Quantitative Guide

QQII@@ЃЃ۽۽ZZ

⍥ Ţؽۉ ۜ҉ҿڏڽ Ԗ߾० ˽ capmم ʅ॥ ॣǦۉ ʅ؎ڼ পԓ߀ րۏΰڽ ێڏॣɜ ïێɳN@ ݏL@ ÕѾŢؽۉ পԓ߀րۏΰم ۑ܄॥ ॕπмؼHepIڽ ʏॣٍ ۜ҉ҿڏڽ ĸॣϻ ʿɜʝL@পԓ߀ мяॴ Ţؽمɜ Ēщ΂ ۽ڏ० ր ؾɳɜ ئ܁ێ ۘɳN@ێθ ६ăॣɜ іѭڼ ϧۼ পԓ߀ ڱ঱˦Şێ ۘɜ Ţؽۉ ۩ЛO֫ۧ ѽրٱ ˦Ş܄҆θ ێڏॣٍ পԓ߀ ˦ŞनÃЂঐڽ ϊˡ ďL@ٍŢم мяॴŢؽۉ ѽրθ ۽३֫ࡋ ࣍ۜ˦Şڽ ࣽ܄ॣɜ ïێɳN

RRII@@ЂЂঐঐۉۉ ԽԽ܄܄ĜĜ ăăĜĜ

⍥ ҉ ҆ďԷمԷɜ kmvԓ Ђʠم ˳η ddH„‰“”Žƒ…@”@„…†•Œ”I@‰Ž„…˜ٱ ܶ ڈ ۩ЛO֫ۧѽրθ ʮυѽր΂ ॥ ࣍ۜ۽ÿ ࣽ܄ЂঐĜ ࣍ۜ˦Ş नÃЂঐ ڽ ϊˡـɳN@ԓڏˀ ࣃĊŢѭڼ ێ५΂ݞЂঐĜ ւک΂ݞЂঐێϹL@࣍ۜ۽

ÿ ࣽ܄Ђঐۉ ܄Ҟέڴڼ YVNUEL@࣍ۜ˦Ş नÃЂঐۉ ܄Ҟέڴڼ VVNSE

΂ Ǧ࢐DZɳN

⍥ ЂঐمԷ ߻܄ˀ ߲۽ѽրٱ পōĊրθ ࢼʅ΂ kospi@RPP@܆ܖŢؽۉ ۜ

҉ҿڏڽ Ԗ߾॥ ăĜL@۾ߘ۽ې ҞԖێ Ê՜ʿـںϹL@capmॣمԷ RPEÃ ȍɜ Řɶ۽ې ۜŢۜ҉ҿڏڽ Ðö ʿɜ Ţؽۉ րÃ ϋێ ܹشˡـɳN q

q••ŽŽ””@@ee““““™™@@\\ڈڈئئ^^

ۜ҉ҿڏHRI@@Z@@পԓ߀ րۏΰۉ ঢڏ

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ȧřřডড H૛ WVX@M@UXUYI

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ڱՄՄ֬֬ H૛ WVX@M@VQUXI

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Contents

. Quant EssayNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNQ

⍥ ۜ҉ҿڏHRI@Z@পԓ߀ րۏΰۉ ঢڏ . Market WindowNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNRP

Quantitative Guide

Quant Essay

s…Ž‰’@q•Ž”‰””‰–…@aŽŒ™“”@@

ȧřড

ۜ҉ҿڏHRI@Z@পԓ߀ րۏΰۉ ঢڏ

iŽ”’„•ƒ”‰Ž

ݖǩ কHRPPTȞ Tڝ RQۑ яÅۜΕIمԷ ڐπɜ ѱ࢐ٱ capmHc‰”Œ@a““…”@p’‰ƒ‰Ž‡

m„…ŒZ@ۜ҉ۜԖÃÿă܄ЂঐIڽ ێڏॣٍ ۜŢۜ҉ҿڏڽ Ԗ߾० ˽ яԩॣɜ ЀÃݖ О܆

θ íࢼॣ٘ɳN@،ψʭ Ãۧ ࢃ О܆ɜ ێͬö Ԗ߾ˀ ЀЀ Ţؽۉ րࠛˡێ ঊ֯م ۽ڏॣŢ مɜ ڐπà Ãݘ ԟ֬Ĝ ݗĞم ϔݖ ؐɜɳɜ ïۑ öɳN@ێ܆ ڐπɜ ŗ ʅ؎ں΂ ÕѾŢؽ ۉ পԓ߀ րۏΰڽ ঢڏ॥ ۜŢۜ҉ҿڏ Ԗ߾іѭڽ ɳΛش ҆ďۜ ॥ɳN

capmێ ЛکॼրۏΰHr†IĜ ѱ࢐HỂIL@ܶ֬֫ۧکॼॕπмؼHerpIں΂ ÕѾŢؽۉ ۜ҉ҿ ڏڽ Ԗ߾ॣɜʝ ҿ६L@পԓ߀րۏΰ ঢڏЂঐڼ ÕѾŢؽۉ পԓ߀րۏΰم ܶ֬کॼॕπм ؼHepIڽ ݗ܂ ʏॣٍ ĸ० ր ۘɳ^QIN

H֬ QI@

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H֬ RI@k…]@ÕѾŢؽ পԓ߀րۏΰHbr@‰I@K@ep@@\পԓ߀րۏΰ ঢڏЂঐ^

HٍŢԷL@

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ܶܶٱ ߀Ňۜɜ Ţؽۉ Ěʷ ۜ҉܆ĚۜɳN@ҿ΃ ˽΂ɜ ܄६ݘ ࣺێθ ǦɃشإ ॣɜ ێ६ ԟࠂۉ کࠛم ԷŢʭ ॣݖϊL@ŗ Ţʅրۏێ Ţؽۉ ĈٙՄĜم ˳͉ ٙॶڽ юɜɳɜ ܁م Էɜ ڒϿĚʷߘێŢʭ ॣɳN@Ţؽۉ کॼێ Ȱڽր΃ ܶܶǦ ߀Ňۜ Ђˆ ʏ Ȱڼ րۏΰڽ ڈĸॣö ˁ ïێϹL@شɚ ࣥ܄Ţؽم ʅ६ ˆ ݝɶۉ ڈĸրۏΰێ р܂॥ ĞĊθ Ðö ˁ ï ێ͉ɜ ïڼ ԟ֬۽ې Ã܄ێɳN@ܶܶۉ Ňπɜ ߀Лθ Óď ǩ শ Ðɜ ۞ٍ۩Ԗ ߗĸŇێ͉

ɜ ܁مԷL@ŗπď ܶ֬րۏΰۉ ѽʷՄێ ࢁɳɜ ܁مԷ পԓ߀րۏΰ҆ɳ ॗ֢ͣ ࣺؑHepI ۉ րۏΰڽ ʏ ڈĸॣö ˁ ïێ͉ɜ Ã܄ َ֫ ३π۽ێɳN@˳͉Է পԓ߀րۏΰڽ ঢڏ॥

ۜŢۜ҉ҿڏ Ԗ߾іѭڼ ڐπۉ ݗĞĜʭ Ҝ३ˀɳN capmۉ ॥Ċم ʅ॥

ॣǦۉ ʅ؎ڼ পԓ߀ րۏΰ ঢڏЂঐ

ŗͥʝ ێ іѭڽ ԓڏ० ˽ Āö ʿɜ ش͵ږڼ Ђ˟ ԟۧO˦΃Ţؽێ পԓ߀θ яॴ॥ ïڼ

،ɩشԷ পԓ߀ мяॴŢؽمɜ Ēщ΂ ۽ڏ० ր ؾɳɜ ïێɳN@ŗ͕Է পԓ߀ мяॴŢؽ م ێ іѭڽ ۽ڏॣ͵ϻL@পԓ߀ ࣍ۜ˦Ş नÃЂঐڽ ϊˡش পԓ߀θ яॴ० Ĉڐ ش̆॥

˦Şڽ юö ˁ ïېݖ ϧۼ ࣽ܄ॣɜ ۝ؽێ फ़ڈॣɳN

֭ڏनÃЂঐL@̝ɜ ॥ ѽঐں΂Է ҜʭٝࠔЂঐم ʅ॥ ď۾۽ ِĸɜ b…–…’HQYVVIٱ aŒ”ŽHQYVXIم ۉ६ րॴʿـɜʝL@Ţ҉۽ې ِĸіѭڼ Ţؽ۩Лѽրθ ঢڏ॥ ɳѽ͢ ࣽ ѾҞԸێـɳN@ێ іѭ΄م Ţߦ॥ ֭ڏनÃЂঐڼ Ի࢛ѽրٱ ĸߘ۽ې ࣽѾіѭϊ ئÅ ɸ πॳڽ ӿ QYYPȞʅŮݖ Ãۧ ۑэ۽ں΂ ࣃڏʿـںϹL@ٍ֭ŝڸŢĞڼ ێ Ђঐم Ѐ Ãݖ

܄Մ۽ ५Ѓڽ Ãм॥ sƒ’‰Ž‡@m„…Œڽ ϊˡش ֯Лم ঢڏॣɜ Ĉڐà ϋؘɳN@

֭ڏनÃЂঐH̝ɜ ҜʭٝࠔЂঐIمԷ ԓďۉ উ֭۽ې ۾ডڼ bŒƒ‹L@sƒˆŒ…“@F@m…’”Žۉ

٭ՑÃÿă܄Ђঐڽ ࣃ६ ێΛشܓɳN@ܶ֬֫ۧ ܄҆θ ঢڏॣٍ ٭ՑÃÿă܄Ђঐں΂ পԓ ߀کॼڽ ࠔ܄ॣɜ іѭۉ ێ΄۽ Ţߦɜ m…’”ŽHQYWTIم ۉ६ QYWPȞʅم ێм ঠυʿـ ںǦL@֯Лم Ȋπ ێڏʿŢ ֫۝॥ ïڼ QYYPȞʅ ҜࢥɳN@kmv@˦ ۑҜ পԓˡێ m…’”Žۉ іѭڽ ঊ֯م ۽३ॣʭ΃ ÕԻॣ٘ďL@࠾ॏࢥۉ яɸ΂ ݨڼ ֫Å ؎م ҇ۤ॥ ĊԖڽ ॣɜ ïێ ڏێ६ݜم ˳͉ ŗïێ Ãɣ६ܓɳN

ܶ֬֫ۧ ܄҆θ ֭ڏनÃЂঐم ঢڏॣɜ ïڼ ϗڐ ࢃ ۗ܁ێ ۘɳN@ܶ֬֫ۧێإύ΂ Ţؽ م ʅ॥ Ђ˟ ܄҆Ã çۉ ֯֫Åں΂ эٙʿɜ ęێŢ ˽ОێɳN@Ţؽ۩Л܆हɜ SÕڝم ॥ Ѩ؅ яहʿз΂ ۩Лѽրθ ঢڏॣɜ Ţܘۉ नÃЂঐمԷ ԡ΂ڒ ѽրÃ Ђঐم эٙʿ͵

