Definitive Analysis
| Stable Growth | $9,286.88 - $13,683.01 | $11,396.56 |
| Multi-Stage | $21,528.21 - $23,769.67 | $22,626.44 |
| Blended Fair Value | $17,011.50 | |
| Current Price | $10,415.00 | |
| Upside | 63.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.39% | 3.03% | 44.30 | 44.54 | 48.61 | 52.49 | 60.04 | 47.51 | 33.16 | 33.16 | 32.02 | 32.68 |
| YoY Growth | - | - | -0.52% | -8.38% | -7.39% | -12.58% | 26.36% | 43.28% | 0.00% | 3.55% | -2.00% | -0.63% |
| Dividend Yield | - | - | 0.43% | 0.42% | 0.72% | 1.00% | 0.76% | 0.86% | 0.63% | 0.83% | 0.68% | 0.69% |
| Net Income To Common (M) | 1,745,189.00 |
| (-) Cash Dividends Paid (M) | 72,825.00 |
| (=) Cash Retained (M) | 1,672,364.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 349,037.80 | 218,148.63 | 130,889.18 |
| Cash Retained (M) | 1,672,364.00 | 1,672,364.00 | 1,672,364.00 |
| (-) Cash Required (M) | -349,037.80 | -218,148.63 | -130,889.18 |
| (=) Excess Retained (M) | 1,323,326.20 | 1,454,215.38 | 1,541,474.83 |
| (/) Shares Outstanding (M) | 1,445.06 | 1,445.06 | 1,445.06 |
| (=) Excess Retained per Share | 915.76 | 1,006.33 | 1,066.72 |
| LTM Dividend per Share | 50.40 | 50.40 | 50.40 |
| (+) Excess Retained per Share | 915.76 | 1,006.33 | 1,066.72 |
| (=) Adjusted Dividend | 966.15 | 1,056.73 | 1,117.12 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | -3.39% | -2.39% | -1.39% |
| Fair Value | $9,286.88 | $11,396.56 | $13,683.01 |
| Upside / Downside | -10.83% | 9.42% | 31.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,745,189.00 | 1,703,489.60 | 1,662,786.57 | 1,623,056.09 | 1,584,274.93 | 1,546,420.40 | 1,592,813.01 |
| Payout Ratio | 4.17% | 21.34% | 38.50% | 55.67% | 72.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 72,825.00 | 363,496.07 | 640,235.02 | 903,541.70 | 1,153,899.99 | 1,391,778.36 | 1,473,352.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | -3.39% | -2.39% | -1.39% |
| Year 1 PV (M) | 337,302.95 | 340,794.32 | 344,285.68 |
| Year 2 PV (M) | 551,290.20 | 562,761.88 | 574,351.70 |
| Year 3 PV (M) | 721,953.89 | 744,605.21 | 767,725.43 |
| Year 4 PV (M) | 855,558.79 | 891,535.55 | 928,635.20 |
| Year 5 PV (M) | 957,573.65 | 1,008,168.67 | 1,060,880.07 |
| PV of Terminal Value (M) | 27,685,900.23 | 29,148,731.70 | 30,672,752.88 |
| Equity Value (M) | 31,109,579.71 | 32,696,597.33 | 34,348,630.96 |
| Shares Outstanding (M) | 1,445.06 | 1,445.06 | 1,445.06 |
| Fair Value | $21,528.21 | $22,626.44 | $23,769.67 |
| Upside / Downside | 106.70% | 117.25% | 128.23% |
| 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% |