DDM Analysis: WPH.BK

Valuation Snapshot

Stable Growth	$12.67 - $36.42	$19.84
Multi-Stage	$8.25 - $9.03	$8.64
Blended Fair Value	$14.24
Current Price	$7.80
Upside	82.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.97%	0.00%	0.10	0.10	0.09	0.03	0.05	0.05	0.02	0.34	0.02	0.02
YoY Growth	-	-	0.00%	10.01%	165.96%	-35.06%	-7.37%	247.23%	-95.36%	1,353.73%	48.15%	0.00%
Dividend Yield	-	-	1.20%	1.17%	2.40%	1.17%	2.39%	4.18%	0.66%	12.49%	0.63%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	350.71
(-) Cash Dividends Paid (M)	1.50
(=) Cash Retained (M)	349.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.14	43.84	26.30
Cash Retained (M)	349.21	349.21	349.21
(-) Cash Required (M)	-70.14	-43.84	-26.30
(=) Excess Retained (M)	279.07	305.37	322.91
(/) Shares Outstanding (M)	689.62	689.62	689.62
(=) Excess Retained per Share	0.40	0.44	0.47
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.40	0.44	0.47
(=) Adjusted Dividend	0.41	0.44	0.47
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.67	$19.84	$36.42
Upside / Downside	62.40%	154.38%	366.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	350.71	373.50	397.78	423.64	451.17	480.50	494.92
Payout Ratio	0.43%	18.34%	36.26%	54.17%	72.09%	90.00%	92.50%
Projected Dividends (M)	1.50	68.51	144.22	229.49	325.23	432.45	457.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	62.32	62.91	63.50
Year 2 PV (M)	119.36	121.64	123.93
Year 3 PV (M)	172.79	177.75	182.81
Year 4 PV (M)	222.78	231.35	240.16
Year 5 PV (M)	269.49	282.51	296.02
PV of Terminal Value (M)	4,844.84	5,078.85	5,321.81
Equity Value (M)	5,691.59	5,955.00	6,228.23
Shares Outstanding (M)	689.62	689.62	689.62
Fair Value	$8.25	$8.64	$9.03
Upside / Downside	5.81%	10.71%	15.79%

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Wattanapat Hospital Trang Public Company Limited (WPH.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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