DDM Analysis: PPF.BK

Valuation Snapshot

Stable Growth	$8.44 - $12.96	$10.55
Multi-Stage	$19.13 - $21.02	$20.05
Blended Fair Value	$15.30
Current Price	$10.30
Upside	48.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.74	0.69	0.72	0.74	0.67	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	7.97%	-4.09%	-2.70%	10.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.20%	6.08%	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)	208.54
(-) Cash Dividends Paid (M)	169.10
(=) Cash Retained (M)	39.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.71	26.07	15.64
Cash Retained (M)	39.44	39.44	39.44
(-) Cash Required (M)	-41.71	-26.07	-15.64
(=) Excess Retained (M)	-2.27	13.37	23.80
(/) Shares Outstanding (M)	224.51	224.51	224.51
(=) Excess Retained per Share	-0.01	0.06	0.11
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	-0.01	0.06	0.11
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.44	$10.55	$12.96
Upside / Downside	-18.05%	2.42%	25.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.54	206.45	204.39	202.34	200.32	198.32	204.27
Payout Ratio	81.09%	82.87%	84.65%	86.44%	88.22%	90.00%	92.50%
Projected Dividends (M)	169.10	171.09	173.02	174.90	176.72	178.49	188.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	158.83	160.46	162.08
Year 2 PV (M)	149.12	152.18	155.27
Year 3 PV (M)	139.94	144.27	148.69
Year 4 PV (M)	131.27	136.71	142.32
Year 5 PV (M)	123.09	129.50	136.17
PV of Terminal Value (M)	3,592.26	3,779.32	3,974.09
Equity Value (M)	4,294.52	4,502.44	4,718.62
Shares Outstanding (M)	224.51	224.51	224.51
Fair Value	$19.13	$20.05	$21.02
Upside / Downside	85.71%	94.70%	104.05%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Pinthong Industrial Park Property Fund (PPF.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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