DDM Analysis: BAY-R.BK

Valuation Snapshot

Stable Growth	$52.98 - $90.99	$69.40
Multi-Stage	$83.59 - $91.85	$87.64
Blended Fair Value	$78.52
Current Price	$23.50
Upside	234.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.19%	2.65%	0.86	0.86	0.86	0.75	0.45	0.85	0.87	0.86	0.81	0.84
YoY Growth	-	-	0.04%	-0.03%	14.40%	66.67%	-47.06%	-1.80%	0.52%	6.16%	-3.32%	27.00%
Dividend Yield	-	-	3.78%	3.18%	2.96%	2.13%	1.20%	4.47%	2.32%	2.14%	2.11%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,887.75
(-) Cash Dividends Paid (M)	6,365.48
(=) Cash Retained (M)	24,522.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,177.55	3,860.97	2,316.58
Cash Retained (M)	24,522.27	24,522.27	24,522.27
(-) Cash Required (M)	-6,177.55	-3,860.97	-2,316.58
(=) Excess Retained (M)	18,344.72	20,661.30	22,205.69
(/) Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
(=) Excess Retained per Share	2.49	2.81	3.02
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.49	2.81	3.02
(=) Adjusted Dividend	3.36	3.67	3.88
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.65%	1.65%	2.65%
Fair Value	$52.98	$69.40	$90.99
Upside / Downside	125.44%	195.30%	287.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,887.75	31,397.23	31,915.11	32,441.53	32,976.64	33,520.57	34,526.18
Payout Ratio	20.61%	34.49%	48.37%	62.24%	76.12%	90.00%	92.50%
Projected Dividends (M)	6,365.48	10,827.88	15,435.76	20,192.70	25,102.37	30,168.51	31,936.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.65%	1.65%	2.65%
Year 1 PV (M)	10,017.02	10,116.54	10,216.06
Year 2 PV (M)	13,210.46	13,474.27	13,740.69
Year 3 PV (M)	15,987.46	16,468.74	16,959.58
Year 4 PV (M)	18,386.32	19,127.98	19,891.87
Year 5 PV (M)	20,442.26	21,478.16	22,555.63
PV of Terminal Value (M)	536,790.44	563,991.95	592,285.20
Equity Value (M)	614,833.94	644,657.64	675,649.02
Shares Outstanding (M)	7,355.76	7,355.76	7,355.76
Fair Value	$83.59	$87.64	$91.85
Upside / Downside	255.68%	272.94%	290.86%

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Bank of Ayudhya Public Company Limited (BAY-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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