ϻ ߲՜॥ SÕڝێ ëςɳN@Р΄ ʭܿم ܶڈ॥ ܄҆Ã ড়ͣǦ٧ ր ۘݖϊ Ђঐم эٙʿʭ

΃ حটH‘•Ž”‰†‰…„IॣŢà ֙ݖ ؐɳN@ܶ֬֫ۧ ܄҆θ ঢڏॣϻ ێͣ॥ ܄҆эٙ֫Åۉ Úڽ شɚ ܄ʭ ϰړ ր ۘɳN

ێѨ ҆ďԷɜ ˆ Ãݖ Ƿڏڽ ɽď ۘɳN@ॣǦɜ পԓ߀ ࣍ۜ۽ÿ ࣽ܄Ђঐێď ɳη ॣǦɜ পԓ߀ ࣍ۜ˦Ş नÃЂঐێɳN@ˆ Ãݖ Ђˆ ɳѽ͢ ΂ݞЂঐڽ ԓڏॣɜʝ ddHd‰“”Žƒ…@”

d…†•Œ”Ià ܶڈ॥ ѽր΂ ࠇŞˀɳN@kmvۉ ЂʠمԷ ddɜ ŗ ۜߘ΂ ۿʅ۽ې Ҝʭٝࠔࣽ

Ѿݖह΂Է Ţɣॣݖϊ ٍŢمԷɜ ɳѽ͢ ԽϿѽրܿ ॣǦۉ ѽր΂ ࠇŞʿـɳN@֭ڏनà Ђঐم ۏցॣݖ ؐڼ ࣍ۜۜˡڽ ک६Է m…’”ŽĜ kmvЂʠم ʅ॥ ՜ÕL@ddۉ ۉмم ʅ

॥ ԽϿێ ϧۼ फ़ڈ० ïں΂ ҆ېɳN পԓ߀ м я ॴ Ţ ؽ ڽ

ک॥ পԓ߀ नÃЂঐ फ़ڈ

bŒƒ‹L@sƒˆŒ…“@F@m…’”Žۉ o”‰Ž@p’‰ƒ‰Ž‡@m„…Œ

ܶݖॣɳ֫ज़ bŒƒ‹@F@sƒˆŒ…“HQYWSIɜ Ѐ Ãݖ Ã܄ ॣم ɳڿĜ Òڼ ڱ΂ज़ض ࡗ٭Ցन ÃЂঐڽ Õяॣ٘ɳN

HHһһ͖͖MMջջݎݎۉۉ ٭٭ՑՑननÃÃЂЂঐঐII

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c@Z@ࡗ٭Ցۉ Ãࠛ

sPZ@Ţߦܶ֬ۉ ঊ۩Ãÿ x@Z@٭Ցۉ ॴԓÃÿ

’@Z@@ِÅ Лکॼێۜڴ t@Z@ϊŢŮݖۉ ۞ٍŢÅ

nH„QI@Z@Ƀ۽हܸ܄ŔҞभمԷ „Q҆ɳ ۝ڽ ঠΰZ@ࡗ٭Ցۉ আݖҿڴ nH„^RI@Z@Ƀ۽हܸ܄ŔҞभمԷ „^R҆ɳ ۝ڽ ঠΰZ@ࡗ٭Ցێ ॴԓˁ ঠΰ Ồ^R Z@Ţߦܶ֬ۉ ِÅրۏΰۉ ҞԖ

ێ܆ bŒƒ‹@F@sƒˆŒ…“ۉ ٭ՑЂঐمԷ xHॴԓÃÿIθ Ţؽۉ Ҝ߀ÃࠛH߭޵ۖŝI΂L@s^Pθ Ţ ؽۉ ֫ۧÃࠛHۜԖۉ ֫ۧÃࠛZv^aI΂ щƷش ԩÄ६҆ۜN@ŢؽÃࠛɜ ۜ҉ÃࠛHv^eIٱ Ҝ߀ Ãࠛۉ ३ں΂ ێΛش܎ ۘďL@ۜ҉Ãࠛɜ Ҝ߀θ ܆ڀ॥ ۞ٍߗĸŇۉ Մÿڽ Ãݖď ۘɳɜ

܁ڽ ԟŢ॥ɳϻL@ۜ҉Ãࠛɜ ŢؽÃࠛθ ŢߦۜԖں΂ ॣď ॴԓÃÿێ Ҝ߀ÃࠛH߭޵ۖŝI ѽঐˀ ٭ՑЂঐڼ ۜ

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c@Z@ࡗ٭ՑHۜŢۜ҉Iۉ Ãࠛ H’‹…”@–Œ•…@†@…‘•‰”™I vaZ@Ţؽۉ ֫ۧÃࠛ H’‹…”@–Œ•…@†@““…”I

x@Z@Ҝ߀Ãࠛ H’‹…”@–Œ•…@†@„…‚”I

’@Z@@ِÅ Лکॼێۜڴ

t@Z@ۜ҉Hܶ֬Iۉ ٝ܄҆ڱŢÅ

nH„RI@Z@ࡗ٭Ցێ ॴԓˁ ঠΰ HݏL@ۜŢۜ҉Ãࠛà P҆ɳ ࢄ ঠΰI Ồa^RZ@ŢؽÃࠛ ِÅրۏΰۉ ҞԖ

ŗπď ŢؽÃࠛۉ ѽʷՄĜ ۜ҉Ãࠛۉ ѽʷՄ Åمɜ ɳڿ ĞĊÃ Մυ॥ɳ H֬ VI@@

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Ţؽ ۜ҉Ãࠛۉ ࡗ٭Ցĸܖɜ Hŗτ QIĜ Òێ हঊॣϻ ێ६ॣŢ ֙ɳN@Ţؽۉ ۜ҉Ãࠛɜ ŢؽÃࠛÃ Ҝ߀Ãࠛθ ԟপ० ˽مɜ ŢؽÃࠛمԷ Ҝ߀Ãࠛθ ޵Ê॥ Ìێ ʿݖϊ ŢؽÃ

ࠛÃ Ҝ߀Ãࠛ҆ɳ dz،ݖϻ Pێ ˀɳN@ݏL@ێ ݖ܁HҜʭ܁Z@ŢؽÃࠛٱ Ҝ߀ÃࠛÃ Ò،ݖɜ ݖ܁IمԷ Ţؽڼ Ҝʭم ێεö ʿϹL@ێ ێॣۉ ݖ܁مԷ ࡗ٭Ցڼ ॴԓʿݖ ؐɜɳN@

һ͖Mջݎۉ ٭Ց ЂঐمԷɜ nH„^QIێ ࡗ٭Ցۉ আݖҿڴ΂Է ܶڈ॥ ۉмθ ݖɩď ۘـݖ ϊL@ѽঐˀ ЂঐمԷɜ nH„^RI@ۉ ६Ըێ ܿڈॣɳN@nH„^RIɜ ࡗ٭Ցێ ॴԓˁ ঠΰڽ ۉмॣďL

ٍŢԷ „Rɜᴘd‰“”Žƒ…@”@d…†•Œ”HddIᴙ͉ď ॣٍ ٭Ցێ ॴԓˁ ࢁŢL@ݏ ۜԖܿمԷ ۜ҉ێ عψǦ ǮؘǦ ࠔ܄ॣɜ ݖहà ˀɳN@ddH„RIۉ ܄ŔҞभθ Ã܄ॣϻ nHM„RIɜ ٭Ցێ ॴԓ ʿݖ Њ० ঠΰL@ݏL@ŢؽÃࠛà Ҝ߀Ãࠛٱ Ò،ݖçǦ ۝،ݚ ঠΰڽ ۉмॣз΂ ٝԟҜʭ ঠΰHedfZ@e˜…ƒ”…„@d…†•Œ”@f’…‘•…Žƒ™Iێ ˀɳN

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기업가치 (V^A) 자본

가치 (V^E)

부채가치 : 부도점 ŗτ QI@@ۜ҉Ãࠛۉ ࡗ٭Ց ĸܖ

VA

Possible asset value

path

T시점에서 기업 가치의 분포

Dafault Point EDF

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기대성장률 DD

변동성 ŗτ RI@@ŢؽÃࠛۉ ѽʷĜ dd@@ч edf

ۜΕ Z@p…”…’@c’“‚‰…L@ᴘm„…Œ‰Ž‡@d…†•Œ”@r‰“‹ᴙL@m„™ᴗ“OkmvL@RPPSNQRNQX

kmv@m„…Œ

m…’”Žۉ Իĸ۽ې ŢؽÃࠛनÃЂঐم щ࢙ڽ ˆď ֭ڏनà ч π֢ࢁĞπ ҜОمԷ Իʭ

۽ې ِĸθ րॴ६٦ পԓɜ kmvɳN@ŝڸŇۉ ֭ڏनà ֯ЛۜˡĜ ࡗΆҿ،ʅ।ۉ ijրݘ م ۉ६ Խυˀ kmvɜ QYYPȞʅ ߦэ vkHv“‰ƒ…‹Mk…Œˆ†…’I@m„…Œڽ яह॥ ێশ Ʒܸ

৩ Ђʠڽ Õ͢६ ٸɳ^RIN@kmv@m„…Œڼ bŒƒ‹L@sƒˆŒ…“@F@m…’”Žۉ ٭ՑनÃЂঐم щ࢙ڽ ˆʿ Ѐ Ãݖ Ã܄ڽ ঊ֯م ϔö ٳটॣçǦ ր܄ॣ٘ɳN@ŗ ܶڈ॥ ǷڏڼL

ῡ ࣺԖܖéۉ ঊ֯টZ@Ţؽۉ ࣺԖڼ ߀Ňۉ ϊŢ֫مϊ ۑشǦɜ ïێ ،ɩ͉ ض܆˟ݖ ۑ شǫ ր ۘɳN

ῢ dptHd…†•Œ”@p‰Ž”Z@Ҝʭ܁Iۉ ঊ֯টZ@Ţؽۉ dptɜ ֯܆΂ ߭޵ۖŝ҆ɳ dzڼ ęمԷ яԩ॥ɳL@@ݏL@dpt@]@stdHɶŢ޵ۖŝIKQORltdHۧŢ޵ۖŝIN@

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dd@] eHv

I@M@dpt Ồ

ῤ edfۉ ঊ֯টZ@ࣺԖঠΰۉ ܄ঠʭθ ȰێŢ ک६Է edfθ nHMddI΂ ĸॣݖ ؐď QPPP Õà ȍɜ Ţؽم ʅ॥ ֯ࠔࠛθ ‰Ž‡ॣٍ ԓڏN@ݏL@edf]hHMddI@Hhɜ ֯܆ҜʭŢ ؽم ʅ॥ ‰Ž‡@֯ࠔࠛI

ێ ҆ďԷمԷɜ edfθ ˳΂ ĸॣݖɜ ؘؐɳN@ɳϊ ٭ՑनÃЂঐۉ ۉ६ ŢؽÃࠛٱ ѽʷՄ ڽ ࠔ܄॥ শL@kmv@Ђʠم ۉ॥ ddθ Ԗ߾ॣٍ ɳѽ͢ ΂ݞࣽѾҞԸۉ ܶڈ॥ ॥ ѽր΂ ԓ ڏॣŢ΂ ॣ٘ɳN@ŗπď dptɜ Ţؽۉ ŔЂθ Ê؎ॣٍ ۧŢ޵ۖŝم PNUžQNPۉ Ãܿࠛθ Ҝٍ॥ শ Ԗ߾ॣ٘ɳN@Hdpt]@ɶŢ޵ۖŝKÃܿࠛJۧŢ޵ۖŝI

m…’”Žۉ Ђঐڽ ঊ֯

م ϔʭ΃ ۽३ট

֯܆ ֭ڏनÃ֢֫ࢳمԷ ddɜ ܶ֬֫ۧۉ ѽʷڽ эٙॣٍ ֯֫Åں΂ ѽ॥ɳN@kmv@Ђʠ ۉ Ţ҉ ЃहÃ ֫ۧ܄҆Ã Ãۧ ӍπL@ŗπď ۡ эٙʿɜ ܶ֬֫ۧ ܄҆θ ߲ʅ॥ ঢڏॣٍ

֭ڏनÃ֢֫ࢳڽ ĸ߼ॣɜʝ ۘɜ ϊࢅ ddɜ ŗ ࢁŢʭ ܿڈॣݖϊ ږݗەڽ Ğ޹ॣɜ ï ʭ ܿڈॣɳN@ॣݖϊ ێ ҆ďԷۉ Ѓहɜ π֢ࢁĞπ֢֫ࢳڽ ĸ߼ॣɜʝ ۘɜ ïێ ،ɩ͉

