id	sid	tid	token	lemma	pos
gp-211	1	1	451	451	NUM
gp-211	1	2	american	american	ADJ
gp-211	1	3	journal	journal	PROPN
gp-211	1	4	of	of	ADP
gp-211	1	5	economic	economic	ADJ
gp-211	1	6	and	and	CCONJ
gp-211	1	7	management	management	NOUN
gp-211	1	8	business	business	NOUN
gp-211	1	9	e	e	NOUN
gp-211	1	10	-	-	NOUN
gp-211	1	11	issn	issn	ADJ
gp-211	1	12	:	:	PUNCT
gp-211	1	13	2835	2835	NUM
gp-211	1	14	-	-	SYM
gp-211	1	15	5199	5199	NUM
gp-211	1	16	vol	vol	NOUN
gp-211	1	17	.	.	PROPN
gp-211	1	18	4	4	NUM
gp-211	1	19	no	no	NOUN
gp-211	1	20	.	.	NOUN
gp-211	1	21	5	5	NUM
gp-211	1	22	may	may	AUX
gp-211	1	23	2025	2025	NUM
gp-211	1	24	valuation	valuation	NOUN
gp-211	1	25	of	of	ADP
gp-211	1	26	sharia	sharia	PROPN
gp-211	1	27	stocks	stock	NOUN
gp-211	1	28	using	use	VERB
gp-211	1	29	the	the	DET
gp-211	1	30	discounted	discount	VERB
gp-211	1	31	cash	cash	NOUN
gp-211	1	32	flow	flow	NOUN
gp-211	1	33	method	method	NOUN
gp-211	1	34	with	with	ADP
gp-211	1	35	the	the	DET
gp-211	1	36	free	free	ADJ
gp-211	1	37	cash	cash	NOUN
gp-211	1	38	flow	flow	NOUN
gp-211	1	39	to	to	PART
gp-211	1	40	firm	firm	VERB
gp-211	1	41	and	and	CCONJ
gp-211	1	42	relative	relative	ADJ
gp-211	1	43	valuation	valuation	NOUN
gp-211	1	44	approaches	approach	NOUN
gp-211	1	45	(	(	PUNCT
gp-211	1	46	case	case	NOUN
gp-211	1	47	study	study	NOUN
gp-211	1	48	on	on	ADP
gp-211	1	49	the	the	DET
gp-211	1	50	idxhidiv20	idxhidiv20	ADJ
gp-211	1	51	index	index	NOUN
gp-211	1	52	for	for	ADP
gp-211	1	53	the	the	DET
gp-211	1	54	period	period	NOUN
gp-211	1	55	2019–2023	2019–2023	NUM
gp-211	1	56	)	)	PUNCT
gp-211	1	57	adi	adi	PROPN
gp-211	1	58	aji	aji	PROPN
gp-211	1	59	kurniawan1	kurniawan1	PROPN
gp-211	1	60	,	,	PUNCT
gp-211	1	61	irni	irni	PROPN
gp-211	1	62	yunita2	yunita2	PROPN
gp-211	1	63	telkom	telkom	PROPN
gp-211	1	64	university	university	NOUN
gp-211	1	65	,	,	PUNCT
gp-211	1	66	indonesia1,2	indonesia1,2	ADJ
gp-211	1	67	email	email	NOUN
gp-211	1	68	:	:	PUNCT
gp-211	1	69	adiaji6904@gmail.com1	adiaji6904@gmail.com1	NOUN
gp-211	1	70	,	,	PUNCT
gp-211	1	71	irniyunita@telkomuniversity.ac.id2	irniyunita@telkomuniversity.ac.id2	PROPN
gp-211	1	72	abstract	abstract	VERB
gp-211	1	73	the	the	DET
gp-211	1	74	growing	grow	VERB
gp-211	1	75	interest	interest	NOUN
gp-211	1	76	in	in	ADP
gp-211	1	77	sharia	sharia	NOUN
gp-211	1	78	-	-	PUNCT
gp-211	1	79	compliant	compliant	ADJ
gp-211	1	80	investments	investment	NOUN
gp-211	1	81	has	have	AUX
gp-211	1	82	intensified	intensify	VERB
gp-211	1	83	the	the	DET
gp-211	1	84	need	need	NOUN
gp-211	1	85	for	for	ADP
gp-211	1	86	in	in	ADP
gp-211	1	87	-	-	PUNCT
gp-211	1	88	depth	depth	NOUN
gp-211	1	89	analysis	analysis	NOUN
gp-211	1	90	of	of	ADP
gp-211	1	91	islamic	islamic	ADJ
gp-211	1	92	stocks	stock	NOUN
gp-211	1	93	,	,	PUNCT
gp-211	1	94	particularly	particularly	ADV
gp-211	1	95	those	those	PRON
gp-211	1	96	offering	offer	VERB
gp-211	1	97	consistently	consistently	ADV
gp-211	1	98	high	high	ADJ
gp-211	1	99	dividends	dividend	NOUN
gp-211	1	100	.	.	PUNCT
gp-211	2	1	despite	despite	SCONJ
gp-211	2	2	the	the	DET
gp-211	2	3	challenges	challenge	NOUN
gp-211	2	4	posed	pose	VERB
gp-211	2	5	by	by	ADP
gp-211	2	6	the	the	DET
gp-211	2	7	covid-19	covid-19	PROPN
gp-211	2	8	pandemic	pandemic	ADJ
gp-211	2	9	,	,	PUNCT
gp-211	2	10	geopolitical	geopolitical	ADJ
gp-211	2	11	conflicts	conflict	NOUN
gp-211	2	12	,	,	PUNCT
gp-211	2	13	and	and	CCONJ
gp-211	2	14	political	political	ADJ
gp-211	2	15	instability	instability	NOUN
gp-211	2	16	,	,	PUNCT
gp-211	2	17	several	several	ADJ
gp-211	2	18	listed	list	VERB
gp-211	2	19	companies	company	NOUN
gp-211	2	20	have	have	AUX
gp-211	2	21	demonstrated	demonstrate	VERB
gp-211	2	22	solid	solid	ADJ
gp-211	2	23	financial	financial	ADJ
gp-211	2	24	performance	performance	NOUN
gp-211	2	25	.	.	PUNCT
gp-211	3	1	this	this	DET
gp-211	3	2	study	study	NOUN
gp-211	3	3	aims	aim	VERB
gp-211	3	4	to	to	PART
gp-211	3	5	assess	assess	VERB
gp-211	3	6	the	the	DET
gp-211	3	7	intrinsic	intrinsic	ADJ
gp-211	3	8	value	value	NOUN
gp-211	3	9	prominent	prominent	ADJ
gp-211	3	10	sharia	sharia	NOUN
gp-211	3	11	-	-	PUNCT
gp-211	3	12	compliant	compliant	ADJ
gp-211	3	13	stocks	stock	NOUN
gp-211	3	14	listed	list	VERB
gp-211	3	15	in	in	ADP
gp-211	3	16	the	the	DET
gp-211	3	17	idxhidiv20	idxhidiv20	ADJ
gp-211	3	18	index	index	NOUN
gp-211	3	19	using	use	VERB
gp-211	3	20	the	the	DET
gp-211	3	21	discounted	discount	VERB
gp-211	3	22	cash	cash	NOUN
gp-211	3	23	flow	flow	NOUN
gp-211	3	24	(	(	PUNCT
gp-211	3	25	dcf	dcf	NOUN
gp-211	3	26	)	)	PUNCT
gp-211	3	27	method	method	NOUN
gp-211	3	28	with	with	ADP
gp-211	3	29	a	a	DET
gp-211	3	30	free	free	ADJ
gp-211	3	31	cash	cash	NOUN
gp-211	3	32	flow	flow	NOUN
gp-211	3	33	to	to	ADP
gp-211	3	34	firm	firm	ADJ
gp-211	3	35	(	(	PUNCT
gp-211	3	36	fcff	fcff	ADJ
gp-211	3	37	)	)	PUNCT
gp-211	3	38	approach	approach	NOUN
gp-211	3	39	.	.	PUNCT
gp-211	4	1	to	to	PART
gp-211	4	2	validate	validate	VERB
gp-211	4	3	the	the	DET
gp-211	4	4	findings	finding	NOUN
gp-211	4	5	,	,	PUNCT
gp-211	4	6	the	the	DET
gp-211	4	7	relative	relative	ADJ
gp-211	4	8	valuation	valuation	NOUN
gp-211	4	9	method	method	NOUN
gp-211	4	10	is	be	AUX
gp-211	4	11	employed	employ	VERB
gp-211	4	12	,	,	PUNCT
gp-211	4	13	utilizing	utilize	VERB
gp-211	4	14	the	the	DET
gp-211	4	15	price	price	NOUN
gp-211	4	16	to	to	ADP
gp-211	4	17	earnings	earning	NOUN
gp-211	4	18	ratio	ratio	NOUN
gp-211	4	19	(	(	PUNCT
gp-211	4	20	per	per	ADP
gp-211	4	21	)	)	PUNCT
gp-211	4	22	and	and	CCONJ
gp-211	4	23	price	price	NOUN
gp-211	4	24	to	to	ADP
gp-211	4	25	book	book	NOUN
gp-211	4	26	value	value	NOUN
gp-211	4	27	(	(	PUNCT
gp-211	4	28	pbv	pbv	ADJ
gp-211	4	29	)	)	PUNCT
gp-211	4	30	.	.	PUNCT
gp-211	5	1	the	the	DET
gp-211	5	2	valuation	valuation	NOUN
gp-211	5	3	is	be	AUX
gp-211	5	4	conducted	conduct	VERB
gp-211	5	5	under	under	ADP
gp-211	5	6	three	three	NUM
gp-211	5	7	scenarios	scenario	NOUN
gp-211	5	8	pessimistic	pessimistic	ADJ
gp-211	5	9	,	,	PUNCT
gp-211	5	10	moderate	moderate	ADJ
gp-211	5	11	,	,	PUNCT
gp-211	5	12	and	and	CCONJ
gp-211	5	13	optimistic	optimistic	ADJ
gp-211	5	14	based	base	VERB
gp-211	5	15	on	on	ADP
gp-211	5	16	financial	financial	ADJ
gp-211	5	17	reports	report	NOUN
gp-211	5	18	from	from	ADP
gp-211	5	19	2019	2019	NUM
gp-211	5	20	to	to	ADP
gp-211	5	21	2023	2023	NUM
gp-211	5	22	,	,	PUNCT
gp-211	5	23	projecting	project	VERB
gp-211	5	24	fcff	fcff	NOUN
gp-211	5	25	for	for	ADP
gp-211	5	26	the	the	DET
gp-211	5	27	2024	2024	NUM
gp-211	5	28	period	period	NOUN
gp-211	5	29	.	.	PUNCT
gp-211	6	1	the	the	DET
gp-211	6	2	valuation	valuation	NOUN
gp-211	6	3	outcomes	outcome	NOUN
gp-211	6	4	are	be	AUX
gp-211	6	5	then	then	ADV
gp-211	6	6	compared	compare	VERB
gp-211	6	7	to	to	ADP
gp-211	6	8	the	the	DET
gp-211	6	9	actual	actual	ADJ
gp-211	6	10	stock	stock	NOUN
gp-211	6	11	prices	price	NOUN
gp-211	6	12	as	as	ADP
gp-211	6	13	of	of	ADP
