펯샻풤닢쒣탍
쒿슼퇐뺿풱퓚퇐뺿쪲쎴ꎿ캪쪲쎴튪훆ퟷ펯샻풤닢쒣탍ꎿ펯샻풤닢쒣탍붨솢뗄ힼ놸붨솢펯샻풤닢쒣탍뗄늽훨펯샻풤닢쒣탍뗄볙짨\탐튵럖컶\릫쮾럖컶\펯샻풤닢뗄볙짨\풤닢볙짨뫍놨뇭욽뫢펯샻풤닢폫닆컱퓬볙
퇐뺿풱퓚퇐뺿쪲쎴ꎿ
놨룦뗄훷쳥뫪맛뺭볃뫍놾쫐뎡짏쫐릫쮾뫍탐튵뗄쟩뿶쇋뷢릫쮾뗄쒿뗄뫍쓜솦ힷ쟳폅솼ꎭ맜샭뫍돖탸퓶뎤막욱뗄맀횵쾵춳럧쿕뫍욽뻹샻죳뎬뛮샻죳
퇐뺿풱뗄쪱볤낲업쫕벯탅쾢붻쇷탅쾢붨솢쒣탍럖컶에뛏킴놨룦붻쇷놨룦
횵뗃쮼뾼뗄컊쳢퇐뺿폐쎻폐킧맻샭싛믹뒡ꎺ짏쫐릫쮾뗄볛횵뒴퓬쪵볊킧맻쪲쎴막욱컒쏇믡퇐뺿퇐뺿뗄맘볼쫇쪲쎴짏쫐릫쮾뗄뺭펪컒쏇쓜럱췪좫쏷냗ꎿ닆컱럖컶뫍펯샻풤닢킧맻죧뫎ꎿꎨ죧뫎듓쫽뻝쇋뷢맽좥ꎿ죧뫎듓쿖퓚풤횪캴살뗄쫽뻝ꎩ맀횵쫇럱폐폃ꎿ
폅탣뗄퇐뺿풱폐쫽뻝횤쏷퇐뺿풱뗄릤ퟷ쫇컞킧뗄ꎬ캪쪲쎴뮹쫇폐헢쎴뛠뗄퇐뺿풱뫍퇐뺿놨룦ꎿ폅탣뗄퇐뺿풱ꎺ쳡돶쇋뾴컊쳢뗄뷇뛈ꎬ폐ퟔ벺뗄볻뷢죋퓆틠퓆붫놻듳솿샠쯆뗄놨룦쯹퇍쎻냯훺믹뷰뺭샭톰헒춶믺믡쓣쫇럱쇋뷢믹뷰뺭샭뗄춶럧룱뫍룶탔
췆뚯막욱볛룱짏헇뗄훷튪틲쯘2ꆢ릫쮾쫇럱ퟮ듳돌뛈뗘믘1ꆢ릫쮾뗄돉뎤탔놨막뚫EPS*P/E=ValueP=D1/(K-G)K is required rate of return= real rate +inflation premium+risk premium= risk free rate+Beta(market return-risk free rate)췆뚯막볛짏헇뗄틲쯘뫜뛠ꎬ틔짏횻쫇ퟮ룹놾뗄틲쯘ꆣ
췢늿뮷뺳틲쯘럖컶헾훎폫램싉뮷뺳뺭볃뮷뺳슢뛏램싉ꎻ뮷뺳놣뮤램ꎻ쮰램ꎻ췢쎳램GNP쟷쫆ꎻ샻싊ꎻ믵뇒릩룸ꎻ춨믵엲맦ꎻ헾뢮컈뚨탔ꎻ뛔췢살웳튵뗄첬뛈뗈헍ꎻ쪧튵싊ꎻ뿉횧엤쫕죫ꎻ쓜풴릩펦ꎻ돉놾쮮욽뗈짧믡컄뮯뮷뺳벼쫵뮷뺳죋뿚춳볆ꎻ쫕죫럖엤ꎻ짺믮랽쪽퇝뇤ꎻ헾뢮뛔퇐랢춶죫ꎻ헾뢮뫍탐튵뛔벼쫵뗄릤ퟷ웚췻쮮욽ꎻ뷌폽쮮욽ꎬ쿻럑헟쾰쯗훘쫓ꎻ탂벼쫵뾪랢ꎻ횪쪶닺좨놣뮤ꎻ헛뻉뫍놨럏뗄쯙뛈뗈
웳튵쓚늿쳵볾뗄럖컶ꎺ쫐뎡펪쿺럖컶탐튵뚯쿲쫐뎡뮷뺳럖컶쿻럑헟탐캪럖컶웳튵탎쿳닺욷뗄쫐뎡뗘캻닺욷뗄쫕틦탔닺욷쫐뎡닺욷뗄돉뎤탔럖컶잿뛈럖컶닺욷뗄잿뛈닺욷뗄릹돉쿺쫛ퟩ횯쿺쫛돉벨럖컶쿺쫛믮뚯쿺쫛쟾뗀쓜솦럖컶듙쿺믮뚯쫐뎡펪쿺쓜솦럖컶쿺쫛볆뮮뾪랢ퟩ횯뾪랢킧맻탂닺욷뾪랢럖컶뾪랢맽돌쓜솦럖컶뾪랢볆뮮뺭펪랽헫뺭펪볆뮮쫐뎡뻶닟럖컶뻶닟맽돌쓜솦럖컶탅쾢쾵춳
웳튵쓚늿쳵볾뗄럖컶ꎺ맜샭ퟩ횯럖컶맜샭닣듎맜샭ퟩ횯뗄럖릤ힴ뿶럖컶맜샭럹뛈뿕볤뷡릹럖컶맜샭ퟩ횯럖컶맜샭ퟩ횯뗄맜샭킧싊럖컶쪱볤뷡릹럖컶죋풱쯘훊뫍쫽솿뷡릹맜샭ퟩ횯뗄뫏샭탔움볛
웳튵쓚늿쳵볾뗄럖컶ꎺ웤쯻쳵볾럖컶볓릤릤틕뫍쇷돌짺닺쓜솦짺닺맜샭럖컶뿢듦샍뚯솦훊솿웤쯻쓚늿틲쯘럖컶웳튵컄뮯뗄탎돉믺훆웳튵컄뮯럖컶웳튵컄뮯뗄쳘즫웳튵컄뮯뗄뗷헻
웳튵쓚늿쳵볾뗄럖컶ꎺ닆컱럖컶돯뻶닟닆컱맜샭럖컶춶뻶닟럖엤뻶닟쇷뚯뇈싊뇤쿖쓜솦뇈싊쯙뚯뇈싊펪튵훜웚듦믵훜쳬쫽닺맜샭뇈싊웳튵닆컱럖컶펦쫕헋뿮훜쳬쫽쇷뚯닺훜싊ퟜ닺훜싊닺뢺햮싊뢺햮뇈싊닺좨뇈싊틑믱샻쾢놶쫽닆컱ힴ뿶쿺쫛뺻샻싊럖컶쿺쫛쎫샻싊펯샻쓜솦뇈싊닺뺻샻싊뺻횵놨돪싊쎿막펯폠쫐볛뇈싊쫐펯폠막샻횧뢶싊
쫐뎡뗄듳킡쫐뎡햼폐싊쫕죫닺욷뗄ퟩ뫏짺닺늿쏅쇣쫛볛릤죋ퟜ쫽뫍욽뻹릤돉놾뫍쎫샻싊풭닄쇏볛룱쮰럑쯹뗃쮰뫍쇷쮰펦쫕헊뿮펦뢶헊뿮쇷뚯뷰춶늿쏅짺닺쿟뗄훜웚뫍쪹폃돌뛈만뚨닺뗄룼쳦ꆢ캬탞뫍놣퇸만뚨닺춶막욱쫐뎡죚죚늿쏅틸탐듻뿮죚뫍죚돉놾뢺햮뇈싊
뒫춳뗄웳튵럖컶폫움맀뿲볜펯샻쮮욽뗄쟽뚯솦샻죳싊뫍퓶뎤싊닺욷쫐뎡놾쫐뎡닺맜샭죚뻶닟막샻헾닟펪퓋맜샭맜샭쫕죫뫍맜샭펪퓋뷰맜샭햮컱뫍맜샭막샻럖돉놾뫍만뚨닺막놾엤쿺쫛뛮퓶뎤맜샭쇷뚯놾햮컱뫍막좨돉놾막샻헾닟뫍쎫샻쳡짽만뚨닺춶늻춬닺릹돉퓶뎤싊
캪쪲쎴튪훆ퟷ펯샻풤닢쒣탍ꎿ
캪쪲쎴튪훆ퟷ펯샻풤닢쒣탍ꎿ퓚펯샻풤닢쒣탍뗄믹뒡짏뷸탐릫쮾맀횵늻뷶쫇튻훖훘튪뗄퇐뺿랽램ꎬ뛸쟒쫇듓튵죋풱뗄튻훖믹놾벼쓜릫쮾맀횵폐샻폚컒쏇뛔릫쮾믲웤튵컱뗄쓚퓚볛횵ꎨintrinsic valueꎩ뷸탐헽좷움볛ꎬ듓뛸좷솢뛔룷훖붻틗뷸탐뚩볛뗄믹뒡ꆣ
캪쪲쎴튪훆ퟷ펯샻풤닢쒣탍ꎿ펯샻풤닢쒣탍뫍맀횵뿉틔냯훺컒쏇ꎺ\붫뛔탐튵뫍릫쮾뗄죏쪶뮯캪뻟쳥뗄춶붨틩\풤닢릫쮾뗄닟싔벰웤쪵쪩뛔릫쮾볛횵뗄펰쿬\짮죫쇋뷢펰쿬릫쮾볛횵뗄룷훖뇤솿횮볤뗄쿠뮥맘쾵\에뛏릫쮾뗄놾탔붻틗뛔웤볛횵뗄펰쿬
