Definitive Analysis
| Stable Growth | $65,511.13 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,579.76 - $25,796.15 | $24,667.64 |
| Blended Fair Value | $87,535.40 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,511.13 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,034.39% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,835,778.70 | 19,014,316.88 | 19,192,855.07 |
| Year 2 PV (M) | 21,196,961.26 | 21,600,703.83 | 22,008,255.30 |
| Year 3 PV (M) | 23,510,266.66 | 24,185,161.93 | 24,872,851.04 |
| Year 4 PV (M) | 25,776,404.47 | 26,767,692.25 | 27,787,300.42 |
| Year 5 PV (M) | 27,996,074.98 | 29,348,295.87 | 30,752,269.43 |
| PV of Terminal Value (M) | 837,279,527.47 | 877,720,441.72 | 919,709,124.95 |
| Equity Value (M) | 954,595,013.53 | 998,636,612.47 | 1,044,322,656.20 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,579.76 | $24,667.64 | $25,796.15 |
| Upside / Downside | 308.31% | 327.15% | 346.69% |
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|---|---|---|---|---|
| 558.SI | UMS Holdings Limited | 3.60% | $0.05 | 88.87% |
| 601019.SS | Shandong Publishing&Media Co.,Ltd | 3.60% | $0.31 | 41.99% |
| 603233.SS | DaShenLin Pharmaceutical Group Co., Ltd. | 3.60% | $0.64 | 63.21% |
| 603658.SS | Autobio Diagnostics Co., Ltd. | 3.60% | $1.27 | 66.33% |
| 603661.SS | Henglin Home Furnishings Co.,Ltd | 3.60% | $1.15 | 57.55% |
| 6371.T | Tsubakimoto Chain Co. | 3.60% | $83.27 | 37.31% |
| FSMART.BK | Forth Smart Service Public Company Limited | 3.60% | $0.23 | 31.86% |
| KABE-B.ST | KABE Group AB (publ.) | 3.60% | $8.00 | 76.60% |
| SKLT.JK | PT Sekar Laut Tbk | 3.60% | $9.00 | 42.24% |
| TFMAMA.BK | Thai President Foods Public Company Limited | 3.60% | $6.93 | 57.58% |
| 002469.SZ | Shandong Sunway Chemical Group Co., Ltd. | 3.59% | $0.30 | 72.05% |
| 216050.KQ | Incross Co., Ltd. | 3.59% | $241.94 | 26.78% |
| 2845.TW | Far Eastern International Bank Ltd. | 3.59% | $0.46 | 54.51% |
| 6461.T | Nippon Piston Ring Co., Ltd. | 3.59% | $68.27 | 25.12% |
| 7751.T | Canon Inc. | 3.59% | $166.45 | 91.69% |
| E4C.DE | Ecotel Communication Ag | 3.59% | $0.42 | 82.27% |
| LHA.DE | Deutsche Lufthansa AG | 3.59% | $0.31 | 22.46% |
| NTB | The Bank of N.T. Butterfield & Son Limited | 3.59% | $1.78 | 33.40% |
| SVOA.BK | SVOA Public Company Limited | 3.59% | $0.05 | 21.40% |
| TRAC-B.ST | AB Traction | 3.59% | $9.00 | 82.36% |
| 0IX0.L | GL Events S.A. | 3.58% | $1.04 | 20.20% |
| 0QNG.L | Jungfraubahn Holding AG | 3.58% | $10.25 | 42.20% |
| 3231.T | Nomura Real Estate Holdings, Inc. | 3.58% | $34.64 | 40.45% |
| 4106.TW | Wellell Inc. | 3.58% | $0.80 | 58.20% |
| EIK.IC | Eik fasteignafélag hf. | 3.58% | $0.50 | 24.04% |
| 053690.KS | HanmiGlobal Co., Ltd. | 3.57% | $642.06 | 28.05% |
| 286940.KS | Lotte Innovate Co Ltd | 3.57% | $699.88 | 99.32% |
| 601158.SS | Chongqing Water Group Co.,Ltd. | 3.57% | $0.16 | 91.61% |
| ILC.SN | Inversiones La Construcción S.A. | 3.57% | $650.41 | 28.71% |
| 058850.KS | Ktcs Corporation | 3.56% | $100.09 | 15.29% |
| 1294.TWO | Hantech Bio-Technology Co., Ltd. | 3.56% | $2.81 | 66.03% |
| 3283.T | Nippon Prologis REIT, Inc. | 3.56% | $3,304.88 | 53.00% |
| 688121.SS | Shanghai Supezet Engineering Technology Corp., Ltd. | 3.56% | $0.39 | 73.41% |
| EMIRATESNBD.AE | Emirates NBD Bank PJSC | 3.56% | $1.02 | 28.25% |
| FLEXO.AT | Flexopack Société Anonyme Commercial and Industrial Plastics Company | 3.56% | $0.30 | 17.58% |
| 006040.KS | Dongwon Industries Co., Ltd. | 3.55% | $1,474.30 | 49.91% |
| 2715.T | Elematec Corporation | 3.55% | $84.99 | 64.74% |
| 3700.HK | Inkeverse Group Limited | 3.55% | $0.04 | 11.74% |
| 600958.SS | Orient Securities Company Limited | 3.55% | $0.39 | 63.25% |
| 7955.T | Cleanup Corporation | 3.55% | $31.00 | 45.30% |
| ISAT.JK | PT Indosat Ooredoo Hutchison Tbk | 3.55% | $83.79 | 58.49% |
| PBSA.JK | PT Paramita Bangun Sarana Tbk | 3.55% | $55.00 | 71.03% |
| 004800.KS | Hyosung Corporation | 3.54% | $3,986.89 | 20.54% |
| 6414.TW | Ennoconn Corporation | 3.54% | $10.13 | 52.07% |
| WIHL.ST | Wihlborgs Fastigheter AB (publ) | 3.54% | $3.20 | 44.13% |
| 002081.SZ | Suzhou Gold Mantis Construction Decoration Co., Ltd. | 3.53% | $0.12 | 70.03% |
| 0RHV.L | Investis Holding S.A. | 3.53% | $5.10 | 18.83% |
| 2760.T | Tokyo Electron Device Limited | 3.53% | $119.86 | 46.59% |
| 5515.TW | Chien Kuo Construction Co., Ltd. | 3.53% | $1.27 | 51.00% |
| 600603.SS | Guanghui Logistics Co.Ltd | 3.53% | $0.22 | 63.76% |