DDM Analysis: 042700.KS

Valuation Snapshot

Stable Growth	$93,868.11 - $504,170.24	$184,648.94
Multi-Stage	$53,118.28 - $58,090.40	$55,558.94
Blended Fair Value	$120,103.94
Current Price	$96,500.00
Upside	24.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.38%	13.16%	425.22	204.29	311.41	206.43	52.72	131.91	132.66	113.38	115.05	125.52
YoY Growth	-	-	108.15%	-34.40%	50.86%	291.55%	-60.03%	-0.56%	17.00%	-1.45%	-8.34%	1.59%
Dividend Yield	-	-	0.62%	0.14%	1.50%	1.18%	0.22%	1.92%	1.60%	1.01%	1.71%	2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	241,583.42
(-) Cash Dividends Paid (M)	68,294.16
(=) Cash Retained (M)	173,289.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48,316.68	30,197.93	18,118.76
Cash Retained (M)	173,289.26	173,289.26	173,289.26
(-) Cash Required (M)	-48,316.68	-30,197.93	-18,118.76
(=) Excess Retained (M)	124,972.58	143,091.33	155,170.50
(/) Shares Outstanding (M)	95.30	95.30	95.30
(=) Excess Retained per Share	1,311.43	1,501.56	1,628.32
LTM Dividend per Share	716.66	716.66	716.66
(+) Excess Retained per Share	1,311.43	1,501.56	1,628.32
(=) Adjusted Dividend	2,028.09	2,218.22	2,344.98
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$93,868.11	$184,648.94	$504,170.24
Upside / Downside	-2.73%	91.35%	422.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	241,583.42	257,286.34	274,009.95	291,820.60	310,788.94	330,990.22	340,919.93
Payout Ratio	28.27%	40.62%	52.96%	65.31%	77.65%	90.00%	92.50%
Projected Dividends (M)	68,294.16	104,498.17	145,120.15	190,581.49	241,339.67	297,891.20	315,350.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	96,045.22	96,955.60	97,865.98
Year 2 PV (M)	122,591.93	124,926.96	127,284.02
Year 3 PV (M)	147,972.81	152,220.58	156,548.87
Year 4 PV (M)	172,225.32	178,848.62	185,661.14
Year 5 PV (M)	195,385.82	204,823.02	214,621.42
PV of Terminal Value (M)	4,327,685.56	4,536,714.39	4,753,743.24
Equity Value (M)	5,061,906.65	5,294,489.17	5,535,724.67
Shares Outstanding (M)	95.30	95.30	95.30
Fair Value	$53,118.28	$55,558.94	$58,090.40
Upside / Downside	-44.96%	-42.43%	-39.80%

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HANMI Semiconductor Co., Ltd. (042700.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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