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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Fair Value | S$10.53 - S$12.32 | S$11.22 |
| Upside | 70.7% - 99.8% | 81.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (THB in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 47,872 | 51,203 | 54,632 | 57,259 | 64,220 | 66,450 | 66,450 | |
| % Growth | 14.9% | 7.0% | 6.7% | 4.8% | 12.2% | 3.5% | ||
| Payout Ratio | 39.0% | 49.0% | 59.0% | 69.0% | 79.0% | 90.0% | 92.5% | |
| Projected Dividends | 18,677 | 25,090 | 32,233 | 39,509 | 50,734 | 59,805 | 61,466 | |
| % Growth | 34.3% | 28.5% | 22.6% | 28.4% | 17.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (THB in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 10,662 | 7,966 | 8,642 | 9,928 | 18,677 | 9,928 | 18,677 | |
| % Growth | -25% | 8% | 15% | 88% | 88% | |||
| Net Income to Common | 29,487 | 38,053 | 35,769 | 41,659 | 47,872 | 41,659 | 47,872 | |
| % Growth | 29% | -6% | 16% | 15% | 15% | |||
| Payout Ratio | 36% | 21% | 24% | 24% | 39% | 24% | 39% | |
| Retention Ratio | 64% | 79% | 76% | 76% | 61% | 76% | 61% | |
| Adjusted EBITDA | NA | NA | NA | NA | NA | NA | NA | |
| % Growth | NA | NA | NA | NA | NA | |||
| Total Debt | 206,742 | 332,227 | 279,545 | 305,278 | 283,971 | 305,278 | 283,971 | |
| Shareholder's Equity | 439,670 | 476,714 | 503,270 | 532,285 | 563,352 | 532,285 | 563,352 | |
| Debt / EBITDA | NM | NM | NM | NM | NM | NM | ||
| Debt / Equity | 47% | 70% | 56% | 57% | 50% | 57% | 50% | |
| 3-Yr Avg. Dividend Growth | 37.2% | |||||||
| 5-Yr Median Payout Ratio | 24.2% | |||||||