캪쪲쎴튪훆ퟷ펯샻풤닢쒣탍ꎿ펯샻풤닢쒣탍뫍뛔릫쮾뷸탐맀횵늻쫇컒쏇릤ퟷ뗄ퟮ훕쒿뇪ꎬ쫇컒쏇캪쪵쿖쒿뇪ꎨ벴쳡돶춶붨틩ꎩ쯹탨뗄훘튪릤뻟ꆣ
펯샻풤닢쒣탍붨솢뗄ힼ놸
펯샻풤닢쒣탍룅쫶쯹캽펯샻풤닢쒣탍쫇횸ꎬ샻폃EXCEL붫컒쏇뛔릫쮾뺭펪믮뚯뫍놾뷡릹뗄룷훖볙뚨춨맽룷훖믡볆맘쾵뮯캪뛔릫쮾뗄죽헅닆컱놨뇭풤닢뗄튻훖랽램ꆣ믹폚펯샻풤닢쒣탍ꎬ컒쏇뿉틔볆쯣릫쮾캴살뗄룷훖쿖뷰쇷솿ꎨFCFꎩꎬ늢샻폃룷훖맀횵쒣탍좷뚨릫쮾맀횵ꆣ춬쪱ꎬ컒쏇뿉틔샻폃펯샻풤닢쒣탍풤닢릫쮾캴살뗄쇷뚯탔뇈싊ꆢ룜룋뇈싊뫍뢲룇뇈싊ꎬ듓뛸뛔릫쮾뗄탅움벶뫍햮좯뗄뚩볛쳡릩횸떼ꆣ
펯샻풤닢쒣탍뗄뷡릹춨뎣ꎬ펯샻풤닢쒣탍냼삨죽룶늿럖ꎺ\볙짨ꎺ냼삨뺭펪믮뚯볙짨ꆢ펪퓋뷰볙짨ꆢ놾탔춶볙짨ꆢ놾뷡릹볙짨ꎨ죧햮컱뫍막놾ꎩ뗈ꆣ\풤닢뗄닆컱놨뇭ꎺ냼삨샻죳뇭ꆢ닺뢺햮뇭ꆢ쿖뷰쇷솿뇭뗈ꆣ\풤닢뗄뷡맻ꎺ냼삨FCF뗈ꆣ펯샻풤닢쒣탍춨뎣냼삨쫤죫떥풪ꎨ떥풪훐뗄쫽뻝쫇횱뷓쫤죫뗄ꎩ뫍릫쪽떥풪ꎨ떥풪훐뗄쫽뻝쫇퓚웤쯻떥풪믹뒡짏볆쯣뗃떽뗄ꎩꆣ
뫃뗄펯샻풤닢쒣탍ꎿ뫃뗄펯샻풤닢쒣탍펦떱뻟폐쿂쇐쳘뗣ꎺ\볙짨뗄췪놸탔ꎺ랴펳펰쿬릫쮾볛횵/쿖뷰쇷솿뗄훷튪쟽뚯솦\쒣탍뗄쟥컺뛈ꎺ틗폚쯻죋샭뷢뫍뷸탐쮵쏷\쒣탍뗄쇩믮탔ꎺ뇣폚뷸탐쏴룐탔럖컶뫍쟩뺰럖컶
붨솢펯샻풤닢쒣탍뗄늽훨
펯샻풤닢뗄풭퓲횤좯톡퓱뗄훘뗣퓚폚퓋폃퇏룱뗄뚨솿ꆢ뚨탔럖컶랽램, 춨맽뛔릫쮾믹놾쏦뗄럖컶ꎬ랢뻲놻쫐뎡뗍맀뗄릫쮾ꆣ뚨솿럖컶뫍뚨탔럖컶쪼훕맡뒩퓚뷸탐펯샻풤닢뗄맽돌훐ꆣ뚨솿럖컶:냼삨쇋뛔릫쮾닺뢺햮뇭(쳘뇰쫇닆컱룜룋뫍웤쯻럧쿕틲쯘)ꆢ쿖뷰쇷솿뇭ꆢ쿖뷰쫕죫쮮욽뫍샺쪷쫐펯싊뇤뚯뷸탐짮닣움맀;뚨탔럖컶냼삨럖컶짏쫐릫쮾헻쳥맜샭킧맻ꆢ닺욷벰럾컱훊솿ꆢ탂닺욷뾪랢뫍뒴틢ꆢ뎤풶춶뫍뺭펪닟싔틔벰웳튵풴뗄퓋폃ꆣ
펯샻풤닢뗄믹놾뗣1ꆢ릫쮾랢햹햽싔퓚뷱뫳벸쓪늻믡폐뫜듳뗘뇤뮯2ꆢ헻룶뗄뺭볃뮷뺳믹놾늻뇤(1)ꆢ믵뇒뇡횵(2)ꆢ샻쾢싊(3)ꆢ쮰쫕3ꆢ웤쯼탨뾼싇뗄틲쯘(1)ꆢ닺욷뗄훜웚ꆢ벼쫵ꆢ샻(2)ꆢ뺺헹죧폐뇤뮯ꎬ탨뛔룷볙짨뷸탐탞룄ꆣ
펯샻풤닢쒣탍붨솢늽훨풤닢릫쮾쿺쫛쫕죫뗄퓶뎤싊뺭펪믮뚯풤닢샻폃룷훖샻죳뇈싊ꎨ죧펪튵럑폃/쿺쫛쫕죫ꎩ췪돉샻죳뇭뗄훷튪쿮쒿퓚샻쾢럑폃뫍헛뻉/첯쿺쿮쒿쿈쫤죫0ꎬ틔뇜쏢톭뮷볆쯣뗄컊쳢풤닢릫쮾펪퓋뷰룷쿮쒿ꎨ늻몬쿖뷰ꎩ뗄훜싊/훜쳬쫽펪퓋뷰풤닢샻폃훜싊뗄풤닢뫍쿺쫛쫕죫뗄풤닢췪돉펪퓋뷰룷쿮쒿뗄풤닢붫폐맘쫽뻝죫닺뢺햮뇭쿠펦쿮쒿풤닢릫쮾캴살뗄놾탔춶ꎨ냼삨만뚨닺뫍췁뗘쪹폃좨뗈ꎩ룹뻝만뚨닺/컞탎닺뗄헛뻉/첯쿺헾닟ꎬ볆쯣룷웚볤뗄헛뻉/첯쿺놾탔춶풤좷뚨룷웚웚쒩뗄만뚨닺뫍컞탎닺풭횵ꆢ샛볆헛뻉/첯쿺뫍뺻횵닢붫폐맘뷡맻럖뇰죫샻죳뇭뫍닺뢺햮뇭
펯샻풤닢쒣탍붨솢늽훨좷뚨릫쮾뗄쒿뇪놾뷡릹놾뷡릹풤닢풤닢릫쮾햮컱훷튪쿮쒿뗄퓶복뫍막놾뗄퓶복붫폐맘뷡맻죫닺뢺햮뇭룹뻝틑폐뗄샻죳뇭뫍닺뢺햮뇭훷튪쿮쒿ꎬ샻폃볤뷓램췪쿖뷰쇷솿뇭돉쿖뷰쇷솿뇭훐뗄훷튪쿮쒿뗄풤닢샻폃쿖뷰쇷솿뇭훐웚쒩쿖뷰뫍닺뢺햮뇭훐쿖뷰뗄맘쾵ꆢ쿖뷰폫샻쾢럑폃뗄맘쾵풤닢릫쮾햮컱뗄뛮췢퓶복뫍샻쾢럑폃췪뷢뻶톭뮷볆쯣돉닆컱놨뇭뗄뇠훆샻폃닺ꎽ뢺햮ꎫ좨틦뗄맘쾵ꎬ뛔닺뢺햮뇭뗄욽뫢뷸탐볬닩
펯샻풤닢쒣탍뗄헽좷탔볬닢펯샻풤닢쒣탍훆ퟷ췪뇏뫳ꎬ컒쏇뇘탫뛔웤뷸탐쫇럱헽좷뷸탐볬닢ꆣ\볬닢랽램ꎺ붫닺뢺햮뇭훐뗄닺ퟜ뛮폫뢺햮뫍만뚨좨틦ퟜ뫍쿖뷰ꆣ죧뷡맻늻뗈폚0ꎬ퓲쒣탍늻헽좷\뿉쓜뗄컊쳢ꎺ춨뎣뗄컊쳢쫇ꎬ컒쏇캴붫닺뢺햮뇭룷쿮쒿뗄뇤뚯쿠펦뗘랴펳퓚쿖뷰쇷솿뇭뗄늻춬늿럖ꎻ믲헟ꎬ컒쏇캴쓜붫럇쿖뷰뗄쿮쒿퓚쿖뷰쇷솿뇭훐뿛돽믲볓믘
펯샻풤닢쒣탍뗄볙짨
쒣탍볙짨좷뚨뗄쮼슷쒣탍볙뚨뗄좷뚨뇘탫붨솢퓚뛔릫쮾뫍탐튵럖컶뗄믹뒡짏ꆣ\릫쮾맀횵뷡맻쫇럱뿉뾿좡뻶폚쒣탍볙뚨ꎬ틲듋폐뇘튪ퟱ톭튻쳗뿉탐뗄랽램ꎬ뛸탐튵뫍릫쮾럖컶쳡릩쇋폐킧뗄럖컶뿲볜\쒣탍볙뚨뗄좷뚨탨튪듳솿룷훖훷맛에뛏ꎬ틲듋릫쮾맀횵퓚뫜듳돌뛈짏쫇튻쏅틕쫵\뿉틔샻폃뿉뇈릫쮾럖컶뫍뿉뇈붻틗럖컶뛔맀횵뷡맻뫍쒣탍볙뚨뷸탐쿖쪵볬퇩
탐튵럖컶
탐튵럖컶룅쫶탐튵럖컶쫇좷뚨쒣탍볙짨뗄돶랢뗣ꆣ탐튵럖컶뗄쒿뗄쫇쏨쫶뫍럖컶릫쮾퓋펪뗄뮷뺳ꎬ춨뎣펦냼삨쿂쇐벸룶늽훨ꎺ\탐튵쏨쫶ꎺ좷뚨탐튵랶캧ꆢ훷튪뿍뮧샠탍ꆢ훷튪뎧짌뫍닺욷ꆢ훷튪풭닄쇏뫍훷튪릩펦짌ꆢ훷튪벼쫵쳘뗣\탐튵뮷뺳ꎺ럖컶펰쿬탐튵랢햹뗄췢늿틲쯘ꎬ냼삨뿆벼뷸늽ꆢ헾뢮볠맜ꆢ짧믡뷸늽ꆢ죋뿚뇤뮯뫍맺췢뺺헹\탐튵럖샠ꎺ럖컶탐튵훜웚뫍탐튵폫뺭볃훜웚뗄맘쾵\탐튵맦쒣ꎺ탨쟳랽쏦ꎬ냼삨뿍뮧쫽솿ꆢ닺욷쿺솿뗈ꎻ릩룸랽쏦ꎬ냼삨뎧짌쫽솿ꆢ짺닺쓜솦뫍쪹폃뇈샽뗈
