Definitive Analysis
| Stable Growth | $859,167.25 - $3,107,447.47 | $2,721,980.40 |
| Multi-Stage | $390,148.84 - $427,050.18 | $408,260.72 |
| Blended Fair Value | $1,565,120.56 | |
| Current Price | $115,500.00 | |
| Upside | 1,255.08% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.18% | 22.64% | 4,002.68 | 3,100.71 | 3,870.17 | 2,643.04 | 2,317.91 | 2,062.61 | 2,063.90 | 1,340.44 | 1,019.19 | 811.19 |
| YoY Growth | - | - | 29.09% | -19.88% | 46.43% | 14.03% | 12.38% | -0.06% | 53.97% | 31.52% | 25.64% | 56.00% |
| Dividend Yield | - | - | 5.07% | 4.53% | 8.12% | 4.31% | 4.12% | 5.97% | 4.69% | 2.21% | 2.08% | 2.55% |
| Net Income To Common (M) | 5,804,665.00 |
| (-) Cash Dividends Paid (M) | 1,316,794.00 |
| (=) Cash Retained (M) | 4,487,871.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,160,933.00 | 725,583.13 | 435,349.88 |
| Cash Retained (M) | 4,487,871.00 | 4,487,871.00 | 4,487,871.00 |
| (-) Cash Required (M) | -1,160,933.00 | -725,583.13 | -435,349.88 |
| (=) Excess Retained (M) | 3,326,938.00 | 3,762,287.88 | 4,052,521.13 |
| (/) Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| (=) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| LTM Dividend per Share | 3,544.58 | 3,544.58 | 3,544.58 |
| (+) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| (=) Adjusted Dividend | 12,500.10 | 13,671.99 | 14,453.24 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $859,167.25 | $2,721,980.40 | $3,107,447.47 |
| Upside / Downside | 643.87% | 2,256.69% | 2,590.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,804,665.00 | 6,181,968.23 | 6,583,796.16 | 7,011,742.91 | 7,467,506.20 | 7,952,894.10 | 8,191,480.93 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,316,794.00 | 2,234,662.77 | 3,266,291.02 | 4,422,589.50 | 5,715,406.70 | 7,157,604.69 | 7,577,119.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,068,184.69 | 2,087,788.34 | 2,107,391.98 |
| Year 2 PV (M) | 2,797,754.02 | 2,851,043.38 | 2,904,835.47 |
| Year 3 PV (M) | 3,505,973.33 | 3,606,617.22 | 3,709,169.00 |
| Year 4 PV (M) | 4,193,304.91 | 4,354,567.59 | 4,520,437.42 |
| Year 5 PV (M) | 4,860,202.21 | 5,094,951.79 | 5,338,685.80 |
| PV of Terminal Value (M) | 127,513,120.11 | 133,672,051.49 | 140,066,699.67 |
| Equity Value (M) | 144,938,539.28 | 151,667,019.81 | 158,647,219.34 |
| Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| Fair Value | $390,148.84 | $408,260.72 | $427,050.18 |
| Upside / Downside | 237.79% | 253.47% | 269.74% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 002450.KS | SAMICK MUSICAL INSTRUMENT Co., Ltd | 4.08% | $49.79 | 18.17% |
| 003380.KQ | Harim Holdings Co., Ltd. | 4.08% | $447.07 | 36.82% |
| 2798.HK | Perennial Energy Holdings Limited | 4.08% | $0.05 | 9.52% |
| N2IU.SI | Mapletree Pan Asia Commercial Trust | 4.08% | $0.06 | 45.97% |
| WIPRO.BO | Wipro Limited | 4.08% | $10.98 | 85.26% |
| 000421.SZ | Nanjing Public Utilities Development Co., Ltd. | 4.07% | $0.28 | 91.69% |
