DDM Analysis: SSC.BK

Valuation Snapshot

Stable Growth	$116.22 - $302.50	$283.49
Multi-Stage	$43.14 - $47.21	$45.14
Blended Fair Value	$164.31
Current Price	$62.50
Upside	162.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	221.06%	103.08%	0.52	0.34	0.34	0.32	0.25	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	52.90%	-0.01%	6.27%	27.96%	16,311.26%	0.00%	-100.00%	-97.30%	0.00%	-100.00%
Dividend Yield	-	-	0.83%	1.01%	0.97%	1.06%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	404.45
(-) Cash Dividends Paid (M)	138.19
(=) Cash Retained (M)	266.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.89	50.56	30.33
Cash Retained (M)	266.27	266.27	266.27
(-) Cash Required (M)	-80.89	-50.56	-30.33
(=) Excess Retained (M)	185.37	215.71	235.93
(/) Shares Outstanding (M)	265.90	265.90	265.90
(=) Excess Retained per Share	0.70	0.81	0.89
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.70	0.81	0.89
(=) Adjusted Dividend	1.22	1.33	1.41
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.22	$283.49	$302.50
Upside / Downside	85.95%	353.58%	384.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	404.45	430.74	458.74	488.56	520.32	554.14	570.76
Payout Ratio	34.17%	45.33%	56.50%	67.67%	78.83%	90.00%	92.50%
Projected Dividends (M)	138.19	195.27	259.19	330.59	410.18	498.72	527.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	181.45	183.17	184.89
Year 2 PV (M)	223.81	228.07	232.37
Year 3 PV (M)	265.26	272.88	280.63
Year 4 PV (M)	305.83	317.59	329.69
Year 5 PV (M)	345.54	362.23	379.55
PV of Terminal Value (M)	10,147.74	10,637.88	11,146.78
Equity Value (M)	11,469.63	12,001.82	12,553.92
Shares Outstanding (M)	265.90	265.90	265.90
Fair Value	$43.14	$45.14	$47.21
Upside / Downside	-30.98%	-27.78%	-24.46%

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Sermsuk Public Company Limited (SSC.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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