탐튵럖컶룅쫶\탐튵퓶뎤ꎺ럖컶탨쟳쫽솿뫍볛룱뗄뇤뚯쟷쫆ꎬ풤닢쿺쫛쫽솿뫍쿺쫛뛮뗄퓶뎤싊\탐튵샻죳ꎺ믘맋탐튵맽췹뺭펪튵벨ꎬ럖컶뇤뚯풭틲ꎻ에뛏탐튵뗄뎤웚샻죳잰뺰ꎬ늢풤웚탐튵샻죳싊뗄뇤뚯쒣쪽\뺺헹뛔쫖ꎺ좷뚨릫쮾퓚튵쓚쏦쇙뗄훷튪뺺헹뛔쫖ꎬ럖컶웤뺺헹폅쫆ꆢ뺺헹닟싔뫍믘펦랽쪽
탐튵훜웚럖컶탐튵훜웚럖컶죏캪ꎬ룷탐튵뻹뺭샺늻춬뗄랢햹뷗뛎늢퓚룷룶뷗뛎뇭쿖돶늻춬뗄짺쏼솦ꆣ♦돵뒴웚ꎺ닺욷캴놻쫐뎡죏뿉ꎬ돉릦뗄닟싔폐듽쏷좷ꎻ릫쮾쪧냜뗄뿉쓜탅듳쿺♦돉뎤웚ꎺ닺욷놻쫐뎡죏뿉ꎬ쿺쫛쫛퓶뎤뎬맽뺭볃퓶뎤ꎬ샻죳쮮욽룟폚뺭볃욽뻹쮮욽♦돉쫬웚ꎺ탐튵뺭볃퓶뎤싊돉뎤ꎬ샻죳쮮욽뾪쪼쿂붵ꎻ릫쮾뗄퓶뎤훷튪뾿퓶볓쫐뎡럝뛮믲튵쓚쫕릺♦쮥췋웚ꎺ쫐뎡탨쟳뫍샻죳쮮욽돵뒴웚돉뎤웚돉쫬웚쮥췋웚컈뚨쿂붵ꎬ릫쮾튪쎴뫏늢ꎬ튪쎴뒴쪱볤탂ꎬ튪쎴쪧냜
탐튵폫뺭볃훜웚뗄맘쾵훷튪횸튻룶탐튵뛔뺭볃훜웚늨뚯뗄랴펳ꆣ믹폚탐튵뛔훜웚뗄랴펳ꎬ뿉붫탐튵럖캪죽훖샠탍ꎺ탐튵샠탍뛔뺭볃훜웚뗄랴펳쒣쪽뻙샽쿺쫛뫍샻죳퓚뺭볃훜웚뗄늻춬뷗퓶뎤탔탐튵뛎뻹놣돖룟폚뺭볃헻쳥쮮룟뿆벼욽뎤뗄퓶쿺쫛뫍샻죳퓚뺭볃훜웚뗄늻춬뷗럀폹탔탐튵릫폃쫂튵ꆢ쪳욷뛎뻹놣돖컈뚨퓶뎤샻죳뇤뚯룺쯦뺭볃훜웚ꎬ늢쟒늨훜웚탔탐튵놾짨놸뚯럹뛈듳폚헻쳥뺭볃
탐튵퓶뎤풤닢탐튵풤닢뗄믹놾럖컶랽램냼삨ꎺ믹폚잰쏦뗄늽훨ꎬ뛔탐튵퓶뎤뗄럖컶뿉뾼ퟔ짏뛸쿂ꎺ샻폃탐튵샺쪷퓶뎤폫뺭싇쿂쇐틲쯘ꎺ볃퓶뎤뗄맘쾵뷸탐췢췆럖컶탐튵훜웚뺭볃퓶뎤췢늿틲쯘럖컶췢늿틲쯘쫐뎡쾸럖쿠맘닺욷탐튵퓶뎤뿍뮧럖컶뫍쫐뎡쾸럖탐튵훜웚쿂폎탐튵릩룸솴뫍춶죫닺돶럖컶
쫐뎡쾸럖뫍탐튵퓶뎤풤닢쫐뎡쾸럖횸믹폚뿍뮧뗄쳘뗣붫헻룶쫐뎡쟸럖캪늻춬뗄늿럖ꆣ틔듋캪믹뒡ꎬ컒쏇뿉틔럖컶펰쿬룷룶늿럖퓶뎤싊뗄틲쯘ꎬ듓뛸뛔탐튵퓶뎤뷸탐풤닢ꆣ쫐뎡쾸럖뗄뾼싇뷇뛈*죋뿚쳘뗣ꎺ쓪쇤ꆢ쫕죫ꆢ탔뇰ꆢ볒춥맦쒣* 탄샭쳘뗣ꎺ짧믡뗘캻ꆢ짺믮랽쪽* 탐캪랽쪽ꎺ릺싲욵싊ꆢ쟾뗀ꆢ뷰뛮ꎻ욷없훒돏뛈* 뻶닟랽쪽ꎺ뻶닟죋풱ꆢ뻶닟돌탲* 튵컱샠탍ꆢ짺닺맦쒣ꆢ죋풱쫽솿
탐튵샻죳늨쳘컥솦쫇럖컶탐튵샻죳잰뺰뗄폐솦릤뻟ꎻ죏캪탐튵샻죳싊쫜컥훖솦솿뗄펰쿬ꆣ쯼폐훺폚풤닢탐튵뗄퇝뷸ꆢ럖컶릫쮾튵벨닮뇰뗄풭틲늢좷뚨탐튵뗄맘볼돉릦틲쯘♦튵쓚뺺헹뗄벤쇒돌뛈탂뷸죫헟♦탐튵뷸죫뇚생뗄룟뗍♦릩펦짌첸에쓜솦뗄듳킡튵쓚뺺헹릺싲헟릩펦짌♦릺싲랽첸에쓜솦뗄듳킡♦쳦듺닺욷췾킲뗄듳킡쳦듺욷
튵쓚뺺헹튵쓚뺺헹쫇횸탐튵쓚쿖폐릫쮾뗄뺺헹쟩뿶ꆣ춨뎣ꎬ탐튵뗄샻죳싊쮮욽훷튪좡뻶폚룃틲쯘ꆣ뻶뚨튵쓚뺺헹뗄틲쯘탨뾼싇뗄맘볼컊쳢♦탐튵퓶뎤싊♦튵쓚뺺헹뗄랽쪽ꎺ볛룱뺺헹/닮뇰뺺헹♦만뚨돉놾/뺭펪룜룋♦튵쓚뺺헹닉폃쳘뚨랽쪽뗄풭틲♦탐튵벯훐돌뛈뫍솦솿뻹뫢돌뛈♦볛룱뺺헹뗄늻춬탎쪽ꎺ횱뷓붵볛ꆢ럅뿭쫕뿮쳵볾ꆢ럅뿭쫕뿮쪱볤♦닺욷닮뇰듳킡♦닮뇰뺺헹뗄늻춬탎쪽ꎺ닺욷훊솿ꆢ뗘뗣♦틆돉놾ꎨSwitching Costꎩ톡퓱ꆢ닺욷탎쿳ꆢ닺욷짨볆ꎨ놼돛ꎩꆢ쫛뫳럾컱ꆢ쿺쫛쟾뗀♦욷없♦튵쓚뺺헹뗄벤쇒돌뛈♦짺닺쓜솦맽쪣돌뛈♦좷뚨튵쓚뎧짌ퟮ뗍뗄뺭볃짺닺맦쒣♦탐튵췋돶돉놾
뷸죫뇚생뷸죫뇚생쫇횸잱퓚뺺헹뛔쫖뷸죫탐튵뗄쓑틗돌뛈ꆣ죧맻쒳탐튵돖탸좡뗃뎬뎣샻죳ꎬ뇘좻컼틽탂뎧짌뗄뷸죫ꆣ뛸탂뎧짌뗄뷸죫뿉쓜틽웰볛룱뺺헹믲벷햼쿖폐뎧짌뗄쫐뎡럝뛮ꆣ뻶뚨뷸죫뇚생룟뗍뗄틲쯘♦맦쒣뺭볃ꎺ만뚨돉놾ꆢ풱릤튵뮯ꆢ쿺쫛쟾뗀ꆢ폫릩펦짌뗄첸에쓜솦♦놾튪쟳♦닺욷닮뇰ꆢ욷없킧펦뫍뿍뮧훒돏♦뻸뛔돉놾폅쫆ꎺ폐벼쫵ꆢ쾣좱풴뫍톧쾰쟺쿟♦쿺쫛쟾뗀뗄쪹폃♦헾뢮볠맜ꎺ튵컱없헕ꆢ횪쪶닺좨ꆢ컛좾뿘훆♦쿖폐뎧짌뗄벤쇒랴펳
탐튵럖컶믘맋춨맽탐튵럖컶ꎬ컒쏇훁짙쓜뗃떽쿂쇐훘튪돉맻ꎺ\탐튵뗄퓶뎤잰뺰\탐튵뗄샻죳잰뺰\뺺헹뛔쫖뗄쟩뿶\탐튵뗄맘볼돉릦틲쯘
릫쮾럖컶
릫쮾럖컶룅쫶퓚샻폃탐튵럖컶좷뚨탐튵뷡릹뫳ꎬ릫쮾럖컶뿉냯훺컒쏇좷뚨릫쮾퓚탐튵훐뗄뻟쳥캻훃ꆣ릫쮾뗄뚨캻뻶뚨쇋웤쓜럱좡뗃룟폚탐튵욽뻹쮮욽뗄샻죳싊ꆣ
릫쮾럖컶룅쫶릫쮾럖컶펦냼삨쿂쇐벸룶쓚죝ꎺ\릫쮾쏨쫶ꎺ좷뚨훷튪닺욷ꆢ뿍뮧벰웤샠탍ꆢ짺닺튪쯘뗄릩룸ꆢ짺닺뗄ퟩ횯ꆢ벼쫵쮮욽ꆢퟩ횯뷡릹ꆢ펪쿺쳥쾵뫍뺺헹닟싔\튵벨믘맋ꎺ럖컶릫쮾맽췹튵벨벰웤뇤뚯쟷쫆\뺺헹햽싔ꎺ좷뚨릫쮾햽싔뗄샠탍ꎬ늢틀뻝탐튵럖컶뫍튵벨믘맋움볛웤폐킧탔\뺺헹폅쫆ꎺ좷뚨릫쮾뗄SWOTꎬ쫇럱탎돉뿉돖탸뗄뺺헹폅쫆ꎬ뷸튻늽랢햹뺺헹폅쫆뗄볆뮮뫍쪵쪩쟩뿶\닟싔횧돖ꎺ쇋뷢릫쮾캪쪵쪩뺺헹햽싔뫍랢햹뺺헹쓜솦뛸퓚뺭펪맜샭ꆢ춶맜샭ꆢ죚헾닟뫍럖엤헾닟짏뗄볆뮮뫍쪵쿖쟩뿶ꎻ움벶닟싔횧돖뗄돤럖탔
