COMP <GO>

HCMA vs MSC // EV/EBITDA & P/E VALUATION

HCM III Acquisition Corp. Class A Ordinary Share (NASDAQ) VS. Studio City International Holdings Limited each representing four (Class A) (NYSE) • 15-METRIC TALLY: HCMA 2 — MSC 0

■ METRIC PARITY

HCMA — HCM III Acquisition Corp. Class A Ordinary Share ROARABLE D+ • RQD 56/100

LAST: $10.32 (0.00%) • MKT CAP: $400.5M

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

MSC — Studio City International Holdings Limited each representing four (Class A) ROARABLE D- • RQD 42/100

LAST: $0.79 (-0.63%) • MKT CAP: $165.4M

DES <GO> FA <GO> 10-K RED <GO>

valuation

29.7x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HCMA VS. MSC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HCMA	MSC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	2.30%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	29.7x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	10.10%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-8.50%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	8.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	0.20	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	5/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	63.5	30.2	+33.27	HCMA	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$400.5M	$165.4M	$235.1M	HCMA	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HCMA REV	MSC REV	HCMA GROSS %	MSC GROSS %	HCMA FCF	MSC FCF
FY 2025	$0	$694.6M	—	—	—	$210.3M
FY 2024	—	$639.1M	—	—	—	$189.9M
FY 2023	—	$445.5M	—	—	—	-$18.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HCMA // BETA —

MSC // BETA —