You are the Managing Director of MSG Development Berhad, a property development group in Malaysia. Your Finance Director recently proposed a dividend payout policy of Paying out not less than 75% of annual net profit to shareholders. Critically discuss how the consideration of ANY THREE (3) of the following aspects could affect the approval of such a dividend payout policy in the upcoming board meeting: (i) Firm valuation; (ii) Capital structure; (iii) Working capital; (iv) Profitability; (v) Investment opportunities.