	90.00%	92.50%
Projected Dividends (M)	3,334.65	3,697.72	4,076.70	4,472.15	4,884.65	5,314.80	5,626.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	1.47%	2.47%	3.47%
Year 1 PV (M)	3,420.99	3,454.70	3,488.42
Year 2 PV (M)	3,489.34	3,558.46	3,628.25
Year 3 PV (M)	3,541.35	3,647.08	3,754.90
Year 4 PV (M)	3,578.52	3,721.68	3,869.10
Year 5 PV (M)	3,602.25	3,783.29	3,971.53
PV of Terminal Value (M)	94,520.22	99,270.45	104,209.77
Equity Value (M)	112,152.67	117,435.66	122,921.97
Shares Outstanding (M)	833.52	833.52	833.52
Fair Value	$134.55	$140.89	$147.47
Upside / Downside	197.36%	211.36%	225.91%

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Kiatnakin Phatra Bank Public Company Limited (KKP.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener