Definitive Analysis
| Stable Growth | $15.18 - $31.47 | $21.37 |
| Multi-Stage | $19.38 - $21.22 | $20.28 |
| Blended Fair Value | $20.83 | |
| Current Price | $9.91 | |
| Upside | 110.15% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.67% | 3.90% | 0.60 | 0.59 | 0.57 | 0.76 | 0.36 | 0.53 | 0.52 | 0.47 | 0.41 | 0.44 |
| YoY Growth | - | - | 1.80% | 2.85% | -24.72% | 109.53% | -30.92% | 1.80% | 9.21% | 15.87% | -8.06% | 8.50% |
| Dividend Yield | - | - | 5.81% | 6.07% | 6.68% | 8.51% | 4.40% | 7.05% | 5.61% | 4.46% | 4.57% | 4.92% |
| Net Income To Common (M) | 10,370.52 |
| (-) Cash Dividends Paid (M) | 7,485.76 |
| (=) Cash Retained (M) | 2,884.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,074.10 | 1,296.32 | 777.79 |
| Cash Retained (M) | 2,884.77 | 2,884.77 | 2,884.77 |
| (-) Cash Required (M) | -2,074.10 | -1,296.32 | -777.79 |
| (=) Excess Retained (M) | 810.66 | 1,588.45 | 2,106.98 |
| (/) Shares Outstanding (M) | 12,075.10 | 12,075.10 | 12,075.10 |
| (=) Excess Retained per Share | 0.07 | 0.13 | 0.17 |
| LTM Dividend per Share | 0.62 | 0.62 | 0.62 |
| (+) Excess Retained per Share | 0.07 | 0.13 | 0.17 |
| (=) Adjusted Dividend | 0.69 | 0.75 | 0.79 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.40% | 3.40% | 4.40% |
| Fair Value | $15.18 | $21.37 | $31.47 |
| Upside / Downside | 53.15% | 115.67% | 217.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10,370.52 | 10,722.67 | 11,086.78 | 11,463.25 | 11,852.51 | 12,254.98 | 12,622.63 |
| Payout Ratio | 72.18% | 75.75% | 79.31% | 82.87% | 86.44% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,485.76 | 8,122.04 | 8,792.90 | 9,499.96 | 10,244.91 | 11,029.48 | 11,675.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.40% | 3.40% | 4.40% |
| Year 1 PV (M) | 7,515.09 | 7,588.48 | 7,661.87 |
| Year 2 PV (M) | 7,527.84 | 7,675.59 | 7,824.78 |
| Year 3 PV (M) | 7,525.39 | 7,748.03 | 7,975.02 |
| Year 4 PV (M) | 7,509.03 | 7,806.69 | 8,113.12 |
| Year 5 PV (M) | 7,479.98 | 7,852.43 | 8,239.57 |
| PV of Terminal Value (M) | 196,429.79 | 206,210.68 | 216,377.36 |
| Equity Value (M) | 233,987.13 | 244,881.91 | 256,191.73 |
| Shares Outstanding (M) | 12,075.10 | 12,075.10 | 12,075.10 |
| Fair Value | $19.38 | $20.28 | $21.22 |
| Upside / Downside | 95.54% | 104.64% | 114.09% |
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|---|---|---|---|---|
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| 8984.T | Daiwa House REIT Investment Corporation | 6.04% | $8,653.99 | 81.69% |
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| 003460.KS | Yuhwa Securities co.,ltd. | 6.02% | $162.45 | 83.00% |
| 298540.KQ | The Nature Holdings Co., Ltd. | 6.02% | $521.44 | 76.58% |
| 6263.TWO | Planet Technology Corporation | 6.02% | $7.86 | 95.87% |