| 003030.KS | SeAH Steel Holdings Corporation | 4.07% | $5,154.53 | 38.17% |
| 2154.T | Open Up Group Inc. | 4.07% | $75.01 | 51.97% |
| 6411.TWO | Amazing Microelectronic Corp. | 4.07% | $3.15 | 85.74% |
| KINO.JK | PT Kino Indonesia Tbk | 4.06% | $56.17 | 56.49% |
| WIIM.JK | PT Wismilak Inti Makmur Tbk | 4.06% | $64.80 | 35.76% |
| 134380.KS | Miwon Chemicals Co., Ltd. | 4.05% | $3,833.42 | 33.65% |
| 2912.TW | President Chain Store Corporation | 4.05% | $8.98 | 83.72% |
| 5438.TWO | Teco Image Systems Co., Ltd. | 4.05% | $0.93 | 78.68% |
| IG.MI | Italgas S.p.A. | 4.05% | $0.39 | 36.35% |
| TWR.AX | Tower Limited | 4.05% | $0.07 | 19.30% |
| 002215.SZ | Shenzhen Noposion Agrochemicals Co.,Ltd | 4.04% | $0.43 | 61.18% |
| 1603.TW | China Wire & Cable Co., Ltd. | 4.04% | $1.50 | 40.87% |
| 601567.SS | Ningbo Sanxing Medical Electric Co.,Ltd. | 4.04% | $0.93 | 65.61% |
| 6846.TWO | Greenyn Biotechnology Co., Ltd | 4.04% | $2.98 | 67.75% |
| ASEFA.BK | Asefa Public Company Limited | 4.04% | $0.14 | 36.27% |
| JLG.AX | Johns Lyng Group Limited | 4.04% | $0.16 | 53.65% |
| 004910.KS | Chokwang Paint Co., Ltd. | 4.03% | $200.13 | 55.11% |
| JTPE.JK | PT Jasuindo Tiga Perkasa Tbk | 4.03% | $24.00 | 60.60% |
| MTDL.JK | PT Metrodata Electronics Tbk | 4.03% | $24.00 | 39.08% |
| SPINNEYS.AE | Spinneys 1961 Hold | 4.03% | $0.06 | 66.84% |
| 605077.SS | Zhejiang Huakang Pharmaceutical Co., Ltd. | 4.02% | $0.59 | 70.96% |
| 6190.HK | Bank of Jiujiang Co., Ltd. | 4.02% | $0.07 | 9.94% |
| THANI.BK | Ratchthani Leasing Public Company Limited | 4.02% | $0.07 | 45.63% |
| 010770.KS | Pyung Hwa Holdings Co., Ltd. | 4.01% | $149.90 | 11.24% |
| 0RPP.L | Valartis Group AG | 4.01% | $0.49 | 9.63% |
| 301004.SZ | Zhejiang Cayi Vacuum Container Co., Ltd. | 4.01% | $2.09 | 54.91% |
| 4968.T | Arakawa Chemical Industries, Ltd. | 4.01% | $48.94 | 56.00% |
| FESA3.SA | Cia de Ferro Ligas da Bahia - FERBASA | 4.01% | $0.46 | 76.61% |
| HBOR3.SA | Helbor Empreendimentos S.A. | 4.01% | $0.10 | 32.33% |
| 089860.KS | LOTTE rental co.,ltd. | 4.00% | $1,199.98 | 35.09% |
| 0OJJ.L | ACTIA Group S.A. | 4.00% | $0.12 | 33.82% |
| 2128.HK | China Lesso Group Holdings Limited | 4.00% | $0.19 | 15.85% |
| 3338.TW | TaiSol Electronics Co., Ltd. | 4.00% | $2.01 | 85.10% |
| AIL.DE | L'Air Liquide S.A. | 4.00% | $6.35 | 56.81% |
| CUB | Lionheart Holdings | 4.00% | $0.43 | 93.60% |
| DHL.DE | Deutsche Post AG | 4.00% | $1.88 | 60.01% |
| FCMC.PA | Société Fermière du Casino Municipal de Cannes | 4.00% | $85.57 | 28.90% |
| 009160.KS | SIMPAC Inc. | 3.99% | $202.33 | 92.46% |
| 033780.KS | KT&G Corporation | 3.99% | $5,606.09 | 52.73% |
| 603309.SS | Well Lead Medical Co., Ltd. | 3.99% | $0.54 | 64.79% |
| 6761.TWO | Wendell Industrial Co., Ltd | 3.99% | $5.62 | 81.14% |
| MULT3.SA | Multiplan Empreendimentos Imobiliários S.A. | 3.99% | $1.08 | 42.74% |
| 300641.SZ | Jiangsu Zhengdan Chemical Industry Co., Ltd. | 3.98% | $0.70 | 35.38% |
| 5126.KL | Sarawak Oil Palms Berhad | 3.98% | $0.15 | 29.34% |