gp-211	6	14	december	december	PROPN
gp-211	6	15	2023	2023	NUM
gp-211	6	16	.	.	PUNCT
gp-211	7	1	the	the	DET
gp-211	7	2	findings	finding	NOUN
gp-211	7	3	indicate	indicate	VERB
gp-211	7	4	that	that	SCONJ
gp-211	7	5	indf	indf	ADJ
gp-211	7	6	stock	stock	NOUN
gp-211	7	7	is	be	AUX
gp-211	7	8	consistently	consistently	ADV
gp-211	7	9	undervalued	undervalue	VERB
gp-211	7	10	across	across	ADP
gp-211	7	11	all	all	DET
gp-211	7	12	scenarios	scenario	NOUN
gp-211	7	13	and	and	CCONJ
gp-211	7	14	valuation	valuation	NOUN
gp-211	7	15	approaches	approach	NOUN
gp-211	7	16	,	,	PUNCT
gp-211	7	17	making	make	VERB
gp-211	7	18	it	it	PRON
gp-211	7	19	a	a	DET
gp-211	7	20	strong	strong	ADJ
gp-211	7	21	investment	investment	NOUN
gp-211	7	22	recommendation	recommendation	NOUN
gp-211	7	23	.	.	PUNCT
gp-211	8	1	conversely	conversely	ADV
gp-211	8	2	,	,	PUNCT
gp-211	8	3	icbp	icbp	PROPN
gp-211	8	4	stock	stock	PROPN
gp-211	8	5	tends	tend	VERB
gp-211	8	6	to	to	PART
gp-211	8	7	be	be	AUX
gp-211	8	8	overvalued	overvalue	VERB
gp-211	8	9	under	under	ADP
gp-211	8	10	the	the	DET
gp-211	8	11	optimistic	optimistic	ADJ
gp-211	8	12	scenario	scenario	NOUN
gp-211	8	13	,	,	PUNCT
gp-211	8	14	reflecting	reflect	VERB
gp-211	8	15	greater	great	ADJ
gp-211	8	16	sensitivity	sensitivity	NOUN
gp-211	8	17	to	to	ADP
gp-211	8	18	market	market	NOUN
gp-211	8	19	expectations	expectation	NOUN
gp-211	8	20	.	.	PUNCT
gp-211	9	1	this	this	DET
gp-211	9	2	study	study	NOUN
gp-211	9	3	contributes	contribute	VERB
gp-211	9	4	theoretically	theoretically	ADV
gp-211	9	5	to	to	ADP
gp-211	9	6	the	the	DET
gp-211	9	7	development	development	NOUN
gp-211	9	8	of	of	ADP
gp-211	9	9	valuation	valuation	NOUN
gp-211	9	10	methodologies	methodology	NOUN
gp-211	9	11	in	in	ADP
gp-211	9	12	islamic	islamic	ADJ
gp-211	9	13	finance	finance	NOUN
gp-211	9	14	and	and	CCONJ
gp-211	9	15	offers	offer	VERB
gp-211	9	16	practical	practical	ADJ
gp-211	9	17	insights	insight	NOUN
gp-211	9	18	for	for	ADP
gp-211	9	19	investors	investor	NOUN
gp-211	9	20	seeking	seek	VERB
gp-211	9	21	value	value	NOUN
gp-211	9	22	based	base	VERB
gp-211	9	23	,	,	PUNCT
gp-211	9	24	sharia	sharia	NOUN
gp-211	9	25	-	-	PUNCT
gp-211	9	26	compliant	compliant	ADJ
gp-211	9	27	investment	investment	NOUN
gp-211	9	28	decisions	decision	NOUN
gp-211	9	29	.	.	PUNCT
gp-211	10	1	keywords	keyword	NOUN
gp-211	10	2	:	:	PUNCT
gp-211	10	3	sharia	sharia	PROPN
gp-211	10	4	investment	investment	NOUN
gp-211	10	5	,	,	PUNCT
gp-211	10	6	idxhidiv20	idxhidiv20	ADV
gp-211	10	7	,	,	PUNCT
gp-211	10	8	discounted	discount	VERB
gp-211	10	9	cash	cash	NOUN
gp-211	10	10	flow	flow	NOUN
gp-211	10	11	,	,	PUNCT
gp-211	10	12	free	free	ADJ
gp-211	10	13	cash	cash	NOUN
gp-211	10	14	flow	flow	NOUN
gp-211	10	15	to	to	ADP
gp-211	10	16	firm	firm	ADJ
gp-211	10	17	,	,	PUNCT
gp-211	10	18	relative	relative	ADJ
gp-211	10	19	valuation	valuation	NOUN
gp-211	10	20	,	,	PUNCT
gp-211	10	21	covid-19	covid-19	PROPN
gp-211	10	22	pandemic	pandemic	ADJ
gp-211	10	23	.	.	PUNCT
gp-211	11	1	introduction	introduction	NOUN
gp-211	11	2	investor	investor	NOUN
gp-211	11	3	interest	interest	NOUN
gp-211	11	4	in	in	ADP
gp-211	11	5	sharia	sharia	NOUN
gp-211	11	6	-	-	PUNCT
gp-211	11	7	compliant	compliant	ADJ
gp-211	11	8	stocks	stock	NOUN
gp-211	11	9	in	in	ADP
gp-211	11	10	the	the	DET
gp-211	11	11	global	global	ADJ
gp-211	11	12	market	market	NOUN
gp-211	11	13	,	,	PUNCT
gp-211	11	14	particularly	particularly	ADV
gp-211	11	15	in	in	ADP
gp-211	11	16	indonesia	indonesia	PROPN
gp-211	11	17	,	,	PUNCT
gp-211	11	18	continues	continue	VERB
gp-211	11	19	to	to	PART
gp-211	11	20	increase	increase	VERB
gp-211	11	21	,	,	PUNCT
gp-211	11	22	especially	especially	ADV
gp-211	11	23	among	among	ADP
gp-211	11	24	investors	investor	NOUN
gp-211	11	25	who	who	PRON
gp-211	11	26	prioritize	prioritize	VERB
gp-211	11	27	sharia	sharia	PROPN
gp-211	11	28	principles	principle	NOUN
gp-211	11	29	in	in	ADP
gp-211	11	30	managing	manage	VERB
gp-211	11	31	their	their	PRON
gp-211	11	32	investments	investment	NOUN
gp-211	11	33	(	(	PUNCT
gp-211	11	34	abadi	abadi	PROPN
gp-211	11	35	&	&	CCONJ
gp-211	11	36	wicaksono	wicaksono	PROPN
gp-211	11	37	,	,	PUNCT
gp-211	11	38	2024	2024	NUM
gp-211	11	39	;	;	PUNCT
gp-211	11	40	abiola	abiola	PROPN
gp-211	11	41	-	-	PUNCT
gp-211	11	42	adams	adams	PROPN
gp-211	11	43	et	et	PROPN
gp-211	11	44	al	al	PROPN
gp-211	11	45	.	.	PROPN
gp-211	11	46	,	,	PUNCT
gp-211	11	47	2023	2023	NUM
gp-211	11	48	;	;	PUNCT
gp-211	11	49	ryandono	ryandono	NOUN
gp-211	11	50	et	et	PROPN
gp-211	11	51	al	al	PROPN
gp-211	11	52	.	.	PROPN
gp-211	11	53	,	,	PUNCT
gp-211	11	54	2025	2025	NUM
gp-211	11	55	)	)	PUNCT
gp-211	11	56	.	.	PUNCT
gp-211	12	1	alongside	alongside	ADP
gp-211	12	2	this	this	DET
gp-211	12	3	growing	grow	VERB
gp-211	12	4	interest	interest	NOUN
gp-211	12	5	in	in	ADP
gp-211	12	6	sharia	sharia	PROPN
gp-211	12	7	-	-	PUNCT
gp-211	12	8	based	base	VERB
gp-211	12	9	investments	investment	NOUN
gp-211	12	10	,	,	PUNCT
gp-211	12	11	the	the	DET
gp-211	12	12	need	need	NOUN
gp-211	12	13	for	for	ADP
gp-211	12	14	analysis	analysis	NOUN
gp-211	12	15	and	and	CCONJ
gp-211	12	16	valuation	valuation	NOUN
gp-211	12	17	of	of	ADP
gp-211	12	18	sharia	sharia	PROPN
gp-211	12	19	stocks	stock	NOUN
gp-211	12	20	is	be	AUX
gp-211	12	21	also	also	ADV
gp-211	12	22	becoming	become	VERB
gp-211	12	23	more	more	ADV
gp-211	12	24	critical	critical	ADJ
gp-211	12	25	,	,	PUNCT
gp-211	12	26	especially	especially	ADV
gp-211	12	27	for	for	ADP
gp-211	12	28	stocks	stock	NOUN
gp-211	12	29	that	that	PRON
gp-211	12	30	offer	offer	VERB
gp-211	12	31	high	high	ADJ
gp-211	12	32	dividends	dividend	NOUN
gp-211	12	33	(	(	PUNCT
gp-211	12	34	saputro	saputro	NOUN
gp-211	12	35	&	&	CCONJ
gp-211	12	36	qadri	qadri	PROPN
gp-211	12	37	,	,	PUNCT
gp-211	12	38	2024	2024	NUM
gp-211	12	39	)	)	PUNCT
gp-211	12	40	.	.	PUNCT
gp-211	13	1	stocks	stock	NOUN
gp-211	13	2	that	that	PRON
gp-211	13	3	provide	provide	VERB
gp-211	13	4	high	high	ADJ
gp-211	13	5	dividends	dividend	NOUN
gp-211	13	6	are	be	AUX
gp-211	13	7	often	often	ADV
gp-211	13	8	considered	consider	VERB
gp-211	13	9	more	more	ADV
gp-211	13	10	stable	stable	ADJ
gp-211	13	11	and	and	CCONJ
gp-211	13	12	profitable	profitable	ADJ
gp-211	13	13	for	for	ADP
gp-211	13	14	investors	investor	NOUN
gp-211	13	15	seeking	seek	VERB
gp-211	13	16	recurring	recur	VERB
gp-211	13	17	income	income	NOUN
gp-211	13	18	(	(	PUNCT
gp-211	13	19	kania	kania	NOUN
gp-211	13	20	,	,	PUNCT
gp-211	13	21	2005	2005	NUM
gp-211	13	22	)	)	PUNCT
gp-211	13	23	.	.	PUNCT
gp-211	14	1	the	the	DET
gp-211	14	2	idxhidiv20	idxhidiv20	NOUN
gp-211	14	3	is	be	AUX
gp-211	14	4	a	a	DET
gp-211	14	5	performance	performance	NOUN
gp-211	14	6	index	index	NOUN
gp-211	14	7	of	of	ADP
gp-211	14	8	twenty	twenty	NUM
gp-211	14	9	companies	company	NOUN
gp-211	14	10	that	that	PRON
gp-211	14	11	consistently	consistently	ADV
gp-211	14	12	distribute	distribute	VERB
