DDM Analysis: TOA.BK

Valuation Snapshot

Stable Growth	$20.49 - $40.09	$28.24
Multi-Stage	$33.77 - $37.09	$35.40
Blended Fair Value	$31.82
Current Price	$13.60
Upside	133.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.45%	-1.30%	0.63	0.59	0.45	0.59	0.55	0.42	0.36	0.76	3.29	0.76
YoY Growth	-	-	6.04%	31.82%	-23.12%	5.98%	31.71%	17.14%	-52.59%	-77.04%	331.55%	6.33%
Dividend Yield	-	-	5.57%	2.87%	1.45%	1.97%	1.74%	1.33%	1.14%	1.91%	13.72%	3.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,523.30
(-) Cash Dividends Paid (M)	1,168.07
(=) Cash Retained (M)	1,355.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	504.66	315.41	189.25
Cash Retained (M)	1,355.23	1,355.23	1,355.23
(-) Cash Required (M)	-504.66	-315.41	-189.25
(=) Excess Retained (M)	850.57	1,039.82	1,165.98
(/) Shares Outstanding (M)	1,981.03	1,981.03	1,981.03
(=) Excess Retained per Share	0.43	0.52	0.59
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.43	0.52	0.59
(=) Adjusted Dividend	1.02	1.11	1.18
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	1.16%	2.16%	3.16%
Fair Value	$20.49	$28.24	$40.09
Upside / Downside	50.63%	107.64%	194.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,523.30	2,577.83	2,633.53	2,690.43	2,748.57	2,807.96	2,892.20
Payout Ratio	46.29%	55.03%	63.77%	72.52%	81.26%	90.00%	92.50%
Projected Dividends (M)	1,168.07	1,418.66	1,679.53	1,951.01	2,233.44	2,527.17	2,675.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	1.16%	2.16%	3.16%
Year 1 PV (M)	1,322.85	1,335.93	1,349.00
Year 2 PV (M)	1,460.34	1,489.35	1,518.65
Year 3 PV (M)	1,581.83	1,629.20	1,677.51
Year 4 PV (M)	1,688.52	1,756.28	1,826.07
Year 5 PV (M)	1,781.55	1,871.37	1,964.77
PV of Terminal Value (M)	59,070.44	62,048.37	65,145.21
Equity Value (M)	66,905.54	70,130.51	73,481.21
Shares Outstanding (M)	1,981.03	1,981.03	1,981.03
Fair Value	$33.77	$35.40	$37.09
Upside / Downside	148.33%	160.30%	172.74%

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TOA Paint (Thailand) Public Company Limited (TOA.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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