DDM Analysis: TASCO-R.BK

Valuation Snapshot

Stable Growth	$5.48 - $7.59	$6.54
Multi-Stage	$15.66 - $17.25	$16.44
Blended Fair Value	$11.49
Current Price	$14.60
Upside	-21.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.40%	26.27%	0.99	1.23	1.04	1.53	1.38	0.69	0.88	0.88	0.68	0.58
YoY Growth	-	-	-20.01%	19.09%	-32.27%	10.78%	99.91%	-21.44%	0.41%	29.24%	17.18%	503.67%
Dividend Yield	-	-	6.96%	7.77%	5.29%	9.22%	6.68%	4.02%	5.50%	5.06%	2.63%	2.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,600.41
(-) Cash Dividends Paid (M)	1,422.37
(=) Cash Retained (M)	178.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	320.08	200.05	120.03
Cash Retained (M)	178.04	178.04	178.04
(-) Cash Required (M)	-320.08	-200.05	-120.03
(=) Excess Retained (M)	-142.04	-22.01	58.01
(/) Shares Outstanding (M)	1,597.76	1,597.76	1,597.76
(=) Excess Retained per Share	-0.09	-0.01	0.04
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	-0.09	-0.01	0.04
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-6.80%	-5.80%	-4.80%
Fair Value	$5.48	$6.54	$7.59
Upside / Downside	-62.45%	-55.19%	-48.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,600.41	1,507.61	1,420.18	1,337.83	1,260.25	1,187.17	1,222.79
Payout Ratio	88.88%	89.10%	89.33%	89.55%	89.78%	90.00%	92.50%
Projected Dividends (M)	1,422.37	1,343.28	1,268.58	1,198.03	1,131.39	1,068.45	1,131.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-6.80%	-5.80%	-4.80%
Year 1 PV (M)	1,244.14	1,257.49	1,270.84
Year 2 PV (M)	1,088.24	1,111.72	1,135.44
Year 3 PV (M)	951.86	982.83	1,014.47
Year 4 PV (M)	832.58	868.89	906.37
Year 5 PV (M)	728.23	768.15	809.79
PV of Terminal Value (M)	20,168.29	21,273.73	22,427.12
Equity Value (M)	25,013.34	26,262.80	27,564.04
Shares Outstanding (M)	1,597.76	1,597.76	1,597.76
Fair Value	$15.66	$16.44	$17.25
Upside / Downside	7.23%	12.58%	18.16%

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Tipco Asphalt Public Company Limited (TASCO-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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