gp-211	14	13	dividends	dividend	NOUN
gp-211	14	14	at	at	ADP
gp-211	14	15	relatively	relatively	ADV
gp-211	14	16	high	high	ADJ
gp-211	14	17	rates	rate	NOUN
gp-211	14	18	(	(	PUNCT
gp-211	14	19	indonesia	indonesia	PROPN
gp-211	14	20	stock	stock	PROPN
gp-211	14	21	exchange	exchange	PROPN
gp-211	14	22	,	,	PUNCT
gp-211	14	23	n.d	n.d	PROPN
gp-211	14	24	.	.	PROPN
gp-211	14	25	)	)	PUNCT
gp-211	14	26	.	.	PUNCT
gp-211	15	1	although	although	SCONJ
gp-211	15	2	the	the	DET
gp-211	15	3	idxhidiv20	idxhidiv20	ADJ
gp-211	15	4	index	index	NOUN
gp-211	15	5	is	be	AUX
gp-211	15	6	not	not	PART
gp-211	15	7	entirely	entirely	ADV
gp-211	15	8	sharia	sharia	NOUN
gp-211	15	9	-	-	PUNCT
gp-211	15	10	compliant	compliant	NOUN
gp-211	15	11	,	,	PUNCT
gp-211	15	12	several	several	ADJ
gp-211	15	13	large	large	ADJ
gp-211	15	14	-	-	PUNCT
gp-211	15	15	cap	cap	NOUN
gp-211	15	16	sharia	sharia	PROPN
gp-211	15	17	stocks	stock	NOUN
gp-211	15	18	with	with	ADP
gp-211	15	19	consistent	consistent	ADJ
gp-211	15	20	dividend	dividend	NOUN
gp-211	15	21	histories	history	NOUN
gp-211	15	22	are	be	AUX
gp-211	15	23	included	include	VERB
gp-211	15	24	in	in	ADP
gp-211	15	25	this	this	DET
gp-211	15	26	index	index	NOUN
gp-211	15	27	,	,	PUNCT
gp-211	15	28	making	make	VERB
gp-211	15	29	it	it	PRON
gp-211	15	30	attractive	attractive	ADJ
gp-211	15	31	to	to	ADP
gp-211	15	32	investors	investor	NOUN
gp-211	15	33	focused	focus	VERB
gp-211	15	34	on	on	ADP
gp-211	15	35	sharia	sharia	PROPN
gp-211	15	36	principles	principle	NOUN
gp-211	15	37	.	.	PUNCT
gp-211	16	1	the	the	DET
gp-211	16	2	outbreak	outbreak	NOUN
gp-211	16	3	of	of	ADP
gp-211	16	4	the	the	DET
gp-211	16	5	coronavirus	coronavirus	NOUN
gp-211	16	6	,	,	PUNCT
gp-211	16	7	known	know	VERB
gp-211	16	8	as	as	ADP
gp-211	16	9	covid-19	covid-19	PROPN
gp-211	16	10	,	,	PUNCT
gp-211	16	11	had	have	VERB
gp-211	16	12	a	a	DET
gp-211	16	13	significant	significant	ADJ
gp-211	16	14	impact	impact	NOUN
gp-211	16	15	on	on	ADP
gp-211	16	16	the	the	DET
gp-211	16	17	national	national	ADJ
gp-211	16	18	stock	stock	NOUN
gp-211	16	19	market	market	NOUN
gp-211	16	20	and	and	CCONJ
gp-211	16	21	the	the	DET
gp-211	16	22	financial	financial	ADJ
gp-211	16	23	sector	sector	NOUN
gp-211	16	24	as	as	ADP
gp-211	16	25	a	a	DET
gp-211	16	26	whole	whole	NOUN
gp-211	16	27	(	(	PUNCT
gp-211	16	28	chowdhury	chowdhury	PROPN
gp-211	16	29	et	et	PROPN
gp-211	16	30	al	al	PROPN
gp-211	16	31	.	.	PROPN
gp-211	16	32	,	,	PUNCT
gp-211	16	33	2022	2022	NUM
gp-211	16	34	;	;	PUNCT
gp-211	16	35	wójcik	wójcik	PROPN
gp-211	16	36	&	&	CCONJ
gp-211	16	37	ioannou	ioannou	PROPN
gp-211	16	38	,	,	PUNCT
gp-211	16	39	2020	2020	NUM
gp-211	16	40	)	)	PUNCT
gp-211	16	41	.	.	PUNCT
gp-211	17	1	as	as	SCONJ
gp-211	17	2	shown	show	VERB
gp-211	17	3	in	in	ADP
gp-211	17	4	figure	figure	NOUN
gp-211	17	5	1	1	NUM
gp-211	17	6	,	,	PUNCT
gp-211	17	7	in	in	ADP
gp-211	17	8	2020	2020	NUM
gp-211	17	9	,	,	PUNCT
gp-211	17	10	the	the	DET
gp-211	17	11	indonesian	indonesian	ADJ
gp-211	17	12	stock	stock	NOUN
gp-211	17	13	market	market	NOUN
gp-211	17	14	reached	reach	VERB
gp-211	17	15	its	its	PRON
gp-211	17	16	lowest	low	ADJ
gp-211	17	17	point	point	NOUN
gp-211	17	18	in	in	ADP
gp-211	17	19	a	a	DET
gp-211	17	20	decade	decade	NOUN
gp-211	17	21	.	.	PUNCT
gp-211	18	1	this	this	DET
gp-211	18	2	situation	situation	NOUN
gp-211	18	3	negatively	negatively	ADV
gp-211	18	4	affected	affect	VERB
gp-211	18	5	the	the	DET
gp-211	18	6	capital	capital	NOUN
gp-211	18	7	market	market	NOUN
gp-211	18	8	in	in	ADP
gp-211	18	9	indonesia	indonesia	PROPN
gp-211	18	10	,	,	PUNCT
gp-211	18	11	especially	especially	ADV
gp-211	18	12	in	in	ADP
gp-211	18	13	terms	term	NOUN
gp-211	18	14	of	of	ADP
gp-211	18	15	capital	capital	NOUN
gp-211	18	16	market	market	NOUN
gp-211	18	17	activities	activity	NOUN
gp-211	18	18	(	(	PUNCT
gp-211	18	19	muhammad	muhammad	PROPN
gp-211	18	20	&	&	CCONJ
gp-211	18	21	sunitiyoso	sunitiyoso	PROPN
gp-211	18	22	,	,	PUNCT
gp-211	18	23	2024	2024	NUM
gp-211	18	24	)	)	PUNCT
gp-211	18	25	.	.	PUNCT
gp-211	19	1	american	american	PROPN
gp-211	19	2	journal	journal	PROPN
gp-211	19	3	of	of	ADP
gp-211	19	4	economic	economic	ADJ
gp-211	19	5	and	and	CCONJ
gp-211	19	6	management	management	NOUN
gp-211	19	7	business	business	NOUN
gp-211	19	8	vol	vol	NOUN
gp-211	19	9	.	.	PROPN
gp-211	20	1	4	4	NUM
gp-211	20	2	no	no	NOUN
gp-211	20	3	.	.	NOUN
gp-211	20	4	5	5	NUM
gp-211	20	5	,	,	PUNCT
gp-211	20	6	may	may	AUX
gp-211	20	7	2025	2025	NUM
gp-211	20	8	452	452	NUM
gp-211	20	9	figure	figure	NOUN
gp-211	20	10	1	1	NUM
gp-211	20	11	.	.	PUNCT
gp-211	21	1	ihsg	ihsg	NOUN
gp-211	21	2	price	price	NOUN
gp-211	21	3	from	from	ADP
gp-211	21	4	january	january	PROPN
gp-211	21	5	2019	2019	NUM
gp-211	21	6	to	to	ADP
gp-211	21	7	january	january	PROPN
gp-211	21	8	2024	2024	NUM
gp-211	21	9	source	source	NOUN
gp-211	21	10	:	:	PUNCT
gp-211	21	11	bloomberg	bloomberg	PROPN
gp-211	21	12	.	.	PUNCT
gp-211	22	1	algo	algo	PROPN
gp-211	22	2	research	research	PROPN
gp-211	22	3	(	(	PUNCT
gp-211	22	4	data	datum	NOUN
gp-211	22	5	accessed	access	VERB
gp-211	22	6	in	in	ADP
gp-211	22	7	january	january	PROPN
gp-211	22	8	2025	2025	NUM
gp-211	22	9	)	)	PUNCT
gp-211	22	10	a	a	DET
gp-211	22	11	survey	survey	NOUN
gp-211	22	12	by	by	ADP
gp-211	22	13	the	the	DET
gp-211	22	14	ministry	ministry	PROPN
gp-211	22	15	of	of	ADP
gp-211	22	16	manpower	manpower	PROPN
gp-211	22	17	reported	report	VERB
gp-211	22	18	that	that	SCONJ
gp-211	22	19	around	around	ADV
gp-211	22	20	88	88	NUM
gp-211	22	21	percent	percent	NOUN
gp-211	22	22	of	of	ADP
gp-211	22	23	businesses	business	NOUN
gp-211	22	24	affected	affect	VERB
gp-211	22	25	by	by	ADP
gp-211	22	26	the	the	DET
gp-211	22	27	pandemic	pandemic	ADJ
gp-211	22	28	experienced	experience	VERB
gp-211	22	29	losses	loss	NOUN
gp-211	22	30	.	.	PUNCT
gp-211	23	1	according	accord	VERB
gp-211	23	2	to	to	ADP
gp-211	23	3	the	the	DET
gp-211	23	4	survey	survey	NOUN
gp-211	23	5	,	,	PUNCT
gp-211	23	6	9	9	NUM
gp-211	23	7	out	out	ADP
gp-211	23	8	of	of	ADP
gp-211	23	9	10	10	NUM
gp-211	23	10	businesses	business	NOUN
gp-211	23	11	in	in	ADP
gp-211	23	12	indonesia	indonesia	PROPN
gp-211	23	13	were	be	AUX
gp-211	23	14	impacted	impact	VERB
gp-211	23	15	by	by	ADP
gp-211	23	16	covid-19	covid-19	PROPN
gp-211	23	17	.	.	PUNCT
gp-211	24	1	the	the	DET
gp-211	24	2	online	online	ADJ
gp-211	24	3	survey	survey	NOUN
gp-211	24	4	data	datum	NOUN
gp-211	24	5	was	be	AUX
gp-211	24	6	collected	collect	VERB
gp-211	24	7	via	via	ADP
gp-211	24	8	telephone	telephone	NOUN
gp-211	24	9	and	and	CCONJ
gp-211	24	10	email	email	NOUN
gp-211	24	11	from	from	ADP
gp-211	24	12	1,105	1,105	NUM
gp-211	24	13	companies	company	NOUN
gp-211	24	14	with	with	ADP
gp-211	24	15	a	a	DET
gp-211	24	16	95	95	NUM
gp-211	24	17	percent	percent	NOUN
gp-211	24	18	confidence	confidence	NOUN
gp-211	24	19	level	level	NOUN
gp-211	24	20	and	and	CCONJ