뺺헹햽싔뗄샠탍춨뎣ꎬ릫쮾뗄뺺헹햽싔뿉내릫쮾닎폫튵쓚뺺헹뗄랶캧럖캪돉놾쇬쿈ꎬ닮뇰뺺헹ꎬ뫍힢뺭펪죽룶샠탍ꆣ평폚늻춬샠탍탨튪릫쮾랢햹늻춬랽쏦뗄쓜솦ꎬ헢킩햽싔샠탍쫇쿠뮥업돢뗄ꆣ닟싔뗄죽훖샠탍닉폃늻춬뗄닟싔뻹뿉쓜좡뗃뎬맽탐튵욽뻹뗄샻죳쮮욽ꎬ늢냑컕좡쪤뗄쿈믺ꆣ뗍돉놾닮뇰뺺헹맣샽죧ꎬ돉놾쇬쿈헟뿉틔춨맽붵볛헹좡쫐랺돉놾쇬쿈닮뇰뺺헹뎡럝뛮ꆣ쒿샽죧ꎬ킡뗄뎧짌뿉틔힢폚듳뎧짌컞램뇪뺭볃짺닺뗄킡엺솿ꆢ쳘쫢튪쟳ꆢ볛룱뷏쿁햭힢돉놾힢닮뇰룟뗄닺욷뛸좡뗃돉릦ꆣ쒿뇪
햽싔캪쪲쎴쓑틔맡뎹룹뻝ꆶFortuneꆷ뛔쏀맺ퟮ듳뗄200볒웳튵뗷닩ꎬ랢쿖횻폐10ꎥ뗄웳튵맡뎹뫍쪵쿖쇋훆뚩뗄햽싔풤웚쒿뇪ꎺ웳튵햽싔뫍풸뺰늻뻟폐탐뚯탔ꎺ뗷닩뇭쏷횻폐40ꎥ뗄훐닣뺭샭뫍늻떽5ꎥ뗄풱릤쓜쟥돾뗘횪뗀웳튵햽싔뫍풸뺰ꎻ쒿뇪뫍벤샸믺훆폫햽싔뗄쪵쿖쎻폐첫듳뗄맘솪뛈ꎺ횻폐50ꎥ뗄뻶닟닣ꎬ20ꎥ뗄훐닣뺭샭뫍늻떽10ꎥ뗄풱릤뗄벤샸뫍햽싔맒릳ꎻ풴뗄엤훃폫햽싔늻럻뫏ꎺ듳늿럖풴럅퓚쇋웳튵뗄뛌웚뺭펪짏ꎬ뛸럇뎤웚뗄햽싔짏웳튵쓚늿뗄랴삡믺훆룼뛠뗄쫇럅퓚뛌웚뗄펯샻짏ꎬ뛸럇뎤웚뗄햽싔쪵쿖짏ꆣ
햽싔튪폫막뚫볛횵ퟮ듳뮯쿠솪쾵퓚럖컶웳튵햽싔뗄쪱뫲ꎬ럖컶쪦탨튪쮼뾼뗄벸룶컊쳢ꎺ웳튵죧뫎퓚캴살벸쓪놣돖컈뚨돖탸뗄룟퓶뎤ꎿ쫇쪲쎴퓚쟽뚯웳튵뗄볛횵퓶뎤ꎿ폖쫇쪲쎴퓚믙뮵웳튵뗄볛횵ꎿ돽쇋돉놾뿘훆ꎬ웳튵쫇죧뫎놣횤샻죳뗄돖탸퓶뎤ꎿ웳튵뗄햽싔쫇럱퓚웤죕뎣뺭펪믮뚯뫍웳튵컄뮯훐쳥쿖ꎿ쫐뎡쫇럱룟맀믲헟뗍맀쇋웳튵뗄볛횵ꎿ
햽싔럖컶뿲볜웳튵쯹톡퓱뗄햽싔쫇럱쓜릻놣횤릫쮾믱뗃뺺헹폅쫆ꎿ웳튵쓜럱쪵쪩훆뚨뗄햽싔ꎿ웳튵쓜럱놣돖뎤뻃뗄뺺헹폅쫆늢놣돖돖탸컈뚨뗄튵벨퓶뎤ꎿ릫쮾햽싔럖컶늻쓜쓜놣횤믱뗃뺺헹폅쫆쓜릻쪵쪩늻쓜쪧좥쪲쎴믺믡튵벨럖컶믡폐쪲쎴럧쿕뮷뺳뇤뮯펯샻풤닢펯샻풤닢쒣탍훐뗄룷훖볙뚨뚼펦틔탐튵럖컶뫍릫쮾럖컶캪믹뒡ꆣ컒쏇펦늻뛏뗘컊ퟔ벺ꎺ헢룶볙뚨쫇럱듓탐튵뺺헹쟩뿶뫍릫쮾닟싔짏뿉뗃떽횧돖ꎿ
햽싔톡퓱뫍뺺헹폅쫆럖컶튵컱뷧뚨ꎬ붨솢뺺헹폅쫆ꎺ닆컱횸뇪럖컶ꎬ볛횵쟽뚯쓜솦ꎬ쟷쫆췢늿뮷뺳럖컶쓚늿퓋펪럖컶ꎫ릫쮾쓜솦ꎺ쟽뚯솦뫍럧쿕ꎭ쏷좷풴뺺헹햽싔ꎺ훷튪뗄뺺헹쟽뚯솦ꎭ뺺헹잿뛈좡뻶폚탐튵믹퓋펪킧틦쳖싛뗄쫇돖탸뇤룯ꆢퟩ횯떯뒡뷡릹탔틔벰죧뫎쪵쿖ퟮ병쪵볹햽싔쳖싛뗄쫇죧뫎뷧뚨뛀쳘뗄뚨캻ꆢ•컥솦럖컶죧뫎ퟶ돶쏷좷뗄좡짡ꆢ죧뫎볓잿룷쿮믮뚯횮볤뗄엤돆탔좷뚨탐튵컼틽솦ꎺ퓶뎤뫍잱솦ꎬ쫐뎡쾸럖뫍펯샻쓜솦릫쮾쓜솦럖컶뿉돖탸뺺헹폅쫆쏷좷뺺헹ힴ뿶ꎺ맘볼쟽뚯솦솿ꎬ탐튵•릫쮾풴뷡릹ꎬ훷튪뛔쫖ꎬ쫐뎡ힼ죫뫍풴뿉•릫쮾뚨캻ꎺ짡좡믱좡탔•볛횵솴늼뻖웳튵쯹뒦뗄뷗뛎쒿뗄ꎺ움맀짌튵믺믡ꎬ햽싔훆뚨ꎬ헒•ퟩ횯뷡릹돶쓜솦ꎬ럀랶럧쿕•헻쳥볛횵헻뫏퓶뎤쯙뛈뫍돖탸쪱볤•쫇럱뿉놻쒣럂쫐뎡ퟜ솿뫍쫐뎡럝뛮탐튵뗄욽뻹샻죳싊뺭펪쓜솦ꆢ닆컱맜샭쓜솦릫쮾맜샭돏탅
햽싔죽뷇뺺헹폅쫆튵컱풴풶뺰뷼웚쒿뇪뫍쒿뗄쳥훆뷡릹랢햹맽돌ퟩ횯킭뗷뿘훆
햽싔뗘춼Robert Kaplan 퓚쳡돶욽뫢믽럖뾨뫳ꎬ쳡돶탂뗄릤뻟ꎬ쯻뗄훸ퟷ냼삨The Strategy-focused Organization뫍Strategy Map
햽싔럖컶ꎭ뻙샽•What is strategy?•Plan or evolution of an idea?릫쮾튵컱뷩짜•Supply & demand탐튵럖컶•Five forces•External consistency•Cost vs. WTPꎨWillingness to payꎩ웳튵쓚늿럖컶ꎭ뺺헹폅쫆•Internal consistency --Fit•Substitutes, imitation, saturation, slack뺺헹폅쫆돖탸솦•Competitive reactions뺺헹뚯솦•Game theory and decision trees•Rational vs. Visceral •Related and Unrelated Diversification 릫쮾햽싔•Transaction costs and Corporate Resources•How do five forces change?뺺헹뮷뺳뇤뮯•Benefits and deals•Larger responsibilities•Fast change and uncertainty벼쫵뫍탐튵뇤뮯•Tools and imagination most critical
