Definitive Analysis
| Stable Growth | $136,220.28 - $160,490.57 | $150,403.16 |
| Multi-Stage | $114,810.45 - $125,987.70 | $120,294.76 |
| Blended Fair Value | $135,348.96 | |
| Current Price | $5,775.00 | |
| Upside | 2,243.70% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | -1.97% | -1.97% | -1.97% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $136,220.28 | $150,403.16 | $160,490.57 |
| Upside / Downside | 2,258.79% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | -1.97% | -1.97% | -1.97% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 20,471,067.59 | 20,665,106.15 | 20,859,144.70 |
| Year 2 PV (M) | 25,037,296.48 | 25,514,186.66 | 25,995,575.79 |
| Year 3 PV (M) | 30,180,629.51 | 31,047,006.93 | 31,929,808.07 |
| Year 4 PV (M) | 35,962,509.53 | 37,345,526.16 | 38,768,054.61 |
| Year 5 PV (M) | 42,450,392.79 | 44,500,762.63 | 46,629,604.96 |
| PV of Terminal Value (M) | 4,493,845,747.68 | 4,710,900,177.62 | 4,936,261,791.50 |
| Equity Value (M) | 4,647,947,643.59 | 4,869,972,766.15 | 5,100,443,979.63 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $114,810.45 | $120,294.76 | $125,987.70 |
| Upside / Downside | 1,888.06% | 1,983.03% | 2,081.61% |
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|---|---|---|---|---|
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| 4380.T | M - mart Inc. | 1.60% | $20.86 | 26.17% |
| 5878.KL | KPJ Healthcare Berhad | 1.60% | $0.04 | 54.29% |
| BUAH.JK | PT Segar Kumala Indonesia Tbk | 1.60% | $10.50 | 34.44% |
| CBTT-B.ST | Christian Berner Tech Trade AB (publ) | 1.60% | $0.60 | 24.79% |
| SEER3.SA | Ser Educacional S.A. | 1.60% | $0.15 | 17.88% |
| SPNS | Sapiens International Corporation N.V. | 1.60% | $0.70 | 61.01% |
| 000963.SZ | Huadong Medicine Co., Ltd | 1.59% | $0.63 | 29.78% |
| 002560.SZ | Henan Tong-Da Cable Co., Ltd. | 1.59% | $0.16 | 98.75% |
| 002942.SZ | Zhejiang XinNong Chemical Co.,Ltd. | 1.59% | $0.31 | 53.92% |
| 016590.KS | Shindaeyang Paper Co., Ltd. | 1.59% | $202.48 | 28.25% |
| 0J7X.L | MBB SE | 1.59% | $3.33 | 32.74% |
| 300957.SZ | Yunnan Botanee Bio-Technology Group Co.LTD | 1.59% | $0.63 | 73.46% |
| 366030.KQ | 09WOMEN Co., Ltd. | 1.59% | $90.08 | 29.50% |
| 4736.T | Nippon RAD Inc. | 1.59% | $9.90 | 13.56% |
| 600487.SS | Hengtong Optic-Electric Co., Ltd. | 1.59% | $0.39 | 33.97% |
| 6201.T | Toyota Industries Corporation | 1.59% | $283.11 | 41.29% |
| 688129.SS | Donglai Coating Technology (Shanghai) Co., Ltd. | 1.59% | $0.32 | 41.19% |
| 688312.SS | Shenzhen Yanmade Technology Inc. | 1.59% | $0.53 | 61.22% |
| 688569.SS | Beijing Tieke Shougang Rail Way-Tech Co., Ltd. | 1.59% | $0.35 | 43.76% |
| 9324.T | Yasuda Logistics Corporation | 1.59% | $34.97 | 31.59% |
| ASSA-B.ST | ASSA ABLOY AB (publ) | 1.59% | $5.66 | 42.81% |
| BEI-UN.TO | Boardwalk Real Estate Investment Trust | 1.59% | $1.03 | 17.62% |
| DEPO.JK | PT Caturkarda Depo Bangunan Tbk | 1.59% | $4.20 | 32.09% |
| DSNG.JK | PT Dharma Satya Nusantara Tbk | 1.59% | $24.00 | 15.91% |
| F9D.SI | Boustead Singapore Limited | 1.59% | $0.03 | 14.46% |
| OZL.AX | OZ Minerals Limited | 1.59% | $0.45 | 55.76% |
| 000920.SZ | Vontron Technology Co., Ltd. | 1.58% | $0.20 | 38.51% |
| 000960.SZ | Yunnan Tin Company Limited | 1.58% | $0.44 | 38.02% |
| 002340.SZ | GEM Co., Ltd. | 1.58% | $0.13 | 55.09% |
| 300015.SZ | Aier Eye Hospital Group Co., Ltd. | 1.58% | $0.17 | 49.80% |
| 3925.T | Double Standard Inc. | 1.58% | $27.42 | 25.04% |
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| 603332.SS | Suzhou Longjie Special Fiber Co., Ltd. | 1.58% | $0.22 | 87.52% |
| 603993.SS | CMOC Group Limited | 1.58% | $0.32 | 34.49% |
| 7555.T | Ota Floriculture Auction Co.,Ltd. | 1.58% | $11.81 | 47.37% |
| ALPHA.AT | Alpha Bank S.A. | 1.58% | $0.06 | 15.49% |
| OTP.BD | OTP Bank Nyrt. | 1.58% | $554.04 | 13.23% |
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| CJA.F | Alimentation Couche-Tard Inc. | 1.57% | $0.55 | 20.13% |
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