2021




                   :




2021                            2021   12     31                    2021


                                       2022        03567
               2022    5   31                                       2021




           1
                                                             2021   1.85
                                            2021                     2021
                       4000                        924.39
       1


       2




               1
                                                            2021




                                              1
     1




     2




         P
         Ri         i


         Rn+1           1
         r
         n
         Z
     3
1.




                2
              2022
2022
                       2021
2022                      2021                                               2022
                2022               2021            2022     -2026
       115% 29%   24% 16% 9%
   2.
              2022                                                                  2022
                                                          2022   -2026
       70.71% 69.73%    68.94% 68.11% 67.79%
   3.
                                               r                                       r
                                                                         R


                                     WACC




                                          3
Wd

                 D
wd
      (E             D)
We




rd
re                            CAPM            re



     rf
     rm


         e




         u




      t



     K                         K=1
             x
      Di         Ei
                                     16.35%


     2




                          4
            2020           2021           2022                                        12,000
                                   2020            2021   2022
    1,500          4,000           6,500


                                                                 2020
        1,975.09                           1,500                        131.67%             2020


                                                                 2021
      924.39                              4,000             2021
                                                                           2022   4    27
            2022        TKMQB0360


             2021       12    31                                                      32,039.09
                                             10,423.97            42,463.07
            46,100.00                       2021




1
2
3




4


5


6




                                                   5
    2022   6   13




6