Ţؽۉ ۜ҉ҿڏڽ Ԗ߾ॣŢ ک॥ পԓ߀ ˦ŞनÃЂঐ ψͷم ۘɜ ϊࢅ ҞŢɶک ܄ʭۉ ܶ Ţ۽ې ؽʝێࣤϻ ࠂҞॣɳď ԩÄˀɳN

ह QI@@ŢؽŔЂم ˳η ۧŢ޵ۖŝ Ãܿࠛ эٙ

Sܖڜ ێԟ PNU

QܖڜžSܖڜ PNV

VߑصڜžQܖڜ PNW

SߑصڜžVߑصڜ PNX

QߑصڜžSߑصڜ PNY

Qߑصڜ мϊ QNP

ۜԖŔЂ w…‰‡ˆ”

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ

RI kmvɜ RPPRȞم m„™ᴗ“م ېրʿـɳN

Ђঐۉ Խ܄

щ΂ ؛Էم ضŞॳ˥ێ ێѨ ҆ďԷۉ ܶˀ Ѓ۽ڼ ۜ҉ҿڏ Ԗ߾م ঢڏॣŢ ک॥ পԓ߀

˦ŞनÃЂঐۉ ψͷم ۘɳN@ڐπɜ ێ ۝ؽĜ २Ɛ ҿ֩॥ Մÿڽ ̓ পԓ߀ ࣍ۜ۽ÿ ࣽ܄

Ђঐʭ २Ɛ ϊˡŢ΂ ॣ٘ɳN@Ђঐĸ߼م ԓڏˁ ԽϿѽրɜ kmv@Ђʠ΂ Ԗ߾॥ ddٱL@֭

ڏनÃЂঐمԷ ۾ࣃ۽ں΂ ܶڈॣö ɳΛش܎ ٸçǦ Իॴۉ ِĸمԷ ڱۉм॥ ïں΂ ࣽ

܄ юؘʒ QWÃݖ ܶڈ॥ ۩ЛO֫ۧ ѽրˡێɳN@

ێԖঐ ܞ՝ѽրەڽ Ê؎ॣٍ ΂ݞЂঐ ԓ ڏ

ह RI@@ԽϿѽրۉ Ի܄

؎܄Մ xPQ ր܄Ҝ߀ҿڴ ޵ۖŝOۜ҉߭Ċ

xPR ֫ۧÃ ր܄Ҝ߀ҿڴ ޵ۖŝO֫Ã߭؝

xPS ޵ۖŝOϗ߾؝

xPT ڱʷҿڴ ڱʷۜԖOڱʷҜ߀

xPU ڒ۾ۜ҉ҿڴ H۩ďۜԖKϗ߾߀ŇIOϗ߾؝

xPV ٙؽێۏΰ cvHUȞI cv]हܸण޵OनŕHۿʅÌI

րۏՄ xPW ٙؽێۏΰHSȞनŕI

xPX roeHSȞनŕI

xPY roicHSȞनŕI HĈԟێۏKŝڸҿڏIOHۜ҉߭ĊK޵ۖŝI

ঊŝৗι xQP gcfOϗ߾؝ gcf]@ٙؽঢʷঊŝৗιMٙؽঢʷۜԖҜ߀ѽʷ

xQQ Ҝ߀ԟডɣͶ ebitdaHĈԟێۏKŝڸҿڏKÊÃԟÄҿIO޵ۖŝ

xQR ࣍ۜ۩ڜࠂܗΰ ٙؽঢʷঊŝৗιO࣍ۜঢʷঊŝৗι

xQS ŒŽ@ٙؽێۏێۜ҆ԟјڴ

Ţ࢐ ܞ३ݖह xQT ŒŽ@֫Ã߭؝HQPصI

xQU ŒŽ@ۜԖ߭ĊHQPصI

xQV ր܄ڱ҆ҿڴ ێۏٍۙŝOHۜ҉ŝKۜ҉ٍۙŝI

xQW ࣍ॣۜ҉প۾ڴ ϗ߾؝O࣍ॣۜ҉

xQX ddH„‰“”Žƒ…@”@„…†•Œ”I@iŽ„…˜ kmv@m„…Œ@ێڏ

ݖहۉ Մÿ ѽրϿ ५Ѓ ҿď

ܶ Z@۩Лѽրɜ RPPSȞύL@֫ۧѽրɜ RPPTȞ Uڝύ Ţܸ

ܞ՝ѽրɜ ˆ Ђঐێ ئÅ ɳεɳN@࣍ۜ۽ÿ ࣽ܄ЂঐمԷ ܞ՝ѽրɜ ۽ÿHPIĜ Ҝ۽ÿHQI ۉ ˆÃݖ Ìܿ ॣǦθ Ðö ˀɳN@࣍ۜ˦Ş नÃЂঐمԷɜ Ţܘۉ পԓ߀˦Şڽ ɶւটॣٍ

˦Ş ˒م ҧɜ Kٱ Mθ ؾ؜ďL@aaaL@aaL@aL@bbbL@bbL@bL@ccc@ێॣۉ WɶĊ΂ ɶւট ॣ

٘ɳN@aaaža@ԓێɜ ˦ŞѾ পԓ߀րۏΰ ޵ێà ࢁݖ ؐںз΂ ՆҞটۉ ۗ܁ێ çۉ ؾ ďL@bbb@˦Şڼ ܛʏ ՆҞॣϻ ܡüݖϊ ٝҿ íࢼăĜ ֭ΎՄ ۘɜ ࣽѾ२րθ ʭ߾ॣŢà ش͵ڠɳN@Ђʠم ԓڏˀ ԥॗڼ RPPTȞ Uڝύ Ţܸں΂ ֭ڏनÃŢĞۉ ڱ঱˦Şڽ Ãݖď

ۘďL@֫ۧم ԟۧO˦΃ˀ QXPÕ ܆ܖŢؽێɳN

ˆ Ђঐ Ђˆ ܞ՝ѽրɜ ِ՝ঐHƒŽ”‰Ž••“Iێ ،ɩ͉ ێԖঐH„‰“ƒ’…”…IێɳN@ܞ՝ѽրà ێ Ԗঐ Ҟभθ Ðö ʿϻ ۑэ۽ې ԻঐЂঐمԷ Ã܄ॣɜ ٤޵५ۉ ʷҞԖՄL@܄ŔՄL@ԻঐՄ ۉ Ã܄ڼ çۉ ࠂܗʿŢ شͺɳN@ŗ͕Է ێͣ॥ Ĉڐمɜ ؼÿ॥ Ã܄م ĸ؜юݖ ؐɜ ΂ݞ ЂঐHl‡‰”@„…ŒIڽ ێڏॣö ʿďL@পōĊրۉ ߻܄مɜ ߲ڐ߻܄ѭHm…”ˆ„@†@˜‰•

Œ‰‹…Œ‰ˆ„Iڽ ԓڏ॥ɳ^SIN@҉ ҆ďԷمԷɜ ࣍ۜ۽ÿ ࣽ܄ЂঐمԷɜ ێ५΂ݞЂঐHblmZ b‰Ž’™@Œ‡‰”@„…ŒIڽL@࣍ۜ˦Ş नÃЂঐمԷɜ ւک΂ݞЂঐHolmZ@o’„…’…„@Œ‡‰”@„…ŒI ڽ ێڏॣ٘ɳN

ٝҿ۝ؽ Z@o•”Œ‰…’ۉ ܆ç

҉ÿ۽ې Ђঐ Խ܄م ؛Է ԥॗم भ२ʿش ۘɜ ێԟࠛH•”Œ‰…’Z@…˜”’……@–Œ•…Iθ ܆çॣ

ɜ ۑێ फ़ڈॣɳN@ش̈ ԓ܄ں΂ ࣥѾ॥ Ìڽ Ðö ˀ Ğࠔࠛà ԥॗم भ२ʿش ۘںϻ Ђʠ ۉ ٝࠔͶڽ ̉ش̵πŢ ˽ОێɳN@blmĜ olmڽ ۽३֫ࡋ हܸটज़ش֤۞޵ٱ Ҟέࢯێһ HƒŒ““‰†‰ƒ”‰Ž@”‚Œ…Iڽ íࢼ६҉ ăĜL@XÕ Ğࠔࠛà ێԟࠛ΂ Ǧ࢐DZɳN@ێˡ Ţؽڼ ʅҜҞ

ࣥր॥ ԓ܄ں΂ ԽϿѽրٱ ܞ՝ѽրۉ ۑࠛʭÃ dzɳď ࣽɶʿش ۜΕمԷ ܆ڀॣŢ΂ ॣ

٘ɳN@ŗ͕Է ߲ܞ۽ں΂ Ђঐĸ߼م ێڏˀ Ğࠔࠛɜ QWRÕÃ ʿـɳN

ह SI@@ܞ՝ѽրٱ sŒ…

HH࣍࣍ۜۜ۽۽ÿÿ ࣽࣽ܄܄ЂЂঐঐII

P ࣍ۜ۽ÿ Hbbb@ێԟI QRY

Q ࣍ۜҜ۽ÿ Hbb@ێॣI UQ

HH࣍࣍ۜۜ˦˦ŞŞ ननÃÃЂЂঐঐII

Q aaa W

R aa QS

S a TW

T bbb VR

U bb RV

V b QW

W ccc@ێॣ X

ܞ՝ѽրۉ Ì ҿď sŒ…

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ

SI ܞ՝ѽրà ێԖঐHѬܶঐIێ͉ ६ʭ ʮυѽրà ɳѽ͢ ܄ŔҞभθ ˳εϻ ԻঐࣽѾҞԸڽ ԓڏ० ր ۘɳN@ॣݖϊ ێ Ã܄ێ ࢐ʁॣݖ ؐ ںϻ ঠΰڽ ֪ԖH„„“Iں΂ ѽডॣďL@ٍŢم ِۜʅրθ ࠇ६ Իঐں΂ ѽড॥ ΂ݞЂঐڽ ێڏॣɜ ïێ ۑэ۽ێɳN@҉ ЂঐمԷ ێڏˀ ʮυѽրˡڼ ʅҜҞ ܄ŔҞभθ ˳εݖ ؘؐɳN