| NZX.NZ | NZX Limited | 6.02% | $0.09 | 77.46% |
| WLMM3.SA | WLM Participações e Comércio de Máquinas e Veículos S.A. | 6.02% | $1.23 | 40.06% |
| 1760.HK | Intron Technology Holdings Limited | 6.01% | $0.12 | 30.56% |
| 5209.KL | Gas Malaysia Berhad | 6.01% | $0.26 | 82.61% |
| ALLAN.PA | Lanson-BCC | 6.01% | $1.96 | 26.09% |
| QAMC.QA | Qatar Aluminium Manufacturing Company Q.P.S.C. | 6.00% | $0.10 | 74.36% |
| 0237.HK | Safety Godown Company, Limited | 5.99% | $0.12 | 71.07% |
| 8986.T | Daiwa Securities Living Investment Corporation | 5.99% | $6,829.90 | 63.32% |
| ASX.AX | ASX Limited | 5.99% | $3.08 | 67.16% |
| MKP.TO | MCAN Mortgage Corporation | 5.99% | $1.35 | 74.01% |
| 0QMU.L | Compagnie Financière Richemont S.A. | 5.98% | $6.91 | 67.79% |
| 8924.TWO | O-TA Precision Industry Co., Ltd. | 5.98% | $4.29 | 80.38% |
| FMTY14.MX | Fibra Mty, S.A.P.I. de C.V. | 5.98% | $0.93 | 46.45% |
| HUMAN.BK | Humanica Public Company Limited | 5.98% | $0.30 | 74.76% |
| 603368.SS | Guangxi LiuYao Group Co., Ltd | 5.97% | $1.06 | 53.83% |
| 6069.HK | SY Holdings Group Limited | 5.97% | $0.67 | 97.72% |
| ASII.JK | PT Astra International Tbk | 5.97% | $405.75 | 50.28% |
| PXT.TO | Parex Resources Inc. | 5.97% | $1.12 | 86.22% |
| SB | Safe Bulkers, Inc. | 5.97% | $0.29 | 64.01% |
| 1562.KL | Sports Toto Berhad | 5.96% | $0.08 | 49.23% |
| 8442.TW | WW Holding Inc. | 5.96% | $4.19 | 72.79% |
| NTV.BK | Nonthavej Hospital Public Company Limited | 5.96% | $1.37 | 66.11% |
| WLE.AX | WAM Leaders Limited | 5.96% | $0.08 | 8.04% |
| 094280.KS | Hyosung ITX Co. Ltd. | 5.95% | $751.76 | 70.97% |
| O3P.DE | Österreichische Post AG | 5.95% | $1.88 | 98.14% |
| PWO.DE | PWO AG | 5.95% | $1.75 | 48.89% |
| 0898.HK | Multifield International Holdings Limited | 5.94% | $0.06 | 9.32% |
| 1155.KL | Malayan Banking Berhad | 5.94% | $0.62 | 72.18% |
| PORT3.SA | Wilson Sons S.A. | 5.94% | $1.11 | 73.49% |
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| 3010.SR | Arabian Cement Company | 5.93% | $1.29 | 91.83% |
| PGW.NZ | PGG Wrightson Limited | 5.93% | $0.13 | 70.38% |
| 0GX2.L | Neurones S.A. | 5.92% | $2.49 | 61.25% |
| 4012.SR | Thob Al Aseel Company | 5.92% | $0.20 | 89.05% |
| 9585.SR | Mulkia Investment Co. | 5.92% | $2.01 | 37.97% |
| HEN.DE | Henkel AG & Co. KGaA | 5.92% | $3.87 | 41.88% |
| KKP.BK | Kiatnakin Phatra Bank Public Company Limited | 5.92% | $4.02 | 63.80% |
| 030000.KS | Cheil Worldwide Inc. | 5.91% | $1,232.93 | 68.46% |
| 0RCW.L | Kid ASA | 5.91% | $8.00 | 99.60% |
| ARSA.ME | Arsagera Asset Management | 5.91% | $0.50 | 52.65% |
| DBM.TO | Doman Building Materials Group Ltd. | 5.91% | $0.56 | 65.99% |
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