Glass Art Manufacturing Berhad has a beta of 1.50, the risk-free rate of interest is currently 12 percent, and the required return on the market portfolio is 18.00 percent. The company plans to pay a dividend of RM1.96 per share in the coming year and anticipates that its future dividends will increase at an annual rate consistent with that experienced over the 2016-2018 period.

Year Dividend (RM)

2016 1.68

2017 1.77

2018 1.86

Estimate the value of Glass Art Manufacturing's stock. (Remark: Please workout the calculation with the clear formula)