ह UI@@ێԟࠛۉ ܆ç

b

bllmm हܸট ज़ش֤۞޵ S@ێԟ ٤πه࢓܄ĚL@ŝকԖؽL@ŝকԸڱট।

ʅ،éԽL@־ڏحপĚؽ o

ollmm ҞέĸÅ٤޵ R@ێԟ ॣێɪ֢эʭߘL@skȓࣤڛ֢L@॥ՠࢲͭ࠾

Ђঐ ێԟࠛ ࣽ܄Ţܸ ६ʁŢؽ

-4 -3 -2 -1 0 1 2 3 4 5

20 40 60 80 100 120 140 160 180

ŗτ SI@@हܸটज़ش֤۞޵HblmI

ह TI@@ƒŒ““‰†‰ƒ”‰Ž@@”‚Œ…@@HolmI

Q V V

R Q V R Y

S W SR Y TX

T QS TV QQ Q Q WR

U W Y W RS

V U W Q QS

W Q R V Y

߭ ३Ċ W QS TW VR RV QW X QXP

܄Ҟέ V V SR TV Y W V QQR

܄Ҟέڴ XUNWE TVNRE VXNQE WTNRE STNVE TQNRE WUNPE VRNRE

ƒ”•Œ@@’”‰Ž‡

…˜…ƒ”…„@@’”‰Ž‡ Q R S T U V W ߭ ३Ċ

পԓ߀ ࣍ۜ۽ÿ ࣽ܄ЂঐHblmI

ێ५΂ݞЂঐHblmIمԷɜ ܶشݘ ʮυѽրۉ րܸمԷ Ğࠔࠛà PĜ Qܿ شɚ Ѭܶم ՝० ïېÃθ ঠΰ΂ ĸ॥ɳN@߲ڐ߻܄ѭڽ ێڏॣٍ ѱεɃێҞभم ˳εɜ H΂ŗIă३ঠΰ२ր θ ߲ʅ΂ ॣɜ ߲ڐ߻܄ পōĊրѲࢥỂH‹KQIڽ ĸॣďL@Ểà ĸ६ݖϻ ʮυѽրˡۉ րܸ

x‰@مԷ ش̈ ԓéێ яԩˁ ঠΰڼ ɳڿĜ Òێ ĸ६ݘɳ^TIN H֬ WI@

pHy

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I ]@ …˜@H˜

G ỂI

Q@K@…˜@H˜

G ỂI

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K@Ể

x

K@NNN@K@Ể

x

I Q@K@…˜@HỂ

K@Ể

x

K@NNN@K@Ể

x

I

̝L@ۑэ۽ں΂ ÕѾপōĊրۉ í܄ڼ ٴ˝ ƒˆ‰M“‘•’…@í܄ࣃĊ͢HwM“””‰“”‰ƒIڽL@۾ߘЂ ঐۉ ڱۉՄ í܄مɜ ڐʭҿMí܄ࣃĊ͢ Hlr@“””‰“”‰ƒIڽL@Ђঐۉ ۽३ʭHٝࠔͶI@ࣽ܄م ɜ ڱԓM@r^R Hp“…•„@M@r^RIǦ ĞࠔMٝࠔ ҞέहHƒŒ““‰†‰ƒ”‰Ž@”‚Œ…Iθ ێڏ॥ ܄Ҟέڴ HccrZ@ƒ’’…ƒ”@ƒŒ““‰†‰ƒ”‰Ž@’”…Iڽ ԓڏ॥ɳ^UIN@߲۽ѽր ԻѾمɜ শݘ՜çѭH‚ƒ‹—’„

…Œ‰‰Ž”‰Ž@’ƒ…„•’…Iڽ ԓڏॣ٘ď ڱۉրܸڼ UE΂ Խ܄ॣ٘ɳN@ࣃĊߏπۿ޵ٱ ăĜɜ Hह VIžHह XIĜ ÒɳN

TI ΂ݞЂঐ ч ߲ڐ߻܄ѭم ʅ॥ ێ΄۽ ԽϿڼ ԩ͟॥ɳN@ॣݖϊ Ѳࢥह֫م ʅ॥ ئÅۉ ݖ֬ϊ ۘںϻ ҉ ҆ďԷθ ێ६ॣɜ ʝɜ Лπà ؾڽ ïێɳN

UI ६Ըێ ܖŝ ɳεŤ ॣݖϊL@ÄÄ ۑэԻঐЂঐۉ ”M–Œ•…L@fM–Œ•…L@r@^Rٱ ҿ֩॥ ÕȠں΂ ێ६ॣϻ ˀɳN

ह VI@@܆ڀˀ ѽր Hশݘ՜çI

xQP WNYTRS XLVQXNQQTP PNPPPP PNYYYS

xPQ QNQPTV TNTWXU PNPVPX PNXPUR

xPW UNRVPQ YNYRVU PNRXPX PNUYVR

xPV PNQPUS PNQURR PNTWXR PNTXYS

xQW QNVTVU RNSVSQ PNTXUU PNTXVP

xQQ MRNWPVX SNXQTP PNUPSW PNTWWY

xQT RNQPRU RNTVTU PNWRWX PNSYSV

xPS SNRYST RNWUXR QNTRUX PNRSRU

xQR PNPSXU PNPSXV PNYYTP PNSQXX

xQV MQNYTUQ QNTYTY QNVYSP PNQYSR

xPU TNYPRY SNRTSU RNRXTY PNQSPV

xQS QNWYYR PNYRTU SNWXWU PNPUQV

xPR PNSWTQ PNRRPY RNXVXY PNPYPS

܆ڀˀ ѽրHւԷѾI c…††‰ƒ‰…Ž” s”„N@@e’’’ wŒ„Ms””‰“”‰ƒ M–Œ•…

Ḃ

Ḃ Ḃ

Ḃ

Ḃ

ह WI@@߲۽ѽրL@@Ċր ߻܄ăĜ ч ࣃĊ͢

xPT MPNXRRR PNRWQV YNQVRT PNPPRU

xPX QNVRYT PNTXVU QQNRQVU PNPPPX

xPY MRTNRYVV XNTRYV XNSPWW PNPPSY

xQU MSNYTTP QNPUYT QSNXUYX PNPPPR

xQX MSNRXRU QNPTXR YNXPWP PNPPQW

c RXNYQSR WNSUQY QUNTVVU PNPPPQ

l‡@Œ‰‹…Œ‰ˆ„ MQWNUSVW

r…“”’N@Œ‡@Œ‰‹…Œ‰ˆ„ MYWNXPTX lr@“””‰“”‰ƒ@HU@„†I QVPNUSVR

M–Œ•…@Hlr@“””I PNPPPP

mƒf„„…Ž@rM“‘•’…„ PNXRPW

Ի࢛ˀ ѽր c…††‰ƒ‰…Ž” s”„N@@e’’’ wŒ„Ms””‰“”‰ƒ M–Œ•…

ह XI@@cŒ““‰†‰ƒ”‰Ž@@”‚Œ…

P@H۽ÿI QRV T QSP

Q@HҜ۽ÿI R TP TR

߭ ३Ċ QRX TT QWR

܄Ҟέ QRV TP QVV

܄Ҟέڴ YXNTTE YPNYQE YVNUQE

ր܄܄Ҟέڴ XVNSVE

Ğࠔࠛ

ٝࠔࠛ P@@H۽ÿI Q@@HҜ۽ÿI ߭ ३Ċ

Hह XIڽ ҆ϻ ڜ͕ۉ ĞࠔࠛمԷ ࣍ۜ۽ÿې QRXԓ ܿمL@Ђʠم ۉ६Է ࣍ۜ۽ÿں΂ ࣽ܄

ˀ Ţؽڼ QRVԓL@Ҝ۽ÿں΂ HۡЊI@ࣽ܄ˀ Ţؽڼ RԓێϹL@࣍ۜҜ۽ÿې TTԓ ܿم Ђʠم ۉ६ Ҝ۽ÿں΂ ࣽ܄ˀ Ţؽڼ TPԓL@۽ÿں΂ HۡЊI@ࣽ܄ˀ Ţؽڼ Tԓ΂L@ܞ३ॣϻ QWRԓ

ܿ QVVԓÃ ٧щεö Ҟέʿش ܄Ҟέڴڼ QVVOQWR]@YVNUE΂ Ǧ࢐DZɳN@॥ण ր܄܄Ҟέ ڴڼ ܄Ҟέڴێ ޺Ҟέڴڽ ĜʅनÃॣɜ Ĉॶێ ۘɜ ïڽ Ê؎ॣٍ ܄Ҟέڴۉ ҞۜOҞЂ ÄÄمԷ Ğࠔࠛۉ ߲ʅ ॴ३ĊHٍŢمԷɜ QRXIθ ޵Êॣٍ ɳ֫ ĊԖ॥ ïێɳ^VIN

পԓ߀ ࣍ۜ˦Ş नÃЂঐHolmI

࣍ۜ˦Ş नÃЂঐم ԓڏˀ ࣃĊŢѭڼ ւک΂ݞЂঐHolmZ@o’„…’…„@Œ‡‰”@„…ŒIێɳN@ւ ک΂ݞЂঐڼ ԽϿѽրۉ ܄ŔҞभÃ܄ێ ࢐ʁॣݖ ؐďL@ܞ՝ѽրà ࠇ० ր ۘɜ ăĜÃ

‡H‡^]SIÕێϹ QҜࢥ ‡Ůݖ ւکθ Ãݚ ˽H’„…’…„I@ԓڏॣŢم ۽ۿ॥ Ђঐں΂L@ܶشݘ ʮυѽրH˜I@րܸمԷ ւک @ێॣà ˁ Ƀ۽ঠΰڽ ɳڿĜ Òێ ڱʭ॥ɳ^WIN

H֬ XI@

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M@˜ G ỂI Q@K@…˜@Hề

M@˜

G ỂI

ێ΂Ҝࢥ ߲ڐ߻܄Ѳࢥ ềH‡MQIL@ỂH‹Ià ĸ६ܓڽ ˽L@ܶشݘ ʮυѽրۉ րܸمԷ ܞ՝ѽր à ࣥ܄॥ ւکθ ࠇ० ঠΰڼ ɳڿĜ Òێ ĸ६ݖϹL@߲ʅঠΰڽ Ðɜ Ѭܶ΂ Ҟέॣö ˀɳN H֬ YI@

p Hy]@Qœ˜I

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M@˜ G ỂI

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M@˜ G ỂI p Hy]@Rœ˜I

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M@˜ G ỂI Q@K@…˜@Hề

M@˜ G ỂI

࣍ۜ˦Ş नÃЂঐم ʅ॥ ࣃĊߏπ ăĜɜ Hह YI@ž@Hह QQIĜ ÒɳN

ह YI@@܆ڀˀ ѽր Hশݘ՜çI

xQU PNPRSP PNTSQU PNPPRY PNYUWT

xQW PNPRUV PNRRXT PNPQRV PNYQPV

xQR PNPPSU PNPQWW PNPSYR PNXTSP

xPQ PNPQYS PNPWTQ PNPVWX PNWYTV

xPV PNPQQP PNPSUT PNPYWR PNWUUS

xPT MPNPRSW PNPWPY PNQQRP PNWSWY

xQQ PNRYUP PNTVUX PNTPPY PNURVV

xQS PNRTUP PNRQUY QNRXWW PNRUVU

xPW QNXVTS QNVYRU QNRQST PNRWPW

xPU QNYYUU QNRVPP RNUPXS PNQQSS

xPS PNXPXT PNUPSS RNUWYX PNQPXR

܆ڀˀ ѽրHւԷѾI c…††‰ƒ‰…Ž” s”„N@@e’’’ wŒ„Ms””‰“”‰ƒ M–Œ•…

WI ێ५΂ݞЂঐĜ ψ޷Ãݖ΂ ֪Ԗۉ ΂ݞѽডڽ ێڏ॥ɳN@ŗπď ԓڏॣɜ ࣃĊॕ΂ŗ͙م ˳͉ ѱ࢐পōĊրҜকθ эʅ΂ Խ܄ॣɜ Ĉڐ ʭ ۘɳN@

Ḃ Ḃ

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Ḃ

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Ḃ Ḃ

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ह QPI@@߲۽ѽրL@@Ċր ߻܄ăĜ ч ࣃĊ͢

xPR MPNQYXR PNPXPV VNPTYX PNPQSY

xPX PNSTSP PNQTXV UNSRWQ PNPRQP

xPY MSNPVRQ QNSYQQ TNXTUT PNPRWW

xQP MPNXRXP PNSPTT WNTPPP PNPPVU

xQT MQNXTWY PNRPTR XQNYRYT PNPPPP

xQV MPNYXPQ PNSSRU XNVXVT PNPPSR

xQX MRNPWQU PNSRWY SYNYPTW PNPPPP

Hl‰‰”@p‰Ž”“I

ề^{Q MRUNPSQW RNUVTR YUNRYYY PNPPPP}

ề^R MRQNTPQS RNQXTV YUNYWRU PNPPPP

ề^{S MQVNRVRY QNWRPP XYNTPTX PNPPPP}

ề^T MQQNPXRR QNSQYY WPNTYVU PNPPPP

ề^{U MXNSXPR QNQXWW TYNWXRV PNPPPP}

ề^V MSNXTWV QNQTXW QQNRQYR PNPPPX

l‡@Œ‰‹…Œ‰ˆ„ MQQYNURXU

r…“”’N@Œ‡@Œ‰‹…Œ‰ˆ„ MRXTNWVUS lr@“””‰“”‰ƒ@HW@„†I SSPNTWSV

M–Œ•…Hlr@“””I PNPPPP

lr@‰Ž„…˜@Hp“…•„Mr^RI PNUXPS

Ի࢛ˀ ѽր c…††‰ƒ‰…Ž” s”„N@@e’’’ wŒ„Ms””‰“”‰ƒ M–Œ•…

Hह QQIۉ Ҟέࢯێһڽ ҆ϻ Ğࠔࠛ QWRÕ Ţؽܿ QQTÕ পԓÃ ڜ͕ ˦Şں΂ Ҟέʿش ܄ Ҟέڴڼ VVNSEم ێεď ۘɳN@٤Ҟέˀ Ţؽڼ ˆ Ãݖ΂ ६Ըێ ÃɣॣɳN@ॣǦɜ Ђ˟ ܄

