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% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 002244.SZ | Hangzhou Binjiang Real Estate Group Co.,Ltd | 2.61% | $0.26 | 24.72% |
| 023800.KS | INZI Controls Co.,Ltd. | 2.61% | $170.34 | 14.79% |
| 0O2W.L | GFT Technologies SE | 2.61% | $0.50 | 37.28% |
| 4332.SR | Jadwa REIT Al Haramain Fund | 2.61% | $0.13 | 13.56% |
| 603713.SS | Milkyway Chemical Supply Chain Service Co., Ltd. | 2.61% | $1.45 | 40.70% |
| 7743.T | SEED Co.,Ltd. | 2.61% | $14.99 | 32.99% |
| GBF.DE | Bilfinger SE | 2.61% | $2.87 | 57.97% |
| SMTO3.SA | São Martinho S.A. | 2.61% | $0.39 | 25.61% |
| TURSG.IS | Türkiye Sigorta Anonim Sirketi | 2.61% | $0.30 | 17.12% |
| 015230.KS | Daechang Forging Co., Ltd. | 2.60% | $159.78 | 12.73% |
| 300761.SZ | Jiangsu Lihua Animal Husbandry Co., Ltd. | 2.60% | $0.54 | 69.75% |
| 3257.TW | Champion Microelectronic Corporation | 2.60% | $1.80 | 83.24% |
| 000028.SZ | China National Accord Medicines Corporation Ltd. | 2.59% | $0.63 | 66.16% |
| 000423.SZ | Dong-E-E-Jiao Co.,Ltd. | 2.59% | $1.27 | 48.72% |
| 002375.SZ | Zhejiang Yasha Decoration Co.,Ltd | 2.59% | $0.10 | 39.98% |
| 002508.SZ | Hangzhou Robam Appliances Co., Ltd. | 2.59% | $0.50 | 30.91% |
| 035510.KS | SHINSEGAE Information & Communication Co., Ltd. | 2.59% | $430.09 | 12.26% |
| 4732.T | USS Co., Ltd. | 2.59% | $44.46 | 52.49% |
| 600623.SS | Shanghai Huayi Group Corporation Limited | 2.59% | $0.20 | 60.15% |
| 603367.SS | Cisen Pharmaceutical Co., Ltd. | 2.59% | $0.45 | 41.25% |
| 6794.T | Foster Electric Company, Limited | 2.59% | $70.19 | 37.70% |
| ORNAV.HE | Orion Oyj | 2.59% | $1.63 | 73.31% |
| 0027.HK | Galaxy Entertainment Group Limited | 2.58% | $1.00 | 24.37% |
| 0MKP.L | Strabag SE | 2.58% | $2.08 | 29.10% |
| 1586.HK | China Leon Inspection Holding Limited | 2.58% | $0.06 | 21.58% |
| 3612.T | World Co., Ltd. | 2.58% | $79.81 | 24.01% |
| 5334.T | Niterra Co., Ltd. | 2.58% | $178.09 | 36.87% |
| 601137.SS | Ningbo Boway Alloy Material Company Limited | 2.58% | $0.55 | 43.16% |
| 688355.SS | Suzhou Mingzhi Technology Co., Ltd. | 2.58% | $0.46 | 98.88% |
| ASAI.L | ASA International Group PLC | 2.58% | $5.05 | 31.55% |
| DEK.WA | Dekpol S.A. | 2.58% | $2.39 | 17.66% |
| PNGO.JK | PT PINAGO UTAMA Tbk | 2.58% | $80.26 | 21.28% |
| 600999.SS | China Merchants Securities Co., Ltd. | 2.57% | $0.43 | 30.69% |
| 605338.SS | Zhongyin Babi Food Co., Ltd. | 2.57% | $0.80 | 67.91% |
| ARB.AX | ARB Corporation Limited | 2.57% | $0.82 | 34.10% |
| ERWPF.BK | Erawan Hotel Growth Property Fund | 2.57% | $0.23 | 22.08% |
| HLUN-A.CO | H. Lundbeck A/S | 2.57% | $0.95 | 24.76% |
| KVT.WA | Krynica Vitamin S.A. | 2.57% | $0.27 | 25.50% |
| UNIQ.BK | Unique Engineering and Construction Public Company Limited | 2.57% | $0.07 | 7.66% |
| 004710.KS | Hansol Technics Co., Ltd. | 2.56% | $150.48 | 26.54% |
| 1714.TW | Ho Tung Chemical Corp. | 2.56% | $0.21 | 47.53% |
| 300880.SZ | Ningbo Jianan Electronics Co.,Ltd | 2.56% | $0.45 | 98.75% |
| 383220.KS | F&F Co., Ltd | 2.56% | $1,700.27 | 19.00% |
| 603227.SS | Xinjiang Xuefeng Sci-Tech(Group)Co.,Ltd | 2.56% | $0.21 | 49.65% |
| 605507.SS | Guobang Pharma Ltd. | 2.56% | $0.63 | 40.20% |
| 9319.T | Chuo Warehouse Co.,Ltd. | 2.56% | $36.64 | 36.47% |
| ANA.MC | Acciona, S.A. | 2.56% | $4.88 | 31.97% |
| GGAL.BA | Grupo Financiero Galicia S.A. | 2.56% | $213.91 | 37.51% |
| HOFI.ST | Hoist Finance AB (publ) | 2.56% | $2.93 | 25.50% |
| P52.SI | Pan-United Corporation Ltd | 2.56% | $0.03 | 48.81% |