Definitive Analysis
| Stable Growth | $82.11 - $179.26 | $167.99 |
| Multi-Stage | $28.06 - $30.66 | $29.34 |
| Blended Fair Value | $98.66 | |
| Current Price | $8.07 | |
| Upside | 1,122.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.58% | 50.54% | 0.47 | 0.31 | 0.51 | 0.32 | 0.30 | 0.22 | 0.15 | 0.14 | 0.13 | 0.08 |
| YoY Growth | - | - | 47.96% | -37.88% | 60.52% | 5.57% | 38.23% | 40.33% | 9.19% | 6.95% | 69.89% | 897.36% |
| Dividend Yield | - | - | 5.53% | 2.63% | 4.97% | 2.12% | 2.86% | 3.13% | 5.46% | 4.75% | 5.83% | 4.76% |
| Net Income To Common (M) | 162.63 |
| (-) Cash Dividends Paid (M) | 157.31 |
| (=) Cash Retained (M) | 5.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32.53 | 20.33 | 12.20 |
| Cash Retained (M) | 5.32 | 5.32 | 5.32 |
| (-) Cash Required (M) | -32.53 | -20.33 | -12.20 |
| (=) Excess Retained (M) | -27.20 | -15.01 | -6.88 |
| (/) Shares Outstanding (M) | 180.43 | 180.43 | 180.43 |
| (=) Excess Retained per Share | -0.15 | -0.08 | -0.04 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | -0.15 | -0.08 | -0.04 |
| (=) Adjusted Dividend | 0.72 | 0.79 | 0.83 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $82.11 | $167.99 | $179.26 |
| Upside / Downside | 917.51% | 1,981.71% | 2,121.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 162.63 | 173.21 | 184.46 | 196.45 | 209.22 | 222.82 | 229.51 |
| Payout Ratio | 96.73% | 95.38% | 94.04% | 92.69% | 91.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 157.31 | 165.21 | 173.46 | 182.09 | 191.12 | 200.54 | 212.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 153.77 | 155.23 | 156.69 |
| Year 2 PV (M) | 150.28 | 153.15 | 156.04 |
| Year 3 PV (M) | 146.84 | 151.06 | 155.36 |
| Year 4 PV (M) | 143.45 | 148.97 | 154.64 |
| Year 5 PV (M) | 140.11 | 146.88 | 153.90 |
| PV of Terminal Value (M) | 4,328.69 | 4,537.77 | 4,754.85 |
| Equity Value (M) | 5,063.16 | 5,293.05 | 5,531.48 |
| Shares Outstanding (M) | 180.43 | 180.43 | 180.43 |
| Fair Value | $28.06 | $29.34 | $30.66 |
| Upside / Downside | 247.73% | 263.52% | 279.89% |
| 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% |
| TQ5.SI | Frasers Property Limited | 3.98% | $0.05 | 60.69% |
| 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% |
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| 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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| SIRIP.BK | Siri Prime Office Property Fund | 3.92% | $0.28 | 44.51% |
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| 3693.TWO | AIC Inc. | 3.91% | $10.92 | 61.94% |
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