Definitive Analysis
| Stable Growth | $228,586.40 - $465,707.28 | $319,830.54 |
| Multi-Stage | $193,695.03 - $211,812.13 | $202,587.68 |
| Blended Fair Value | $261,209.11 | |
| Current Price | $161,400.00 | |
| Upside | 61.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.92% | 0.00% | 2,563.42 | 2,312.85 | 4,233.69 | 2,318.65 | 2,016.28 | 2,016.28 | 2,016.28 | 585.14 | 529.84 | 22.30 |
| YoY Growth | - | - | 10.83% | -45.37% | 82.59% | 15.00% | 0.00% | 0.00% | 244.58% | 10.44% | 2,275.68% | 0.00% |
| Dividend Yield | - | - | 2.19% | 1.47% | 3.91% | 2.03% | 1.62% | 2.25% | 1.87% | 0.42% | 0.42% | 0.02% |
| Net Income To Common (M) | 2,122,946.15 |
| (-) Cash Dividends Paid (M) | 427,250.63 |
| (=) Cash Retained (M) | 1,695,695.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 424,589.23 | 265,368.27 | 159,220.96 |
| Cash Retained (M) | 1,695,695.53 | 1,695,695.53 | 1,695,695.53 |
| (-) Cash Required (M) | -424,589.23 | -265,368.27 | -159,220.96 |
| (=) Excess Retained (M) | 1,271,106.30 | 1,430,327.26 | 1,536,474.56 |
| (/) Shares Outstanding (M) | 163.64 | 163.64 | 163.64 |
| (=) Excess Retained per Share | 7,767.84 | 8,740.85 | 9,389.53 |
| LTM Dividend per Share | 2,610.97 | 2,610.97 | 2,610.97 |
| (+) Excess Retained per Share | 7,767.84 | 8,740.85 | 9,389.53 |
| (=) Adjusted Dividend | 10,378.81 | 11,351.82 | 12,000.50 |
| WACC / Discount Rate | 9.22% | 9.22% | 9.22% |
| Growth Rate | 4.48% | 5.48% | 6.48% |
| Fair Value | $228,586.40 | $319,830.54 | $465,707.28 |
| Upside / Downside | 41.63% | 98.16% | 188.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,122,946.15 | 2,239,250.04 | 2,361,925.54 | 2,491,321.72 | 2,627,806.77 | 2,771,769.04 | 2,854,922.11 |
| Payout Ratio | 20.13% | 34.10% | 48.08% | 62.05% | 76.03% | 90.00% | 92.50% |
| Projected Dividends (M) | 427,250.63 | 763,590.77 | 1,135,500.85 | 1,545,868.75 | 1,997,792.01 | 2,494,592.14 | 2,640,802.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.22% | 9.22% | 9.22% |
| Growth Rate | 4.48% | 5.48% | 6.48% |
| Year 1 PV (M) | 692,488.83 | 699,116.89 | 705,744.94 |
| Year 2 PV (M) | 933,881.28 | 951,843.85 | 969,977.53 |
| Year 3 PV (M) | 1,152,998.98 | 1,186,424.16 | 1,220,489.17 |
| Year 4 PV (M) | 1,351,321.48 | 1,403,804.91 | 1,457,802.49 |
| Year 5 PV (M) | 1,530,241.79 | 1,604,889.58 | 1,682,422.50 |
| PV of Terminal Value (M) | 26,034,741.45 | 27,304,760.18 | 28,623,865.26 |
| Equity Value (M) | 31,695,673.81 | 33,150,839.57 | 34,660,301.89 |
| Shares Outstanding (M) | 163.64 | 163.64 | 163.64 |
| Fair Value | $193,695.03 | $202,587.68 | $211,812.13 |
| Upside / Downside | 20.01% | 25.52% | 31.23% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 688009.SS | China Railway Signal & Communication Corporation Limited | 3.25% | $0.18 | 55.08% |
| ALMB.CO | Alm. Brand A/S | 3.25% | $0.60 | 69.79% |
| BUDI.JK | PT Budi Starch & Sweetener Tbk | 3.25% | $7.01 | 35.52% |
| 0398.HK | Oriental Watch Holdings Limited | 3.24% | $0.12 | 19.25% |
