CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED
                                        1800




                                                    2024   11   1




      16,798.7616           10,499.226




                                         2024   6   30
                    69,994.84




                                –1–
                     =




             =               +                            +
         +




    P                                    Fi       i
    Fn                                        r       n
i                i       g




                                 –2–
                     2029
2029




                  2.63%     4.73%




  2.00%   2.90%

                                    9%   6%
                                    7%   3%   2%




                    –3–
                 25%




                        =




                       WACC                                 11.32%


                            E                    D
            WACC = Ke ×       + Kd × (1-t) ×
                           D+E                  D+E

                                                                 E
Ke                 11.32%      Kd                       3.45%
                                                                D+E
             D
     100%                             0   t           25%
            D+E




                              –4–
                                         CAPM

                         Ke = rf + MRP   βL + rc




                                     +
      rf                                     10
2.21% MRP                                     9.37%               2.21%
         7.16%   L
                     A                                     U
                                                                  1.0630
      rc
                                                          1.50%




2024   12   27

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                                 –5–