Definitive Analysis
| Stable Growth | $209,762.53 - $323,179.12 | $262,509.96 |
| Multi-Stage | $460,670.37 - $507,511.58 | $483,628.97 |
| Blended Fair Value | $373,069.47 | |
| Current Price | $366,000.00 | |
| Upside | 1.93% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | -37.66% | 14.09 | 42.31 | 38.31 | 51.14 | 125.48 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -66.69% | 10.44% | -25.08% | -59.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 0.01% | 0.04% | 0.05% | 0.06% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 1,684,653.36 |
| (-) Cash Dividends Paid (M) | 433,974.82 |
| (=) Cash Retained (M) | 1,250,678.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 336,930.67 | 210,581.67 | 126,349.00 |
| Cash Retained (M) | 1,250,678.55 | 1,250,678.55 | 1,250,678.55 |
| (-) Cash Required (M) | -336,930.67 | -210,581.67 | -126,349.00 |
| (=) Excess Retained (M) | 913,747.87 | 1,040,096.87 | 1,124,329.54 |
| (/) Shares Outstanding (M) | 73.73 | 73.73 | 73.73 |
| (=) Excess Retained per Share | 12,392.36 | 14,105.93 | 15,248.30 |
| LTM Dividend per Share | 5,885.62 | 5,885.62 | 5,885.62 |
| (+) Excess Retained per Share | 12,392.36 | 14,105.93 | 15,248.30 |
| (=) Adjusted Dividend | 18,277.99 | 19,991.55 | 21,133.92 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $209,762.53 | $262,509.96 | $323,179.12 |
| Upside / Downside | -42.69% | -28.28% | -11.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,684,653.36 | 1,667,806.83 | 1,651,128.76 | 1,634,617.47 | 1,618,271.30 | 1,602,088.58 | 1,650,151.24 |
| Payout Ratio | 25.76% | 38.61% | 51.46% | 64.30% | 77.15% | 90.00% | 92.50% |
| Projected Dividends (M) | 433,974.82 | 643,913.28 | 849,609.58 | 1,051,127.57 | 1,248,530.23 | 1,441,879.73 | 1,526,389.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 598,284.96 | 604,389.91 | 610,494.86 |
| Year 2 PV (M) | 733,467.39 | 748,512.48 | 763,710.32 |
| Year 3 PV (M) | 843,135.81 | 869,210.36 | 895,817.02 |
| Year 4 PV (M) | 930,511.78 | 969,077.15 | 1,008,829.04 |
| Year 5 PV (M) | 998,464.33 | 1,050,456.68 | 1,104,592.72 |
| PV of Terminal Value (M) | 29,863,550.53 | 31,418,614.89 | 33,037,795.60 |
| Equity Value (M) | 33,967,414.80 | 35,660,261.47 | 37,421,239.56 |
| Shares Outstanding (M) | 73.73 | 73.73 | 73.73 |
| Fair Value | $460,670.37 | $483,628.97 | $507,511.58 |
| Upside / Downside | 25.87% | 32.14% | 38.66% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 1272.HK | Datang Environment Industry Group Co., Ltd. | 13.53% | $0.15 | 42.28% |
| MID-UN.TO | MINT Income Fund | 13.47% | $1.06 | 61.55% |
| 1126.HK | Dream International Limited | 13.45% | $1.15 | 50.50% |
| HCO.PA | High Co. S.A. | 13.45% | $0.53 | 62.33% |
| 2348.HK | Dawnrays Pharmaceutical (Holdings) Limited | 13.44% | $0.16 | 33.06% |
| 0384.HK | China Gas Holdings Limited | 13.43% | $1.04 | 94.76% |
