Definitive Analysis
| Stable Growth | $30,848.92 - $111,321.37 | $98,152.05 |
| Multi-Stage | $14,470.10 - $15,811.66 | $15,128.66 |
| Blended Fair Value | $56,640.36 | |
| Current Price | $4,120.00 | |
| Upside | 1,274.77% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.74% | 14.43% | 280.46 | 196.50 | 73.09 | 22.00 | 103.18 | 100.70 | 127.85 | 106.46 | 60.81 | 72.31 |
| YoY Growth | - | - | 42.73% | 168.84% | 232.23% | -78.68% | 2.46% | -21.23% | 20.09% | 75.07% | -15.91% | -0.76% |
| Dividend Yield | - | - | 6.61% | 3.48% | 1.56% | 0.53% | 3.60% | 5.27% | 2.72% | 2.45% | 1.88% | 2.78% |
| Net Income To Common (M) | 20,866,036.00 |
| (-) Cash Dividends Paid (M) | 13,951,339.00 |
| (=) Cash Retained (M) | 6,914,697.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,173,207.20 | 2,608,254.50 | 1,564,952.70 |
| Cash Retained (M) | 6,914,697.00 | 6,914,697.00 | 6,914,697.00 |
| (-) Cash Required (M) | -4,173,207.20 | -2,608,254.50 | -1,564,952.70 |
| (=) Excess Retained (M) | 2,741,489.80 | 4,306,442.50 | 5,349,744.30 |
| (/) Shares Outstanding (M) | 37,277.06 | 37,277.06 | 37,277.06 |
| (=) Excess Retained per Share | 73.54 | 115.53 | 143.51 |
| LTM Dividend per Share | 374.26 | 374.26 | 374.26 |
| (+) Excess Retained per Share | 73.54 | 115.53 | 143.51 |
| (=) Adjusted Dividend | 447.80 | 489.79 | 517.77 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $30,848.92 | $98,152.05 | $111,321.37 |
| Upside / Downside | 648.76% | 2,282.33% | 2,601.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 20,866,036.00 | 22,222,328.34 | 23,666,779.68 | 25,205,120.36 | 26,843,453.18 | 28,588,277.64 | 29,445,925.97 |
| Payout Ratio | 66.86% | 71.49% | 76.12% | 80.74% | 85.37% | 90.00% | 92.50% |
| Projected Dividends (M) | 13,951,339.00 | 15,886,559.93 | 18,014,415.17 | 20,351,770.88 | 22,916,871.93 | 25,729,449.88 | 27,237,481.52 |
| 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) | 14,703,520.69 | 14,842,890.55 | 14,982,260.42 |
| Year 2 PV (M) | 15,431,321.19 | 15,725,244.51 | 16,021,940.70 |
| Year 3 PV (M) | 16,135,284.21 | 16,598,470.23 | 17,070,436.77 |
| Year 4 PV (M) | 16,815,942.90 | 17,462,636.61 | 18,127,805.90 |
| Year 5 PV (M) | 17,473,820.03 | 18,317,812.07 | 19,194,105.68 |
| PV of Terminal Value (M) | 458,842,663.38 | 481,004,935.59 | 504,015,410.12 |
| Equity Value (M) | 539,402,552.39 | 563,951,989.56 | 589,411,959.58 |
| Shares Outstanding (M) | 37,277.06 | 37,277.06 | 37,277.06 |
| Fair Value | $14,470.10 | $15,128.66 | $15,811.66 |
| Upside / Downside | 251.22% | 267.20% | 283.78% |
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|---|---|---|---|---|
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| BBCA.JK | PT Bank Central Asia Tbk | 3.74% | $300.05 | 64.91% |
| BKGI.BK | Bangkok Genomics Innovation Public Company Limited | 3.74% | $0.05 | 88.71% |
| DAC | Danaos Corporation | 3.74% | $3.56 | 14.02% |
| JKON.JK | PT Jaya Konstruksi Manggala Pratama Tbk | 3.74% | $3.25 | 45.42% |
| MDKI.JK | PT Emdeki Utama Tbk | 3.74% | $8.00 | 62.54% |
