Definitive Analysis
| Stable Growth | $4.95 - $6.92 | $5.93 |
| Multi-Stage | $9.29 - $10.18 | $9.73 |
| Blended Fair Value | $7.83 | |
| Current Price | $16.49 | |
| Upside | -52.52% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -26.91% | -9.00% | 0.62 | 0.63 | 0.64 | 2.62 | 1.26 | 2.98 | 2.81 | 2.50 | 2.22 | 1.90 |
| YoY Growth | - | - | -1.13% | -2.19% | -75.47% | 107.66% | -57.67% | 5.96% | 12.31% | 12.76% | 16.99% | 19.03% |
| Dividend Yield | - | - | 3.83% | 4.80% | 5.73% | 17.08% | 8.71% | 16.26% | 7.82% | 4.43% | 4.15% | 3.23% |
| Net Income To Common (M) | 7.25 |
| (-) Cash Dividends Paid (M) | 5.35 |
| (=) Cash Retained (M) | 1.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.45 | 0.91 | 0.54 |
| Cash Retained (M) | 1.90 | 1.90 | 1.90 |
| (-) Cash Required (M) | -1.45 | -0.91 | -0.54 |
| (=) Excess Retained (M) | 0.45 | 1.00 | 1.36 |
| (/) Shares Outstanding (M) | 8.76 | 8.76 | 8.76 |
| (=) Excess Retained per Share | 0.05 | 0.11 | 0.16 |
| LTM Dividend per Share | 0.61 | 0.61 | 0.61 |
| (+) Excess Retained per Share | 0.05 | 0.11 | 0.16 |
| (=) Adjusted Dividend | 0.66 | 0.72 | 0.77 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -3.77% | -2.77% | -1.77% |
| Fair Value | $4.95 | $5.93 | $6.92 |
| Upside / Downside | -69.98% | -64.02% | -58.04% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7.25 | 7.05 | 6.86 | 6.67 | 6.48 | 6.30 | 6.49 |
| Payout Ratio | 73.76% | 77.01% | 80.26% | 83.50% | 86.75% | 90.00% | 92.50% |
| Projected Dividends (M) | 5.35 | 5.43 | 5.50 | 5.57 | 5.62 | 5.67 | 6.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -3.77% | -2.77% | -1.77% |
| Year 1 PV (M) | 4.93 | 4.98 | 5.03 |
| Year 2 PV (M) | 4.53 | 4.62 | 4.72 |
| Year 3 PV (M) | 4.16 | 4.29 | 4.42 |
| Year 4 PV (M) | 3.81 | 3.97 | 4.13 |
| Year 5 PV (M) | 3.48 | 3.67 | 3.86 |
| PV of Terminal Value (M) | 60.49 | 63.70 | 67.05 |
| Equity Value (M) | 81.40 | 85.23 | 89.21 |
| Shares Outstanding (M) | 8.76 | 8.76 | 8.76 |
| Fair Value | $9.29 | $9.73 | $10.18 |
| Upside / Downside | -43.67% | -41.02% | -38.26% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| TC.BK | Tropical Canning (Thailand) Public Company Limited | 6.05% | $0.30 | 42.33% |
| 8984.T | Daiwa House REIT Investment Corporation | 6.04% | $8,653.99 | 81.69% |
| 0R40.L | Rai Way S.p.A. | 6.03% | $0.33 | 99.60% |
| 3600.HK | Modern Dental Group Limited | 6.03% | $0.32 | 34.31% |
| 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% |
| 009680.KS | Motonic Corporation | 5.93% | $599.08 | 42.49% |
| 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% |
| DU.AE | Emirates Integrated Telecommunications Company PJSC | 5.91% | $0.58 | 95.05% |
| NXR-UN.TO | Nexus Industrial REIT | 5.91% | $0.47 | 57.77% |