HCMA // HCM III Acquisition Corp. Class A Ordinary Share

Consumer Discretionary • Hotels/Resorts

$10.32 ▲ +0.00 (0.00%)

MKT CAP: $400.5M • VOL: 19.0K

52W L $10 52W H $10

HCMA // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

HCMA // HCM III Acquisition Corp. Class A Ordinary Share

GROSS MARGIN

—

OP MARGIN

—

ROIC %

—

MKT CAP

$400.5M

UPSTREAM INPUTS ──► HCMA OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
HCMA ★	HCM III Acquisition Corp. Class A Ordinary Share	$10.32	$400.5M	—	—	—	—	—	SUBJECT ISSUER
AMZN	Amazon.com, Inc.	$245.63	$2.66T	—	—	17.6%	16.1x	—	HCMA VS AMZN <GO>
TSLA	Tesla, Inc.	$403.82	$1.60T	19.3%	3.4%	3.4%	201.0x	+8.3%	HCMA VS TSLA <GO>
MA	Mastercard Incorporated	$658.10	$573.32B	—	57.6%	33.5%	29.2x	+16.4%	HCMA VS MA <GO>
PG	Procter & Gamble Company	$163.56	$379.10B	51.2%	24.3%	25.4%	16.2x	+0.3%	HCMA VS PG <GO>
HD	Home Depot Inc.	$341.15	$340.36B	33.3%	12.7%	32.9%	13.4x	+3.2%	HCMA VS HD <GO>