DDM Analysis: 600375.SS

Valuation Snapshot

Stable Growth	$1.57 - $2.07	$1.83
Multi-Stage	$3.03 - $3.36	$3.19
Blended Fair Value	$2.51
Current Price	$8.10
Upside	-69.02%
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	-28.49%	-16.97%	0.02	0.08	0.08	0.10	0.11	0.10	0.12	0.08	0.09	0.08
YoY Growth	-	-	-76.55%	7.63%	-27.15%	-6.30%	8.56%	-18.22%	56.28%	-10.50%	13.13%	-35.64%
Dividend Yield	-	-	0.31%	1.67%	1.02%	1.08%	1.54%	2.37%	1.97%	1.53%	1.06%	1.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	570.07
(-) Cash Dividends Paid (M)	18.35
(=) Cash Retained (M)	551.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114.01	71.26	42.76
Cash Retained (M)	551.72	551.72	551.72
(-) Cash Required (M)	-114.01	-71.26	-42.76
(=) Excess Retained (M)	437.71	480.46	508.97
(/) Shares Outstanding (M)	1,369.43	1,369.43	1,369.43
(=) Excess Retained per Share	0.32	0.35	0.37
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.32	0.35	0.37
(=) Adjusted Dividend	0.33	0.36	0.39
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	-9.93%	-8.93%	-7.93%
Fair Value	$1.57	$1.83	$2.07
Upside / Downside	-80.65%	-77.42%	-74.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	570.07	519.15	472.79	430.56	392.10	357.08	367.79
Payout Ratio	3.22%	20.58%	37.93%	55.29%	72.64%	90.00%	92.50%
Projected Dividends (M)	18.35	106.82	179.33	238.04	284.84	321.37	340.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	-9.93%	-8.93%	-7.93%
Year 1 PV (M)	96.74	97.81	98.89
Year 2 PV (M)	147.09	150.37	153.69
Year 3 PV (M)	176.82	182.78	188.86
Year 4 PV (M)	191.62	200.27	209.21
Year 5 PV (M)	195.80	206.91	218.52
PV of Terminal Value (M)	3,340.00	3,529.58	3,727.67
Equity Value (M)	4,148.06	4,367.72	4,596.85
Shares Outstanding (M)	1,369.43	1,369.43	1,369.43
Fair Value	$3.03	$3.19	$3.36
Upside / Downside	-62.60%	-60.62%	-58.56%

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Hanma Technology Group Co.,Ltd. (600375.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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