Definitive Analysis
| Stable Growth | $1.55 - $2.34 | $1.92 |
| Multi-Stage | $3.30 - $3.62 | $3.46 |
| Blended Fair Value | $2.69 | |
| Current Price | $1.16 | |
| Upside | 131.99% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.37 | 0.56 | 0.66 | 0.24 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -100.00% | -34.05% | -14.35% | 172.92% | 0.00% | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.00% | 25.17% | 39.79% | 41.19% | 24.24% | 0.00% | 0.80% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 13.00 |
| (-) Cash Dividends Paid (M) | 11.88 |
| (=) Cash Retained (M) | 1.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.60 | 1.63 | 0.98 |
| Cash Retained (M) | 1.12 | 1.12 | 1.12 |
| (-) Cash Required (M) | -2.60 | -1.63 | -0.98 |
| (=) Excess Retained (M) | -1.48 | -0.51 | 0.14 |
| (/) Shares Outstanding (M) | 72.03 | 72.03 | 72.03 |
| (=) Excess Retained per Share | -0.02 | -0.01 | 0.00 |
| LTM Dividend per Share | 0.16 | 0.16 | 0.16 |
| (+) Excess Retained per Share | -0.02 | -0.01 | 0.00 |
| (=) Adjusted Dividend | 0.14 | 0.16 | 0.17 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $1.55 | $1.92 | $2.34 |
| Upside / Downside | 33.67% | 65.86% | 101.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 13.00 | 12.87 | 12.74 | 12.62 | 12.49 | 12.36 | 12.74 |
| Payout Ratio | 91.41% | 91.13% | 90.85% | 90.56% | 90.28% | 90.00% | 92.50% |
| Projected Dividends (M) | 11.88 | 11.73 | 11.58 | 11.42 | 11.28 | 11.13 | 11.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 10.84 | 10.95 | 11.06 |
| Year 2 PV (M) | 9.88 | 10.09 | 10.29 |
| Year 3 PV (M) | 9.01 | 9.29 | 9.58 |
| Year 4 PV (M) | 8.22 | 8.56 | 8.91 |
| Year 5 PV (M) | 7.50 | 7.89 | 8.29 |
| PV of Terminal Value (M) | 192.30 | 202.31 | 212.74 |
| Equity Value (M) | 237.75 | 249.09 | 260.88 |
| Shares Outstanding (M) | 72.03 | 72.03 | 72.03 |
| Fair Value | $3.30 | $3.46 | $3.62 |
| Upside / Downside | 184.56% | 198.12% | 212.23% |
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|---|---|---|---|---|
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| 097520.KS | MCNEX Co., Ltd | 2.84% | $823.52 | 19.44% |
| 6187.TWO | All Ring Tech Co., Ltd. | 2.84% | $10.58 | 64.87% |
| CBAV3.SA | Companhia Brasileira de Alumínio | 2.84% | $0.20 | 55.55% |
| CWB.TO | Canadian Western Bank | 2.84% | $1.61 | 52.64% |
| GEPA3.SA | Rio Paranapanema Energia S.A. | 2.84% | $0.85 | 18.05% |
| VRANDA.BK | Veranda Resort Public Company Limited | 2.84% | $0.13 | 60.80% |
| 002823.SZ | Shenzhen Kaizhong Precision Technology Co., Ltd. | 2.83% | $0.45 | 63.43% |
| 002831.SZ | ShenZhen YUTO Packaging Technology Co., Ltd. | 2.83% | $0.81 | 49.61% |
| 006360.KS | GS Engineering & Construction Corporation | 2.83% | $532.69 | 91.52% |
| AEFES.IS | Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi | 2.83% | $0.45 | 25.40% |
| BTPN.JK | PT Bank SMBC Indonesia Tbk | 2.83% | $60.33 | 24.97% |
| NHY.OL | Norsk Hydro ASA | 2.83% | $2.25 | 46.34% |
| OSP2.DE | USU Software AG | 2.83% | $0.52 | 91.56% |
| 000850.KS | Hwacheon Machine Tool Co. Ltd | 2.82% | $1,050.00 | 33.65% |
| 2205.HK | Kangqiao Service Group Limited | 2.82% | $0.04 | 36.89% |
| 2458.HK | Gala Technology Holding Limited | 2.82% | $0.18 | 14.30% |
| 688526.SS | Wuhan Keqian Biology Co.,Ltd | 2.82% | $0.43 | 43.47% |
| 7148.KL | Duopharma Biotech Berhad | 2.82% | $0.04 | 40.32% |
| 8438.TW | Amia Co.,Ltd | 2.82% | $1.30 | 78.73% |
| 9304.T | The Shibusawa Warehouse Co., Ltd. | 2.82% | $35.90 | 36.66% |
| SANOFI.BO | Sanofi India Limited | 2.82% | $117.02 | 81.35% |
| 9742.T | INES Corporation | 2.81% | $54.87 | 87.98% |
| CNH | CNH Industrial N.V. | 2.81% | $0.26 | 55.11% |
| FLUG-B.CO | Flügger group A/S | 2.81% | $8.95 | 46.55% |
| LNF.TO | Leon's Furniture Limited | 2.81% | $0.79 | 31.40% |
| 2071.TWO | Chen Nan Iron Wire Co.,Ltd | 2.80% | $0.43 | 12.28% |
| 298690.KS | Air Busan Co., Ltd. | 2.80% | $49.26 | 10.96% |
| 6004.SR | CATRION Catering Holding Company | 2.80% | $2.29 | 55.90% |
| 603105.SS | Zhejiang Sunoren Solar Technology Co.,Ltd. | 2.80% | $0.26 | 66.36% |
| 6953.TWO | Gudeng Equipment Co., Ltd. | 2.80% | $5.99 | 78.26% |
| 7752.T | Ricoh Company, Ltd. | 2.80% | $38.53 | 35.99% |
| 8058.T | Mitsubishi Corporation | 2.80% | $100.52 | 49.75% |
| 9433.T | KDDI Corporation | 2.80% | $75.80 | 40.77% |
| MTEL.JK | PT Dayamitra Telekomunikasi Tbk. | 2.80% | $18.45 | 70.48% |
| 2027.TW | Ta Chen Stainless Pipe Co., Ltd. | 2.79% | $1.00 | 38.56% |
| 5032.KL | Bintulu Port Holdings Berhad | 2.79% | $0.15 | 50.65% |
| 600801.SS | Huaxin Cement Co., Ltd. | 2.79% | $0.68 | 48.06% |
| 6750.T | Elecom Co., Ltd. | 2.79% | $47.98 | 38.00% |
| 9607.SR | ASG Plastic Factory Co. | 2.79% | $1.20 | 28.09% |
| BNII.JK | PT Bank Maybank Indonesia Tbk | 2.79% | $5.86 | 28.55% |
| BTPS.JK | PT Bank BTPN Syariah Tbk | 2.79% | $33.70 | 22.52% |
| GLOBAL-R.BK | Siam Global House Public Company Limited | 2.79% | $0.18 | 46.58% |
| JST.DE | JOST Werke AG | 2.79% | $1.50 | 76.92% |
| KMDA | Kamada Ltd. | 2.79% | $0.20 | 56.42% |
| PSSA3.SA | Porto Seguro S.A. | 2.79% | $1.34 | 27.11% |
| 000950.KS | Chonbang Co., Ltd. | 2.78% | $1,000.76 | 3.75% |
| 001338.SZ | GDH Supertime Group Company Limited | 2.78% | $0.34 | 50.86% |
| 082920.KQ | VITZROCELL Co.,Ltd. | 2.78% | $459.92 | 17.96% |
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