| NORCO.OL | Norconsult ASA | 3.74% | $1.66 | 72.73% |
| SLCE3.SA | SLC Agrícola S.A. | 3.74% | $0.55 | 41.84% |
| 3948.HK | Inner Mongolia Yitai Coal Co., Ltd. | 3.73% | $0.65 | 24.32% |
| IDPR.JK | PT Indonesia Pondasi Raya Tbk | 3.73% | $10.00 | 75.77% |
| KIMBERA.MX | Kimberly-Clark de México, S. A. B. de C. V. | 3.73% | $1.43 | 57.51% |
| PGMN3.SA | Empreendimentos Pague Menos S.A. | 3.73% | $0.23 | 74.59% |
| QIBK.QA | Qatar Islamic Bank (Q.P.S.C.) | 3.73% | $0.89 | 44.73% |
| 002367.SZ | Canny Elevator Co., Ltd. | 3.72% | $0.30 | 60.41% |
| 600300.SS | V V Food & Beverage Co.,Ltd | 3.72% | $0.13 | 51.92% |
| 603899.SS | Shanghai M&G Stationery Inc. | 3.72% | $1.01 | 69.72% |
| RHC.AX | Ramsay Health Care Limited | 3.72% | $1.29 | 32.49% |
| 000999.SZ | China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. | 3.71% | $1.06 | 63.26% |
| 214180.KQ | Hecto Innovation Co., Ltd. | 3.71% | $602.87 | 23.75% |
| 603948.SS | Zhejiang Jianye Chemical Co., Ltd. | 3.71% | $1.01 | 75.31% |
| 6089.T | Will Group, Inc. | 3.71% | $44.42 | 74.52% |
| QNNS.QA | Qatar Navigation Q.P.S.C. | 3.71% | $0.40 | 38.98% |
| 016610.KS | DB Securities Co., Ltd. | 3.70% | $404.34 | 30.24% |
| 2471.T | S-Pool, Inc. | 3.70% | $10.10 | 43.62% |
| 3430.TWO | Chitec Technology Co., Ltd. | 3.70% | $2.50 | 75.20% |
| 4560.TW | Strong H Machinery Technology (Cayman) Incorporation | 3.70% | $1.20 | 42.07% |
| 5347.KL | Tenaga Nasional Berhad | 3.70% | $0.51 | 62.35% |
| LOOMIS.ST | Loomis AB (publ) | 3.70% | $14.10 | 53.46% |
| MIDW-A.ST | Midway Holding AB (publ) | 3.70% | $0.91 | 65.00% |
| PNDORA.CO | Pandora A/S | 3.70% | $25.72 | 37.06% |
| SPVI.BK | S P V I Public Company Limited | 3.70% | $0.08 | 37.67% |
| 3401.T | Teijin Limited | 3.69% | $49.97 | 35.81% |
| BZU.MI | Buzzi Unicem S.p.A. | 3.69% | $1.90 | 18.48% |
| CWP.AX | Cedar Woods Properties Limited | 3.69% | $0.31 | 15.67% |
| CX.ST | CombinedX AB (publ) | 3.69% | $1.37 | 55.29% |
| REH.AX | Reece Limited | 3.69% | $0.49 | 43.22% |
| 000783.SZ | Changjiang Securities Company Limited | 3.68% | $0.30 | 43.98% |
| 014820.KS | Dongwon Systems Corporation | 3.68% | $916.77 | 45.73% |
| 2245.HK | Lygend Resources & Technology Co., Ltd. | 3.68% | $0.91 | 36.29% |
| 5DD.SI | Micro-Mechanics (Holdings) Ltd. | 3.68% | $0.06 | 66.85% |
| 600598.SS | Heilongjiang Agriculture Company Limited | 3.68% | $0.55 | 89.21% |
| 601156.SS | Eastern Air Logistics Co., Ltd. | 3.68% | $0.68 | 41.00% |
| NICL.JK | PT PAM Mineral Tbk | 3.68% | $51.00 | 99.38% |
| PNBN.JK | P.T. Bank Pan Indonesia Tbk | 3.68% | $42.00 | 37.86% |
| 3617.TW | Cyber Power Systems, Inc. | 3.67% | $7.64 | 45.54% |
| 5296.KL | Mr D.I.Y. Group (M) Berhad | 3.67% | $0.06 | 87.61% |
| 600535.SS | Tasly Pharmaceutical Group Co., Ltd | 3.67% | $0.55 | 75.36% |
| 8424.T | Fuyo General Lease Co., Ltd. | 3.67% | $157.51 | 52.44% |
| 9937.TW | National Petroleum Co., Ltd. | 3.67% | $2.10 | 88.32% |
| KEMIRA.HE | Kemira Oyj | 3.67% | $0.72 | 49.87% |