릫쮾럖컶믘맋춨맽릫쮾럖컶ꎬ컒쏇훁짙쓜뗃떽쿂쇐훘튪돉맻ꎺ\릫쮾뗄닟싔벰횴탐킧맻\릫쮾쿖폐뗄뺺헹폅쫆\릫쮾뺺헹폅쫆뗄뿉돖탸탔\릫쮾닟싔뗄쪵쪩횧돖
펯샻풤닢뗄볙짨
쫕죫볙뚨죎뫎릫쮾뗄쫕죫뚼쫇웤쿺쫛뚼닺욷/럾컱뚼쫽솿폫볛룱뗄돋믽ꆣ떫쫕죫뗄릹돉틲탐튵늻춬뛸듦퓚뫜듳닮틬ꆣ늻춬탐튵뗄쫕죫풤닢랽램♦붫폐맘풤닢폫탐튵풤♦훆퓬튵뫍웻뎵튵ꎽ쒿뇪쫐뎡맦쒣ꇁ웕벰싊ꇁ쫐뎡닢뫍뛔쫖뗄쟩뿶뷸탐뇈뷏럝뛮ꇁ볛룱♦죧맻풤닢룟폚탐튵퓶♦뗧탅튵ꎽ쒿뇪쫐뎡맦쒣ꇁ웕벰싊ꇁ쫐뎡럝뛮ꇁ쪹폃쪱볤ꇁ럑싊뎤ꎬ펦럖컶릫쮾뗄닟싔ꆢ쓜솦뫍뺺헹쟩뿶쫇럱횧돖♦몽뿕ꆢ퓬횽뫍뗧솦탐튵ꎽ짺닺쓜솦ꇁ쓜솦샻폃뇈샽ꇁ볛룱♦뿉뾼싇탐튵샺쪷짏뗄♦닉뿳튵뫍쪯폍튵ꎽ풴뒢솿ꇁ뾪닉쓜솦ꇁ뾪닉뇈샽훜웚탔늨뚯ꇁ볛룱♦쇣쫛튵ꎽ뺭볃퓶뎤ꇁ잰튻쓪뛈쿺쫛쫽솿ꇁ볛룱♦틸탐튵ꎽ뺭볃퓶뎤ꇁ잰튻쓪뛈듻뿮쫽솿ꇁ샻싊
돉놾볙뚨춨뎣ꎬ컒쏇붫룷돉놾쿮쒿ꎨ늻냼삨샻쾢뫍헛뻉ꎩ볙뚨캪릫쮾쿺쫛쫕죫뗄튻뚨뇈샽ꆣ믹폚룃볙뚨릫쮾뗄룷쿮돉놾붫쯦쫕죫뗄퓶뎤뛸퓶뎤ꆣ♦춨뎣ꎬ폐맘뇈싊펦뺡솿놣쫘뾼싇뗄뷇뛈♦죧맻붵뗍풤닢뇈싊ꎬ펦떱뾼싇♦릫쮾뗄샺쪷닆컱뇈싊릫쮾뗄닟싔뫍탐튵뺺헹첬쫆쫇럱뫍뇤뚯쟷쫆횧돖폐맘볙뚨♦탐튵뗄욽뻹쮮욽뫍뇤♦죧뾼싇맦쒣킧펦ꎬ펦떱뾴춬탐튵릫쮾쫇럱듦퓚쿈샽뚯쟷쫆♦릫쮾맜샭닣뗄뾴램
펪퓋뷰뗄볙뚨춨뎣ꎬ컒쏇샻폃펪퓋뷰룷쿮쒿쿠뛔폚쿺쫛쫕죫ꆢ쿺믵돉놾ꆢ풭닄쇏닉릺뗈뗄훜싊살풤닢펪퓋뷰룷쿮쒿뗄뇤뚯ꆣ죧훜싊늻뇤ꎬ퓲폐맘쿮쒿붫쯦ퟅ폐맘풤닢믹뒡뛸퓶뎤ꆣ♦죧맻뗷룟풤닢훜싊ꎬ펦떱뾼싇뾼싇뗄뷇뛈릫쮾뗄닟싔뫍탐튵쟩뿶쫇럱횧돖폐♦릫쮾뗄샺쪷닆컱뇈싊뫍뇤뚯쟷맘볙뚨쫆♦죧맜샭늻짆ꎬ펪퓋뷰쿮쒿뗄퓶♦탐튵뗄욽뻹쮮욽뫍뇤뚯쟷쫆뎤싊뿉쓜뎬맽쫕죫뗄퓶뎤싊ꆣ틲듋ꎬ펦쏜쟐힢틢폐맘훜싊뗄뇤뮯ꎬ틔♦릫쮾맜샭닣뗄뾴램에뛏릫쮾샻죳뗄뿬쯙돉뎤쓜럱뮯캪쿖뷰쇷솿뗄퓶뎤
놾탔춶좷뚨놾탔춶뗄볙짨춨뎣뷏캪삧쓑ꆣ떫죔좻폐뛠룶뷇뛈뿉틔뾼싇ꎬ늢폫릫쮾샺쪷쫽뻝뫍탐튵욽뻹쮮욽뇈뷏ꆣ퓚놾탔춶볙짨뗄믹뒡짏ꎬ컒쏇뿉틔룹뻝릫쮾만뚨닺뫍컞탎닺뗄첯쿺헾닟ꎬ볆쯣룷쓪뗄헛뻉뫍첯쿺ꆣ뾼싇뗄뷇뛈♦만뚨닺훜싊♦릫쮾샺쪷쫽뻝ꎬ죧쿺쫛쫕죫/샛볆놾탔춶ꎬ쿺쫛쫕죫뗄퓶뎤/놾탔춶뗄퓶뎤♦릫쮾맜샭닣뗄놾탔춶볆뮮♦탐튵욽뻹쮮욽ꎬ죧쎿떥캻짺닺쓜솦/샛볆뗄놾탔춶♦릫쮾폐컞샻쾢놾뮯뗄볆뮮뫍뻟쳥ퟷ램
죚볙뚨죚볙뚨뗄좷뚨훷튪뾴릫쮾뗄놾뷡릹쒿뇪뫍죚헾닟ꆣ럖컶늽훨뾼싇뗄뷇뛈샻폃톭뮷듻뿮뗄뇤뮯ꎬ맀볆릫쮾릫쮾뗄샺쪷쫽뻝ꎨ햮컱ퟜ뛮/ퟜ뗄죚탨쟳닺ꆢ뎤웚햮컱/ퟜ닺)뾼싇릫쮾뗄놾뷡릹쒿뇪ꎬ풤닢릫쮾뗄놾뷡릹쒿뇪햮컱ퟜ뛮믲뎤웚뢺햮뗄퓶뎤릫쮾뗄막샻럖엤헾닟뾼싇릫쮾뗄놾뷡릹쒿뇪ꎬ풤닢릫쮾뗄뷼웚죚볆뮮릫쮾뺻닺뗄퓶뎤ꎬ늢뾼싇막샻럖엤헾닟뫳췆돶막놾죚뗄뷰뛮춨뎣뿉늻뛔막놾죚뗄뻟쳥쾸뷚뷸탐죎뫎볙뚨ꎬ틲캪컞램풤볆뿉쓜뗄랢탐볛룱뗈
믹놾펯샻풤닢뗄볙짨(튻)쿺쫛쫕죫(1)ꆢ쿺쫛쫕죫뗄쏷쾸-룷늿쏅럖샠/룷듳샠닺욷럖샠/쿻럑헟쟩뿶럖샠(2)ꆢ쿺쫛쫽솿뗄샺쪷쫽뻝뫍랢햹쟷쫆(3)ꆢ쿺쫛볛룱뛔쿺쫛솿뇤뮯뗄쏴룐탔ꆢ뷱뫳뇤뮯뗄쟷쫆뫍풭틲(4)ꆢ쿺쫛쟷쫆춬쯹퓚탐튵쿺쫛쟷쫆쿠뇈뷏틔벰풭틲(5)ꆢ릫쮾닺욷뗄탨쟳뇤뮯(6)ꆢ쫐뎡햼폐싊뫍쿺쫛췸싧(7)ꆢ췢쿺쟩뿶-췢쿺뇈샽/맺볒럖늼/쫐뎡랢햹쟷쫆/맺볒돶뿚헾닟(8)ꆢ훷튪닺욷뗄듦믵쟩뿶ꎬ짺닺쓜솦뫍닺쓜샻폃싊(9)ꆢ탂닺욷/탂쫐뎡/탂튵컱(10)ꆢ짏쿂폎릤튵뗄랢햹뇤뮯(11)ꆢ뺺헹뛔쫖뗄뇤뮯(12)ꆢ벼쫵랢햹틔벰쳦듺욷뗄랢햹
믹놾펯샻풤닢뗄볙짨(뛾)짺닺돉놾(1)ꆢ짺닺돉놾뗄뷡릹-풭닄쇏ꆢ죋릤뫍훆퓬럑폃뗄뇈샽)ꎻ(2)ꆢ훷튪풭닄쇏뗄살풴ꎬ쫇럱쫴폚뛌좱풭닄쇏ꎻ(3)ꆢ뷸뿚뫍맺닺뮯뗄뇈샽ꎬ쫇럱믡쫜맺볒맘쮰뗄펰쿬ꎻ(4)ꆢ풭닄쇏닉릺랽램뫍듦믵뗄훜쟩뿶ꎻ(5)ꆢ훷튪풭닄쇏뗄볛룱ퟟ쫆틔벰쎿쓪쯹탨풭닄쇏뗄솿ꎻ(6)ꆢ죋릤돉놾뇤뮯ꆢ욽뻹릤뫍풱릤죋쫽ꎻ(7)ꆢ돉놾뗄볆볛랽램뫍뿘훆랽램ꎻ(8)ꆢ돉놾뇤뚯뫍쿺쫛쟩뿶뇤뚯ꎬ쓜럱붫짏헇뗄돉놾볞룸뿍뮧ꎻ(9)ꆢ폐컞쳡룟짺닺쓜솦뫍샍뚯킧싊뗄볆뮮뫍랽램ꎻ(10)ꆢ쎫샻싊뗄뇤뮯ꆣ
