{"id":4471,"date":"2026-05-17T15:19:50","date_gmt":"2026-05-17T06:19:50","guid":{"rendered":"https:\/\/saku-hika.azki.in\/?p=4471"},"modified":"2026-05-17T15:26:04","modified_gmt":"2026-05-17T06:26:04","slug":"deal-with-the-devil","status":"publish","type":"post","link":"https:\/\/saku-hika.azki.in\/?p=4471","title":{"rendered":"Deal With The Devil"},"content":{"rendered":"\n<p>\uc800\uc5d0\uac8c \ud56d\uc0c1 \uae4a\uc740 \uc778\uc0ac\uc774\ud2b8\ub97c \uc8fc\uc2dc\ub294 \uc5d0\ub4dc\ubabd\ud0d5\ud14c\uc2a4\ub2d8\uc774 1\ub144\ub9cc\uc5d0 \uae00\uc744 \ud22c\uace0\ud558\uc168\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p><a href=\"https:\/\/blog.naver.com\/worldforsale\/224280803456\" data-type=\"link\" data-id=\"https:\/\/blog.naver.com\/worldforsale\/224280803456\" target=\"_blank\" rel=\"noopener\">\uc6d0\ubb38: 1\ub144\uc774 \uc9c0\ub0ac\ub2e4.<\/a><\/p>\n\n\n\n<p>\uadfc\ub370 \ub0b4\uc6a9\uc774 \uc880 \uc5b4\ub835\uae34 \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud558\uc9c0\ub9cc \uc27d\uac8c? \uc774\uc57c\uae30 \ud574\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc5ec\ub7ec\ubd84\ub4e4\uc774 \uac00\uc7a5 \ubbff\uc744 \uc218 \uc788\ub294 \uc815\ubcf4\ub294 \ubb34\uc5c7\uc778\uac00\uc694?<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"670\" height=\"401\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-75.png\" alt=\"\" class=\"wp-image-4472\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-75.png 670w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-75-150x90.png 150w\" sizes=\"auto, (max-width: 670px) 100vw, 670px\" \/><\/figure>\n\n\n\n<p><s>\uc774\uac8c \uac00\uc7a5 \uc9c4\uc9dc \ubbff\uc744\ub9cc \ud558\uc9c0\ub9cc<\/s><\/p>\n\n\n\n<p>\ud604\uc2e4\uc801\uc73c\ub85c\ub294<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1425\" height=\"1258\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-76.png\" alt=\"\" class=\"wp-image-4473\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-76.png 1425w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-76-150x132.png 150w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-76-768x678.png 768w\" sizes=\"auto, (max-width: 1425px) 100vw, 1425px\" \/><\/figure>\n\n\n\n<p>\uc774\uac78 \uc544\ub9c8 \uc81c\uc77c \ubbff\uc73c\uc2dc\uaca0\uc8e0?<\/p>\n\n\n\n<p>\ubc14\ub85c<\/p>\n\n\n\n<p>\uc22b\uc790\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud558\uc9c0\ub9cc \uc6d0\ub798 \uc801\uc740 \uac00\uae4c\uc774 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"488\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-77.png\" alt=\"\" class=\"wp-image-4474\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-77.png 1000w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-77-150x73.png 150w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-77-768x375.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\ud63c\ub178\uc9c0\uc758 \ubcc0 &#8211; \ubbff\uc744 \uc218 \uc788\ub294 \uac00\uc2e0(\u5bb6\u81e3)\uc774 \uc790\uc2e0\uc758 \uc7a5\ub0a8\uc744 \uc8fd\uc778\uac81\ub2c8\ub2e4.