͢ Ђʠێ Ðď ۘɜ ॥Ċ͉ ० ր ۘɜL@Ђʠێ ԽϿ० ր ؾɜ ɳη ڈ՜H۩Л܆हم Ƿ۩ˀ ȧێݎ ч Ţ࢐ ܄Մ۽ ڈ՜θ भ२॥IÃ Ţؽ֭ڏ˦Şم ٙॶڽ ܶď ۘɳɜ ïێďL@ɳη

ह QQI@@cŒ““‰†‰ƒ”‰Ž@@”‚Œ…

Q V V

R Q W R QP

S V SP QP TV

T QU TV V VW

U U QQ W RS

V T X Q QS

W Q V W

߭ ३Ċ W QS TW VQ RQ QV W QWR

܄Ҟέ V W SP TV QQ X V QQT

܄Ҟέڴ XUNWE USNXE VSNXE WUNTE URNTE UPNPE XUNWE VVNSE

ƒ”•Œ@@’”‰Ž‡

…˜…ƒ”…„@@’”‰Ž‡ Q R S T U V W ߭ ३Ċ

ڐπۉ ڜ͕ Ѓ۽ڼ ddٱ ۩Лѽրθ ێڏॣٍ পԓ߀Ã яॴˀ H֭ڏनÃŢĞۉ ڱ঱˦Ş ێ ۘɜI@Ţؽˡۉ ࣍ۜ˦Şڽ ԽϿ० ր ۘɜ Ђঐڽ ĸ߼ॣďL@ێ ăĜθ ࢼʅ΂ ڱ঱˦Şێ ؾɜ Ţؽˡۉ ࣍ۜ˦Şڽ नÃ२ں΂׉ ێˡ Ţؽۉ ۜ҉ҿڏڽ ĸॣ͵ɜ ïێـɳN@ێ܆ ڱ

঱˦Şێ ؾɜ Ţؽۉ ܶÃH֫Ã߭؝Iٱ ۩Лѽրθ ࢼʅ΂ ߲۽ѽր΂ Ի܄ˀ ѽրˡۉ Ì ڽ ĸ॥ ɳڿمL@߲ڐ߻܄ˀ পōĊրѲࢥم ۽३֫࢈ϻ ࣍ۜ˦Ş ࣽ܄ێ Ãɣ६ݘɳ^XIN@˦Ş

ࣽ܄ێ ێΛشݖϻ Ä ˦ŞѾ পԓ߀ Ţܸրۏΰڽ ҜٍॣďL@۽ʁ॥ ܶ֬کॼॕπмؼڽ Õ ѾŢؽ পԓ߀ Ţܸրۏΰم ʏॣϻ ۝ؽێ ٳΕˀɳN@

Hह QRIɜ ߲řۉ পԓ߀ŝπθ эٙ॥ Ä ˦ŞѾ ŢܸրۏΰێϹL@Hह QSIڼ ێθ щ࢙ں΂

Ԗ߾॥ kospi@RPP@܆ܖŢؽۉ ۜŢۜ҉ҿڏێɳN@हمԷ ֭ڏनÃŢĞۉ ڱ঱˦Şێ ۘɜ Ţؽڼ ЂʠمԷ ٝࠔˀ ˦Ş҆ɳ ڱ঱˦Şڽ ڐԻ֫ ॣ٘ďL@˦Ş ˒ۉ KL@M@܄҆θ Ђˆ э

ٙॣ٘ںϹL@ڱ঱˦Şێ ؾɜ Ţؽڼ Ђঐۉ ٝࠔ˦Şڽ ԓڏॣʿL@Ђˆ KL@M@Ã ؾɜ ïں΂

Åܶॣ٘ɳN

XI ێ ۝ؽڼ نՉمԷ ॴ͸ِԖ२րθ ێڏॣϻ ҿij۽ ֙ö ० ր ۘɳN@

ह QRI@@࣍ۜ˦ŞѾ नÃրۏΰĜ ŢܸրۏΰHVڝ QWۑ ŢܸI

aaa TNRT@ TNTV@ TNVS@ TNYR@ TNVP@

aaK TNRY@ TNUS@ TNWR@ UNPV@ TNXP@

aaP TNSV@ TNVR@ TNXP@ UNQT@ TNXP@

aaM TNTS@ TNVY@ TNXX@ UNRS@ TNXP@

aK TNUP@ TNWW@ TNYW@ UNSU@ UNRP@

aP TNUX@ TNXW@ UNQP@ UNUQ@ UNRP@

aM TNVY@ UNPQ@ UNRV@ UNVY@ UNRP@

bbbK UNST@ UNWY@ VNPX@ VNVP@ VNPP@

bbbP VNWX@ WNUU@ XNPW@ XNYT@ XNPP@

bbbM WNYQ@ XNWR@ YNSP@ QPNQR@ YNUP@

bbK YNUR@ QPNVQ@ QQNSW@ QRNTQ@ QQNPP@

bbP QPNSQ@ QQNTS@ QRNRQ@ QSNRX@ QRNPP@

bbM QPNXY@ QRNPU@ QRNXV@ QSNYU@ QSNPP@

bK M M M M QVNPP@

b QUNPV@ QVNWU@ QWNXY@ QYNSV@ QXNPP@

bM M M M M QYNPP@

cccێॣ M M M M RPNPP@

পԓ߀ ˦Ş QȞ RȞ SȞ UȞ Ţܸրۏΰ

ۜΕ Z@kis@߀ŇनÃL@ʷڜݕŇ πԷࠛ҉Ҝ

ह QSI@@পԓ߀ րۏΰڽ ێڏ॥ kospi@@RPP@@܆ܖŢؽۉ ۜŢۜ҉ҿڏ

PSURUP Ïڜ͗˝ PNYT aaa ŽNN aaa TNVPE VNUPE QSNXVE QQNQPE

PPPPUP Ĉі PNRV bbb ŽNN bbb XNPPE VNUPE WNQQE QTNUPE

PQRRPP Ċح۾Ţ PNYT bbb ŽNN bbb XNPPE VNUPE QSNYPE QTNUPE

PPSVVP ď͵֫ϲࣤ܆ܖ PNTX bbb ŽNN bbb XNPPE VNUPE YNRVE QTNUPE

PQPQSP ď͵،ِ PNXU a aK aK UNRPE VNUPE QSNPPE QQNWPE

PPRRTP ď͵܆Ï PNSS a ŽNN a UNRPE VNUPE WNXRE QQNWPE

PPYRYP Ĥʷ܆ئ PNYV bbb bbK bbK QQNPPE VNUPE QTNPWE QWNUPE

PQWYPP Ĥ۾ۜ QNQX bbb ŽNN bbb XNPPE VNUPE QVNRYE QTNUPE

PPWVYP Ĺʭট। PNXV bbb aM aM UNRPE VNUPE QSNPWE QQNWPE

PPRSXP ŝÏď͵ট। PNWU a ŽNN a UNRPE VNUPE QRNPSE QQNWPE

PPRYYP ŝকԖؽ PNXU bbb bbK bbK QQNPPE VNUPE QSNPPE QWNUPE

PQQWXP ŝকԸڱট। PNVY bbb bbK bbK QQNPPE VNUPE QQNTSE QWNUPE

PPQRQP ŝক۾Ţ QNRX bbb ŽNN bbb XNPPE VNUPE QWNRWE QTNUPE

PPPRWP Ţ،ۜʷ޵ QNQY a aK aK UNRPE VNUPE QVNTQE QQNWPE

PPSYRP Ǯحڱؽ PNTP aaa ŽNN aaa TNVPE VNUPE XNUQE QQNQPE

PRUXVP Ǯ६ট। PNYV bbb ŽNN bbb XNPPE VNUPE QTNQRE QTNUPE

PPRSUP ȔՈ࢐ێش PNUX a ŽNN a UNRPE VNUPE QPNSPE QQNWPE

PPVRXP Ȩֲۜԟ، PNRR bbb ŽNN bbb XNPPE VNUPE VNVYE QTNUPE

PPTSWP ȯֱ PNTW aa ŽNN aa TNXPE VNUPE YNRRE QQNSPE

PPXPVP ʅʐ۾ۜ QNQU a ŽNN a UNRPE VNUPE QVNPSE QQNWPE

PPTQSP ʅʐgds PNYU a ŽNN a UNRPE VNUPE QTNPQE QQNWPE

PPPRQP ʅτԖؽ PNYU a aK aK UNRPE VNUPE QSNYUE QQNWPE

PPSYVP ʅτրԖ PNTR bb ŽNN bb QRNPPE VNUPE XNWPE QXNUPE

PPQVXP ʅԟ QNPU bbb bbbK bbbK VNPPE VNUPE QUNPQE QRNUPE

PTWPTP ʅڐéԽ QNQV a bbbK bbbK VNPPE VNUPE QVNPYE QRNUPE

PVTYVP ʅڐ܄р QNTT bbb ŽNN bbb XNPPE VNUPE QXNYQE QTNUPE

PTRVVP ʅڐܖԻ६ح PNUU a ŽNN a UNRPE VNUPE QPNPRE QQNWPE

PTRVWP ʅڐܞ३ŢĊ QNPQ a ŽNN a UNRPE VNUPE QTNVQE QQNWPE

PVYVRP ʅڙ܆ئ PNRQ a aM aM UNRPE VNUPE VNUWE QQNWPE

PPPTSP ʅڜÏؽ PNWV bbb ŽNN bbb XNPPE VNUPE QRNQQE QTNUPE

PPVVUP ʅ॥ڱটĚؽ PNVT bbb ŽNN bbb XNPPE VNUPE QPNYSE QTNUPE

PPQTTP ʅ॥۾Ի PNWY bbb bbbK bbbK VNPPE VNUPE QRNSVE QRNUPE

PPQQSP ʅ॥܆Ҟ PNUQ a ŽNN a UNRPE VNUPE YNVRE QQNWPE

PPSTYP ʅ॥५Ě QNTT a bbbK bbbK VNPPE VNUPE QXNXWE QRNUPE

PPTXSP ʐՄ PNYQ bbb ŽNN bbb XNPPE VNUPE QSNVRE QTNUPE

PPQRSP ʷĹ܆Ï PNWP a bbbK bbbK VNPPE VNUPE QQNTVE QRNUPE

PQVSXP ʷҜ܆Ï PNYQ bbb bbb bbb XNPPE VNUPE QSNVPE QTNUPE

PPPYYP ʷҜ॥ȯট। PNVY bbb bbb bbb XNPPE VNUPE QQNSXE QTNUPE

PPPVTP ʷ،܆ئ PNUT a ŽNN a UNRPE VNUPE YNXYE QQNWPE

PPWSTP ʷ،࢐ێشĚؽ PNSR aa ŽNN aa TNXPE VNUPE WNWPE QQNSPE

PQSUWP ʷحŢ۾ QNPT bbb ŽNN bbb XNPPE VNUPE QTNYTE QTNUPE

PQPPVP ʷح܆ߒট। PNWU bbb a a UNRPE VNUPE QRNPSE QQNWPE

PTYWWP ʷڜfFb PNXT bbb ŽNN bbb XNPPE VNUPE QRNYQE QTNUPE

ࡔ

ࡔ˝˝ পপԓԓ ѱѱ࢐࢐ ˦˦ŞŞHHeeII ˦˦ŞŞHHaaII ۽۽ڏڏ˦˦ŞŞ ŢŢܸܸրրۏۏΰΰ eepp kk……HHccaappmmII kk……HHপপԓԓ߀߀ ঢঢڏڏII

