Definitive Analysis
| Stable Growth | $9.08 - $16.29 | $12.10 |
| Multi-Stage | $14.72 - $16.15 | $15.42 |
| Blended Fair Value | $13.76 | |
| Current Price | $2.91 | |
| Upside | 372.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.90% | 5.46% | 0.27 | 0.23 | 0.27 | 0.04 | 0.00 | 0.23 | 0.10 | 0.05 | 0.12 | 0.16 |
| YoY Growth | - | - | 15.38% | -14.05% | 572.22% | 0.00% | -100.00% | 132.84% | 100.00% | -57.32% | -25.78% | 0.00% |
| Dividend Yield | - | - | 10.98% | 12.82% | 18.12% | 1.97% | 0.00% | 8.53% | 2.78% | 1.35% | 3.07% | 3.44% |
| Net Income To Common (M) | 88.10 |
| (-) Cash Dividends Paid (M) | 48.40 |
| (=) Cash Retained (M) | 39.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 17.62 | 11.01 | 6.61 |
| Cash Retained (M) | 39.70 | 39.70 | 39.70 |
| (-) Cash Required (M) | -17.62 | -11.01 | -6.61 |
| (=) Excess Retained (M) | 22.08 | 28.69 | 33.09 |
| (/) Shares Outstanding (M) | 134.42 | 134.42 | 134.42 |
| (=) Excess Retained per Share | 0.16 | 0.21 | 0.25 |
| LTM Dividend per Share | 0.36 | 0.36 | 0.36 |
| (+) Excess Retained per Share | 0.16 | 0.21 | 0.25 |
| (=) Adjusted Dividend | 0.52 | 0.57 | 0.61 |
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 0.90% | 1.90% | 2.90% |
| Fair Value | $9.08 | $12.10 | $16.29 |
| Upside / Downside | 211.86% | 315.79% | 459.76% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 88.10 | 89.78 | 91.49 | 93.23 | 95.00 | 96.81 | 99.71 |
| Payout Ratio | 54.94% | 61.95% | 68.96% | 75.98% | 82.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 48.40 | 55.62 | 63.09 | 70.83 | 78.84 | 87.13 | 92.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 0.90% | 1.90% | 2.90% |
| Year 1 PV (M) | 51.60 | 52.11 | 52.62 |
| Year 2 PV (M) | 54.30 | 55.38 | 56.47 |
| Year 3 PV (M) | 56.55 | 58.25 | 59.98 |
| Year 4 PV (M) | 58.40 | 60.75 | 63.17 |
| Year 5 PV (M) | 59.87 | 62.90 | 66.05 |
| PV of Terminal Value (M) | 1,697.76 | 1,783.57 | 1,872.82 |
| Equity Value (M) | 1,978.49 | 2,072.97 | 2,171.12 |
| Shares Outstanding (M) | 134.42 | 134.42 | 134.42 |
| Fair Value | $14.72 | $15.42 | $16.15 |
| Upside / Downside | 405.81% | 429.97% | 455.06% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| EMTK.JK | PT Elang Mahkota Teknologi Tbk | 3.98% | $43.78 | 48.47% |
| HOLN.SW | Holcim Ltd | 3.98% | $3.10 | 11.12% |
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| 007860.KS | Seoyon Co., Ltd. | 3.97% | $381.92 | 8.19% |
| 3217.TWO | Argosy Research Inc. | 3.97% | $6.40 | 54.14% |
| 5434.TW | Topco Scientific Co.,Ltd. | 3.97% | $11.76 | 59.09% |
| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
| MND.AX | Monadelphous Group Limited | 3.97% | $1.05 | 72.16% |
| MXI.AX | MaxiPARTS Limited | 3.97% | $0.09 | 46.30% |
| 027410.KS | BGF Co., Ltd. | 3.96% | $152.83 | 25.29% |
| CNT.BK | Christiani & Nielsen (Thai) Public Company Limited | 3.96% | $0.04 | 56.47% |
| UCID.JK | PT Uni-Charm Indonesia Tbk | 3.96% | $16.86 | 78.76% |
| 002758.SZ | ZJAMP Group Co., Ltd. | 3.95% | $0.40 | 46.30% |
| 4065.KL | PPB Group Berhad | 3.95% | $0.42 | 72.75% |
| 600585.SS | Anhui Conch Cement Company Limited | 3.95% | $0.86 | 51.83% |
| 8464.TW | Nien Made Enterprise Co., Ltd. | 3.95% | $14.49 | 64.65% |
| BRFS3.SA | BRF S.A. | 3.95% | $0.71 | 31.92% |
| F34.SI | Wilmar International Limited | 3.95% | $0.12 | 63.66% |
| 000848.SZ | Cheng De Lolo Company Limited | 3.94% | $0.33 | 55.15% |
| 6412.T | Heiwa Corporation | 3.94% | $80.00 | 63.34% |
| DSFIR.AS | DSM-Firmenich AG | 3.94% | $2.71 | 99.44% |
| NDT.MI | Neodecortech S.p.A. | 3.94% | $0.15 | 28.43% |
| TCSG.ME | TCS Group Holding PLC | 3.94% | $129.27 | 21.76% |
| 001720.KS | Shinyoung Securities Co., Ltd. | 3.93% | $5,219.58 | 32.99% |
| 0UKH.L | Bank of Montreal | 3.93% | $7.04 | 57.77% |
| 282330.KS | BGF retail Co. Ltd. | 3.93% | $4,100.00 | 37.49% |
| 4953.TWO | WITS Corp. | 3.93% | $4.91 | 84.65% |
| 601528.SS | Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd | 3.93% | $0.22 | 21.93% |
| 601789.SS | Ningbo Construction Co., Ltd. | 3.93% | $0.20 | 78.65% |
| EMA | Emera Incorporated | 3.93% | $1.93 | 49.45% |
| TSPC.JK | PT Tempo Scan Pacific Tbk | 3.93% | $111.90 | 33.61% |
| TTALO.HE | Terveystalo Oyj | 3.93% | $0.38 | 55.32% |
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| 300181.SZ | Zhejiang Jolly Pharmaceutical Co.,LTD | 3.92% | $0.63 | 73.60% |
| 6491.TW | Pegavision Corporation | 3.92% | $11.02 | 53.82% |
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| DR0.DE | Deutsche Rohstoff AG | 3.92% | $1.96 | 26.92% |
| SIRIP.BK | Siri Prime Office Property Fund | 3.92% | $0.28 | 44.51% |
| SJR | Shaw Communications Inc. | 3.92% | $1.18 | 80.43% |
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| 234080.KS | JW Lifescience Corporation | 3.91% | $501.22 | 16.27% |
| 3693.TWO | AIC Inc. | 3.91% | $10.92 | 61.94% |
| 4863.KL | Telekom Malaysia Berhad | 3.91% | $0.31 | 59.49% |
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