<\/figcaption><\/figure>\n\n\n\n<p>\uacfc\uc5f0 \uc22b\uc790\uac00 \uc9c4\uc2e4\uc77c\uae4c\uc694?<\/p>\n\n\n\n<p>\ud604\ub300 \ud68c\uacc4\ub294 IFRS\ub77c\ub294 \uad6d\uc81c\ud68c\uacc4\uae30\uc900\uc73c\ub85c \ud1b5\uc77c \ub418\uc5c8\ub2e4\uace0 \ud574\ub3c4 \uacfc\uc5b8\uc774 \uc544\ub2d9\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">\uc800\ub294 \uc774 \ud68c\uacc4\uae30\uc900\uc744 \uc2eb\uc5b4\ud569\ub2c8\ub2e4.<\/span><\/strong><\/p>\n\n\n\n<p>\ud68c\uacc4\ub85c \ubbf8\ub798\ub97c \uc608\uce21\ud55c\ub2f5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub9ac\uace0 \uadf8\uac78\ub85c \ucd94\uc815\uce58\ub97c \ub0c5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc81c\uac00 \uc5ec\ub7ec\ubd84\uc5d0\uac8c \uc9c8\ubb38\uc744 \ud558\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubbf8\ub798\ub97c \uc608\uce21\ud558\ub294 \uac83\uc740 \uac00\ub2a5\ud569\ub2c8\uae4c?<\/p>\n\n\n\n<p>\uc548\ub418\uc8e0<\/p>\n\n\n\n<p>EV\/EBITDA, EPS<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"865\" height=\"1305\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-83.png\" alt=\"\" class=\"wp-image-4481\" style=\"aspect-ratio:0.6628362883140582;width:341px;height:auto\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-83.png 865w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-83-99x150.png 99w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-83-768x1159.png 768w\" sizes=\"auto, (max-width: 865px) 100vw, 865px\" \/><\/figure>\n\n\n\n<p>\uc774\ub7f0 \ub9d0\ub3c4 \uc548\ub418\ub294 \uc9c0\ud45c\ub4e4\ub85c \uc6b0\ub9ac\ub294 \uc2dc\uc7a5\uc744 \ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">\uc2e4\uc81c\ub85c \uc774\uac83\ub4e4\uc774 \uc5bc\ub9c8\ub098 \ub9d0\ub3c4 \uc548\ub418\ub294 \uada4\ubcc0\uc778\uc9c0 \uaf2d \uc54c\uc544\ubcf4\uc2dc\uae38 \ubc14\ub78d\ub2c8\ub2e4.<\/span><\/strong><\/p>\n\n\n\n<p>\uc790 \uadf8\ub7ec\uba74 \uc774\uc81c \uc5d0\ub4dc\ubabd\ud0d5\ub370\uc2a4\ub2d8\uc774 \ub2e4\ub8e8\uc2e0 \uc720\ub7fd \uba54\uac00\ubc45\ud06c\ub4e4\uc758 \uc7a5\ub09c\uc9c8\uc744 \ubd05\uc2dc\ub2e4.<\/p>\n\n\n\n<p>ECL\ub791 FVPL\uc774\ub77c\ub294 \uac83\uc774 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub458\ub2e4 \ud3c9\uac00\ubc29\ubc95\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong>\uba3c\uc800 ECL\ub294 \uc740\ud589\uc774 \ub300\ucd9c\uc774\ub098 \ucc44\uad8c\uc744 \ub5bc\uc77c \uc704\ud5d8\uc744 \uc7a5\ubd80\uc5d0 \ubbf8\ub9ac \ubc18\uc601\ud558\ub294\uac81\ub2c8\ub2e4.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"445\" height=\"63\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-79.png\" alt=\"\" class=\"wp-image-4476\" style=\"width:244px;height:auto\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-79.png 445w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-79-150x21.png 150w\" sizes=\"auto, (max-width: 445px) 100vw, 445px\" \/><\/figure>\n\n\n\n<p>\uba85\ubaa9\uc801\uc73c\ub85c\ub294 \uac74\uc804\uc131\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub300\uc190\ucda9\ub2f9\uae08\uc744 \uc0dd\uac01\ud558\uc2dc\uba74 \ub429\ub2c8\ub2e4.