3 - 1
1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
3 - 2
9
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
3 - 3
17
1
2
3
4
5
6
7
8
9
10
11
12
13
3 - 4
14
15
16 15
17
18 ,
19
20
21
22
23
24 30
25
26
27
3 - 5
1
2
3
4
5
6
7
1
2
3
4
5
6
3 - 6
7
8
9
10
11 15
12
13
14
15
16
17
18
19
20
21
22
3 - 7
1
1
2
3
4
5
6
7
8
9
10
11 10% 10%
12
13
2
1
2
3 - 8
3
4
5
6
7
8
9
1
2
3 10 60 60
4 10% 10% 10 60 10% 10% 10
3 - 9
60
5 10% 10% 10% 10% 30
6
1 30
1
2
3
4 ;
5
6
7
2
3
3 - 10
1
1
2 50% 50%
2
1 2
2
3 50% 50%
4 3
3 - 11
5
3
1 2 2
3
4
5
1
2
1)
3 - 12
50% 50%
2)
30 2
1 50% 50% 2
2
3 - 13
1
1)
2)
3)
4 ,
2
5
2
3 - 14
1
2
3 4
20% 3
4
5
6
3 - 15
2
15
1
2
3 C
4
5
6
7
8
9
10
1
1.5%
3 - 16
H E %
H
E
5
2
0.25%
H E %
H
E
5
3
C 0.5%
H=E C
H C
E C
C 2-5
C C
“ 4 10
3 - 17
1
2
3
4
“profitability-valuation”
( ) 30%-95%
3 - 18
5%-70% 0%-3% 5% 5%
1
1 30%-95% 5%-70% 0%-3% 5%
2 5
3 10
4 10
5 3
6
10
7 0.5
8 10
9 20
10 ( ) 10
11
3 - 19
10
12 BBB ( BBB) 3
13
14 40% 1
15 140%
16
10
6
2
1
2
3
4
3 - 20
5
6
1
1
2
3
3 - 21
4
2
1
2
3
3
4
5
6
3 - 22
1
2
1
3 - 23
2 6
3
4
1 30
2
3
4
1
2
3
4
5
6
7
5 6
3 - 24
5
15