PPUXUP ԛυԖؽ PNUW aa ŽNN aa TNXPE VNUPE QPNRPE QQNSPE

PQTYPP ԛ҆࠾ॏࢥ QNVU bbb ŽNN bbb XNPPE VNUPE RQNPUE QTNUPE

PPPXSP ԛՄРԖ QNSV a aK aK UNRPE VNUPE QXNQQE QQNWPE

PPYQUP ԛՄ۾Ţ QNUR a aaM aaM TNXPE VNUPE QYNWPE QQNSPE

PPUYSP ԛՄ۾ۜ QNRW aaa aaa aaa TNVPE VNUPE QWNRRE QQNQPE

PPTPPP ԛՄ܄рট। QNPP a aK aK UNRPE VNUPE QTNTXE QQNWPE

PQPQTP ԛՄܿĚؽ QNPT a a a UNRPE VNUPE QTNYRE QQNWPE

PQRTUP ԛՄࢯࢁګ QNSX a bbbK bbbK VNPPE VNUPE QXNSPE QRNUPE

PPVTPP ԛՄsdi QNRT aa aaK aaK TNXPE VNUPE QVNXWE QQNSPE

PPPPWP ԛحԓ PNWW bbb ŽNN bbb XNPPE VNUPE QRNQVE QTNUPE

PPSYTP ԛح܆Ȕ֢ PNUT a ŽNN a UNRPE VNUPE YNXXE QQNWPE

PSVUSP ԛٙ PNYP a ŽNN a UNRPE VNUPE QSNUSE QQNWPE

PPUVXP ԛٙ۾ۜĚؽ PNYU a ŽNN a UNRPE VNUPE QSNYYE QQNWPE

PPUUPP ԛݘ܆ئ PNWV bbb ŽNN bbb XNPPE VNUPE QRNPXE QTNUPE

PPPSYP ԛটचېࣤĚؽ PNTU a ŽNN a UNRPE VNUPE YNPUE QQNWPE

PPXPPP ԡ॥ QNWV bbb ŽNN bbb XNPPE VNUPE RRNQTE QTNUPE

PPUPWP ԡ॥м˨ش QNQV bb ŽNN bb QRNPPE VNUPE QVNQQE QXNUPE

PPTYXP Մ֭حপ PNYS bbb bbbK bbbK VNPPE VNUPE QSNXUE QRNUPE

PPQTSP Ն،ѱ֢ࣵ PNYR bbb ŽNN bbb XNPPE VNUPE QSNWSE QTNUPE

PPSPSP Ն،܆Ï PNXP bbb ŽNN bbb XNPPE VNUPE QRNURE QTNUPE

PRYUSP ֭ʭπࡔ PNTV aa ŽNN aa TNXPE VNUPE YNPYE QQNSPE

PPYRPP ֭Лτ܆ݖ PNWX bbb ŽNN bbb XNPPE VNUPE QRNSPE QTNUPE

PQQYSP ֭Մێهݖ QNUP bbb bb bb QRNPPE VNUPE QYNUPE QXNUPE

PPTQWP ֭ՆĊ QNPV aa aa aa TNXPE VNUPE QUNQSE QQNSPE

PPXYPP ־іړ PNTX bb ŽNN bb QRNPPE VNUPE YNSTE QXNUPE

PPSTQP ־ڏحপĚؽ QNSV bbb bbK bbK QQNPPE VNUPE QXNQRE QWNUPE

PPSVRP ־ڏۜʷ޵ QNRQ a ŽNN a UNRPE VNUPE QVNVRE QQNWPE

PPQXSP ،Ǯэʭߘ QNWX bbb ŽNN bbb XNPPE VNUPE RRNRYE QTNUPE

PPRPSP ،Ն،֫ϲࣤ PNVQ a bbbK bbbK VNPPE VNUPE QPNVUE QRNUPE

PPVXTP ؜Ĉڱট PNUS bbb ŽNN bbb XNPPE VNUPE YNWXE QTNUPE

PSTQRP م֢ҿم֢ PNVT aa aK aK UNRPE VNUPE QPNXVE QQNWPE

PQRWUP م֢ڜ PNUW aa ŽNN aa TNXPE VNUPE QPNQVE QQNSPE

PSVUWP ه؄՜ॕࣤ QNRR a ŽNN a UNRPE VNUPE QVNVWE QQNWPE

PPPVWP ٙे PNQP aa ŽNN aa TNXPE VNUPE UNTVE QQNSPE

PPWSQP ٤̧Ţ PNUR bbb ŽNN bbb XNPPE VNUPE YNWTE QTNUPE

PPQXPP ٤π٦ PNWV a ŽNN a UNRPE VNUPE QRNQSE QQNWPE

PRQRTP ڙݘࡔڢێ PNYW bbb ŽNN bbb XNPPE VNUPE QTNRPE QTNUPE

PPSVTP ڱɩ٦֢ࣵ PNPY bbb ŽNN bbb XNPPE VNUPE UNTQE QTNUPE

PPPQPP ڱ॥حॴ PNSR a aK aK UNRPE VNUPE WNWQE QQNWPE

PPXWSP ڴߨট। PNVU a aK aK UNRPE VNUPE QQNPRE QQNWPE

PPWVVP ێրच࢐֢֫ QNSU bbb ŽNN bbb XNPPE VNUPE QXNPRE QTNUPE

PPUYUP ێրট। PNXX bbb bbbK bbbK VNPPE VNUPE QSNSPE QRNUPE

PPSRPP ۑ֭іݗ PNQW a ŽNN a UNRPE VNUPE VNRSE QQNWPE

PRPWVP ۑݘɳێ،Ѕ˝ PNXP bbb ŽNN bbb XNPPE VNUPE QRNTWE QTNUPE

PQUXVP ۑݘ۾Ţ QNPV bbb bbb bbb XNPPE VNUPE QUNQUE QTNUPE

PSSRTP ۜট۾ۜ QNPP a ŽNN a UNRPE VNUPE QTNUSE QQNWPE

PSPPPP ܆ۑŢফ QNPP aa ŽNN aa TNXPE VNUPE QTNTVE QQNSPE

PPQSPP ܆ۑЂݗ PNXX a a a UNRPE VNUPE QSNRVE QQNWPE

PPPTXP ܖԻǷট PNSR a ŽNN a UNRPE VNUPE WNWSE QQNWPE

PPQPVP ܿڀ܆ئ PNUV bbb bbbM bbbM YNUPE VNUPE QPNQSE QVNPPE

PRYTVP ࡃێ؄ࢰ QNSY bbb ŽNN bbb XNPPE VNUPE QXNSYE QTNUPE

PPVRPP ࡃێێ؄ PNWW a a a UNRPE VNUPE QRNRQE QQNWPE

PSPRPP ࡃێࣲ PNVQ aaa aaa aaa TNVPE VNUPE QPNUVE QQNQPE

PSRSYP ࡃێࣲمॕ PNXT aa aaM aaM TNXPE VNUPE QRNYPE QQNSPE

PVTTRP ࡃێज़ࡃмࠨ PNSV bbb ŽNN bbb XNPPE VNUPE XNQTE QTNUPE

ࡔ

ࡔ˝˝ পপԓԓ ѱѱ࢐࢐ ˦˦ŞŞHHeeII ˦˦ŞŞHHaaII ۽۽ڏڏ˦˦ŞŞ ŢŢܸܸրրۏۏΰΰ eepp kk……HHccaappmmII kk……HHপপԓԓ߀߀ ঢঢڏڏII