gp-211	24	21	a	a	DET
gp-211	24	22	margin	margin	NOUN
gp-211	24	23	of	of	ADP
gp-211	24	24	error	error	NOUN
gp-211	24	25	of	of	ADP
gp-211	24	26	3.1	3.1	NUM
gp-211	24	27	percent	percent	NOUN
gp-211	24	28	across	across	ADP
gp-211	24	29	32	32	NUM
gp-211	24	30	provinces	province	NOUN
gp-211	24	31	in	in	ADP
gp-211	24	32	indonesia	indonesia	PROPN
gp-211	24	33	(	(	PUNCT
gp-211	24	34	kemnaker	kemnaker	PROPN
gp-211	24	35	,	,	PUNCT
gp-211	24	36	2020	2020	NUM
gp-211	24	37	)	)	PUNCT
gp-211	24	38	.	.	PUNCT
gp-211	25	1	amid	amid	ADP
gp-211	25	2	the	the	DET
gp-211	25	3	covid-19	covid-19	PROPN
gp-211	25	4	pandemic	pandemic	NOUN
gp-211	25	5	,	,	PUNCT
gp-211	25	6	several	several	ADJ
gp-211	25	7	companies	company	NOUN
gp-211	25	8	remained	remain	VERB
gp-211	25	9	consistent	consistent	ADJ
gp-211	25	10	in	in	ADP
gp-211	25	11	generating	generate	VERB
gp-211	25	12	positive	positive	ADJ
gp-211	25	13	operating	operating	NOUN
gp-211	25	14	income	income	NOUN
gp-211	25	15	(	(	PUNCT
gp-211	25	16	ebit	ebit	PROPN
gp-211	25	17	)	)	PUNCT
gp-211	25	18	.	.	PUNCT
gp-211	26	1	figure	figure	NOUN
gp-211	26	2	2	2	NUM
gp-211	26	3	shows	show	VERB
gp-211	26	4	a	a	DET
gp-211	26	5	continuous	continuous	ADJ
gp-211	26	6	upward	upward	ADJ
gp-211	26	7	trend	trend	NOUN
gp-211	26	8	in	in	ADP
gp-211	26	9	icbp	icbp	PROPN
gp-211	26	10	’s	’s	PART
gp-211	26	11	operating	operate	VERB
gp-211	26	12	income	income	NOUN
gp-211	26	13	,	,	PUNCT
gp-211	26	14	with	with	ADP
gp-211	26	15	growth	growth	NOUN
gp-211	26	16	of	of	ADP
gp-211	26	17	21.88	21.88	NUM
gp-211	26	18	%	%	NOUN
gp-211	26	19	in	in	ADP
gp-211	26	20	2020	2020	NUM
gp-211	26	21	,	,	PUNCT
gp-211	26	22	27.77	27.77	NUM
gp-211	26	23	%	%	NOUN
gp-211	26	24	in	in	ADP
gp-211	26	25	2021	2021	NUM
gp-211	26	26	,	,	PUNCT
gp-211	26	27	7.50	7.50	NUM
gp-211	26	28	%	%	NOUN
gp-211	26	29	in	in	ADP
gp-211	26	30	2022	2022	NUM
gp-211	26	31	,	,	PUNCT
gp-211	26	32	and	and	CCONJ
gp-211	26	33	17.12	17.12	NUM
gp-211	26	34	%	%	NOUN
gp-211	26	35	in	in	ADP
gp-211	26	36	2023	2023	NUM
gp-211	26	37	.	.	PUNCT
gp-211	27	1	meanwhile	meanwhile	ADV
gp-211	27	2	,	,	PUNCT
gp-211	27	3	pt	pt	PROPN
gp-211	27	4	indofood	indofood	NOUN
gp-211	27	5	sukses	sukse	VERB
gp-211	27	6	makmur	makmur	PROPN
gp-211	27	7	tbk	tbk	PROPN
gp-211	27	8	.	.	PUNCT
gp-211	28	1	recorded	record	VERB
gp-211	28	2	growth	growth	NOUN
gp-211	28	3	of	of	ADP
gp-211	28	4	27.85	27.85	NUM
gp-211	28	5	%	%	NOUN
gp-211	28	6	in	in	ADP
gp-211	28	7	2020	2020	NUM
gp-211	28	8	,	,	PUNCT
gp-211	28	9	35.71	35.71	NUM
gp-211	28	10	%	%	NOUN
gp-211	28	11	in	in	ADP
gp-211	28	12	2021	2021	NUM
gp-211	28	13	,	,	PUNCT
gp-211	28	14	7.19	7.19	NUM
gp-211	28	15	%	%	NOUN
gp-211	28	16	in	in	ADP
gp-211	28	17	2022	2022	NUM
gp-211	28	18	,	,	PUNCT
gp-211	28	19	and	and	CCONJ
gp-211	28	20	6.80	6.80	NUM
gp-211	28	21	%	%	NOUN
gp-211	28	22	in	in	ADP
gp-211	28	23	2023	2023	NUM
gp-211	28	24	.	.	PUNCT
gp-211	29	1	2019	2019	NUM
gp-211	29	2	2020	2020	NUM
gp-211	29	3	2021	2021	NUM
gp-211	29	4	2022	2022	NUM
gp-211	29	5	2023	2023	NUM
gp-211	29	6	indofood	indofood	NOUN
gp-211	29	7	cbp	cbp	PROPN
gp-211	29	8	sukses	sukse	VERB
gp-211	29	9	makmur	makmur	PROPN
gp-211	29	10	tbk	tbk	PROPN
gp-211	29	11	.	.	PUNCT
gp-211	30	1	7.400,1	7.400,1	NOUN
gp-211	31	1	9.201,0	9.201,0	NUM
gp-211	32	1	11.673,6	11.673,6	NUM
gp-211	32	2	13.377,6	13.377,6	NUM
gp-211	32	3	14.387,6	14.387,6	NUM
gp-211	32	4	indofood	indofood	NOUN
gp-211	32	5	sukses	sukse	VERB
gp-211	32	6	makmur	makmur	PROPN
gp-211	32	7	tbk	tbk	PROPN
gp-211	32	8	.	.	PUNCT
gp-211	33	1	9.831,0	9.831,0	PROPN
gp-211	34	1	12.889,1	12.889,1	NUM
gp-211	34	2	16.914,8	16.914,8	NUM
gp-211	34	3	19.693,1	19.693,1	NUM
gp-211	34	4	19.970,1	19.970,1	NUM
gp-211	34	5	figure	figure	NOUN
gp-211	34	6	2	2	NUM
gp-211	34	7	.	.	PUNCT
gp-211	35	1	operating	operate	VERB
gp-211	35	2	income	income	NOUN
gp-211	35	3	(	(	PUNCT
gp-211	35	4	ebit	ebit	PROPN
gp-211	35	5	)	)	PUNCT
gp-211	35	6	of	of	ADP
gp-211	35	7	icbp	icbp	PROPN
gp-211	35	8	and	and	CCONJ
gp-211	35	9	indf	indf	ADJ
gp-211	35	10	source	source	NOUN
gp-211	35	11	:	:	PUNCT
gp-211	35	12	company	company	NOUN
gp-211	35	13	financial	financial	ADJ
gp-211	35	14	reports	report	NOUN
gp-211	35	15	(	(	PUNCT
gp-211	35	16	processed	process	VERB
gp-211	35	17	by	by	ADP
gp-211	35	18	the	the	DET
gp-211	35	19	author	author	NOUN
gp-211	35	20	,	,	PUNCT
gp-211	35	21	2024	2024	NUM
gp-211	35	22	)	)	PUNCT
gp-211	35	23	,	,	PUNCT
gp-211	35	24	000	000	NUM
gp-211	35	25	5.000,000	5.000,000	NUM
gp-211	35	26	10.000,000	10.000,000	NUM
gp-211	35	27	15.000,000	15.000,000	NUM
gp-211	35	28	20.000,000	20.000,000	NUM
gp-211	35	29	25.000,000	25.000,000	NUM
gp-211	35	30	indofood	indofood	NOUN
gp-211	35	31	cbp	cbp	PROPN
gp-211	35	32	sukses	sukse	VERB
gp-211	35	33	makmur	makmur	PROPN
gp-211	35	34	tbk	tbk	PROPN
gp-211	35	35	.	.	PUNCT
gp-211	36	1	indofood	indofood	PROPN
gp-211	36	2	sukses	sukse	VERB
gp-211	36	3	makmur	makmur	PROPN
gp-211	36	4	tbk	tbk	PROPN
gp-211	36	5	.	.	PUNCT
gp-211	37	1	d	d	PROPN
gp-211	37	2	al	al	PROPN
gp-211	37	3	am	be	AUX
gp-211	37	4	m	m	PROPN
gp-211	37	5	ili	ili	PROPN
gp-211	37	6	ar	ar	PROPN
gp-211	37	7	r	r	PROPN
gp-211	37	8	up	up	ADP
gp-211	37	9	ia	ia	PROPN
gp-211	37	10	h	h	PROPN
gp-211	37	11	2019	2019	NUM
gp-211	37	12	2020	2020	NUM
gp-211	37	13	2021	2021	NUM
gp-211	37	14	2022	2022	NUM
gp-211	37	15	2023	2023	NUM
gp-211	37	16	adi	adi	PROPN
gp-211	37	17	aji	aji	PROPN
gp-211	37	18	kurniawan	kurniawan	PROPN
gp-211	37	19	,	,	PUNCT
gp-211	37	20	irni	irni	NOUN
gp-211	37	21	yunita	yunita	NOUN
gp-211	37	22	453	453	NUM
gp-211	37	23	consistent	consistent	ADJ
gp-211	37	24	increases	increase	NOUN
gp-211	37	25	in	in	ADP
gp-211	37	26	operating	operate	VERB
gp-211	37	27	income	income	NOUN
gp-211	37	28	among	among	ADP
gp-211	37	29	certain	certain	ADJ
gp-211	37	30	companies	company	NOUN
gp-211	37	31	indicate	indicate	VERB
gp-211	37	32	potential	potential	ADJ
gp-211	37	33	profits	profit	NOUN
gp-211	37	34	for	for	ADP
gp-211	37	35	investors	investor	NOUN
gp-211	37	36	holding	hold	VERB
gp-211	37	37	those	those	DET
gp-211	37	38	stocks	stock	NOUN
gp-211	37	39	.	.	PUNCT
gp-211	38	1	however	however	ADV
gp-211	38	2	,	,	PUNCT
gp-211	38	3	such	such	ADJ
gp-211	38	4	conditions	condition	NOUN
gp-211	38	5	may	may	AUX
gp-211	38	6	also	also	ADV
gp-211	38	7	be	be	AUX
gp-211	38	8	accompanied	accompany	VERB
gp-211	38	9	by	by	ADP
gp-211	38	10	risks	risk	NOUN
gp-211	38	11	of	of	ADP
gp-211	38	12	loss	loss	NOUN
gp-211	38	13	due	due	ADP
gp-211	38	14	to	to	ADP
gp-211	38	15	stock	stock	NOUN
gp-211	38	16	price	price	NOUN
gp-211	38	17	fluctuations	fluctuation	NOUN
gp-211	38	18	.	.	PUNCT
gp-211	39	1	therefore	therefore	ADV
gp-211	39	2	,	,	PUNCT
gp-211	39	3	valuing	value	VERB
gp-211	39	4	high	high	ADJ
gp-211	39	5	-	-	PUNCT
gp-211	39	6	dividend	dividend	NOUN
gp-211	39	7	sharia	sharia	PROPN
gp-211	39	8	stocks	stock	NOUN
