Definitive Analysis
| Stable Growth | $1,063,731.50 - $4,222,725.23 | $2,889,806.63 |
| Multi-Stage | $536,326.35 - $585,499.06 | $560,467.31 |
| Blended Fair Value | $1,725,136.97 | |
| Current Price | $819,000.00 | |
| Upside | 110.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.95% | 13.35% | 16,673.43 | 31,715.30 | 18,715.77 | 14,036.83 | 13,101.04 | 10,375.95 | 9,440.08 | 8,036.36 | 8,036.36 | 6,164.78 |
| YoY Growth | - | - | -47.43% | 69.46% | 33.33% | 7.14% | 26.26% | 9.91% | 17.47% | 0.00% | 30.36% | 29.48% |
| Dividend Yield | - | - | 2.14% | 7.03% | 3.38% | 2.40% | 3.21% | 2.91% | 2.01% | 1.68% | 1.86% | 1.28% |
| Net Income To Common (M) | 401,028.84 |
| (-) Cash Dividends Paid (M) | 347,114.25 |
| (=) Cash Retained (M) | 53,914.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 80,205.77 | 50,128.61 | 30,077.16 |
| Cash Retained (M) | 53,914.59 | 53,914.59 | 53,914.59 |
| (-) Cash Required (M) | -80,205.77 | -50,128.61 | -30,077.16 |
| (=) Excess Retained (M) | -26,291.18 | 3,785.99 | 23,837.43 |
| (/) Shares Outstanding (M) | 18.89 | 18.89 | 18.89 |
| (=) Excess Retained per Share | -1,392.03 | 200.45 | 1,262.11 |
| LTM Dividend per Share | 18,378.47 | 18,378.47 | 18,378.47 |
| (+) Excess Retained per Share | -1,392.03 | 200.45 | 1,262.11 |
| (=) Adjusted Dividend | 16,986.45 | 18,578.93 | 19,640.58 |
| WACC / Discount Rate | 7.18% | 7.18% | 7.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,063,731.50 | $2,889,806.63 | $4,222,725.23 |
| Upside / Downside | 29.88% | 252.85% | 415.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 401,028.84 | 427,095.72 | 454,856.94 | 484,422.64 | 515,910.11 | 549,444.27 | 565,927.60 |
| Payout Ratio | 86.56% | 87.24% | 87.93% | 88.62% | 89.31% | 90.00% | 92.50% |
| Projected Dividends (M) | 347,114.25 | 372,618.57 | 399,971.90 | 429,306.84 | 460,765.44 | 494,499.84 | 523,483.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.18% | 7.18% | 7.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 344,377.32 | 347,641.56 | 350,905.80 |
| Year 2 PV (M) | 341,640.68 | 348,147.97 | 354,716.66 |
| Year 3 PV (M) | 338,904.98 | 348,633.72 | 358,546.89 |
| Year 4 PV (M) | 336,170.88 | 349,099.06 | 362,396.60 |
| Year 5 PV (M) | 333,439.00 | 349,544.23 | 366,265.84 |
| PV of Terminal Value (M) | 8,435,062.84 | 8,842,479.53 | 9,265,489.02 |
| Equity Value (M) | 10,129,595.70 | 10,585,546.08 | 11,058,320.81 |
| Shares Outstanding (M) | 18.89 | 18.89 | 18.89 |
| Fair Value | $536,326.35 | $560,467.31 | $585,499.06 |
| Upside / Downside | -34.51% | -31.57% | -28.51% |
| 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% |