Definitive Analysis
| Stable Growth | $16.95 - $25.68 | $21.05 |
| Multi-Stage | $34.29 - $37.76 | $36.00 |
| Blended Fair Value | $28.52 | |
| Current Price | $16.24 | |
| Upside | 75.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 20,687.35 |
| (-) Cash Dividends Paid (M) | 4,822.58 |
| (=) Cash Retained (M) | 15,864.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,137.47 | 2,585.92 | 1,551.55 |
| Cash Retained (M) | 15,864.78 | 15,864.78 | 15,864.78 |
| (-) Cash Required (M) | -4,137.47 | -2,585.92 | -1,551.55 |
| (=) Excess Retained (M) | 11,727.31 | 13,278.86 | 14,313.23 |
| (/) Shares Outstanding (M) | 10,598.10 | 10,598.10 | 10,598.10 |
| (=) Excess Retained per Share | 1.11 | 1.25 | 1.35 |
| LTM Dividend per Share | 0.46 | 0.46 | 0.46 |
| (+) Excess Retained per Share | 1.11 | 1.25 | 1.35 |
| (=) Adjusted Dividend | 1.56 | 1.71 | 1.81 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $16.95 | $21.05 | $25.68 |
| Upside / Downside | 4.34% | 29.65% | 58.13% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 20,687.35 | 20,480.48 | 20,275.68 | 20,072.92 | 19,872.19 | 19,673.47 | 20,263.67 |
| Payout Ratio | 23.31% | 36.65% | 49.99% | 63.32% | 76.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,822.58 | 7,505.97 | 10,135.21 | 12,711.11 | 15,234.49 | 17,706.12 | 18,743.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 6,942.04 | 7,012.88 | 7,083.72 |
| Year 2 PV (M) | 8,669.50 | 8,847.33 | 9,026.97 |
| Year 3 PV (M) | 10,056.01 | 10,367.00 | 10,684.33 |
| Year 4 PV (M) | 11,146.81 | 11,608.79 | 12,084.99 |
| Year 5 PV (M) | 11,981.93 | 12,605.86 | 13,255.51 |
| PV of Terminal Value (M) | 314,654.39 | 331,039.18 | 348,099.52 |
| Equity Value (M) | 363,450.68 | 381,481.03 | 400,235.03 |
| Shares Outstanding (M) | 10,598.10 | 10,598.10 | 10,598.10 |
| Fair Value | $34.29 | $36.00 | $37.76 |
| Upside / Downside | 111.17% | 121.65% | 132.54% |
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|---|---|---|---|---|
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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% |
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| 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% |
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| 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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| 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% |
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| 030000.KS | Cheil Worldwide Inc. | 5.91% | $1,232.93 | 68.46% |
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