PQWSPP ࡔπ،ʝێ࢐֢֫ࢳ֢ PNYY cccێॣ ccc ccc RPNPPE VNUPE QTNTUE RVNUPE

PPWXQP ࡔπ،׉࢈ࣤ QNSY bbb ŽNN bbb XNPPE VNUPE QXNSWE QTNUPE

PPRPRP ࡔ٤Ή QNPS bbb aM aM UNRPE VNUPE QTNWWE QQNWPE

PQQPRP ࡔ٤Ήڱট PNVR bbb ŽNN bbb XNPPE VNUPE QPNVVE QTNUPE

PQUXYP ࢚ĈԖؽ PNRU a ŽNN a UNRPE VNUPE WNPRE QQNWPE

PPSRTP ࢚ĤԖؽ PNUY a ŽNN a UNRPE VNUPE QPNTRE QQNWPE

PPRWYP ࢚नح PNVR aaa ŽNN aaa TNVPE VNUPE QPNWPE QQNQPE

PPYPXP ࢚नحܞ३Ԗؽ PNUX a ŽNN a UNRPE VNUPE QPNRVE QQNWPE

PPSUWP ࣃۑܿĚؽ PNUQ bbb ŽNN bbb XNPPE VNUPE YNUXE QTNUPE

PRUYSP ई࢛ QNQS bbb bbbM bbbM YNUPE VNUPE QUNWVE QVNPPE

PQPXRP ऑ֢ࢰ PNWX bbb ŽNN bbb XNPPE VNUPE QRNRYE QTNUPE

PQVXPP ऑ֢֫ PNQW a ŽNN a UNRPE VNUPE VNRQE QQNWPE

PQPWWP नটԖؽ QNQT bbb ŽNN bbb XNPPE VNUPE QUNYQE QTNUPE

PPUTYP भ֢ࡔ PNXT aaa aaa aaa TNVPE VNUPE QRNYTE QQNQPE

PUXTSP भ५Ïࣽ PNWQ bbb ŽNN bbb XNPPE VNUPE QQNUVE QTNUPE

PQWXQP ूЛڜ PNUP a ŽNN a UNRPE VNUPE YNUPE QQNWPE

PPUXQP ेԖ PNWX bbb aM aM UNRPE VNUPE QRNSRE QQNWPE

PPPVVP ॣێɪ֢эʭߘ RNUT bbb bK bK QVNPPE VNUPE RYNYSE RRNUPE

PPPQTP ॣێࣤϘܶ PNUT a aM aM UNRPE VNUPE YNYPE QQNWPE

PSVTVP ॥ĹÃ֢Ěԓ PNRV aa aaa aaa TNVPE VNUPE WNPXE QQNQPE

PRUUTP ॥ĹɶۜĚؽ PNWW aa ŽNN aa TNXPE VNUPE QRNQWE QQNSPE

PPRPPP ॥ĹڱπĚؽ PNTS a ŽNN a UNRPE VNUPE XNWVE QQNWPE

PPYWRP ॥Ĺ۾Ţߦۜ PNYU aa ŽNN aa TNXPE VNUPE QSNYUE QQNSPE

PQUWVP ॥Ĺ۾ͶĚԓ PNTV aaa aaa aaa TNVPE VNUPE YNPWE QQNQPE

PPRSPP ॥Ĺ܆ݖ PNXR bbb ŽNN bbb XNPPE VNUPE QRNVUE QTNUPE

PPQYTP ॥ĹߒÏ PNSY a ŽNN a UNRPE VNUPE XNTQE QQNWPE

PPPRTP ॥Ĺ࢐ێش PNXV a aK aK UNRPE VNUPE QSNQSE QQNWPE

PRUPPP ॥Ĺभπ٧ PNVS a ŽNN a UNRPE VNUPE QPNWWE QQNWPE

PRUXUP ॥Ĺটېࡃмࠨ PNUR a ŽNN a UNRPE VNUPE YNWSE QQNWPE

PPRSYP ॥ʮئॄ PNRY a ŽNN a UNRPE VNUPE WNTUE QQNWPE

PQXXXP ॥͉Ěܖ PNXS aa ŽNN aa TNXPE VNUPE QRNWWE QQNSPE

PPXYSP ॥мئॄ PNUT a bbbK bbbK VNPPE VNUPE YNXYE QRNUPE

PRPPPP ॥Հ PNYR a ŽNN a UNRPE VNUPE QSNWRE QQNWPE

PPTQUP ॥ՠ܆ݖ QNQY bbb bbbK bbbK VNPPE VNUPE QVNSXE QRNUPE

PPTWQP ॥ՠlcd QNTQ bb ŽNN bb QRNPPE VNUPE QXNVTE QXNUPE

PPSSPP ॥ۑ֫ϲࣤ PNVU a ŽNN a UNRPE VNUPE QPNYYE QQNWPE

PPSTXP ॥ݘܿĚؽ PNVX a bbbK bbbK VNPPE VNUPE QQNSRE QRNUPE

PPPWPP ॥ݘ६ڒ QNPT a aM aM UNRPE VNUPE QTNYUE QQNWPE

PPPXXP ॥ট PNYR bbb bbbM bbbM YNUPE VNUPE QSNWRE QVNPPE

PPYXSP ॥টԸڱট। QNTX bbb bbb bbb XNPPE VNUPE QYNSQE QTNUPE

PPPWRP ঊʅéԽ QNTY bbb bbb bbb XNPPE VNUPE QYNTRE QTNUPE

PQRSSP ঊʅЂҿ֢ QNPU aa aK aK UNRPE VNUPE QUNPTE QQNWPE

PQPVRP ঊʅмभܖԻ PNYP bbb bbbK bbbK VNPPE VNUPE QSNTXE QRNUPE

PVYYVP ঊʅљট܁ QNRU bbb aK aK UNRPE VNUPE QWNPTE QQNWPE

PQRVSP ঊʅԖؽÕя PNYS a a a UNRPE VNUPE QSNXPE QQNWPE

ࡔ

ࡔ˝˝ পপԓԓ ѱѱ࢐࢐ ˦˦ŞŞHHeeII ˦˦ŞŞHHaaII ۽۽ڏڏ˦˦ŞŞ ŢŢܸܸրրۏۏΰΰ eepp kk……HHccaappmmII kk……HHপপԓԓ߀߀ ঢঢڏڏII

Hह QSIڽ ҆ϻL@capmʅ֭ পԓ߀րۏΰڽ ێڏ॥ ۜŢۜ҉ҿڏڽ ԓڏॣϻ kospi@܆ܖŢ ؽۉ ۜŢۜ҉ҿڏ हܸण޵Ã SNWREمԷ RNQYE΂ Ê՜॥ɳN@ێïڽ ƞ ܡڼ ࣥՄێ͉ď ێ إŢ० րɜ ؾݖϊL@capmॣمԷ RPEÃ ȍɜ Řɶ۽ې ۜŢۜ҉ҿڏڽ Ðö ʿɜ Ţؽۉ րÃ ϋێ ܹشˡـڿڽ Ҋ ր ۘɳN

ڐπà পԓ߀րۏΰڽ ঢڏ॥ ۜŢۜ҉ҿڏڽ ܆؎॥ɳď ६ԷL@capmۉ ڱڏՄێǦ ܶ֬

Ĝ ߀Ňڽ щ͉҆ɜ ؤśمɜ ř҉۽ې ޵ێÃ ۘڿڽ Л֫ॣ͵ɜ ïڼ ،ɩɳN@ɳϊ capm ں΂ ԽϿॣŢ ش͵ڒH̝ɜ ۽ڏॣŢ ش͵ڒI@ࣥ܄Ţؽۉ ۜ҉ҿڏ Ԗ߾م ڱڏॣö ԓڏˁ ր ۘںϹL@ŢؽÅ রɶϻ ҞԸ ֫ ۑĞˀ Ţܸں΂ ۽ڏ० ր ۘڿڽ ݖ۽ॣďۜ ॥ɳN

࣍ۜ˦Ş नÃЂঐم ۉ॥ ÕѾŢؽۉ পԓ߀րۏΰ Ԗ߾ڼ ̝ ŗ ۜߘ΂ ŢؽÃࠛनÃ֫ ࢐ ېۜ҉ҿڏم ʅ॥ হδ॥ ʅڏࠛÃ ˀɳN@࢐ېۜ҉ҿڏڽ Ԗ߾० ˽ Ţؽۉ ޵ۖŝनŕێۜ

ڴڽ Лֱࡔ ԓڏॣɜ Ĉڐà ϋڼʝL@ؼрॣö ύॣϻ ÃࠛनÃ֫ ۉмà ۘɜ ïڼ ۜ҉ۉ नŕҿڏH–…’‡…@ƒ“”Iێ ،ɩ͉ ॥ĊҿڏH’‡‰ŽŒ@ƒ“”IێɳN@Р΄ ޵ۖŝۉ ĸܖم ˳͉

޵ێÃ ۘüݖϊ ۑэ۽ں΂ɜ ޵ۖŝनŕێۜڴ҆ɳɜ Hপԓ߀ яॴڽ Ã܄॥Iপԓ߀րۏ ΰێ ࢐ېۜ҉ҿڏں΂ ʏ ۽ۿॣɳN

capm@@ॣمԷ Řɶ۽ې

ۜ҉ҿڏێ ʭ߾ʿɜ Ţؽم ʅ॥ ܡڼ ʅ؎

PPQPTP cj PNWW a aK aK UNRPE VNUPE QRNRSE QQNWPE

PPQSWP fŽcࡔ٤Ή PNVP bbb bbbK bbbK VNPPE VNUPE QPNUQE QRNUPE

PPTPRP ini֢ࣵ PNXW a aM aM UNRPE VNUPE QSNRRE QQNWPE

PSSWXP ktFg PNRU aaa aaa aaa TNVPE VNUPE WNPSE QQNQPE

PPSUUP lg QNPW a aK aK UNRPE VNUPE QUNQUE QQNWPE

PPVSVP lgéԽ PNVY a aK aK UNRPE VNUPE QQNTRE QQNWPE

PQPQRP lgԖ۾ QNQY bbb bbbK bbbK VNPPE VNUPE QVNSWE QRNUPE

PPQQRP lgԟԓ PNWP a a a UNRPE VNUPE QQNURE QQNWPE

PVXXWP lgԩϿĜ। QNPY bbb aK aK UNRPE VNUPE QUNTSE QQNWPE

PUQYPP lgԩঢéÏ PNYV a ŽNN a UNRPE VNUPE QTNPYE QQNWPE

PQRYYP lgԸڱট। PNXU a aaM aaM TNXPE VNUPE QRNYUE QQNSPE

PPVRVP lg۾Ի PNXQ a aK aK UNRPE VNUPE QRNVTE QQNWPE

PVVUWP lg۾ۜ QNRS aa aaM aaM TNXPE VNUPE QVNXSE QQNSPE

PUQYQP lgট। QNRS a aa aa TNXPE VNUPE QVNWXE QQNSPE

PRUUSP sjm PNWX a ŽNN a UNRPE VNUPE QRNSPE QQNWPE

PPSVPP sk QNQT a aK aK UNRPE VNUPE QUNXYE QQNWPE

PPVQRP skࡃмࠨ PNYX bbb bbbK bbbK VNPPE VNUPE QTNRXE QRNUPE

PQWVWP skࢲͭࡘ PNXQ aaa aaa aaa TNVPE VNUPE QRNVQE QQNQPE

PQQWYP skc QNRS bbb bbbK bbbK VNPPE VNUPE QVNWXE QRNUPE

PQPYUP sMo‰Œ PNTY aa aaM aaM TNXPE VNUPE YNTSE QQNSPE

नŕ PNXU VNUQE VNUPE QRNYYE QSNPQE

हܸण޵ SNWRE RNQYE

ࡔ

ࡔ˝˝ পপԓԓ ѱѱ࢐࢐ ˦˦ŞŞHHeeII ˦˦ŞŞHHaaII ۽۽ڏڏ˦˦ŞŞ ŢŢܸܸրրۏۏΰΰ eepp kk……HHccaappmmII kk……HHপপԓԓ߀߀ ঢঢڏڏII

ܶ Z QI@ѱ࢐ɜ —……‹Œ™@ŢܸHSȞI

RI@˦ŞHeIɜ Ђঐم ۉ॥ नÃ˦ŞL@˦ŞHaIɜ ֭ڏनÃŢĞۉ ڱ঱˦Ş SI@ЛکॼێۜڴHr†Iڼ TNUEL@ܶ֬֫ۧکॼॕπмؼHerpIڼ QPE@Ã܄

TI@ێٱ Òڼ Ã܄ॣم kospi@RPP@܆ܖŢؽۉ k…HcapmIٱ k…Hপԓ߀ঢڏIθ ۑࠛ֫࢈ɜ epHপԓ߀م ʅ॥ ܶ֬ॕπмؼIɜ VNTXE@ێݖϊ णۉԟ VNUE@۽ڏ

ۜΕ Z@kis@߀ŇनÃL@ʷڜݕŇ πԷࠛ҉Ҝ

॥णL@পԓ߀ ࣍ۜ˦Ş नÃЂঐڽ ĸ߼ॣϻԷ পԓ߀ ֭ڏनÃ˦Şم ʅ॥ ЀÃݖ ৡм΂ڒ ԓ֯ڽ Ğ޹० ր ۘـɳN@ɳι ،ɫ ՜՝ŗΠL@̝ɜ ՜՝ؽܞم ˳η শĤ঱ĜHҜ܄۽ں΂ɜ

ِܢ঱Ĝ_IɳN@ʅߘ΂ Ըڱট।OÃ֢ ؽܞم ՝॥ Ţؽˡڼ Ђঐم ۉ॥ ˦Ş҆ɳ ֭ڏनÃŢ Ğۉ ڱ঱˦Şێ ȰؘďL@܆ئL@éԽL@֫ϲࣤL@ߒÏڼ Ђঐۉ ˦Şێ ʏ ȰؘɳN@ŗπď ԛՄL@Έ ʝL@lg@ŗΠم ՜՝ˀ পԓˡڼ Ђঐۉ ˦Ş҆ɳ नÃŢĞۉ ˦Şێ ʏ ȰؘďL@ۑҜ ŗΠڼ ŗ эʅ٘ɳN@،ψʭ ێͣ॥ ҜҞڽ ʏмѽր΂ ߏπॣٍ эٙ॥ɳϻ Ђঐۉ ԽϿͶڽ ܛʏ Ȱۑ ր ۘڽ ïێɳN

՜՝ŗΠOؽܞۉ ঱Ĝ θ эٙ॥ɳϻ_

ह QTI@@՜՝ŗΠOؽܞم ˳η ٙॶ

՜՝ŗΠ ԛՄL@ΈʝL@lg ˆԖL@ŝক،֫،ǦL@ʷҜ

՜՝ؽܞ Ըڱট।L@Ã֢ ܆ئL@éԽL@֫ϲࣤL@ߒÏ

ٙॶڈ՜ ԟॶ঱Ĝ ॣॶ঱Ĝ

ۜΕZ@kis@߀ŇनÃL@ʷڜݕŇ πԷࠛ҉Ҝ

ŗͣǦ ٍŢمɜ Ѐ Ãݖ ֯Л۽ې ش͵ږL@ŗπď ێāێ ۘɳN@ϧۼ ؽܞҞέۉ ش͵ږێɳN ؽܞҞέŢܸێ Ð߻شإ щ͍ݗ॥ ࣥՄڼ ῡ ĹǷم ԟۧO˦΃ˀ Ђ˟ Ţؽڽ भğॣď ۘ ďL@ῢ ҞέŗΠǷ ʷݚՄL@ŗπď ҞέŗΠÅ ĞĊՄHԖؽِĞ঱Ĝ ˦Iێ ঠ҆ʿش ç֫Ĉ