gp-211	39	9	requires	require	VERB
gp-211	39	10	in	in	ADP
gp-211	39	11	-	-	PUNCT
gp-211	39	12	depth	depth	NOUN
gp-211	39	13	analysis	analysis	NOUN
gp-211	39	14	so	so	SCONJ
gp-211	39	15	that	that	SCONJ
gp-211	39	16	investors	investor	NOUN
gp-211	39	17	can	can	AUX
gp-211	39	18	determine	determine	VERB
gp-211	39	19	the	the	DET
gp-211	39	20	fair	fair	ADJ
gp-211	39	21	value	value	NOUN
gp-211	39	22	of	of	ADP
gp-211	39	23	these	these	DET
gp-211	39	24	stocks	stock	NOUN
gp-211	39	25	before	before	ADP
gp-211	39	26	making	make	VERB
gp-211	39	27	purchase	purchase	NOUN
gp-211	39	28	decisions	decision	NOUN
gp-211	39	29	.	.	PUNCT
gp-211	40	1	stock	stock	NOUN
gp-211	40	2	price	price	NOUN
gp-211	40	3	fluctuations	fluctuation	NOUN
gp-211	40	4	are	be	AUX
gp-211	40	5	influenced	influence	VERB
gp-211	40	6	by	by	ADP
gp-211	40	7	several	several	ADJ
gp-211	40	8	factors	factor	NOUN
gp-211	40	9	.	.	PUNCT
gp-211	41	1	according	accord	VERB
gp-211	41	2	to	to	ADP
gp-211	41	3	zulfikar	zulfikar	NOUN
gp-211	41	4	(	(	PUNCT
gp-211	41	5	2016	2016	NUM
gp-211	41	6	)	)	PUNCT
gp-211	41	7	,	,	PUNCT
gp-211	41	8	variables	variable	NOUN
gp-211	41	9	that	that	PRON
gp-211	41	10	affect	affect	VERB
gp-211	41	11	stock	stock	NOUN
gp-211	41	12	prices	price	NOUN
gp-211	41	13	include	include	VERB
gp-211	41	14	production	production	NOUN
gp-211	41	15	reports	report	NOUN
gp-211	41	16	,	,	PUNCT
gp-211	41	17	contact	contact	NOUN
gp-211	41	18	information	information	NOUN
gp-211	41	19	,	,	PUNCT
gp-211	41	20	price	price	NOUN
gp-211	41	21	changes	change	NOUN
gp-211	41	22	,	,	PUNCT
gp-211	41	23	new	new	ADJ
gp-211	41	24	product	product	NOUN
gp-211	41	25	introductions	introduction	NOUN
gp-211	41	26	,	,	PUNCT
gp-211	41	27	and	and	CCONJ
gp-211	41	28	product	product	NOUN
gp-211	41	29	safety	safety	NOUN
gp-211	41	30	.	.	PUNCT
gp-211	42	1	in	in	ADP
gp-211	42	2	addition	addition	NOUN
gp-211	42	3	,	,	PUNCT
gp-211	42	4	funding	funding	NOUN
gp-211	42	5	announcements	announcement	NOUN
gp-211	42	6	related	relate	VERB
gp-211	42	7	to	to	ADP
gp-211	42	8	debt	debt	NOUN
gp-211	42	9	and	and	CCONJ
gp-211	42	10	equity	equity	NOUN
gp-211	42	11	,	,	PUNCT
gp-211	42	12	changes	change	NOUN
gp-211	42	13	in	in	ADP
gp-211	42	14	management	management	NOUN
gp-211	42	15	or	or	CCONJ
gp-211	42	16	business	business	NOUN
gp-211	42	17	structure	structure	NOUN
gp-211	42	18	,	,	PUNCT
gp-211	42	19	diversification	diversification	NOUN
gp-211	42	20	reports	report	NOUN
gp-211	42	21	such	such	ADJ
gp-211	42	22	as	as	ADP
gp-211	42	23	mergers	merger	NOUN
gp-211	42	24	and	and	CCONJ
gp-211	42	25	equity	equity	NOUN
gp-211	42	26	investments	investment	NOUN
gp-211	42	27	,	,	PUNCT
gp-211	42	28	and	and	CCONJ
gp-211	42	29	research	research	NOUN
gp-211	42	30	developments	development	NOUN
gp-211	42	31	also	also	ADV
gp-211	42	32	influence	influence	VERB
gp-211	42	33	stock	stock	NOUN
gp-211	42	34	prices	price	NOUN
gp-211	42	35	.	.	PUNCT
gp-211	43	1	external	external	ADJ
gp-211	43	2	factors	factor	NOUN
gp-211	43	3	include	include	VERB
gp-211	43	4	various	various	ADJ
gp-211	43	5	aspects	aspect	NOUN
gp-211	43	6	such	such	ADJ
gp-211	43	7	as	as	ADP
gp-211	43	8	government	government	NOUN
gp-211	43	9	announcements	announcement	NOUN
gp-211	43	10	related	relate	VERB
gp-211	43	11	to	to	ADP
gp-211	43	12	interest	interest	NOUN
gp-211	43	13	rates	rate	NOUN
gp-211	43	14	,	,	PUNCT
gp-211	43	15	inflation	inflation	NOUN
gp-211	43	16	,	,	PUNCT
gp-211	43	17	economic	economic	ADJ
gp-211	43	18	regulations	regulation	NOUN
gp-211	43	19	,	,	PUNCT
gp-211	43	20	and	and	CCONJ
gp-211	43	21	legal	legal	ADJ
gp-211	43	22	announcements	announcement	NOUN
gp-211	43	23	,	,	PUNCT
gp-211	43	24	including	include	VERB
gp-211	43	25	lawsuits	lawsuit	NOUN
gp-211	43	26	involving	involve	VERB
gp-211	43	27	the	the	DET
gp-211	43	28	company	company	NOUN
gp-211	43	29	.	.	PUNCT
gp-211	44	1	other	other	ADJ
gp-211	44	2	external	external	ADJ
gp-211	44	3	influences	influence	NOUN
gp-211	44	4	include	include	VERB
gp-211	44	5	dynamics	dynamic	NOUN
gp-211	44	6	within	within	ADP
gp-211	44	7	the	the	DET
gp-211	44	8	securities	security	NOUN
gp-211	44	9	industry	industry	NOUN
gp-211	44	10	,	,	PUNCT
gp-211	44	11	such	such	ADJ
gp-211	44	12	as	as	ADP
gp-211	44	13	annual	annual	ADJ
gp-211	44	14	meeting	meeting	NOUN
gp-211	44	15	announcements	announcement	NOUN
gp-211	44	16	,	,	PUNCT
gp-211	44	17	insider	insider	NOUN
gp-211	44	18	trading	trading	NOUN
gp-211	44	19	activities	activity	NOUN
gp-211	44	20	,	,	PUNCT
gp-211	44	21	trading	trading	NOUN
gp-211	44	22	volume	volume	NOUN
gp-211	44	23	,	,	PUNCT
gp-211	44	24	trading	trading	NOUN
gp-211	44	25	restrictions	restriction	NOUN
gp-211	44	26	,	,	PUNCT
gp-211	44	27	and	and	CCONJ
gp-211	44	28	stock	stock	NOUN
gp-211	44	29	market	market	NOUN
gp-211	44	30	conditions	condition	NOUN
gp-211	44	31	affected	affect	VERB
gp-211	44	32	by	by	ADP
gp-211	44	33	political	political	ADJ
gp-211	44	34	uncertainty	uncertainty	NOUN
gp-211	44	35	,	,	PUNCT
gp-211	44	36	exchange	exchange	NOUN
gp-211	44	37	rate	rate	NOUN
gp-211	44	38	fluctuations	fluctuation	NOUN
gp-211	44	39	,	,	PUNCT
gp-211	44	40	and	and	CCONJ
gp-211	44	41	various	various	ADJ
gp-211	44	42	domestic	domestic	ADJ
gp-211	44	43	or	or	CCONJ
gp-211	44	44	international	international	ADJ
gp-211	44	45	issues	issue	NOUN
gp-211	44	46	.	.	PUNCT
gp-211	45	1	there	there	PRON
gp-211	45	2	are	be	VERB
gp-211	45	3	three	three	NUM
gp-211	45	4	main	main	ADJ
gp-211	45	5	approaches	approach	NOUN
gp-211	45	6	to	to	ADP
gp-211	45	7	stock	stock	NOUN
gp-211	45	8	valuation	valuation	NOUN
gp-211	45	9	,	,	PUNCT
gp-211	45	10	according	accord	VERB
gp-211	45	11	to	to	ADP
gp-211	45	12	damodaran	damodaran	PROPN
gp-211	45	13	(	(	PUNCT
gp-211	45	14	2012	2012	NUM
gp-211	45	15	):	):	PUNCT
gp-211	45	16	discounted	discount	VERB
gp-211	45	17	cash	cash	NOUN
gp-211	45	18	flow	flow	NOUN
gp-211	45	19	(	(	PUNCT
gp-211	45	20	dcf	dcf	PROPN
gp-211	45	21	)	)	PUNCT
gp-211	45	22	,	,	PUNCT
gp-211	45	23	relative	relative	ADJ
gp-211	45	24	valuation	valuation	NOUN
gp-211	45	25	,	,	PUNCT
gp-211	45	26	and	and	CCONJ
gp-211	45	27	contingent	contingent	ADJ
gp-211	45	28	claim	claim	NOUN
gp-211	45	29	valuation	valuation	NOUN
gp-211	45	30	.	.	PUNCT
gp-211	46	1	to	to	PART
gp-211	46	2	identify	identify	VERB
gp-211	46	3	future	future	ADJ
gp-211	46	4	growth	growth	NOUN
gp-211	46	5	potential	potential	NOUN
gp-211	46	6	,	,	PUNCT
gp-211	46	7	this	this	DET
gp-211	46	8	study	study	NOUN
gp-211	46	9	will	will	AUX
gp-211	46	10	employ	employ	VERB
gp-211	46	11	the	the	DET
gp-211	46	12	discounted	discount	VERB
gp-211	46	13	cash	cash	NOUN
gp-211	46	14	flow	flow	NOUN
gp-211	46	15	method	method	NOUN
gp-211	46	16	using	use	VERB
gp-211	46	17	the	the	DET
gp-211	46	18	free	free	ADJ
gp-211	46	19	cash	cash	NOUN
gp-211	46	20	flow	flow	NOUN
gp-211	46	21	to	to	ADP
gp-211	46	22	firm	firm	ADJ