<br>* \ub300\uc190 : \uc190\uc2e4\uc774 \ub0a0 \uac83 \uac19\uc73c\uba74 \ubbf8\ub9ac \uc190\uc2e4 \uc7a1\ub294\uac81\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong>\uc774\uc775\uc774 \ub108\ubb34 \ub9ce\uc774 \ub0a0\uac70 \uac19\uc73c\uba74 \uc774\uac83\uc73c\ub85c \uc190\uc2e4\uc744 \ub298\ub9ac\uace0<\/strong><br>\u2192 \uc65c \uc190\uc2e4\uc744 \ub298\ub9ac\ub294 \uc774\uc720\ub294 <strong><span style=\"text-decoration: underline;\">\uc758\ub3c4\uc801\uc73c\ub85c \uc774\uc775\uc744 \uc801\ub9bd\ud558\ub294\uac81\ub2c8\ub2e4.<\/span><\/strong><br>\u2192 \uadf8\ub9ac\uace0 \ub098\uc911\uc5d0 \uc190\uc2e4\uc774 \ud074 \ub54c \ub2e4\uc2dc \uc801\ub9bd\ud55c \uc774\uc775\uc744 \uc0ac\uc6a9\ud558\uc5ec \uacbd\uc601\uc744 \uc131\uacf5\ud55c \uac83 \ucc98\ub7fc \ud3ec\uc7a5\ud558\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong>\uadf8\ub9ac\uace0 FVPL\uc774 \uc788\uc2b5\ub2c8\ub2e4.<\/strong><\/p>\n\n\n\n<p>\ube5b\uc744 &#8220;\uacf5\uc815\uac00\uce58&#8221;\ub85c \ud3c9\uac00\ud558\uc5ec \uc190\uc775\uacc4\uc0b0\uc11c\uc5d0 \ubc18\uc601 \ud558\uaca0\ub2e4\ub294\uac81\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub354 \uc27d\uac8c \uc774\uc57c\uae30 \ud558\uba74 \ucc44\uad8c\uc744 &#8220;\uc8fc\uc2dd&#8221;\ucc98\ub7fc \ubcf4\uaca0\ub2e4\ub294\uac81\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc6b0\ub9ac\uac00 1000\ub2ec\ub7ec \ube5b\uc774 \uc788\ub294\ub370 \ud658\uc728\uc774 1500\uc6d0\uc77c\ub54c \ube5b\uc744 \uc9c4\uac81\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7f0\ub370 \ud658\uc728\uc774 1200\uc6d0\uc774 \ub41c\ub2e4\uba74 \uc2e4\uc81c\ub85c \uac1a\uc544\uc57c\ud560 \ube5b\uc740 \uc801\uc5b4\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1134\" height=\"1473\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-82.png\" alt=\"\" class=\"wp-image-4480\" style=\"aspect-ratio:0.7698696835171129;width:327px;height:auto\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-82.png 1134w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-82-115x150.png 115w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-82-768x998.png 768w\" sizes=\"auto, (max-width: 1134px) 100vw, 1134px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.asiae.co.kr\/article\/2024010215212873819\" data-type=\"link\" data-id=\"https:\/\/www.asiae.co.kr\/article\/2024010215212873819\" target=\"_blank\" rel=\"noopener\">\uc6d0\ubb38<\/a><\/p>\n\n\n\n<p>\uc720\ub7fd\uacbd\uc81c\uc5d0\uc11c \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud558\ub294 \ub3c5\uc77c\uc740 &#8220;\ubd80\ucc44 \ube0c\ub808\uc774\ud06c&#8221;\ub77c\ub294 \uac83\uc744 \ud558\uace0 \uc788\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>&#8220;\uac74\uc804\uc7ac\uc815&#8221;\uc744 \ucd94\uad6c\ud558\ub358 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubc95\uc81c\ud654\uac00 \ub418\uc5b4 \uc788\uae30\uc5d0 \uc27d\uac8c \ubc14\uafc0 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong>\ud558\uc9c0\ub9cc \ubd80\ucc44 \uc5c6\ub294 \uc790\ubcf8\uc8fc\uc758\ub294 \ub3d9\ud654\ucc45\uacfc \uac19\uc740 \uc774\uc57c\uae30\uc785\ub2c8\ub2e4.