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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | HK$ 0.61 - HK$ 0.61 | HK$ 0.61 |
| Adjusted Dividend Yield | 8.6% - 8.6% | 8.6% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 14.4% - 12.4% | 13.4% |
| Fair Value | HK$ 7.53 - HK$ 10.65 | HK$ 8.82 |
| Upside | 5.6% - 49.3% | 23.7% |
| Calculate Adjusted Dividend | ||||||||
| (HKD in millions) | Latest | Notes | ||||||
| Net Income To Common | 2,233 | |||||||
| (-) Cash Dividends Paid | (2,454) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 2,233 | 2,233 | 2,233 | |||||
| (=) Cash Required | 447 | 279 | 167 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (447) | (279) | (167) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (HKD) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 3,997.5 | 3,997.5 | 3,997.5 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.61 | 0.61 | 0.61 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.61 | 0.61 | 0.61 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.61 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 12.4% | 12.9% | 13.4% | 13.9% | 14.4% | |||
| 4.0% | 7.62 | 7.19 | 6.81 | 6.46 | 6.15 | |||
| 5.0% | 8.74 | 8.18 | 7.70 | 7.26 | 6.88 | |||
| 6.0% | 10.21 | 9.46 | 8.82 | 8.26 | 7.77 | |||
| 7.0% | 12.22 | 11.18 | 10.30 | 9.55 | 8.91 | |||
| 8.0% | 15.15 | 13.60 | 12.33 | 11.28 | 10.40 | |||