DDM Analysis: SPC.BK

Valuation Snapshot

Stable Growth	$131.54 - $257.11	$181.24
Multi-Stage	$111.26 - $121.52	$116.30
Blended Fair Value	$148.77
Current Price	$59.00
Upside	152.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.67%	8.44%	2.22	1.61	1.50	2.21	1.02	1.60	1.51	1.81	1.11	1.00
YoY Growth	-	-	37.93%	6.81%	-31.84%	116.61%	-36.50%	5.96%	-16.46%	63.57%	10.50%	1.79%
Dividend Yield	-	-	3.76%	2.59%	2.40%	3.18%	1.65%	3.53%	2.80%	3.52%	2.30%	2.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,602.87
(-) Cash Dividends Paid (M)	799.76
(=) Cash Retained (M)	1,803.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	520.57	325.36	195.22
Cash Retained (M)	1,803.11	1,803.11	1,803.11
(-) Cash Required (M)	-520.57	-325.36	-195.22
(=) Excess Retained (M)	1,282.53	1,477.75	1,607.89
(/) Shares Outstanding (M)	329.03	329.03	329.03
(=) Excess Retained per Share	3.90	4.49	4.89
LTM Dividend per Share	2.43	2.43	2.43
(+) Excess Retained per Share	3.90	4.49	4.89
(=) Adjusted Dividend	6.33	6.92	7.32
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	4.67%	5.67%	6.67%
Fair Value	$131.54	$181.24	$257.11
Upside / Downside	122.95%	207.18%	335.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,602.87	2,750.52	2,906.55	3,071.43	3,245.66	3,429.78	3,532.68
Payout Ratio	30.73%	42.58%	54.44%	66.29%	78.15%	90.00%	92.50%
Projected Dividends (M)	799.76	1,171.20	1,582.20	2,036.07	2,536.33	3,086.80	3,267.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	4.67%	5.67%	6.67%
Year 1 PV (M)	1,057.45	1,067.55	1,077.65
Year 2 PV (M)	1,289.80	1,314.56	1,339.56
Year 3 PV (M)	1,498.58	1,541.95	1,586.14
Year 4 PV (M)	1,685.49	1,750.82	1,818.04
Year 5 PV (M)	1,852.07	1,942.25	2,035.90
PV of Terminal Value (M)	29,225.26	30,648.22	32,126.07
Equity Value (M)	36,608.64	38,265.35	39,983.37
Shares Outstanding (M)	329.03	329.03	329.03
Fair Value	$111.26	$116.30	$121.52
Upside / Downside	88.58%	97.12%	105.97%

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Saha Pathanapibul Public Company Limited (SPC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener