DDM Analysis: TITLE.BK

Valuation Snapshot

Stable Growth	$4.41 - $6.89	$5.55
Multi-Stage	$10.22 - $11.27	$10.74
Blended Fair Value	$8.14
Current Price	$4.34
Upside	87.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.02	0.00	0.00	0.10	0.10
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-70.17%	450.01%	0.00%	-100.00%	4.53%	119.30%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.17%	0.73%	0.06%	0.00%	5.57%	5.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	360.68
(-) Cash Dividends Paid (M)	39.10
(=) Cash Retained (M)	321.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.14	45.09	27.05
Cash Retained (M)	321.58	321.58	321.58
(-) Cash Required (M)	-72.14	-45.09	-27.05
(=) Excess Retained (M)	249.45	276.50	294.53
(/) Shares Outstanding (M)	782.01	782.01	782.01
(=) Excess Retained per Share	0.32	0.35	0.38
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.32	0.35	0.38
(=) Adjusted Dividend	0.37	0.40	0.43
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.41	$5.55	$6.89
Upside / Downside	1.66%	27.94%	58.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	360.68	357.08	353.51	349.97	346.47	343.01	353.30
Payout Ratio	10.84%	26.67%	42.50%	58.34%	74.17%	90.00%	92.50%
Projected Dividends (M)	39.10	95.24	150.26	204.16	256.97	308.71	326.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	88.78	89.69	90.59
Year 2 PV (M)	130.56	133.24	135.94
Year 3 PV (M)	165.36	170.47	175.69
Year 4 PV (M)	194.01	202.05	210.34
Year 5 PV (M)	217.25	228.57	240.35
PV of Terminal Value (M)	7,197.15	7,571.93	7,962.15
Equity Value (M)	7,993.12	8,395.94	8,815.06
Shares Outstanding (M)	782.01	782.01	782.01
Fair Value	$10.22	$10.74	$11.27
Upside / Downside	135.51%	147.38%	159.73%

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Rhom Bho Property Public Company Limited (TITLE.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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