DDM Analysis: QH-R.BK

Valuation Snapshot

Stable Growth	$0.91 - $1.27	$1.09
Multi-Stage	$2.79 - $3.08	$2.93
Blended Fair Value	$2.01
Current Price	$1.36
Upside	47.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.15%	-0.53%	0.13	0.15	0.11	0.11	0.17	0.21	0.21	0.15	0.16	0.07
YoY Growth	-	-	-13.33%	36.35%	0.00%	-35.29%	-19.05%	0.00%	40.00%	-6.25%	142.89%	-51.96%
Dividend Yield	-	-	8.57%	6.86%	4.62%	4.86%	7.02%	11.47%	7.16%	5.22%	6.20%	2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,683.76
(-) Cash Dividends Paid (M)	1,071.43
(=) Cash Retained (M)	612.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	336.75	210.47	126.28
Cash Retained (M)	612.33	612.33	612.33
(-) Cash Required (M)	-336.75	-210.47	-126.28
(=) Excess Retained (M)	275.58	401.86	486.05
(/) Shares Outstanding (M)	10,548.34	10,548.34	10,548.34
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-6.69%	-5.69%	-4.69%
Fair Value	$0.91	$1.09	$1.27
Upside / Downside	-32.83%	-19.58%	-6.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,683.76	1,587.97	1,497.63	1,412.43	1,332.08	1,256.30	1,293.99
Payout Ratio	63.63%	68.91%	74.18%	79.45%	84.73%	90.00%	92.50%
Projected Dividends (M)	1,071.43	1,094.22	1,110.94	1,122.22	1,128.63	1,130.67	1,196.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-6.69%	-5.69%	-4.69%
Year 1 PV (M)	1,017.93	1,028.84	1,039.75
Year 2 PV (M)	961.44	982.16	1,003.10
Year 3 PV (M)	903.49	932.85	962.84
Year 4 PV (M)	845.30	882.12	920.13
Year 5 PV (M)	787.79	830.92	875.91
PV of Terminal Value (M)	24,861.79	26,222.86	27,642.88
Equity Value (M)	29,377.75	30,879.75	32,444.62
Shares Outstanding (M)	10,548.34	10,548.34	10,548.34
Fair Value	$2.79	$2.93	$3.08
Upside / Downside	104.78%	115.25%	126.16%

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Quality Houses Public Company Limited (QH-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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