| AEF | Abrdn Emerging Markets Equity Income Fund Inc | 13.42% | $0.96 | 61.57% |
| 9616.HK | Neutech Group Limited | 13.40% | $0.34 | 55.10% |
| WN-PA.TO | George Weston Limited | 13.36% | $3.41 | 27.39% |
| CY4.F | Kelsian Group Limited | 13.31% | $0.32 | 78.26% |
| 1100.HK | Mainland Headwear Holdings Limited | 13.28% | $0.17 | 42.95% |
| 1755.HK | S-Enjoy Service Group Co., Limited | 13.28% | $0.37 | 33.22% |
| DRR.AX | Deterra Royalties Limited | 13.28% | $0.55 | 93.57% |
| 2942.TWO | Jing-Jan Retail Business Co., Ltd. | 13.27% | $4.19 | 62.94% |
| 1985.HK | Microware Group Limited | 13.26% | $0.17 | 68.95% |
| SSG.AX | Shaver Shop Group Limited | 13.25% | $0.20 | 86.08% |
| 1553.HK | Maike Tube Industry Holdings Limited | 13.22% | $0.20 | 27.92% |
| 3306.HK | JNBY Design Limited | 13.22% | $2.55 | 77.85% |
| 0363.HK | Shanghai Industrial Holdings Limited | 13.17% | $1.90 | 35.00% |
| 0579.HK | Beijing Jingneng Clean Energy Co., Limited | 13.09% | $0.30 | 42.68% |
| RI.PA | Pernod Ricard S.A. | 13.06% | $9.53 | 77.43% |
| VULC3.SA | Vulcabras S.A. | 13.05% | $2.60 | 60.16% |
| 600919.SS | Bank of Jiangsu Co., Ltd. | 13.01% | $1.35 | 72.63% |
| 1551.HK | Guangzhou Rural Commercial Bank Co., Ltd. | 13.00% | $0.20 | 58.85% |
| EIT-UN.TO | Canoe EIT Income Fund | 13.00% | $2.05 | 42.34% |
| 4334.SR | Al Maather Reit Fund | 12.98% | $1.16 | 89.22% |
| BCE-PA.TO | BCE Inc. | 12.97% | $2.71 | 39.91% |
| HLO.AX | Helloworld Travel Limited | 12.97% | $0.25 | 67.50% |
| 4347.SR | Bonyan REIT Fund | 12.96% | $1.21 | 93.24% |
| 1526.HK | Rici Healthcare Holdings Limited | 12.94% | $0.14 | 38.91% |
| 3709.HK | EEKA Fashion Holdings Limited | 12.93% | $0.99 | 58.41% |
| ELSA.JK | PT Elnusa Tbk | 12.90% | $65.79 | 79.08% |
| 3348.HK | China PengFei Group Limited | 12.88% | $0.16 | 42.43% |
| BAYU.JK | PT Bayu Buana Tbk | 12.87% | $175.00 | 59.18% |
| MJLF.BK | Major Cineplex Lifestyle Leasehold Property Fund. | 12.81% | $0.62 | 46.37% |
| 037460.KQ | Samji Electronics Co., Ltd. | 12.80% | $1,880.76 | 47.73% |
| 1785.HK | Chengdu Expressway Co., Ltd. | 12.79% | $0.26 | 88.07% |
| GWO-PN.TO | Great-West Lifeco Inc. | 12.76% | $2.39 | 53.09% |
| UNC.TO | United Corporations Limited | 12.75% | $1.87 | 60.14% |
| FDJ.PA | FDJ United | 12.74% | $3.83 | 90.91% |
| IRAO.ME | PJSC Inter RAO UES | 12.74% | $0.39 | 19.11% |
| 0OGG.L | S.A. Catana Group | 12.72% | $0.37 | 22.37% |
| TAPG.JK | PT Triputra Agro Persada Tbk | 12.65% | $191.00 | 90.66% |
| 2407.HK | Gaush Meditech Ltd | 12.64% | $1.02 | 77.13% |
| MPCK.DE | MPC Münchmeyer Petersen Capital AG | 12.63% | $0.62 | 60.64% |
| EDL.DE | Edel SE & Co. KGaA | 12.60% | $0.57 | 54.20% |
| 0086.HK | Sun Hung Kai & Co. Limited | 12.59% | $0.52 | 94.25% |
| 4340.SR | Al Rajhi REIT Fund | 12.56% | $1.00 | 83.50% |
| TRMD | TORM plc | 12.54% | $2.48 | 90.35% |
| 0819.HK | Tianneng Power International Limited | 12.50% | $0.89 | 35.06% |