Definitive Analysis
| Stable Growth | $12,185.78 - $38,259.17 | $19,566.61 |
| Multi-Stage | $8,336.32 - $9,091.65 | $8,707.19 |
| Blended Fair Value | $14,136.90 | |
| Current Price | $8,675.00 | |
| Upside | 62.96% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 8.70% | 8.70% | 8.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $12,185.78 | $19,566.61 | $38,259.17 |
| Upside / Downside | 40.47% | 125.55% | 341.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.70% | 8.70% | 8.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 38,668,429.64 | 39,034,955.04 | 39,401,480.44 |
| Year 2 PV (M) | 40,222,966.37 | 40,989,100.90 | 41,762,463.12 |
| Year 3 PV (M) | 41,652,401.23 | 42,848,091.98 | 44,066,449.18 |
| Year 4 PV (M) | 42,962,754.53 | 44,614,980.83 | 46,314,410.07 |
| Year 5 PV (M) | 44,159,800.50 | 46,292,735.38 | 48,507,302.69 |
| PV of Terminal Value (M) | 819,953,963.30 | 859,558,046.32 | 900,677,870.82 |
| Equity Value (M) | 1,027,620,315.56 | 1,073,337,910.44 | 1,120,729,976.32 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $8,336.32 | $8,707.19 | $9,091.65 |
| Upside / Downside | -3.90% | 0.37% | 4.80% |
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|---|---|---|---|---|
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| 6725.TWO | Cica-Huntek Chemical Technology Taiwan Co., Ltd. | 3.04% | $8.66 | 29.24% |
| 7736.TWO | Hushan | 3.04% | $2.73 | 34.63% |
| 9631.SR | Hedab Alkhaleej Trading Co. | 3.04% | $0.93 | 15.05% |
| EMBELL.ST | Embellence Group AB (publ) | 3.04% | $1.23 | 45.31% |
| HBH.DE | HORNBACH Holding AG & Co. KGaA | 3.04% | $2.50 | 26.39% |
| S68.SI | Singapore Exchange Limited | 3.04% | $0.52 | 44.77% |
| 000563.SZ | Shaanxi International Trust Co.,Ltd. | 3.03% | $0.10 | 37.59% |
| 000651.SZ | Gree Electric Appliances, Inc. of Zhuhai | 3.03% | $1.22 | 21.25% |
| 002588.SZ | Stanley Agriculture Group Co.,Ltd. | 3.03% | $0.30 | 35.63% |
| 2890.TW | SinoPac Financial Holdings Company Limited | 3.03% | $0.87 | 47.46% |
| 300146.SZ | By-health Co., Ltd. | 3.03% | $0.36 | 88.13% |
| AN3PJ.AX | ANZ Group Holdings Limited | 3.03% | $3.14 | 74.08% |
| SBMA.JK | PT Surya Biru Murni Acetylene Tbk | 3.03% | $4.00 | 26.88% |
| 003008.SZ | Xuchang KETOP Testing Research Institute Co.,Ltd | 3.02% | $0.65 | 77.32% |
| 350520.KS | IGIS RESIDENCE REIT Co., Ltd. | 3.02% | $115.51 | 29.71% |
| 5249.KL | IOI Properties Group Berhad | 3.02% | $0.08 | 26.55% |
| 601609.SS | Ningbo Jintian Copper(Group) Co., Ltd. | 3.02% | $0.33 | 65.77% |
| 6667.TWO | Trusval Technology Co., Ltd. | 3.02% | $8.12 | 65.45% |
| 9202.T | ANA Holdings Inc. | 3.02% | $89.92 | 31.71% |
| AXFO.ST | Axfood AB (publ) | 3.02% | $8.71 | 88.81% |
| EQTL3.SA | Equatorial Energia S.A. | 3.02% | $1.16 | 43.16% |
| GARAN.IS | Turkiye Garanti Bankasi A.S. | 3.02% | $4.52 | 17.50% |
| IMO | Imperial Oil Limited | 3.02% | $2.69 | 33.94% |
| JEN.BR | Jensen-Group N.V. | 3.02% | $1.79 | 19.29% |
| 002116.SZ | China Haisum Engineering Co., Ltd. | 3.01% | $0.31 | 40.43% |
| 007210.KS | Byucksan Corporation | 3.01% | $52.24 | 17.82% |
| 0QO7.L | Barry Callebaut AG | 3.01% | $57.90 | 84.65% |
| 0R8X.L | Plazza AG | 3.01% | $12.50 | 35.89% |
| 1837.HK | Natural Food International Holding Limited | 3.01% | $0.03 | 22.72% |
| 280360.KS | Lotte Wellfood Co.,Ltd | 3.01% | $3,368.64 | 47.78% |
| 7236.T | T.RAD Co., Ltd. | 3.01% | $247.29 | 25.88% |
| ARJO-B.ST | Arjo AB (publ) | 3.01% | $0.95 | 59.13% |
| FAE.MC | Faes Farma, S.A. | 3.01% | $0.16 | 38.53% |
| 000582.SZ | Beibu Gulf Port Co., Ltd. | 3.00% | $0.28 | 61.06% |
| 5227.KL | IGB Real Estate Investment Trust | 3.00% | $0.08 | 49.35% |
| 600989.SS | Ningxia Baofeng Energy Group Co., Ltd. | 3.00% | $0.59 | 39.72% |
| 601058.SS | Sailun Group Co., Ltd. | 3.00% | $0.49 | 42.76% |
| 9147.T | Nippon Express Holdings,Inc. | 3.00% | $100.57 | 80.85% |
| EUROB.AT | Eurobank Ergasias Services and Holdings S.A. | 3.00% | $0.11 | 28.68% |
| KLBF.JK | PT Kalbe Farma Tbk. | 3.00% | $36.10 | 46.82% |
| KNOP | KNOT Offshore Partners LP | 3.00% | $0.31 | 31.19% |
| SANT.DE | Kontron AG | 3.00% | $0.58 | 26.01% |
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| 3486.T | Global Link Management Inc. | 2.99% | $63.66 | 16.66% |
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