gp-211	46	23	(	(	PUNCT
gp-211	46	24	fcff	fcff	ADJ
gp-211	46	25	)	)	PUNCT
gp-211	46	26	approach	approach	NOUN
gp-211	46	27	.	.	PUNCT
gp-211	47	1	the	the	DET
gp-211	47	2	basic	basic	ADJ
gp-211	47	3	principle	principle	NOUN
gp-211	47	4	of	of	ADP
gp-211	47	5	the	the	DET
gp-211	47	6	discounted	discount	VERB
gp-211	47	7	cash	cash	NOUN
gp-211	47	8	flow	flow	NOUN
gp-211	47	9	(	(	PUNCT
gp-211	47	10	dcf	dcf	NOUN
gp-211	47	11	)	)	PUNCT
gp-211	47	12	method	method	NOUN
gp-211	47	13	,	,	PUNCT
gp-211	47	14	according	accord	VERB
gp-211	47	15	to	to	ADP
gp-211	47	16	wira	wira	PROPN
gp-211	47	17	(	(	PUNCT
gp-211	47	18	2014	2014	NUM
gp-211	47	19	)	)	PUNCT
gp-211	47	20	,	,	PUNCT
gp-211	47	21	is	be	AUX
gp-211	47	22	that	that	SCONJ
gp-211	47	23	the	the	DET
gp-211	47	24	fair	fair	ADJ
gp-211	47	25	value	value	NOUN
gp-211	47	26	(	(	PUNCT
gp-211	47	27	present	present	ADJ
gp-211	47	28	value	value	NOUN
gp-211	47	29	)	)	PUNCT
gp-211	47	30	of	of	ADP
gp-211	47	31	a	a	DET
gp-211	47	32	stock	stock	NOUN
gp-211	47	33	reflects	reflect	VERB
gp-211	47	34	its	its	PRON
gp-211	47	35	future	future	ADJ
gp-211	47	36	cash	cash	NOUN
gp-211	47	37	flows	flow	NOUN
gp-211	47	38	that	that	PRON
gp-211	47	39	have	have	AUX
gp-211	47	40	been	be	AUX
gp-211	47	41	discounted	discount	VERB
gp-211	47	42	.	.	PUNCT
gp-211	48	1	this	this	DET
gp-211	48	2	method	method	NOUN
gp-211	48	3	incorporates	incorporate	VERB
gp-211	48	4	the	the	DET
gp-211	48	5	time	time	NOUN
gp-211	48	6	value	value	NOUN
gp-211	48	7	of	of	ADP
gp-211	48	8	money	money	NOUN
gp-211	48	9	concept	concept	NOUN
gp-211	48	10	.	.	PUNCT
gp-211	49	1	the	the	DET
gp-211	49	2	dcf	dcf	PROPN
gp-211	49	3	calculation	calculation	NOUN
gp-211	49	4	focuses	focus	VERB
gp-211	49	5	on	on	ADP
gp-211	49	6	income	income	NOUN
gp-211	49	7	generated	generate	VERB
gp-211	49	8	from	from	ADP
gp-211	49	9	business	business	NOUN
gp-211	49	10	operations	operation	NOUN
gp-211	49	11	.	.	PUNCT
gp-211	50	1	the	the	DET
gp-211	50	2	concept	concept	NOUN
gp-211	50	3	of	of	ADP
gp-211	50	4	free	free	ADJ
gp-211	50	5	cash	cash	NOUN
gp-211	50	6	flow	flow	NOUN
gp-211	50	7	is	be	AUX
gp-211	50	8	based	base	VERB
gp-211	50	9	on	on	ADP
gp-211	50	10	the	the	DET
gp-211	50	11	assumption	assumption	NOUN
gp-211	50	12	that	that	SCONJ
gp-211	50	13	business	business	NOUN
gp-211	50	14	revenue	revenue	NOUN
gp-211	50	15	,	,	PUNCT
gp-211	50	16	minus	minus	CCONJ
gp-211	50	17	other	other	ADJ
gp-211	50	18	costs	cost	NOUN
gp-211	50	19	,	,	PUNCT
gp-211	50	20	yields	yield	NOUN
gp-211	50	21	free	free	ADJ
gp-211	50	22	cash	cash	NOUN
gp-211	50	23	flow	flow	NOUN
gp-211	50	24	,	,	PUNCT
gp-211	50	25	which	which	PRON
gp-211	50	26	belongs	belong	VERB
gp-211	50	27	to	to	ADP
gp-211	50	28	the	the	DET
gp-211	50	29	company	company	NOUN
gp-211	50	30	's	's	PART
gp-211	50	31	capital	capital	NOUN
gp-211	50	32	providers	provider	NOUN
gp-211	50	33	—	—	PUNCT
gp-211	50	34	both	both	PRON
gp-211	50	35	creditors	creditor	NOUN
gp-211	50	36	and	and	CCONJ
gp-211	50	37	shareholders	shareholder	NOUN
gp-211	50	38	.	.	PUNCT
gp-211	51	1	dcf	dcf	PROPN
gp-211	51	2	is	be	AUX
gp-211	51	3	used	use	VERB
gp-211	51	4	to	to	PART
gp-211	51	5	value	value	VERB
gp-211	51	6	a	a	DET
gp-211	51	7	business	business	NOUN
gp-211	51	8	through	through	ADP
gp-211	51	9	several	several	ADJ
gp-211	51	10	steps	step	NOUN
gp-211	51	11	.	.	PUNCT
gp-211	52	1	first	first	ADV
gp-211	52	2	,	,	PUNCT
gp-211	52	3	a	a	DET
gp-211	52	4	projection	projection	NOUN
gp-211	52	5	of	of	ADP
gp-211	52	6	free	free	ADJ
gp-211	52	7	cash	cash	NOUN
gp-211	52	8	flows	flow	NOUN
gp-211	52	9	(	(	PUNCT
gp-211	52	10	fcf	fcf	NOUN
gp-211	52	11	)	)	PUNCT
gp-211	52	12	for	for	ADP
gp-211	52	13	the	the	DET
gp-211	52	14	next	next	ADJ
gp-211	52	15	five	five	NUM
gp-211	52	16	to	to	PART
gp-211	52	17	ten	ten	NUM
gp-211	52	18	years	year	NOUN
gp-211	52	19	is	be	AUX
gp-211	52	20	created	create	VERB
gp-211	52	21	.	.	PUNCT
gp-211	53	1	to	to	PART
gp-211	53	2	discount	discount	VERB
gp-211	53	3	all	all	DET
gp-211	53	4	future	future	ADJ
gp-211	53	5	fcfs	fcfs	NOUN
gp-211	53	6	and	and	CCONJ
gp-211	53	7	obtain	obtain	VERB
gp-211	53	8	the	the	DET
gp-211	53	9	present	present	ADJ
gp-211	53	10	value	value	NOUN
gp-211	53	11	,	,	PUNCT
gp-211	53	12	an	an	DET
gp-211	53	13	appropriate	appropriate	ADJ
gp-211	53	14	discount	discount	NOUN
gp-211	53	15	rate	rate	NOUN
gp-211	53	16	is	be	AUX
gp-211	53	17	selected	select	VERB
gp-211	53	18	,	,	PUNCT
gp-211	53	19	such	such	ADJ
gp-211	53	20	as	as	ADP
gp-211	53	21	using	use	VERB
gp-211	53	22	the	the	DET
gp-211	53	23	wacc	wacc	NOUN
gp-211	53	24	under	under	ADP
gp-211	53	25	the	the	DET
gp-211	53	26	enterprise	enterprise	NOUN
gp-211	53	27	value	value	NOUN
gp-211	53	28	approach	approach	NOUN
gp-211	53	29	.	.	PUNCT
gp-211	54	1	the	the	DET
gp-211	54	2	terminal	terminal	ADJ
gp-211	54	3	value	value	NOUN
gp-211	54	4	(	(	PUNCT
gp-211	54	5	tv	tv	NOUN
gp-211	54	6	)	)	PUNCT
gp-211	54	7	represents	represent	VERB
gp-211	54	8	the	the	DET
gp-211	54	9	present	present	ADJ
gp-211	54	10	value	value	NOUN
gp-211	54	11	of	of	ADP
gp-211	54	12	all	all	DET
gp-211	54	13	projected	project	VERB
gp-211	54	14	cash	cash	NOUN
gp-211	54	15	flows	flow	NOUN
gp-211	54	16	beyond	beyond	ADP
gp-211	54	17	a	a	DET
gp-211	54	18	specific	specific	ADJ
gp-211	54	19	period	period	NOUN
gp-211	54	20	.	.	PUNCT
gp-211	55	1	the	the	DET
gp-211	55	2	tv	tv	NOUN
gp-211	55	3	and	and	CCONJ
gp-211	55	4	current	current	ADJ
gp-211	55	5	cash	cash	NOUN
gp-211	55	6	flow	flow	NOUN
gp-211	55	7	values	value	NOUN
gp-211	55	8	are	be	AUX
gp-211	55	9	then	then	ADV
gp-211	55	10	added	add	VERB
gp-211	55	11	together	together	ADV
gp-211	55	12	in	in	ADP
gp-211	55	13	the	the	DET
gp-211	55	14	final	final	ADJ
gp-211	55	15	step	step	NOUN
gp-211	55	16	(	(	PUNCT
gp-211	55	17	steiger	steiger	NOUN
gp-211	55	18	,	,	PUNCT
gp-211	55	19	2008	2008	NUM
gp-211	55	20	)	)	PUNCT
gp-211	55	21	.	.	PUNCT
gp-211	56	1	the	the	DET
gp-211	56	2	fcff	fcff	ADJ
gp-211	56	3	method	method	NOUN
gp-211	56	4	has	have	VERB
gp-211	56	5	advantages	advantage	NOUN
gp-211	56	6	in	in	ADP
gp-211	56	7	calculating	calculate	VERB
gp-211	56	8	the	the	DET
gp-211	56	9	overall	overall	ADJ
gp-211	56	10	value	value	NOUN
gp-211	56	11	of	of	ADP
gp-211	56	12	a	a	DET
gp-211	56	13	company	company	NOUN
gp-211	56	14	,	,	PUNCT
gp-211	56	15	encompassing	encompass	VERB
gp-211	56	16	both	both	CCONJ
gp-211	56	17	equity	equity	NOUN
gp-211	56	18	and	and	CCONJ
gp-211	56	19	debt	debt	NOUN
gp-211	56	20	elements	element	NOUN
gp-211	56	21	,	,	PUNCT
gp-211	56	22	and	and	CCONJ
gp-211	56	23	is	be	AUX
gp-211	56	24	unaffected	unaffected	ADJ
gp-211	56	25	by	by	ADP
gp-211	56	26	the	the	DET
gp-211	56	27	company	company	NOUN
gp-211	56	28	’s	’s	PART
gp-211	56	29	capital	capital	NOUN
gp-211	56	30	structure	structure	NOUN
gp-211	56	31	.	.	PUNCT
gp-211	57	1	moreover	moreover	ADV
gp-211	57	2	,	,	PUNCT
gp-211	57	3	this	this	DET