믹놾펯샻풤닢뗄볙짨(죽)맜샭벰쿺쫛럑폃(1)ꆢ쿺쫛럑폃뫍쿺쫛쫕죫뗄뇈샽ꎻ(2)ꆢ맣룦듙쿺쫖뛎뫍럑폃ꎻ(3)ꆢ탂쫐뎡뗄췘햹ꎻ(4)ꆢ쿺쫛쟾뗀(췸뗣/싴뗪/웤쯼)삩햹쟩뿶ꎻ(5)ꆢ뺺헹벤쇒돌뛈뫍탂뺺헹뛔쫖뗄뇤뮯ꎻ(6)ꆢ맜샭럑폃뗄뇤뮯ꎻ(7)ꆢ쎿쓪뗄퇐뺿뫍랢햹럑폃햼쿺쫛쫕죫뗄뇈샽ꎻ(8)ꆢ뛠짙풱릤뷸탐퇐뺿뫍랢햹ꎻ(9)ꆢ뮵헊ힼ놸ꆣ
믹놾펯샻풤닢뗄볙짨(쯄)탂춶볆뮮(1)ꆢ폐컞쫕릺ꆢ볦늢뫍춶탂뗄릫쮾볆뮮ꎻ(2)ꆢ탂퓶삩닺쟩뿶-뗘횷뫍탂퓶뛠짙짺닺쿟ꎻ(3)ꆢ탂쿮쒿쓜릻삩듳뛠짙짺닺쓜솦ꎬ뫎쪱뾪쪼ꎬ떱쓪퓶닺쓜솦ꎻ(4)ꆢ탂쿮쒿뗄돉놾뫍뛔닺욷떥캻돉놾뗄펰쿬ꎻ(5)ꆢ탂닺욷쫇럱쫜뮶펭ꎬ펯샻믡죧뫎ꎻ(6)ꆢ탂쿮쒿쎿쓪뗄헛뻉ꆣ
믹놾펯샻풤닢뗄볙짨(컥)뷰ꆢ죚뫍닆컱(1)ꆢ쇷뚯뷰뗄뇤뮯-펦쫕헊뿮ꆢ듦믵폫쿺쫛쫕죫뗄뇈샽ꎬ펦뢶헊뿮뫍돉놾뗄뇈샽ꎻ(2)ꆢ쒿잰뗄쇷뚯뇈싊뫍쯙뚯뇈싊ꎻ(3)ꆢ놾웚풤쳡뮵헊뫍돂뻉듦믵ힼ놸쟩뿶ꎻ(4)ꆢ뷼웚뷰뗄훷튪살풴뫍쪹폃뇤뮯ꎻ(5)ꆢ틸탐듻뿮쟩뿶-뎤웚뫍뛌웚뷰뛮틔벰샻싊쟩뿶ꎻ(6)ꆢ쒿잰햮컱뫍뺻닺뗄뇈싊ꎻ(7)ꆢ쫇럱폐삩듳뷰뗄볆뮮-듻뿮믲놾쫐뎡벯ꎻ(8)ꆢ샻죳럖엤뗄헾닟ꎻ(9)ꆢ막쾢럖엤쫇룹뻝뺲샻죳뮹쫇룹뻝쿖뷰쇷솿ꎻ(10)ꆢ쫇럱만뚨막쾢ꆣ
믹놾펯샻풤닢뗄볙짨(쇹)웤쯼(1)ꆢ훷펪튵컱샻죳햼쮰잰샻죳뗄냙럖뇈ꎻ(2)ꆢ럇뎣쿮쒿벰웤쯼샻죳햼쮰잰샻죳뗄뇈샽ꎻ(3)ꆢ쒿잰캪횹샻죳췪돉쟩뿶ꎻ(4)ꆢ쎿막샻죳뇤뮯뫍풭틲-막쫽뗄뇤뮯ꆣ
믹놾펯샻풤닢뗄볙짨(웟)ퟮ뫳뗄볬닩(1)ꆢ쯹폐뗄볙짨쫇럱폫릫쮾ꆢ탐튵틔벰뺭볃뮷뺳쿠럻ꎻ(2)ꆢ폫틔췹쓪뛈룷쿮뺭볃횸뇪뇈싊뗄뇤뮯쫇럱쿠럻ꎬ죧폐듳뗄닮틬쓜럱뷢쫍ꎻ(3)ꆢ훷튪뺭볃횸뇪뇈싊Sales Growth,EBITDA Growth,Attributable Earnings Growth, EPS GrowthEBITDA Margin, Tax Charge, Dividend Payout Ratio,Net ROE, ROADebt/Equity, Debtors Days;Creditors DaysStock Days
ퟜ뷡좷뚨펯샻풤닢쒣탍뗄룷훖볙뚨탨튪컒쏇뷸탐듳솿뗄럖컶ꎬ늢ퟷ돶듳솿뗄훷맜에뛏ꆣ헢쪱ꎬ탨튪훘뗣뾼싇릫쮾샺쪷쫽뻝ꎬ릫쮾뺺헹닟싔ꎬ탐튵쮮욽벰쟷쫆ꆣ뺡맜돵듎훆ퟷ뗄펯샻풤닢쒣탍뿉쓜폫쿖쪵쟩뿶폐닮뻠ꎬ떫춨맽뎤웚룺ퟙ뫍맛달릫쮾뗄탐캪ꆢ폫릫쮾맜샭닣뛠듎릵춨늢룺ퟙ탐튵뗄랢햹ꎬ럖컶풱뿉붫룷훖볙뚨붫늻뛏췪짆ꆣ틲듋ꎬ튪뛔ퟔ벺뗄에뛏폐탅탄ꆣ펯샻풤닢쒣탍훐뗄룷훖볙뚨뚼펦틔탐튵럖컶뫍릫쮾럖컶캪믹뒡ꆣ컒쏇펦늻뛏뗘컊ퟔ벺ꎺ헢룶볙뚨쫇럱듓탐튵쟩뿶뫍릫쮾닟싔짏뿉뗃떽횧돖ꎿ
풤닢볙짨뫍놨뇭욽뫢
믹놾펯샻풤닢뗄랽램쿖 뷰 쇷 솿캬 돖 릫 쮾 짺 닺 춶 뫍 막 뚫 믘 놨뺭 펪 탔 쿖 뷰 쇷 솿춶 쿺 쫛샻 죳 싊쮰뺭 펪 탔 쇷 뚯 닺만 뚨 닺 춶 볦 늢 폫 쫕 릺쿺 쫛 쫽 솿볛 룱돉 놾럑 폃R & D듦 믵A / RA / P
닆컱놨뇭폫웳튵믮뚯뗄맘쾵엉랢막샻횧뢶샻쾢막뚫햮좨죋죏릺막럝쳡릩햮컱죚믮뚯쮰쫕릫쮾뗄쿖뷰횧뢶펦뢶헊뿮쫕믘펦쫕헊뿮쿖뷰쿺쫛펦쫕헊뿮헾뢮펦뢶헊뿮릩펦짌탅폃쿺쫛뷸탐탅폃쿺쫛뺭펪믮뚯듦믵짺닺믮뚯춶믮뚯춶헛뻉만뚨닺
믹놾펯샻풤닢뗄랽램-% 쫕죫샻죳닺뢺햮뫍막뚫좨틦쫕죫% 돉뎤싊틸탐듦뿮(3)틸탐뛌웚듻뿮(4)돉놾% 쫕죫쇷뚯뺭펪탔닺쇷뚯뺭펪탔뢺햮맜샭뫍쿺쫛럑폃% 쫕죫춶틸탐뎤웚듻뿮(4)EBITDA웤쯼쇷뚯닺웤쯼뎤웚뢺햮웤쯼뎤웚닺막샻헛뻉(2)% 만뚨닺만뚨닺펦뢶쮰뷰샻쾢럑폃(4)% 듻뿮샛볆헛뻉(2)막놾샻쾢쫕죫(3)% 틸탐듦뿮만뚨닺뺻횵릫믽뷰,캴럖엤샻죳춶쫕틦(1)ퟜ볆짙쫽막뚫좨틦웤쯼ퟜ볆Assumptions:쮰잰샻죳% 쫕죫만뚨닺춶(5)% 쫕죫쯹뗃쮰% 쮰잰샻죳듻뿮뫍막놾뇤뮯(4)뎤ꆢ뛌웚듻뿮뫍막놾짙쫽막뚫좨틦% 쮰잰샻죳듦믵% 쫕죫뺻샻죳펦쫕헊뿮% 쫕죫막샻(6)% 뺻샻죳펦뢶헊뿮% 쫕죫캴럖엤샻죳
믹놾펯샻풤닢뗄랽램-% 쫕죫펯샻풤닢뗄맘볼ꎺ쿖뷰쇷솿뇭펯샻쮮욽-쫕죫뫍쎫샻싊캪놣횤릫쮾랢햹쯹탨뷰쮰잰샻죳볓ꎺ만뚨닺헛뻉(2)복ꎺ춶쫕틦(1)폅뗣뫍좱뗣-볲떥쿖뷰쫕틦뻟쳥릫쮾뿉톡퓱쇩믮뗄풤닢랽램ꆢ떫컞싛복ꎺ춶만뚨닺(5)볓/복ꎺ쇷뚯뷰뇤뮯뺻뛮폃뫎훖랽램뚼펦쫇쿠춬뗄뷡맻ꆣ펪퓋춶뫳쿖뷰쇷솿복ꎺ막샻럖엤(6)복ꎺ퓶볓뎤웚춶늽훨ꎺ볓/복ꎺ만뚨닺쟥쯣퓶볓1ꆢ듓틔췹뗄쫽뻝럖컶ꎬ룷쿮돉놾럑폃뫍볓ꎺ죚뷰(4)쇷뚯뷰폫쿺쫛쫕죫뗄뇈샽ꎻ죧쓑틔복ꎺ웤쯼뾴돶쟷쫆ꎬ퓲펦폫릫쮾뻟쳥쳖싛ꎻ뺻쿖뷰쇷솿쓪돵쿖뷰2ꆢ쿺쫛쫕죫풤닢뗄ힼ좷탔쫇맘볼ꆣ쓪뗗쿖뷰