܆ҞԸۉ ࣨ΂ʭ ܖϓێ ÃɣॣďL@ΰ Ĺ܆Å ҿijà ÃɣॣϹL@ῤ ʅڀ۽ں΂ Ě֭Ͷڽ ঠ҆

ॣď ۘڽ ï ˦ێɳN@ŗͥʝ ێ Ђ˟ ࣥՄڽ ϊܗ֫࢈ɜ ؽܞҞέŢܸێ ،ݗ ĹǷمɜ ؾɳN

Ĺ܆֫ۧمԷ ۑэ۽ں΂ ԓڏʿɜ gicsHgŒ‚Œ@iŽ„•“”’™@cŒ““‰†‰ƒ”‰Ž@s”Ž„’„Iم ۉ॥

Ҟέɜ ĹǷ ԟۧO˦΃Ţؽ ܿ ۑҜϊ Ҟέʿش ܆Ěʿď ۘďL@۾Ţؽڽ भğॣď ۘɜ ç͕

՜O঍প ֫ۧۉ ؽܞҞέɜ ῢѨĜ ΰѨۉ ࣥՄڽ Ð߻ݖ Њॣď ۘɳN@ŗ͕Է ʅҜҞۉ ݕŇ ԓ πԷࠛՈࢥمԷɜ ۜߘۉ ؽܞҞέŢܸڽ Ãݖď ۘݖϊL@ῡѨĜ ῤѨڽ ϊܗ֫࢈ݖ Њ॥

ɳN

՜՝ŗΠۉ ঱Ĝɜ мЖॣݖϊL@،ݗŮݖɜ ֭ڏनÃŢĞۉ ˦Şࣽ܄م ܿڈ॥ ٙॶڽ мࠛ

ď ۘɜ ïں΂ ҆ېɳN@ŗͣǦ ێθ Ђʠم эٙॣɜ ïێ ܡڽݖɜ ֭ܿ॥ ࣽɶێ फ़ڈॣɳN ݖǩ Ѐ ȞÅ ߀Ň֫ۧمԷ ۑشDZʒ ԓéH_Iˡڽ ʱێࡋ҆ϻL@Р΄ नÃŢĞۉ नÃ۝ؽێ Ի܆۽ۑ րɜ ؾݖϊ ʅŗΠ Ċّԓم ʅ॥ ˦Şܖ܄ڼ ݖǦࠛö ɚπö ێΛشܓɳɜ ɚǢ ێɳHʅڐŗΠL@ॣێɪ֢эʭߘL@skȓࣤڛ֢L@lgࠥ˝ ˦ۉ ˦ŞѽĈ Ĝ܄ڽ ԟŢ६͉҆IN

Market Window

ܶڈ֫ۧ ʷॶ

ᶀ ՆĊ ܶڈݕ֫ɜ ԻݘĹ ֫ۧڽ ֱܿں΂ ॣ͊ՆمԷ প҇ʿɜ حԟڽ ҆٘ںǦ ॥Ĺ ч ʅϊ ֫ۧۉ প҇Նɜ ݖݖҜݘ

-4 -2 0 2 4 6 8

KOSDAQ KOSPI 대만 이머징 Asia Ex JP World S&P500 STI DJIA NASDAQ CAC40 말레이시아 DAX 이머징라틴 NIKKEI 태국 홍콩

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ܶڈ֫ۧ ߲ř QÕڝ րۏΰ

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@d”s”’…@

NIKKEI World S&P500 DJIA NASDAQ CAC40 DAX

ܶڈ֫ۧ ߲ř SÕڝ րۏΰ

ᶀ ݖǩ SÕڝÅ ޵ێǦոࢁ ч ܄ࠛ۽ Ҡ؎Ĝ ϔР͵ ʅϊ ݕ֫ ՆĊ ܶڈ ݕ֫ ܿ Ãۧ

ࢃ मں΂ ॣ͊ॣ٘ںϹ ՆĊĈŢم ʅ॥ оÊʭà Ȱڼ ॥Ĺ ч ٍ࢐ ،֫، ݕ֫ ԟʅ

۽ں΂ Ȱڼ ॣ͊Ն ҆ە

-30 -20 -10 0 10 20 30

한국 미국 일본 대만 독일 싱가폴

3개월 1개월

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ܶڈ ĹÃѾ it@@ؽܞ րۏΰ

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@d”s”’…@

-40 -30 -20 -10 0 10 20 30

한국 미국 일본 대만 독일

3개월 1개월

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ܶڈ ĹÃѾ ট। ؽܞ րۏΰ

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@d”s”’…@

ؽܞѾ ʷॶ Hftseݖր ŢܸI

ᶀ ॥Ĺ ч ʅϊۉ it@ؽܞڼ мĹۉ ŝπ ېԟ ч ޵ێǦ ոࢁ ˦م ʅ॥ ڐ͵΂ ܶڈ ĹÃ

ܿ Ãۧ ࢃ ॣ͊Ն ֫ঊN@эϻ мĹL@ۑ҉ ˦ ܶڈ ԻݘĹڼ ئ॥ প҇ՆN

ᶀ ďڱÃ ݖ՝ں΂ ې॥ րۏՄ ؍ট ч ܿĹ րڈ ˈট ڐ͵΂ ॥ĹĜ ʅϊۉ ট।ؽܞ

ॣ͊N

ᶀ ܿĹ րڈ ˈট ڐ͵΂ ߒÏܶ ࢃ म ॣ͊ॣ٘ںǦ ܿĹ Ĉ܆ ِ޶ήم ʅ॥ ĚÊʅ ঠ ԖʿϹ ɳ՜ প҇Ն΂ ۾ড

ᶀ ۾ՆĊ ՜ϗ Ğͷܶ ĈŢপ҇ Ţʅ ݖ՝ں΂ Ʒܸ৩ ԟ֪N@ӊη ĈŢপ҇Ն ҆ێď ۘ ɜ ۑ҉ۉ ՜ϗؽܞ րۏΰ ÏՆ ݖ՝

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한국 미국 일본 대만

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ܶڈ ĹÃѾ ߒÏ ч ŝ՝ ؽܞ րۏΰ

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@d”s”’…@

10 20

30 3개월 1개월

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ܶڈ ĹÃѾ ՜ϗ ؽܞ րۏΰ

ᶀ мĹ ۜʷ޵ Ğͷܶ ŗÅۉ ݖ՝۽ې ॣ͊مԷ ѮشǦ ԟ֪Ն΂ э۾N@ эϻ ր߾࢒Ͷ ˈটٱ Ƿրপ҇ ݖِں΂ ॥Ĺ ۜʷ޵ ؽܞ րۏΰ Ҝݘ

ᶀ ܿ՜Ţؽ Ҝٍ֭֯م ʅ॥ ڐ͵ ч ĈŢ প҇ ݖِم ʅ॥ ڐ͵΂ ύмؕ، ॥Ĺ ŝڸ ؽܞրۏΰ ࢃ म ॣ͊N

-30 -20 -10 0 10 20 30

한국 미국 일본 프랑스 독일

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ܶڈ ĹÃѾ ۜʷ޵ ؽܞ րۏΰ

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@d”s”’…@

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한국 미국 프랑스 독일 일본

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ܶڈ ĹÃѾ ŝڸ ؽܞ րۏΰ

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@d”s”’…@

ᶀ ئ॥ ԟ֪Ն ҆ې ېࢲڽ ܆ڀ॥ Ǧϥݖ ܶڈ ܶ֬ˡ ߲ř SÕڝ ࢃ म ॣ͊Ն ҆ەN@ԛ Մ۾ۜ َ֫ SÕڝ ۾ ʅҿ RPE@ێԟۉ ॣ͊Ն ֫ঊN@

WinbondNanyaXilinx Chartered SemiSTMicroInfineonAlteraRohmAMDIntel

ܶڈ эʭߘ ؽߘ րۏΰ ҿij H߲ř QRܶÅI

ؽߘѾ ʷॶ

ᶀ ʅϊ ч ॥Ĺۉ эʭߘ Ğͷ ܶ֬ ࢃ म ॣ͊N@ԛՄ۾ۜL@ڀېϗʭ ݝܿʿϹ րۏΰ ࢃ म ॣ͊

-20 -15 -10 -5 0 5 10

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ܶڈ эʭߘ ؽߘ րۏΰ ҿij H߲ř TܶÅI

ۜΕ Z@ʷڜݕŇ πԷࠛ҉Ҝ O@ibes

эʭߘ

ᶀ ԛՄ۾ۜ ߲řۉ Şÿ॥ ܶÃ ॣ͊ں΂ per@Uј րܸں΂ ॣ͊N@эϻ eps@ݕÃڴ ۾ ϓࠛ ۾ڝ YWNREمԷ QPQNTE΂ ՜म ԟॶ ܖ܄ʿش ۼनÃ ֱটN@ ٧६ ٝԟ ւێۏ QPWصDم ɸ६ ېࢲۉ ւۏ۾ϓࠛ XPصDθ ࢁö ԟপN

0 5 10 15 20 25 30 35

0 50 100 150 200

SEC PER

EPS 증가율(%)

ܶڈ эʭߘ ؽߘ per@@M@@epsݕÃڴ ҿij

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ܶڈ эʭߘ ؽߘ ֯۽ ۾ϓ

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Chinatrust Financial Holdings Barclays plc Wells Fargo & Company Mizuho Financial Group DBS Group Holdings Bank of America Corporation BNP Paribas

ܶڈ ڼॴ րۏΰ ҿij H߲ř QRܶÅI

ᶀ ԻݘĹ ֫ۧۉ ܶڈ ڼॴܶ ܶÃ ԟ֪॥ эϻ ĈŢ প҇ ݖِم ʅ॥ ڐ͵΂ ې६ ĹоL

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Bangkok Bank Mizuho Financial Group Barclays plc Hana Bank Wells Fargo & Company UBS Malayan Banking Mitsubishi Tokyo Financial Group HSBC Holdings DBS Group Holdings Chinatrust Financial Holdings Bank of America Corporation BNP Paribas

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ܶڈ ڼॴ ֯۽ ۾ϓ

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AU Optronics Acer Kyocera International BusinessASUSTeK Computer Ricoh Fuji Photo FilmDell Inc.

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Ricoh Canon International Business MachinesFuji Photo Film JDS Uniphase Corp.

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ܶڈ it@@h’„—’…ؽߘ ֯۽ ۾ϓ

ᶀ мĹ ч ڱͨĊ ٳՄ޵ ؽߘۉ কܖم ҿ६ ŗÅ ր߾কܖم ৭ۖش ÏՆθ ٍ҆٤ʒ

،֫، ݖَ ۜʷ޵ ؽߘ ئՆ΂ ۾ডN@ঊʅ޵ɜ ࢁ͉ێ֥ͣٱۉ ३۝ ă͸ ч Ƿր Ҝ ݘ ݖ՝ں΂ ئՆ ֫ঊN

BMW Renault DaimlerChrysler (Germany) Toyota Motor Peugeot Ford Motor Company

ܶڈ ۜʷ޵ ؽߘ րۏΰ ҿij H߲ř QRܶÅI

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Mitsubishi Motors Hyundai Motor Kia Motors Nissan Motor Volkswagen Peugeot BMW China Motor Corporation Renault Hyundai Mobis DaimlerChrysler (Germany) Honda Motor General Motors Corp.

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