DDM Analysis: 600375.SS

Valuation Snapshot

Stable Growth	$1.68 - $2.23	$1.96
Multi-Stage	$3.84 - $4.26	$4.05
Blended Fair Value	$3.01
Current Price	$8.10
Upside	-62.89%
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	7.96%	7.96%	7.96%
Growth Rate	-9.93%	-8.93%	-7.93%
Fair Value	$1.68	$1.96	$2.23
Upside / Downside	-79.31%	-75.76%	-72.46%

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	7.96%	7.96%	7.96%
Growth Rate	-9.93%	-8.93%	-7.93%
Year 1 PV (M)	97.85	98.94	100.02
Year 2 PV (M)	150.49	153.85	157.25
Year 3 PV (M)	183.00	189.16	195.46
Year 4 PV (M)	200.59	209.65	219.01
Year 5 PV (M)	207.33	219.09	231.39
PV of Terminal Value (M)	4,422.11	4,673.11	4,935.38
Equity Value (M)	5,261.38	5,543.81	5,838.52
Shares Outstanding (M)	1,369.43	1,369.43	1,369.43
Fair Value	$3.84	$4.05	$4.26
Upside / Downside	-52.57%	-50.02%	-47.36%

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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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