<\/strong><\/p>\n\n\n\n<p>\uacb0\uad6d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"961\" height=\"1285\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-81.png\" alt=\"\" class=\"wp-image-4479\" style=\"aspect-ratio:0.74787157086417;width:327px;height:auto\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-81.png 961w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-81-112x150.png 112w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-81-768x1027.png 768w\" sizes=\"auto, (max-width: 961px) 100vw, 961px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.mk.co.kr\/news\/world\/10871792\" data-type=\"link\" data-id=\"https:\/\/www.mk.co.kr\/news\/world\/10871792\" target=\"_blank\" rel=\"noopener\">\uc6d0\ubb38<\/a><\/p>\n\n\n\n<p>\uc774 \ubd80\ucc44 \ube0c\ub808\uc774\ud06c\ub97c \uc6b0\ud68c\ud55c \uc815\ucc45\uc744 \uc2dc\uc791\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uc2e4 \uc0c1 \ubd80\uc591\ucc45, \uc801\uc790\uc7ac\uc815\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub54c \ud575\uc2ec\uc740 \uc720\ub7fd\uc758 \uba54\uac00 \ubc45\ud06c\ub4e4\uc740 \uc774\ub7ec\ud55c \uc815\ucc45\uc758 \ubcc0\ud654\ub85c \uc720\ub85c\ud654 \uac00\uce58\uac00 \ud3ed\ub4f1\ud560 \uac83\uc744 \ub208\uce58\ucc44\uace0 \ud3c9\uac00 \ubc29\ubc95\uc744 \ubc14\uafbc\ub2e4\uba74?<\/p>\n\n\n\n<p>\uc774\uac83\uc774 \ubb34\uc2a8\uc18c\ub9ac\uc774\ub0d0 \ud558\uba74.<\/p>\n\n\n\n<p>\uae30\uc874 \ucc44\uad8c\ub4e4\uc758 \ud3c9\uac00 \ubc29\ubc95\uc740 \uc77c\ubc18\uc801\uc73c\ub85c AC\ub77c\ub294 \uac83\uc73c\ub85c \uc9c0\uc815\ud569\ub2c8\ub2e4.<br>\u2192 \ucde8\ub4dd \ub2f9\uc2dc \uc7a5\ubd80\uac00\ub77c\uace0 \uc0dd\uac01\ud558\uc2dc\uba74 \ud3b8\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\uac78 FVPL\ub85c \uc9c0\uc815\ud558\uac8c\ub41c\ub2e4\uba74? <br>\u2192 \uc720\ub7fd\uc774 \ub2ec\ub7ec\ud45c\uc2dc \ucc44\uad8c\uc744 \uac00\uc9c0\uace0 \uc788\ub294\ub370 \uc774\uac78 AC\uc5d0\uc11c FVPL\ub85c \uc7ac\uc9c0\uc815\ud55c\ub2e4\uba74?<\/p>\n\n\n\n<p><strong>\ub9de\uc2b5\ub2c8\ub2e4 \uc544\ubb34 \ud589\ub3d9\ub3c4 \uc548\ud558\uace0 \ub2e8 \ud558\ub098 \ud68c\uacc4\ubc29\ubc95\ub9cc \ubc14\uafe8\ub294\ub370 \ub9c9\ub300\ud55c \uc601\uc5c5\uc774\uc775\uc774 \ub098\ub294\uac81\ub2c8\ub2e4.<\/strong><br><span style=\"text-decoration: underline;\">\u2192 \uac1a\uc544\uc57c\ud560 \ub3c8\uc774 \uc904\uc5b4\ub4e4\uc796\uc544\uc694? \uc790\uad6d \ud1b5\ud654 \ud45c\uc2dc\uc561\uc73c\ub85c\ub294 \ub9d0\uc774\uc8e0<\/span><\/p>\n\n\n\n<p>\ub2e8\uc9c0 \uc774\ub984\ud45c\ub9cc \ubcc0\uacbd\ud558\uc600\uc744 \ubfd0\uc778\ub370.