gp-211	57	4	method	method	NOUN
gp-211	57	5	is	be	AUX
gp-211	57	6	applicable	applicable	ADJ
gp-211	57	7	to	to	ADP
gp-211	57	8	various	various	ADJ
gp-211	57	9	types	type	NOUN
gp-211	57	10	of	of	ADP
gp-211	57	11	companies	company	NOUN
gp-211	57	12	,	,	PUNCT
gp-211	57	13	including	include	VERB
gp-211	57	14	those	those	PRON
gp-211	57	15	that	that	PRON
gp-211	57	16	do	do	AUX
gp-211	57	17	not	not	PART
gp-211	57	18	distribute	distribute	VERB
gp-211	57	19	dividends	dividend	NOUN
gp-211	57	20	,	,	PUNCT
gp-211	57	21	as	as	SCONJ
gp-211	57	22	it	it	PRON
gp-211	57	23	focuses	focus	VERB
gp-211	57	24	primarily	primarily	ADV
gp-211	57	25	on	on	ADP
gp-211	57	26	operational	operational	ADJ
gp-211	57	27	cash	cash	NOUN
gp-211	57	28	flow	flow	NOUN
gp-211	57	29	.	.	PUNCT
gp-211	58	1	due	due	ADP
gp-211	58	2	to	to	ADP
gp-211	58	3	its	its	PRON
gp-211	58	4	ability	ability	NOUN
gp-211	58	5	to	to	PART
gp-211	58	6	accommodate	accommodate	VERB
gp-211	58	7	future	future	ADJ
gp-211	58	8	growth	growth	NOUN
gp-211	58	9	projections	projection	NOUN
gp-211	58	10	and	and	CCONJ
gp-211	58	11	its	its	PRON
gp-211	58	12	resilience	resilience	NOUN
gp-211	58	13	against	against	ADP
gp-211	58	14	accounting	accounting	NOUN
gp-211	58	15	manipulation	manipulation	NOUN
gp-211	58	16	,	,	PUNCT
gp-211	58	17	the	the	DET
gp-211	58	18	fcff	fcff	ADJ
gp-211	58	19	method	method	NOUN
gp-211	58	20	is	be	AUX
gp-211	58	21	considered	consider	VERB
gp-211	58	22	more	more	ADV
gp-211	58	23	objective	objective	ADJ
gp-211	58	24	and	and	CCONJ
gp-211	58	25	appropriate	appropriate	ADJ
gp-211	58	26	than	than	ADP
gp-211	58	27	other	other	ADJ
gp-211	58	28	approaches	approach	NOUN
gp-211	58	29	,	,	PUNCT
gp-211	58	30	such	such	ADJ
gp-211	58	31	as	as	ADP
gp-211	58	32	the	the	DET
gp-211	58	33	dividend	dividend	NOUN
gp-211	58	34	discount	discount	NOUN
gp-211	58	35	model	model	NOUN
gp-211	58	36	(	(	PUNCT
gp-211	58	37	haryanto	haryanto	PROPN
gp-211	58	38	&	&	CCONJ
gp-211	58	39	kristanti	kristanti	PROPN
gp-211	58	40	,	,	PUNCT
gp-211	58	41	2020	2020	NUM
gp-211	58	42	)	)	PUNCT
gp-211	58	43	.	.	PUNCT
gp-211	59	1	fcff	fcff	PROPN
gp-211	59	2	often	often	ADV
gp-211	59	3	needs	need	VERB
gp-211	59	4	to	to	PART
gp-211	59	5	be	be	AUX
gp-211	59	6	supplemented	supplement	VERB
gp-211	59	7	with	with	ADP
gp-211	59	8	the	the	DET
gp-211	59	9	relative	relative	ADJ
gp-211	59	10	valuation	valuation	NOUN
gp-211	59	11	approach	approach	NOUN
gp-211	59	12	to	to	PART
gp-211	59	13	provide	provide	VERB
gp-211	59	14	a	a	DET
gp-211	59	15	more	more	ADV
gp-211	59	16	comprehensive	comprehensive	ADJ
gp-211	59	17	overview	overview	NOUN
gp-211	59	18	and	and	CCONJ
gp-211	59	19	ensure	ensure	VERB
gp-211	59	20	that	that	SCONJ
gp-211	59	21	the	the	DET
gp-211	59	22	valuation	valuation	NOUN
gp-211	59	23	results	result	VERB
gp-211	59	24	align	align	VERB
gp-211	59	25	with	with	ADP
gp-211	59	26	market	market	NOUN
gp-211	59	27	conditions	condition	NOUN
gp-211	59	28	(	(	PUNCT
gp-211	59	29	damodaran	damodaran	VERB
gp-211	59	30	,	,	PUNCT
gp-211	59	31	2012	2012	NUM
gp-211	59	32	)	)	PUNCT
gp-211	59	33	.	.	PUNCT
gp-211	60	1	relative	relative	ADJ
gp-211	60	2	valuation	valuation	NOUN
gp-211	60	3	enables	enable	VERB
gp-211	60	4	company	company	NOUN
gp-211	60	5	evaluations	evaluation	NOUN
gp-211	60	6	against	against	ADP
gp-211	60	7	competitors	competitor	NOUN
gp-211	60	8	in	in	ADP
gp-211	60	9	the	the	DET
gp-211	60	10	same	same	ADJ
gp-211	60	11	industry	industry	NOUN
gp-211	60	12	,	,	PUNCT
gp-211	60	13	providing	provide	VERB
gp-211	60	14	additional	additional	ADJ
gp-211	60	15	validation	validation	NOUN
gp-211	60	16	for	for	ADP
gp-211	60	17	the	the	DET
gp-211	60	18	reasonableness	reasonableness	NOUN
gp-211	60	19	of	of	ADP
gp-211	60	20	fcff	fcff	ADJ
gp-211	60	21	outcomes	outcome	NOUN
gp-211	60	22	.	.	PUNCT
gp-211	61	1	additionally	additionally	ADV
gp-211	61	2	,	,	PUNCT
gp-211	61	3	relative	relative	ADJ
gp-211	61	4	valuation	valuation	NOUN
gp-211	61	5	helps	helps	AUX
gp-211	61	6	identify	identify	VERB
gp-211	61	7	potential	potential	ADJ
gp-211	61	8	biases	bias	NOUN
gp-211	61	9	in	in	ADP
gp-211	61	10	fcff	fcff	ADJ
gp-211	61	11	assumptions	assumption	NOUN
gp-211	61	12	,	,	PUNCT
gp-211	61	13	resulting	result	VERB
gp-211	61	14	in	in	ADP
gp-211	61	15	more	more	ADJ
gp-211	61	16	proportional	proportional	ADJ
gp-211	61	17	valuations	valuation	NOUN
gp-211	61	18	that	that	PRON
gp-211	61	19	incorporate	incorporate	VERB
gp-211	61	20	both	both	DET
gp-211	61	21	fundamental	fundamental	ADJ
gp-211	61	22	values	value	NOUN
gp-211	61	23	and	and	CCONJ
gp-211	61	24	market	market	NOUN
gp-211	61	25	dynamics	dynamic	NOUN
gp-211	61	26	.	.	PUNCT
gp-211	62	1	combining	combine	VERB
gp-211	62	2	these	these	DET
gp-211	62	3	two	two	NUM
gp-211	62	4	methods	method	NOUN
gp-211	62	5	results	result	NOUN
gp-211	62	6	in	in	ADP
gp-211	62	7	a	a	DET
gp-211	62	8	more	more	ADV
gp-211	62	9	comprehensive	comprehensive	ADJ
gp-211	62	10	analysis	analysis	NOUN
gp-211	62	11	that	that	PRON
gp-211	62	12	supports	support	VERB
gp-211	62	13	strategic	strategic	ADJ
gp-211	62	14	decision	decision	NOUN
gp-211	62	15	-	-	PUNCT
gp-211	62	16	making	making	NOUN
gp-211	62	17	,	,	PUNCT
gp-211	62	18	such	such	ADJ
gp-211	62	19	as	as	ADP
gp-211	62	20	mergers	merger	NOUN
gp-211	62	21	,	,	PUNCT
gp-211	62	22	acquisitions	acquisition	NOUN
gp-211	62	23	,	,	PUNCT
gp-211	62	24	or	or	CCONJ
gp-211	62	25	investments	investment	NOUN
gp-211	62	26	.	.	PUNCT
gp-211	63	1	hartono	hartono	PROPN
gp-211	63	2	(	(	PUNCT
gp-211	63	3	2013	2013	NUM
gp-211	63	4	)	)	PUNCT
gp-211	63	5	explains	explain	VERB
gp-211	63	6	that	that	SCONJ
gp-211	63	7	stock	stock	NOUN
gp-211	63	8	value	value	NOUN
gp-211	63	9	can	can	AUX
gp-211	63	10	be	be	AUX
gp-211	63	11	analyzed	analyze	VERB
gp-211	63	12	by	by	ADP
gp-211	63	13	comparing	compare	VERB
gp-211	63	14	market	market	NOUN
gp-211	63	15	value	value	NOUN
gp-211	63	16	with	with	ADP
gp-211	63	17	intrinsic	intrinsic	ADJ
gp-211	63	18	value	value	NOUN
gp-211	63	19	.	.	PUNCT
gp-211	64	1	if	if	SCONJ
gp-211	64	2	the	the	DET
gp-211	64	3	market	market	NOUN
gp-211	64	4	value	value	NOUN
gp-211	64	5	is	be	AUX
gp-211	64	6	lower	low	ADJ
gp-211	64	7	than	than	ADP
gp-211	64	8	the	the	DET
gp-211	64	9	intrinsic	intrinsic	ADJ
gp-211	64	10	value	value	NOUN
gp-211	64	11	,	,	PUNCT
gp-211	64	12	the	the	DET
gp-211	64	13	stock	stock	NOUN
gp-211	64	14	is	be	AUX
gp-211	64	15	considered	consider	VERB
gp-211	64	16	undervalued	undervalue	VERB
gp-211	64	17	,	,	PUNCT
gp-211	64	18	as	as	SCONJ
gp-211	64	19	investors	investor	NOUN
gp-211	64	20	are	be	AUX
gp-211	64	21	paying	pay	VERB
gp-211	64	22	less	less	ADJ
gp-211	64	23	than	than	ADP
gp-211	64	24	the	the	DET
gp-211	64	25	actual	actual	ADJ
gp-211	64	26	worth	worth	NOUN
gp-211	64	27	.	.	PUNCT
gp-211	65	1	conversely	conversely	ADV
gp-211	65	2	,	,	PUNCT
gp-211	65	3	if	if	SCONJ
