Definitive Analysis
| Stable Growth | $2.28 - $3.54 | $2.87 |
| Multi-Stage | $4.58 - $5.02 | $4.80 |
| Blended Fair Value | $3.83 | |
| Current Price | $2.57 | |
| Upside | 49.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.10% | 0.73% | 0.13 | 0.17 | 0.12 | 0.09 | 0.13 | 0.15 | 0.14 | 0.10 | 0.10 | 0.10 |
| YoY Growth | - | - | -23.87% | 39.70% | 29.86% | -31.47% | -9.76% | 7.30% | 40.32% | 0.20% | 0.01% | -16.59% |
| Dividend Yield | - | - | 5.16% | 6.67% | 5.02% | 3.86% | 5.64% | 5.59% | 5.48% | 3.63% | 4.62% | 4.25% |
| Net Income To Common (M) | 107.66 |
| (-) Cash Dividends Paid (M) | 81.31 |
| (=) Cash Retained (M) | 26.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21.53 | 13.46 | 8.07 |
| Cash Retained (M) | 26.35 | 26.35 | 26.35 |
| (-) Cash Required (M) | -21.53 | -13.46 | -8.07 |
| (=) Excess Retained (M) | 4.81 | 12.89 | 18.27 |
| (/) Shares Outstanding (M) | 448.58 | 448.58 | 448.58 |
| (=) Excess Retained per Share | 0.01 | 0.03 | 0.04 |
| LTM Dividend per Share | 0.18 | 0.18 | 0.18 |
| (+) Excess Retained per Share | 0.01 | 0.03 | 0.04 |
| (=) Adjusted Dividend | 0.19 | 0.21 | 0.22 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -1.27% | -0.27% | 0.73% |
| Fair Value | $2.28 | $2.87 | $3.54 |
| Upside / Downside | -11.23% | 11.49% | 37.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 107.66 | 107.36 | 107.07 | 106.77 | 106.48 | 106.19 | 109.37 |
| Payout Ratio | 75.53% | 78.42% | 81.32% | 84.21% | 87.11% | 90.00% | 92.50% |
| Projected Dividends (M) | 81.31 | 84.19 | 87.06 | 89.91 | 92.75 | 95.57 | 101.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -1.27% | -0.27% | 0.73% |
| Year 1 PV (M) | 77.87 | 78.66 | 79.45 |
| Year 2 PV (M) | 74.48 | 76.00 | 77.53 |
| Year 3 PV (M) | 71.14 | 73.33 | 75.55 |
| Year 4 PV (M) | 67.88 | 70.67 | 73.54 |
| Year 5 PV (M) | 64.69 | 68.03 | 71.51 |
| PV of Terminal Value (M) | 1,697.30 | 1,785.02 | 1,876.33 |
| Equity Value (M) | 2,053.36 | 2,151.70 | 2,253.91 |
| Shares Outstanding (M) | 448.58 | 448.58 | 448.58 |
| Fair Value | $4.58 | $4.80 | $5.02 |
| Upside / Downside | 78.11% | 86.64% | 95.51% |
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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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