<br>\uc190\uc2e4\uc5d0\uc11c \uc774\uc775\uc73c\ub85c \ubcc0\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc7a5\ubd80\uc0c1\uc73c\ub85c\ub294 \ub9d0\uc774\uc8e0.<br>\u2192 \uc544\ubb34\uac83\ub3c4 \ubcc0\ud558\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc6c3\uae34\uac74 \uadf8\ub798\uc11c \uae08\uc735\uc704\uae30\ub54c \uc218\uc775\uc774 \ub09c \uc740\ud589\ub3c4 \uc788\uc2b5\ub2c8\ub2e4.<br>\u2192 \uc7a5\ubd80\uc0c1\uc73c\ub85c \ub9d0\uc774\uc8e0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1044\" height=\"1053\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-84.png\" alt=\"\" class=\"wp-image-4482\" style=\"aspect-ratio:0.9914611880567287;width:552px;height:auto\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-84.png 1044w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-84-150x150.png 150w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-84-768x775.png 768w\" sizes=\"auto, (max-width: 1044px) 100vw, 1044px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.thebell.co.kr\/front\/newsview.asp?key=202304060928158920103649\" data-type=\"link\" data-id=\"https:\/\/www.thebell.co.kr\/front\/newsview.asp?key=202304060928158920103649\" target=\"_blank\" rel=\"noopener\">\uc6d0\ubb38<\/a><\/p>\n\n\n\n<p>\ud574\uc678\uc5d0\uc11c\ub9cc \ubc8c\uc5b4\uc9c0\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4.<br>\ub300\ud45c\uc801\uc73c\ub85c \uad6d\ub0b4\uc5d0\uc11c\ub294 \ubcf4\ud5d8\uc0ac\ub4e4\uc774 \uc774\ub7ec\ud55c \uc774\uc288\ub4e4\uc774 \ub9ce\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong>\uc81c\uac00 \uacb0\ub860\uc801\uc73c\ub85c \ub9d0\uc500\ub4dc\ub9ac\uace0 \uc2f6\uc740 \uac83\uc740 &#8220;\uc22b\uc790&#8221;\uc5d0 \uc9d1\ucc29\ud558\uc9c0 \uc54a\uc73c\uc168\uc73c\uba74 \ud569\ub2c8\ub2e4.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1438\" height=\"779\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-87.png\" alt=\"\" class=\"wp-image-4485\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-87.png 1438w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-87-150x81.png 150w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-87-768x416.png 768w\" sizes=\"auto, (max-width: 1438px) 100vw, 1438px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1793\" height=\"668\" src=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-86.png\" alt=\"\" class=\"wp-image-4484\" srcset=\"https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-86.png 1793w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-86-150x56.png 150w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-86-768x286.png 768w, https:\/\/saku-hika.azki.in\/wp-content\/uploads\/2026\/05\/image-86-1536x572.png 1536w\" sizes=\"auto, (max-width: 1793px) 100vw, 1793px\" \/><\/figure>\n\n\n\n<p>SK\ud558\uc774\ub2c9\uc2a4, MU\ub294 \uadf8\ub9cc\ud07c CAPEX\uac00 \ud544\uc694\ud558\ub2c8\uae4c PBR\uc774 \ub0ae\uc544\uc57c\ud569\ub2c8\ub2e4.<br>\u2192 \ub3c8\uc744 \ubc88\ub9cc\ud07c \uacc4\uc18d \ud22c\uc790 \ud574\uc57c\ud569\ub2c8\ub2e4.