Definitive Analysis
| Stable Growth | $65,590.43 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,588.44 - $25,805.68 | $24,676.74 |
| Blended Fair Value | $87,539.95 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,590.43 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,035.77% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,836,000.94 | 19,014,541.23 | 19,193,081.52 |
| Year 2 PV (M) | 21,197,461.46 | 21,601,213.56 | 22,008,774.65 |
| Year 3 PV (M) | 23,511,098.86 | 24,186,018.01 | 24,873,731.46 |
| Year 4 PV (M) | 25,777,621.03 | 26,768,955.58 | 27,788,611.88 |
| Year 5 PV (M) | 27,997,726.63 | 29,350,027.29 | 30,754,083.69 |
| PV of Terminal Value (M) | 837,626,387.30 | 878,084,055.01 | 920,090,132.89 |
| Equity Value (M) | 954,946,296.21 | 999,004,810.69 | 1,044,708,416.09 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,588.44 | $24,676.74 | $25,805.68 |
| Upside / Downside | 308.46% | 327.30% | 346.85% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 3719.KL | Panasonic Manufacturing Malaysia Berhad | 8.56% | $0.63 | 85.80% |
| GNG.AX | GR Engineering Services Limited | 8.56% | $0.38 | 99.06% |
| 078930.KS | GS Holdings Corp. | 8.55% | $4,726.00 | 78.57% |
| 2388.HK | BOC Hong Kong (Holdings) Limited | 8.55% | $3.44 | 47.81% |
| CRTO.PA | Caisse Régionale de Crédit Agricole Mutuel de La Touraine et du Poitou Société Coopérative | 8.54% | $9.48 | 31.11% |
| MARK.JK | PT Mark Dynamics Indonesia Tbk | 8.54% | $70.00 | 98.69% |
| TWEKA.AS | TKH Group N.V. | 8.54% | $3.18 | 70.93% |
| 0DTI.L | Bonheur ASA | 8.53% | $23.26 | 42.29% |
| 1502.HK | Financial Street Property Co., Limited | 8.52% | $0.17 | 58.63% |
| FOYRK.AT | Fourlis Holdings S.A. | 8.52% | $0.37 | 65.80% |
| 2491.T | ValueCommerce Co., Ltd. | 8.51% | $56.61 | 40.75% |
| 6355.T | Sumitomo Precision Products Co., Ltd. | 8.51% | $310.08 | 8.45% |
| DREIT.BK | Dusit Thani Freehold and Leasehold Real Estate Investment Trust | 8.50% | $0.42 | 98.66% |
| 6862.HK | Haidilao International Holding Ltd. | 8.49% | $1.22 | 76.09% |
| 015890.KS | Taekyung Industry.Co., Ltd. | 8.48% | $416.78 | 45.41% |
| 3983.HK | China BlueChemical Ltd. | 8.48% | $0.21 | 40.13% |
| 3292.T | AEON REIT Investment Corporation | 8.45% | $11,596.49 | 88.85% |
| CIEL3.SA | Cielo S.A. | 8.44% | $0.49 | 73.05% |
| ASGR.JK | PT Astra Graphia Tbk | 8.43% | $99.00 | 56.73% |
| JWW.WA | JWW Invest S.A. | 8.43% | $0.25 | 43.64% |
| 3488.T | CENTRAL REIT Investment Corporation | 8.42% | $9,789.77 | 72.08% |
| GUNKUL-R.BK | Gunkul Engineering Public Company Limited | 8.42% | $0.16 | 78.57% |
| 1333.HK | Breton Technology Co. Ltd. | 8.41% | $2.35 | 74.43% |
| DRM.TO | Dream Unlimited Corp. | 8.41% | $1.64 | 84.81% |
| ALEXA.PA | Exacompta Clairefontaine S.A. | 8.40% | $14.20 | 37.48% |
| RANI3.SA | Irani Papel e Embalagem S.A. | 8.40% | $0.73 | 43.32% |
| SPALI-R.BK | Supalai Public Company Limited | 8.39% | $1.43 | 57.89% |
| 5141.KL | Dayang Enterprise Holdings Bhd | 8.38% | $0.14 | 87.12% |
| 600020.SS | Henan Zhongyuan Expressway Company Limited | 8.37% | $0.36 | 78.65% |
| MASQ.AE | Mashreqbank PSC | 8.37% | $21.42 | 52.51% |
| PROX.BR | Proximus PLC | 8.37% | $0.60 | 33.92% |
| 0R9T.L | Equasens S.A. | 8.36% | $3.75 | 71.00% |
| 6212.TWO | Li Ming Development Construction Co., Ltd. | 8.34% | $3.45 | 47.85% |
| SNNP.BK | Srinanaporn Marketing Public Company Limited | 8.33% | $0.61 | 92.23% |
| VLK.AS | Van Lanschot Kempen N.V. | 8.32% | $4.42 | 68.64% |
| 600894.SS | Guangzhou Guangri Stock Co.,Ltd. | 8.31% | $0.77 | 98.07% |
| ORC-B.V | Orca Energy Group Inc. | 8.31% | $0.29 | 35.79% |
| ADMF.JK | PT Adira Dinamika Multi Finance Tbk | 8.30% | $703.11 | 57.11% |
| 0QPJ.L | Cembra Money Bank AG | 8.29% | $8.23 | 71.08% |
| QDT.PA | Quadient S.A. | 8.29% | $1.20 | 35.65% |
| VPK.AS | Koninklijke Vopak N.V. | 8.29% | $3.16 | 39.83% |
| DP4B.DE | A.P. Møller - Mærsk A/S | 8.27% | $165.16 | 37.01% |
| ECP.AX | ECP Emerging Growth Limited | 8.27% | $0.09 | 24.35% |
| PHOL.BK | Phol Dhanya Public Company Limited | 8.27% | $0.23 | 71.53% |
| ASDM.JK | PT Asuransi Dayin Mitra Tbk | 8.26% | $50.00 | 60.31% |
| 000320.KS | NOROO Holdings Co., Ltd. | 8.25% | $1,700.37 | 53.43% |
| IMCD.AS | IMCD N.V. | 8.25% | $6.46 | 69.83% |
| NELY.JK | PT Pelayaran Nelly Dwi Putri Tbk | 8.25% | $38.30 | 52.05% |
| WGB.AX | WAM Global Limited | 8.25% | $0.20 | 14.48% |
| HM1.AX | Hearts and Minds Investments Limited | 8.24% | $0.26 | 43.45% |