뎣볻듭컳틔벰힢틢쫂쿮뎣볻컊쳢\솴뷓컊쳢\펦쫕헊뿮ꎬ헛뻉ꎬ첯쿻ꎬ짙쫽막뚫좨틦ꎬ펯샻펯폠ꎬ막놾ꎬ놾릫믽뷰\펦쫕헊뿮뺻횵뫍만뚨닺뺻횵힢틢쫂쿮\닺뢺햮뇭튪뺡뿉쓜뗄폫쿖뷰쇷솿뇭튻횱\죽헅뇭뗄맘쾵P/L훐뗄샻쾢쫕죫뫍횧돶ꎭꎭꎭFinancing ActivitiesBS훐뗄CashꎬLoansꎬEquityꎬReservesꎭꎭꎭFinancing ActivitiesBS훐뗄InvestmentsꎬFixed AssetsꎬIntangible AssetsꎭꎭꎭInvesting Activities
믹놾펯샻풤닢뗄늹돤랽램쏴룐뛈럖컶-Sensitivity analysis쒳튻쿮볙짨폐뛠훖뿉쓜ꎬ늢믡뛔펯샻뫍쿖뷰쇷솿닺짺늻춬뗄뷡맻ꆣ춨맽쏴룐뛈뗄럖컶뿉틔쫇춶헟룼좫쏦뗘쇋뷢쟩뿶늻춬랽낸럖컶-Scenario analysis 쒳벸쿮볙짨폐뛠훖뿉쓜ꎬ늢믡뛔펯샻뫍쿖뷰쇷솿닺짺늻춬뗄뷡맻ꆣ죧볛룱늻춬볙짨믡틽웰쿺쫛쫽솿뗄늻춬평폚펯샻풤닢뫜쓑ퟶ떽췪쏀ꎬ쯹틔춨맽틔짏솽훖랽램ꎬ춨맽뛠쿮톡퓱ꎬ쏜쟐룺ퟙ릫쮾ꎬ벰쪱폫릫쮾붻쇷ꎬ룼뫃뗘쇋뷢릫쮾ꆣ
췪짆펯샻풤닢뗄랽램닆컱횪쪶죽헅놨뇭룷쿮쫽뻝쫇솬뚯뗄ꆣ뛔탅쾢뗄쏴룐뛈놨횽ꆢ뺺헹뛔쫖릵춨쓜솦폫짏쫐릫쮾뗈늻볤뛏뗘룺ퟙ뫍솪쾵ꆢ뚨웚볬닩펯샻풤닢펯샻풤닢늻횻쫇ퟶ떽ퟮ뫳쫽ퟖ뗄쿠춬ꎻ뛸쫇캪쇋쇋뷢릫쮾ꆢ탐튵뗄랢햹쟷쫆틔벰웤막욱볛횵뗄뫏샭뚨캻ꆣ
펯샻풤닢폫닆컱퓬볙
짏쫐릫쮾퓬볙뚯믺뫎퓚ꎿ떱튻볒짏쫐릫쮾쏦쇙쿂쇐쟩탎횮튻쪱ꎺ짏헽좨탂퓸뺭룟쯙뿠퓚벯짏뿠짺훐쫐퓶뎤뛸쿖헵쏼펵믲퓚헦쪵퓶퓺쿟폐막뎤뾪쪼쟷뮺캪좷솢믲놣돖퓚춶헟탄쒿훐뗄솼뫃탎쿳ꎬ볌탸돯뗃놾ꎬ쪹폃닆컱퓬볙뛠쎴뗄폕죋낡ꎡ
쪹폃닆컱퓬볙뻍샠쯆폚쿂쇐쟩탎ꎺ튻룶놣쿕맱샯ힰ뗄좫쫇춷ꎬ뛸쯼뗄훷죋좴탅쫄첹첹뗘룦쯟쓣ꎬ샯쏦ힰ뗄쫇믆뷰ꎻ튻횧량죓듭쇋랽쿲ꎬ떫춶량뗄죋좴퓚듭컳뗄뗘랽뮭짏튻룶냐ퟓꎬ쪹횮뾴짏좥뫃쿱쫇량횱뷓쏼훐쇋냐탄ꆣ
볠뿘놡죵뗄뮷뺳ꎨ벴뚭쫂믡좱랦뛀솢뗄뚭쫂믲좱랦쓜룉뛸폖뛀솢뗄췢늿짳볆헟ꎩ맜샭닣쏦쇙벫뛈뗄뺺헹톹솦맜샭닣뻟폐믲뿉쓜뻟폐늻뿉뾿뗄탔룱
닆컱퓬볙듳좫맽퓧볇슼쫕죫믲볇슼폐컊쳢뗄쫕죫볇슼캱퓬뗄쫕죫춨맽엲헍쿖웚쫕죫뫍쯹뗃믲톹쯵쿖웚쪹폃튻듎탔쯹뗃퓶볓쫕죫럑폃ꎬ틔뿤듳쿖웚뗄펯샻쫽ퟖ붫쿖웚럑폃췹잰믲췹뫳틆늻볇슼뢺햮믲늻쫊떱뗘복짙뢺햮춨맽톹쯵쿖웚쫕붫쿖웚쫕죫틆떽캴살죫믲엲헍쿖웚럑폃ꎬ틔쯵킡쿖웚펯샻쫽ퟖꎬ듓뛸냑캴살럑폃ퟷ캪쳘뇰럑폃틆떽쿖퓚뿤듳캴살뗄뷡맻ꆣ
퓚캴살럾컱짐캴쳡릩쪱ꎬ쫕죫틑볆죫헊닡ꎻ퓚믵컯랢돶믲뿍뮧컞쳵볾뷓쫜잰ꎬ쫕죫틑볆죫헊닡ꎻ퓚뿍뮧뮹쎻폐틥컱횧뢶믵뿮횮잰ꎬ쫕죫틑볆죫헊닡ꎻ쿲뢽쫴믺릹돶쫛닺욷ꎻ룸폨뿍뮧쒳훖믘뿛ퟷ캪늹뎥ꎻ훘뢴볆쯣쫕죫ꆣ
볇슼좱랦쪵볊뺭볃틢틥뗄쫕죫ꎻ붫돶뷨붻틗쯹뗃뗄쿖뷰ퟷ캪쫕죫볆죫헊닡ꎻ붫춶쯹뗃ퟷ캪쫕죫볆죫헊닡ꎻ붫릩믵짌틔캴살볌탸릺싲캪쳵볾뗄헛뿛볇ퟷ쫕죫ꎻ붫릫쮾뫏늢잰늻쫊떱뿛쇴뗄쫕죫쫍럅돶살ퟷ캪릫쮾뗄쫕죫ꆣ
춨맽돶쫛뗍폚볛횵뗄닺퓶볓샻죳ꎻ붫춶쫕죫믲쯹뗃ퟷ캪쫕죫뗄튻늿럖ꎻ붫춶쫕죫믲쯹뗃폫펪퓋럑폃쿠뗖쿻ꎻ춨맽닺뢺햮뇭짏룷룶삸쒿뗄훘탂맩샠살훆퓬쫕죫ꆣ
붫헽뎣뗄펪퓋돉놾ꎬ폈웤쫇ퟮ뷼랢짺뗄돉놾놾뮯ꎻ뇤룼믡볆헾닟ꎬ붫쿖웚럑폃틆떽맽좥ꎻ돉놾헛뻉믲첯쿺맽싽ꎻ늻힢쿺볛횵쯹쪣컞벸뗄닺ꎻ붵뗍닺ힼ놸ꆣ
캴살틥컱죔좻듦퓚ꎬ떫늻볇슼쿠맘뗄뢺햮뫍럑폃ꎻ춨맽뇤룼믡볆볙짨쳵볾ꎬ복짙뢺햮ꎻ붫폐컊쳢뗄ힼ놸뷰쫍럅ꎬ돤ퟶ쫕죫ꎻ훆퓬볙쎰뗄쿺쫛헛뿛ꎻ떱쫕떽쿖뷰쪱ꎬ벴쪹캴살틥컱죔좻듦퓚ꎬ죔볇캪쫕죫ꆣ
붨솢ힼ놸뷰좻뫳퓚캴살쒳룶쪱웚쫍럅ꎬ돤ퟷ쫕죫ꎻ퓚릫쮾볦늢췪돉잰쾦ꎬ늻쫊떱뗘뿛쇴쫕죫ꆣ
붫쳘뇰럑폃뗄쫽솿뿤듳ꎻ퓚볦늢잰뫳ꎬ붫헽퓚뷸탐뗄퇐뺿폫뾪랢럑폃힢쿺ꎻ냑ퟔ평탔럑폃볓쯙틆떽쿖퓚ꆣ
럖컶쪶뇰뫎뒦쿂쫖톰헒쒿뇪놨쿈튻쎻폐놣쇴틢볻뇭럖뚨퓚뗄컶튪짳볆놨룦폐컊쳢뗃놨룦럖쫽쿠쿈짳볆헟뗄짹폾컶뻝맘듓쯟쯏릫훐뗄닆듺샭쫩룟닣뺭샭킽돪쮾톰탅컱놨쿠맘랽쏦뗄붻틗헒쾢놨룦훫ꆣ뇭믡볆맦퓲뗄뇤룼쪱쮿좻뾪뷅힢쿠맘랽쏦뗄붻틗ꎬ십뫳쪼펦벱럑폃믲탭억늢벣퓙ꎬ늻ퟜ닃뗄탅첹싊돌뛈ꆣ듓뿉쳘뚨뗄볲튪엻슶맜샭닣뗄쳖싛폫럖컶폫뷅힢엻슶쫇럱튻훂맜샭닣죋쫂뇤뚯쫇럱욵랱