<br>\u2192 \uc989, PBR\uc774 \uc9c0\uae08 \ub0ae\uc740\uac8c \uc544\ub2d0 \uc218\ub3c4 \uc788\ub2e4\ub294 \uc774\uc57c\uae30\uc785\ub2c8\ub2e4.<br>\u2192 \uadf8\ub9ac\uace0 \uc800 PBR\uc774 \uc0b0\ucd9c\ub418\uae30 \uc704\ud574 \uc790\uc0b0\ub4e4\uc774 \uc5b4\ub5bb\uac8c \ud3c9\uac00 \ub418\uc5c8\ub294\uc9c0 \uc544\uc2ed\ub2c8\uae4c?<br>\u2192 \uc0b0\ucd9c\ub41c &#8220;\uc22b\uc790&#8221;\ub294 \uacfc\uc5f0 \uc9c4\uc2e4\uc77c\uae4c\uc694?<\/p>\n\n\n\n<p>\uc7ac\ubb34\uc81c\ud45c\uac00 \ud56d\uc0c1 \uc815\ub2f5\uc744 \ub9d0\ud558\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc544\ub2c8 \uc815\ub2f5\uc774\uae34 \ud558\uc8e0.<br><strong><span style=\"text-decoration: underline;\">\ud68c\uacc4\uae30\uc900\uc5d0\ub294 \ubd80\ud569\ud558\ub2c8\uae4c\uc694.<\/span><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">\ud604\ub300\uc758 \ud68c\uacc4\uae30\uc900\uc744 \uc800\ub294 &#8220;\uc545\ub9c8&#8221;\ub77c\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4.<\/span><\/strong><br>\u2192 \uc18d\uc784\uc218\ub97c \uacc4\uc18d \uc0ac\uc6a9\ud558\uace0 \uc788\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p><strong>\uc6b0\ub9ac\ub294 \uc545\ub9c8\ub97c \ucc9c\uc0ac\ub77c\uace0 \uc0dd\uac01\ud558\uba70 Deal\uc744 \ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/strong><\/p>\n\n\n\n<p><strong>\uc9c0\uae08 \uc6b0\ub9ac\ub294 \ucc9c\uc0ac\uc640 Deal\uc744 \ud558\ub294 \uac83\uc774 \uc544\ub2cc<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">\uc545\ub9c8\uc640 Deal\uc744 \ud558\uace0 \uc788\ub2e4\ub294 \uac83\uc744 \uba85\uc2ec\ud558\uc2dc\uba70.<\/span><\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">\uc774\ub97c \ud56d\uc0c1 \uc720\ub150\ud558\uba70 \uc2dc\uc7a5\uc744 \ubc14\ub77c\ubcf4\ub294 \uac83\uc744 \uad8c\ud558\uace0 \uc2f6\uc2b5\ub2c8\ub2e4.<\/span><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\uc5ec\ub984\uc774 \uc654\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub2e4\ub4e4 \uc5ec\ub984\uac10\uae30 \uc870\uc2ec\ud558\uc2dc\uae38 \ubc14\ub78d\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\uc0c1\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Deal with the devil\" width=\"720\" height=\"540\" src=\"https:\/\/www.youtube.com\/embed\/pJ-MywdW98o?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>\uc800\uc5d0\uac8c \ud56d\uc0c1 \uae4a\uc740 \uc778\uc0ac\uc774\ud2b8\ub97c \uc8fc\uc2dc\ub294 \uc5d0\ub4dc\ubabd\ud0d5\ud14c\uc2a4\ub2d8\uc774 1\ub144\ub9cc\uc5d0 \uae00\uc744 \ud22c\uace0\ud558\uc168\uc2b5\ub2c8\ub2e4. \uc6d0\ubb38: 1\ub144\uc774 \uc9c0\ub0ac\ub2e4. \uadfc\ub370 \ub0b4\uc6a9\uc774 \uc880 \uc5b4\ub835\uae34 \ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc27d\uac8c? \uc774\uc57c\uae30 \ud574\ubcf4\uaca0\uc2b5\ub2c8\ub2e4. \uc5ec\ub7ec\ubd84\ub4e4\uc774 \uac00\uc7a5 \ubbff\uc744 \uc218 \uc788\ub294 \uc815\ubcf4\ub294 \ubb34\uc5c7\uc778\uac00\uc694? \uc774\uac8c \uac00\uc7a5 \uc9c4\uc9dc \ubbff\uc744\ub9cc \ud558\uc9c0\ub9cc 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