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2005 SAS70 70
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1
2 9 30 11 30 13 00 15 00 9 30 15 00
3 / 2
4
1 1,000 ( ) 1,000 ( )
2 100 1,000
3 2
( )
46
T T+1 T 2
T 3
M
M<100 1.5%
100 ≤M<500 1.2%
500 ≤M<1000 0.6%
1000 ≤M 1000 /
25% 0.5
N
N<2 0.5%
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( )
47
N ≥3 0
1 2
2
2 2 2
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( )
48
A B C (1-D) / 1+G +F /E
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(1)
(2)
(3)
(4)
(5)
1 4
1
( )
49
(1)
(2)
(3)
(4)
2
3 20
3
4
1
10%
2
(1)
(2) 10
( )
50
(3) 2
3
20
( )
51
3
1
T+1 T+2
T+1
3
2
1 “ ”
2
3
4
GDP
( )
52
A 60-95% 5 0-35%
1.
2.
P/B EV/EBITA DCF
( )
53
3. Interest rate anticipation Yield spread analysis (Valuation
analysis)
A600
80% A600 20%
P/B EV/EBITA DCF
( )
54
1
2
3
4
5
6
1
2
3
4
5
6
( )
55
1
2
3
4
5
6
7
8
1 10%
2 10%
3
4 40%
5 5%
6 0.5% 3% 10%
7
( )
56
8
9
10
1
2
3
4
2008 3 31
10,945,210,176.0586.72%
0.000.00%
72,380,373.910.57%
5,801,603.820.05%
1,585,093,303.07 12.56%
12,629,651.630.10%
12,621,115,108.48100.00%
A
0.000.00%
( )
57
B
970,659,532.357.74%
C
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C0
543,073,085.38 4.33%
C1
0.000.00%
C2
0.000.00%
C3
97,240,737.320.78%
C4
347,644,130.81 2.77%
C5
936,695.810.01%
C6
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C7
1,268,418,826.9010.11%
C8
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C99
0.000.00%
D
192,265,831.33 1.53%
E
13,871,313.940.11%
F
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G
362,919,871.602.89%
H
194,903,518.921.55%
I
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J
1,423,765,914.8011.35%
K
286,687.500.00%
L
0.000.00%
M
0.000.00%
10,945,210,176.0587.26%
1 600036
16,267,631 523,329,689.27 4.17%
2 000002
18,391,835 470,830,976.00 3.75%
3 600005
29,975,873 425,357,637.87 3.39%
4 600030
6,544,323 343,576,957.50 2.74%
5 600000
9,399,959 332,758,548.60 2.65%
6 600325
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7 601328
29,000,000 289,710,000.00 2.31%
8 601166
7,483,548 275,544,237.36 2.20%
9 600028
22,358,485 271,208,423.05 2.16%
10 601939
39,299,791 267,631,576.71 2.13%
----
----
----
( )
58
----
-- --
-- --
-- -- -- --
1
2
3
7,024,653.37
0.00
0.00
1,488,794.52
4,116,203.74
0.00
12,629,651.63
4
-- -- -- -- --
5
1 119003
02 50,292,828.04 0.40%
2 119009
04 22,087,545.87 0.18%
6
-- -- --
CWB1 968,6912,001,315.61
CWB1 1,106,3433,800,288.21
2,075,0345,801,603.82
( )
59
1 2
3
4
1 - 3 2 - 4 2006.11.212006.12.31 15.07% 1.00% 26.49% 1.51% -11.42% -0.51%
2007.1.12007.12.31 119.34% 1.95% 113.77% 1.83% 5.57% 0.12%
2008.1.12008.3.31 -26.61% 2.65% -21.81% 2.30% -4.80% 0.35%
2006.11.212008.3.31 85.23% 2.05% 102.01% 1.90% -16.78% 0.15%
-40.00%
10.00%
60.00%
110.00%
160.00%
210.00%
06-11-21 07-3-21 07-7-21 07-11-21 08-3-21
1
2
3
( )
60
4
5
6
7
8
9
10
( )
61
1
1
2
3
4
2
1
( )
62
2
3
3
4
5
6
7
( )
63
4 5 0.25% 0.5%
1
2
1
( )
64
2
3
4
5
6
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3
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2
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( )
65
5 0.25% 0.5%
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1 6
2
1 90% 3
( )
66
2
3
4
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( )
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1
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2
N
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×T
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3
( )
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25
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A B C D G E F
4
5 2
6 ( )
1
2
3
( )
70
4
2
1
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3
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( )
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1
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( )
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1 6 45 15
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90
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15
2
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2
1
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( )
74
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
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75
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( )
76
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1
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78
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79
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80
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4013 19-20
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111
2008 1 4
2008 1 10
2008 1 18
2008 1 19 2007
2008 1 22
2008 1 23 2007
2008 1 24
2008 1 30
2008 1 30
2008 2 1
2008 2 1
2008 2 20
2008 2 26
2008 2 27
2008 2 27
( )
112
2008 3 14
2008 3 28
2008 3 28
2008 3 28
2008 3 29 2007
2008 3 29 2007
2008 4 7
2008 4 7
2008 4 8
2008 4 10
2008 4 10
2008 4 15
2008 4 15
2008 4 16
2008 4 22 2008
( )
113
2008 4 25
2008 5 5
2008 5 5
2008 5 5
2008 5 19
2008 5 28