| 044820.KS | Cosmax BTI, Inc. | 3.24% | $449.62 | 35.33% |
| 8017.HK | TradeGo FinTech Limited | 3.24% | $0.05 | 45.22% |
| ALPM.PA | Precia S.A. | 3.24% | $0.86 | 32.45% |
| DGV.MI | Digital Value S.p.A. | 3.24% | $0.93 | 15.10% |
| ULTJ.JK | PT Ultrajaya Milk Industry & Trading Company Tbk | 3.24% | $46.50 | 39.75% |
| 004890.KS | Dongil Industries Co.,Ltd. | 3.23% | $1,262.87 | 23.13% |
| 5297.TWO | 3s Silicon Tech., Inc. | 3.23% | $0.92 | 61.02% |
| 600219.SS | Shandong Nanshan Aluminium Co.,Ltd. | 3.23% | $0.17 | 39.17% |
| 601018.SS | Ningbo Zhoushan Port Company Limited | 3.23% | $0.12 | 48.88% |
| 6448.T | Brother Industries, Ltd. | 3.23% | $100.95 | 46.67% |
| AZE.BR | Azelis Group N.V. | 3.23% | $0.30 | 24.74% |
| FDP | Fresh Del Monte Produce Inc. | 3.23% | $1.14 | 68.58% |
| FMM-B.ST | FM Mattsson Mora Group AB (publ) | 3.23% | $2.25 | 87.42% |
| ITECH.ST | I-Tech AB | 3.23% | $1.74 | 50.69% |
| MTY.TO | MTY Food Group Inc. | 3.23% | $1.24 | 73.76% |
| SKA-B.ST | Skanska AB (publ) | 3.23% | $8.31 | 55.80% |
| 1179.HK | H World Group Limited | 3.22% | $1.20 | 98.76% |
| 2745.TWO | Life Travel & Tourist Service Co., Ltd. | 3.22% | $3.48 | 41.20% |
| 3533.TW | Lotes Co., Ltd | 3.22% | $41.68 | 56.60% |
| 5908.KL | DKSH Holdings (Malaysia) Berhad | 3.22% | $0.19 | 20.93% |
| 600886.SS | SDIC Power Holdings Co., Ltd. | 3.22% | $0.42 | 51.34% |
| 603566.SS | Pulike Biological Engineering, Inc. | 3.22% | $0.40 | 95.20% |
| 9583.SR | United Mining Industries Co. | 3.22% | $1.45 | 81.04% |
| CBG-R.BK | Carabao Group Public Company Limited | 3.22% | $1.40 | 47.30% |
| ESF.VI | Eurofins Scientific SE | 3.22% | $2.01 | 62.22% |
| ETE.AT | National Bank of Greece S.A. | 3.22% | $0.44 | 36.82% |
| MOTV3.SA | Motiva S.A. | 3.22% | $0.48 | 33.62% |
| NCKL.JK | PT Trimegah Bangun Persada Tbk | 3.22% | $37.57 | 29.64% |
| TEA.AX | Tasmea Ltd | 3.22% | $0.13 | 38.34% |
| 002283.SZ | Tianrun Industry Technology Co., Ltd. | 3.21% | $0.20 | 65.38% |
| 004840.KS | DRB Holding Co., Ltd. | 3.21% | $160.40 | 26.30% |
| 241560.KS | Doosan Bobcat Inc. | 3.21% | $1,824.89 | 39.43% |
| 300406.SZ | Beijing Strong Biotechnologies, Inc. | 3.21% | $0.42 | 56.93% |
| 4088.T | Air Water Inc. | 3.21% | $72.44 | 32.93% |
| 603187.SS | Qingdao Hiron Commercial Cold Chain Co., Ltd. | 3.21% | $0.50 | 50.00% |
| 6250.T | Yamabiko Corporation | 3.21% | $95.31 | 27.60% |
| SKF-A.ST | AB SKF (publ) | 3.21% | $7.93 | 74.23% |
| 002441.SZ | Zhongyeda Electric Co., Ltd. | 3.20% | $0.30 | 77.91% |
| 002991.SZ | Ganyuan Foods Co., Ltd. | 3.20% | $1.82 | 65.31% |
| 300833.SZ | Guangzhou Haoyang Electronic Co.,Ltd. | 3.20% | $1.30 | 92.60% |
| 688799.SS | Hunan Warrant Pharmaceutical Co.,Ltd | 3.20% | $1.53 | 67.14% |
| 029530.KS | sindoh Co.,Ltd. | 3.19% | $1,500.14 | 29.67% |
| 0RL4.L | Catella AB (publ) | 3.19% | $0.91 | 47.34% |
| 5889.T | Japan Eyewear Holdings Co., Ltd. | 3.19% | $64.74 | 39.09% |
| DAPS.BO | DAPS Advertising Ltd. | 3.19% | $0.65 | 14.79% |
| PTPS.JK | PT Pulau Subur Tbk | 3.19% | $6.00 | 38.20% |