Definitive Analysis
| Stable Growth | $2,839.05 - $15,033.91 | $5,649.71 |
| Multi-Stage | $2,249.90 - $2,465.04 | $2,355.47 |
| Blended Fair Value | $4,002.59 | |
| Current Price | $1,130.00 | |
| Upside | 254.21% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.31% | 6.05% | 31.45 | 38.55 | 35.78 | 28.79 | 26.73 | 26.73 | 25.70 | 22.62 | 19.53 | 19.53 |
| YoY Growth | - | - | -18.42% | 7.75% | 24.30% | 7.69% | 0.00% | 4.00% | 13.64% | 15.79% | 0.00% | 11.76% |
| Dividend Yield | - | - | 2.77% | 2.63% | 1.70% | 1.79% | 1.70% | 2.23% | 1.72% | 1.51% | 1.27% | 1.35% |
| Net Income To Common (M) | 3,493,602.86 |
| (-) Cash Dividends Paid (M) | 1,635,802.50 |
| (=) Cash Retained (M) | 1,857,800.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 698,720.57 | 436,700.36 | 262,020.21 |
| Cash Retained (M) | 1,857,800.36 | 1,857,800.36 | 1,857,800.36 |
| (-) Cash Required (M) | -698,720.57 | -436,700.36 | -262,020.21 |
| (=) Excess Retained (M) | 1,159,079.78 | 1,421,100.00 | 1,595,780.14 |
| (/) Shares Outstanding (M) | 45,591.84 | 45,591.84 | 45,591.84 |
| (=) Excess Retained per Share | 25.42 | 31.17 | 35.00 |
| LTM Dividend per Share | 35.88 | 35.88 | 35.88 |
| (+) Excess Retained per Share | 25.42 | 31.17 | 35.00 |
| (=) Adjusted Dividend | 61.30 | 67.05 | 70.88 |
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 4.05% | 5.05% | 6.05% |
| Fair Value | $2,839.05 | $5,649.71 | $15,033.91 |
| Upside / Downside | 151.24% | 399.97% | 1,230.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,493,602.86 | 3,670,055.38 | 3,855,420.05 | 4,050,146.99 | 4,254,709.06 | 4,469,603.02 | 4,603,691.11 |
| Payout Ratio | 46.82% | 55.46% | 64.09% | 72.73% | 81.36% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,635,802.50 | 2,035,347.97 | 2,471,080.47 | 2,945,636.18 | 3,461,825.27 | 4,022,642.72 | 4,258,414.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 4.05% | 5.05% | 6.05% |
| Year 1 PV (M) | 1,896,539.50 | 1,914,766.57 | 1,932,993.63 |
| Year 2 PV (M) | 2,145,523.79 | 2,186,961.92 | 2,228,796.39 |
| Year 3 PV (M) | 2,383,135.72 | 2,452,508.97 | 2,523,215.64 |
| Year 4 PV (M) | 2,609,744.77 | 2,711,526.22 | 2,816,256.19 |
| Year 5 PV (M) | 2,825,709.93 | 2,964,130.32 | 3,107,922.86 |
| PV of Terminal Value (M) | 90,716,484.67 | 95,160,327.54 | 99,776,637.97 |
| Equity Value (M) | 102,577,138.39 | 107,390,221.53 | 112,385,822.68 |
| Shares Outstanding (M) | 45,591.84 | 45,591.84 | 45,591.84 |
| Fair Value | $2,249.90 | $2,355.47 | $2,465.04 |
| Upside / Downside | 99.11% | 108.45% | 118.15% |
| 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% |