DDM Analysis: WINNER.BK

Valuation Snapshot

Stable Growth	$2.83 - $5.18	$3.80
Multi-Stage	$5.03 - $5.52	$5.27
Blended Fair Value	$4.53
Current Price	$1.99
Upside	127.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.93%	2.14%	0.14	0.14	0.18	0.08	0.14	0.15	0.15	0.16	0.15	0.11
YoY Growth	-	-	0.00%	-22.22%	137.06%	-43.06%	-9.09%	0.00%	-4.35%	4.55%	29.41%	0.00%
Dividend Yield	-	-	7.17%	6.51%	8.14%	2.91%	6.93%	11.70%	8.03%	6.14%	5.25%	6.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116.50
(-) Cash Dividends Paid (M)	90.00
(=) Cash Retained (M)	26.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.30	14.56	8.74
Cash Retained (M)	26.50	26.50	26.50
(-) Cash Required (M)	-23.30	-14.56	-8.74
(=) Excess Retained (M)	3.20	11.94	17.77
(/) Shares Outstanding (M)	592.01	592.01	592.01
(=) Excess Retained per Share	0.01	0.02	0.03
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.01	0.02	0.03
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$2.83	$3.80	$5.18
Upside / Downside	42.00%	90.89%	160.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116.50	118.48	120.49	122.54	124.63	126.74	130.55
Payout Ratio	77.25%	79.80%	82.35%	84.90%	87.45%	90.00%	92.50%
Projected Dividends (M)	90.00	94.55	99.23	104.04	108.99	114.07	120.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	88.06	88.93	89.81
Year 2 PV (M)	86.08	87.80	89.53
Year 3 PV (M)	84.06	86.59	89.17
Year 4 PV (M)	82.02	85.32	88.73
Year 5 PV (M)	79.96	84.00	88.22
PV of Terminal Value (M)	2,557.27	2,686.79	2,821.51
Equity Value (M)	2,977.45	3,119.45	3,266.97
Shares Outstanding (M)	592.01	592.01	592.01
Fair Value	$5.03	$5.27	$5.52
Upside / Downside	152.73%	164.79%	177.31%

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Winner Group Enterprise Public Company Limited (WINNER.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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