Definitive Analysis
| Stable Growth | $5.51 - $14.35 | $8.38 |
| Multi-Stage | $6.03 - $6.61 | $6.32 |
| Blended Fair Value | $7.35 | |
| Current Price | $0.76 | |
| Upside | 870.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.94% | 0.00% | 0.11 | 0.11 | 0.12 | 0.07 | 0.00 | 0.05 | 0.07 | 0.00 | 0.01 | 0.00 |
| YoY Growth | - | - | 4.04% | -9.98% | 82.01% | 0.00% | -100.00% | -24.94% | 20,865.89% | -96.40% | 0.00% | 0.00% |
| Dividend Yield | - | - | 14.04% | 11.37% | 14.30% | 5.70% | 0.00% | 3.91% | 5.29% | 0.03% | 0.69% | 0.00% |
| Net Income To Common (M) | 181.18 |
| (-) Cash Dividends Paid (M) | 85.04 |
| (=) Cash Retained (M) | 96.14 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 36.24 | 22.65 | 13.59 |
| Cash Retained (M) | 96.14 | 96.14 | 96.14 |
| (-) Cash Required (M) | -36.24 | -22.65 | -13.59 |
| (=) Excess Retained (M) | 59.90 | 73.49 | 82.55 |
| (/) Shares Outstanding (M) | 741.51 | 741.51 | 741.51 |
| (=) Excess Retained per Share | 0.08 | 0.10 | 0.11 |
| LTM Dividend per Share | 0.11 | 0.11 | 0.11 |
| (+) Excess Retained per Share | 0.08 | 0.10 | 0.11 |
| (=) Adjusted Dividend | 0.20 | 0.21 | 0.23 |
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 3.08% | 4.08% | 5.08% |
| Fair Value | $5.51 | $8.38 | $14.35 |
| Upside / Downside | 628.02% | 1,006.76% | 1,794.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 181.18 | 188.57 | 196.26 | 204.26 | 212.59 | 221.26 | 227.90 |
| Payout Ratio | 46.94% | 55.55% | 64.16% | 72.78% | 81.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 85.04 | 104.75 | 125.93 | 148.65 | 173.02 | 199.14 | 210.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 3.08% | 4.08% | 5.08% |
| Year 1 PV (M) | 97.20 | 98.14 | 99.09 |
| Year 2 PV (M) | 108.42 | 110.54 | 112.67 |
| Year 3 PV (M) | 118.77 | 122.26 | 125.81 |
| Year 4 PV (M) | 128.27 | 133.32 | 138.52 |
| Year 5 PV (M) | 136.99 | 143.76 | 150.80 |
| PV of Terminal Value (M) | 3,884.31 | 4,076.42 | 4,276.05 |
| Equity Value (M) | 4,473.96 | 4,684.44 | 4,902.95 |
| Shares Outstanding (M) | 741.51 | 741.51 | 741.51 |
| Fair Value | $6.03 | $6.32 | $6.61 |
| Upside / Downside | 696.90% | 734.39% | 773.31% |
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|---|---|---|---|---|
| EMTK.JK | PT Elang Mahkota Teknologi Tbk | 3.98% | $43.78 | 48.47% |
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| 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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| 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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