You would likt to use CAPM and dividend discount model (DDM) to calculate the current theoretical stock price of GREAT Ltd. Given the following information:

(i) the risk-free interest rate is 6% p.a.

(ii) the expected return of market is 11% p.a.

(iii) the market beta of stock GREAT Ltd. is 0.8

The dividend payment from GREAT Ltd. has the following pattern:

(1) the company will not pay any dividend to stockholders in next five years.

(2) at the end of the sixth year, the company will pay cash dividend $1 per share.

(3) from the end of the sixth year, the company will continue to pay cash dividends at a constant growth rate 5% p.a.

Calcuate the theoretical stock price for GREAT Ltd. now.