닆컱놨뇭럖컶릲춬맦쒣럖컶뚨틥럖샠뺯룦탅뫅퓧웚탅뫅닺뢺햮뇭ꎬ샻죳뇭ꎬ쿖뷰쇷솿뇭탰쫶늿럖ꎺ뷅힢ꎬ맜샭닣뗄쳖싛ꆣ
냯훺럖컶쪦뻶뚨튻룶릫쮾닺뢺햮뇭폫쫕틦뇭훐ꎬ룷룶ퟩ돉튪쯘폫튻룶릲춬틲쯘ꎨퟜ닺믲ퟜ쿺쫛뛮ꎩ횮볤맘쾵뗄랽램ꆣ
춬튻쓪뇈뷏ꆣ쯹폐닺뢺햮뇭뗄쿮쒿뚼틔ퟜ닺뗄뇈샽뇭쪾ꎬ쯹폐쫕틦뇭뗄쿮쒿뚼틔뺻쿺쫛뛮뗄뇈샽뇭쪾ꆣ벴ꎺퟝ쿲럖컶쿮쒿쫽뛮뇈샽ꎽퟜ닺ꎨ뺻쿺쫛뛮ꎩ늻춬쓪뇈뷏ꆣ틔쒳룶쳘뚨쓪럝캪믹쓪ꎬ틔뫳쎿쓪뗄냙럖뇈뇤뮯평듋볆쯣뛸살ꆣ벴ꎺ뫡쿲럖컶쎿쓪룷룶쿮쒿쫽뛮뇈샽ꎽ믹쓪뛔펦쿮쒿쫽뛮
뺯룦탅뫅돶쿖뗄컊쳢믲쪹폃뗄욭쫵1.쿖뷰뫍쿖뷰뗈볛컯햼ퟜ닺뇈샽쿂붵쇷뚯탔컊쳢ꎻ뿉쓜탨튪뷨뿮2.펦쫕헊뿮퓶뎤풶뎬돶쿺쫛퓶뎤쫕죫좷죏뿉쓜맽벤ꎨ맽퓧볇슼쫕죫믲럅뿭뿍뮧횧뢶쳵볾3.펦쫕헊뿮퓶뎤풶뗍폚쿺쫛퓶뎤펦쫕헊뿮뿉쓜놻훘탂맩샠캪쇭튻룶닺샠뇰4.뮵헊ힼ놸쿠뛔폚ퟜ펦쫕헊뿮쿂붵뒢놸늻ퟣꎬ틔벰뿤듳펪퓋쫕죫5.캴쫕좡뗄펦쫕헊뿮퓶뎤풶뿬폚쿺쫛믲쿺쫛쫕죫뗄룼듳늿럖뿉쓜살ퟔ폚췪돉뇈틑쫕좡뗄펦쫕헊뿮퓶뎤샽믡볆랽램쿂뗄쿺쫛6.뿢듦퓶뎤풶뿬폚쿺쫛ꎬ쿺쫛돉놾틔벰뿢듦뿉쓜틑뺭럏웺ꎬ탨튪힢쿺ꎻ릫쮾뿉펦뢶헊뿮퓶뎤쓜뛔쒳킩쿺쫛쎻폐볇슼쿺쫛돉놾7.뿢듦뒢놸쿠뛔폚뿢듦쿂붵뒢놸늻ퟣꎬ틔벰뿤듳펪퓋돉놾8.풤뢶럑폃쿠뛔폚ퟜ닺벱뻧짏짽ꎻ웤뿉쓜붫쒳킩펪퓋럑폃놾뮯쯻닺쿠뛔폚ퟜ닺벱뻧짏짽9.뎧랿짨놸쿠뛔폚ퟜ닺벱뻧짏짽붫캬탞럑폃놾뮯10.뎧랿짨놸쿠뛔폚ퟜ닺벱뻧쿂붵쎻폐춶폚탂뗄뎧랿짨놸11.뎧랿짨놸짏짽쪱ꎬ샛볆헛뻉쿂붵캴횧좡ퟣ릻뗄헛뻉럑폃ꎨ뿤듳펪퓋쫕죫ꎩ
12.짌폾쿠뛔폚ퟜ닺짏짽뿉쓜냑폐탎닺훘탂맩샠캪짌폾ꎬ틔뇜쏢붫살ퟷ캪럑폃13.짌폾짏짽ꎬ샛볆첯쿺럑폃좴쿂붵캴횧좡ퟣ릻뗄첯쿺럑폃ꎬ뿤듳펪퓋쫕죫14.펦뢶헊뿮뗄퓶뎤풶뿬폚쿺쫛퓶뎤캴뎥뮹뿢듦뫍릩펦뗄쇷뚯햮컱ꎨ캴살붫탨튪룼듳뗄쿖뷰쇷돶ꎩ15.펦뢶럑폃쿠뛔폚ퟜ닺쿂붵릫쮾뿉쓜쫍럅ힼ놸뷰ꎬ뿤듳펪퓋쫕죫16.쿺쫛쫕죫짏짽쪱ꎬ뗝퇓쫕죫쿂붵탂퓶튵컱쟷뮺믲헟릫쮾쫍럅늿럖ힼ놸뷰ꎬ뿤듳쿺쫛쫕죫17.쿺믵돉놾쿠뛔폚쿺쫛톸쯙퓶뎤볛룱톹솦떼훂쎫샻싊쿂붵18.쿺믵돉놾쿠뛔폚쿺쫛쿂붵릫쮾뿉쓜쎻폐듓뿢듦훐틆쯹폐돉놾19.쿺믵돉놾쿠뛔폚쿺쫛쎿벾뛈늻뛏늨뚯늻컈뚨뗄쎫샻싊뿉쓜틢캶ퟅ믡볆캥맦20.펪퓋럑폃쿠뛔폚쿺쫛벱뻧쿂붵뿉쓜붫쒳킩펪퓋럑폃놾뮯21.펪퓋럑폃쿠뛔폚쿺쫛쿔훸짏짽릫쮾킧싊뿉쓜쿂붵ꎬ떥캻닺욷돉놾퓶볓22.쮰잰쫕죫훷튪늿럖살ퟔ폚튻듎탔쯹뗃뫋탄튵컱튻늻헱23.샻쾢럑폃쿠뛔폚뎤웚햮컱쪵훊탔짏짽풤볆믡폐룼듳뗄쿖뷰쇷돶24.샻쾢럑폃쿠뛔폚뎤웚햮컱쪵훊탔쿂붵뿉쓜붫쒳킩펪퓋럑폃놾뮯
25.죭볾돉놾뗄첯쿺퓶뎤뗍폚놾뮯돉뿉쓜붫쒳킩펪퓋럑폃놾뮯놾26.펪튵쿖뷰쇷쪵훊탔실뫳폚뺻쫕죫펯샻쫽ퟖ훊솿뾰폇믲펪퓋놾럑폃맽룟27.릫쮾쎻폐엻슶펪튵쿖뷰쇷뗄쿪쟩릫쮾뿉쓜쫔춼틾싷펪튵쿖뷰뗄살풴28.쿖뷰쇷죫훷튪살풴폚닺돶쫛ꎬ뷨릫쮾탩죵뗄뇭쿖ꎬ폈웤쫇죧맻쿖뷰좫늿듻틔벰탂막랢탐살풴폚닺돶쫛ꎬ뷨듻벰탂막랢탐
뺯룦탅뫅돶쿖뗄컊쳢믲쪹폃뗄욭쫵1.믡볆ힼ퓲뗄뇤룼쫔춼틾싷펪퓋컊쳢2.믡볆맀쯣뗄뇤룼쫔춼틾싷펪퓋컊쳢3.믡볆럖샠뗄뇤룼쫔춼틾싷펪퓋컊쳢4.짳볆풱뗄뇤룼폐럧쿕뿍뮧뗄뇪볇5.쫗쾯닆컱맙믲췢늿싉쪦뗄뇤룼폐럧쿕뿍뮧뗄뇪볇6.볠맜늿쏅뗄뗷닩뿉쓜떼훂훘탂탻늼믡볆뷡맻7.뎤웚돐억폫펦벱쿖뷰ힼ놸잱퓚뗄슩뚴8.쿖탐믲잱퓚뗄쯟쯏쿖뷰ힼ놸잱퓚뗄슩뚴9.ퟔ평뗄믡볆헾닟닆컱놨룦뿉쓜뿤듳샻죳쫽ퟖ10.컳떼뗄맜샭죋풱벤샸믺훆뿉쓜뿤듳샻죳ꎬ첫룟붱뷰뫍막욱볛룱11.놡죵뗄볠뿘뮷뺳훆퓬샄폃닆컱욭쫵뗄믺믡12.짳볆풱뗄폇싇폐럧쿕뿍뮧뗄뇪볇13.맜샭닣벱폚췆쿺ퟔ벺뇈뗍뗷뗄맜샭닣룼뿉쓜탐욭14.췪돉뇈샽믡볆랽램뗄쪹폃쿺쫛쫕죫뿉쓜놻뿤듳15.별돶헊떥ꎬ떫늻벱폚쫕뿮쿺쫛쫕죫뿉쓜놻뿤듳16.맽폚틀삵짙늿럖뿍뮧죧맻헢킩뿍뮧샫뾪ꎬ붫뛔튵컱퓬돉돥믷
17.훷튪뿍뮧뗄닆컱컊쳢훷튪뿍뮧웆닺뿉쓜믡뛔튵컱퓬돉돥믷18.캪뿍뮧죚돯뿮쿺쫛쫕죫뿉쓜놻뿤듳ꎬ튵컱뿉쓜뇈틢쪶떽뗄탩죵19.뿍뮧폐좨췋믵뿉쓜맽퓧볇슼쿺쫛쫕죫20.틔컯틗컯쿺쫛쫕죫뿉쓜놻뿤듳21.붫샻쾢믲죭볾놾뮯펪퓋쫕죫뿉쓜놻뿤듳22.쎻폐볇슼뗄뢺햮캴살뗄쿖뷰틥컱뿉쓜듳폚쿫쿱ꎬ펪튵쫕죫뿉쓜놻뿤듳23.캥랴햮컱웵풼틸탐뿉쓜쫕믘듻뿮ꎬ퓬돉쿖뷰쇷뿝뷟24.쎻폐뛀솢뚭쫂놡죵뗄볠뿘뮷뺳믡룸맜샭닣훆퓬샄폃닆컱욭쫵뗄믺믡26.풤쿈횧뢶캴살뗄펪퓋럑폃떼훂캴살뗄펪퓋쫕죫놻뿤듳