gp-211	65	4	the	the	DET
gp-211	65	5	market	market	NOUN
gp-211	65	6	value	value	NOUN
gp-211	65	7	exceeds	exceed	VERB
gp-211	65	8	the	the	DET
gp-211	65	9	intrinsic	intrinsic	ADJ
gp-211	65	10	value	value	NOUN
gp-211	65	11	,	,	PUNCT
gp-211	65	12	the	the	DET
gp-211	65	13	stock	stock	NOUN
gp-211	65	14	is	be	AUX
gp-211	65	15	considered	consider	VERB
gp-211	65	16	overvalued	overvalued	ADJ
gp-211	65	17	.	.	PUNCT
gp-211	66	1	if	if	SCONJ
gp-211	66	2	both	both	DET
gp-211	66	3	values	value	NOUN
gp-211	66	4	are	be	AUX
gp-211	66	5	equal	equal	ADJ
gp-211	66	6	,	,	PUNCT
gp-211	66	7	the	the	DET
gp-211	66	8	stock	stock	NOUN
gp-211	66	9	is	be	AUX
gp-211	66	10	considered	consider	VERB
gp-211	66	11	fairly	fairly	ADV
gp-211	66	12	valued	value	VERB
gp-211	66	13	.	.	PUNCT
gp-211	67	1	in	in	ADP
gp-211	67	2	the	the	DET
gp-211	67	3	buy	buy	NOUN
gp-211	67	4	,	,	PUNCT
gp-211	67	5	hold	hold	VERB
gp-211	67	6	,	,	PUNCT
gp-211	67	7	and	and	CCONJ
gp-211	67	8	sell	sell	VERB
gp-211	67	9	strategy	strategy	NOUN
gp-211	67	10	,	,	PUNCT
gp-211	67	11	investors	investor	NOUN
gp-211	67	12	only	only	ADV
gp-211	67	13	buy	buy	VERB
gp-211	67	14	stocks	stock	NOUN
gp-211	67	15	if	if	SCONJ
gp-211	67	16	the	the	DET
gp-211	67	17	market	market	NOUN
gp-211	67	18	price	price	NOUN
gp-211	67	19	is	be	AUX
gp-211	67	20	lower	low	ADJ
gp-211	67	21	than	than	ADP
gp-211	67	22	their	their	PRON
gp-211	67	23	intrinsic	intrinsic	ADJ
gp-211	67	24	value	value	NOUN
gp-211	67	25	(	(	PUNCT
gp-211	67	26	undervalued	undervalue	VERB
gp-211	67	27	)	)	PUNCT
gp-211	67	28	,	,	PUNCT
gp-211	67	29	determined	determine	VERB
gp-211	67	30	through	through	ADP
gp-211	67	31	thorough	thorough	ADJ
gp-211	67	32	analysis	analysis	NOUN
gp-211	67	33	of	of	ADP
gp-211	67	34	the	the	DET
gp-211	67	35	company	company	NOUN
gp-211	67	36	’s	’s	PART
gp-211	67	37	fundamentals	fundamental	NOUN
gp-211	67	38	.	.	PUNCT
gp-211	68	1	after	after	ADP
gp-211	68	2	american	american	PROPN
gp-211	68	3	journal	journal	PROPN
gp-211	68	4	of	of	ADP
gp-211	68	5	economic	economic	ADJ
gp-211	68	6	and	and	CCONJ
gp-211	68	7	management	management	NOUN
gp-211	68	8	business	business	NOUN
gp-211	68	9	vol	vol	NOUN
gp-211	68	10	.	.	PROPN
gp-211	68	11	4	4	NUM
gp-211	68	12	no	no	NOUN
gp-211	68	13	.	.	NOUN
gp-211	68	14	5	5	NUM
gp-211	68	15	,	,	PUNCT
gp-211	68	16	may	may	AUX
gp-211	68	17	2025	2025	NUM
gp-211	68	18	454	454	NUM
gp-211	68	19	purchasing	purchase	VERB
gp-211	68	20	undervalued	undervalue	VERB
gp-211	68	21	stocks	stock	NOUN
gp-211	68	22	,	,	PUNCT
gp-211	68	23	investors	investor	NOUN
gp-211	68	24	should	should	AUX
gp-211	68	25	hold	hold	VERB
gp-211	68	26	them	they	PRON
gp-211	68	27	long	long	ADJ
gp-211	68	28	-	-	PUNCT
gp-211	68	29	term	term	NOUN
gp-211	68	30	unless	unless	SCONJ
gp-211	68	31	there	there	PRON
gp-211	68	32	are	be	VERB
gp-211	68	33	fundamental	fundamental	ADJ
gp-211	68	34	changes	change	NOUN
gp-211	68	35	in	in	ADP
gp-211	68	36	the	the	DET
gp-211	68	37	company	company	NOUN
gp-211	68	38	's	's	PART
gp-211	68	39	condition	condition	NOUN
gp-211	68	40	.	.	PUNCT
gp-211	69	1	selling	selling	NOUN
gp-211	69	2	is	be	AUX
gp-211	69	3	recommended	recommend	VERB
gp-211	69	4	only	only	ADV
gp-211	69	5	when	when	SCONJ
gp-211	69	6	the	the	DET
gp-211	69	7	stock	stock	NOUN
gp-211	69	8	reaches	reach	VERB
gp-211	69	9	its	its	PRON
gp-211	69	10	fair	fair	ADJ
gp-211	69	11	or	or	CCONJ
gp-211	69	12	overvalued	overvalued	ADJ
gp-211	69	13	level	level	NOUN
gp-211	69	14	—	—	PUNCT
gp-211	69	15	not	not	PART
gp-211	69	16	based	base	VERB
gp-211	69	17	on	on	ADP
gp-211	69	18	market	market	NOUN
gp-211	69	19	fluctuations	fluctuation	NOUN
gp-211	69	20	or	or	CCONJ
gp-211	69	21	temporary	temporary	ADJ
gp-211	69	22	sentiment	sentiment	NOUN
gp-211	69	23	.	.	PUNCT
gp-211	70	1	this	this	DET
gp-211	70	2	approach	approach	NOUN
gp-211	70	3	aims	aim	VERB
gp-211	70	4	to	to	PART
gp-211	70	5	avoid	avoid	VERB
gp-211	70	6	speculation	speculation	NOUN
gp-211	70	7	and	and	CCONJ
gp-211	70	8	prioritize	prioritize	VERB
gp-211	70	9	rational	rational	ADJ
gp-211	70	10	investment	investment	NOUN
gp-211	70	11	decisions	decision	NOUN
gp-211	70	12	(	(	PUNCT
gp-211	70	13	graham	graham	PROPN
gp-211	70	14	et	et	PROPN
gp-211	70	15	al	al	PROPN
gp-211	70	16	.	.	PROPN
gp-211	70	17	,	,	PUNCT
gp-211	70	18	2013	2013	NUM
gp-211	70	19	)	)	PUNCT
gp-211	70	20	.	.	PUNCT
gp-211	71	1	fitriyana	fitriyana	NOUN
gp-211	71	2	et	et	PROPN
gp-211	71	3	al	al	PROPN
gp-211	71	4	.	.	PROPN
gp-211	71	5	(	(	PUNCT
gp-211	71	6	2020	2020	NUM
gp-211	71	7	)	)	PUNCT
gp-211	71	8	emphasize	emphasize	VERB
gp-211	71	9	that	that	SCONJ
gp-211	71	10	predicting	predict	VERB
gp-211	71	11	stock	stock	NOUN
gp-211	71	12	prices	price	NOUN
gp-211	71	13	is	be	AUX
gp-211	71	14	crucial	crucial	ADJ
gp-211	71	15	for	for	ADP
gp-211	71	16	investment	investment	NOUN
gp-211	71	17	gains	gain	NOUN
gp-211	71	18	.	.	PUNCT
gp-211	72	1	their	their	PRON
gp-211	72	2	study	study	NOUN
gp-211	72	3	highlights	highlight	NOUN
gp-211	72	4	profitability	profitability	NOUN
gp-211	72	5	ratios	ratio	NOUN
gp-211	72	6	like	like	ADP
gp-211	72	7	roa	roa	PROPN
gp-211	72	8	,	,	PUNCT
gp-211	72	9	roe	roe	NOUN
gp-211	72	10	,	,	PUNCT
gp-211	72	11	and	and	CCONJ
gp-211	72	12	eps	eps	PROPN
gp-211	72	13	as	as	ADP
gp-211	72	14	key	key	ADJ
gp-211	72	15	factors	factor	NOUN
gp-211	72	16	influencing	influence	VERB
gp-211	72	17	stock	stock	NOUN
gp-211	72	18	prices	price	NOUN
gp-211	72	19	in	in	ADP
gp-211	72	20	the	the	DET
gp-211	72	21	consumer	consumer	NOUN
gp-211	72	22	goods	good	NOUN
gp-211	72	23	sector	sector	NOUN
gp-211	72	24	.	.	PUNCT
gp-211	73	1	this	this	PRON
gp-211	73	2	supports	support	VERB
gp-211	73	3	using	use	VERB
gp-211	73	4	financial	financial	ADJ
gp-211	73	5	valuation	valuation	NOUN
gp-211	73	6	methods	method	NOUN
gp-211	73	7	such	such	ADJ
gp-211	73	8	as	as	ADP
gp-211	73	9	the	the	DET
gp-211	73	10	discounted	discount	VERB
gp-211	73	11	cash	cash	NOUN
gp-211	73	12	flow	flow	NOUN
gp-211	73	13	(	(	PUNCT
gp-211	73	14	dcf	dcf	NOUN
gp-211	73	15	)	)	PUNCT
gp-211	73	16	approach	approach	NOUN
gp-211	73	17	,	,	PUNCT
gp-211	73	18	particularly	particularly	ADV
gp-211	73	19	the	the	DET
gp-211	73	20	free	free	ADJ
gp-211	73	21	cash	cash	NOUN
gp-211	73	22	flow	flow	NOUN
gp-211	73	23	to	to	ADP
gp-211	73	24	firm	firm	ADJ
gp-211	73	25	(	(	PUNCT
gp-211	73	26	fcff	fcff	ADJ
gp-211	73	27	)	)	PUNCT
gp-211	73	28	model	model	NOUN
gp-211	73	29	,	,	PUNCT
gp-211	73	30	which	which	PRON
gp-211	73	31	relies	rely	VERB
gp-211	73	32	on	on	ADP
gp-211	73	33	fundamental	fundamental	ADJ
gp-211	73	34	performance	performance	NOUN
gp-211	73	35	.	.	PUNCT
gp-211	74	1	additionally	additionally	ADV
gp-211	74	2	,	,	PUNCT
gp-211	74	3	stock	stock	NOUN
gp-211	74	4	portfolios	portfolio	NOUN
gp-211	74	5	play	play	VERB
gp-211	74	6	a	a	DET
gp-211	74	7	vital	vital	ADJ
gp-211	74	8	role	role	NOUN
gp-211	74	9	in	in	ADP
gp-211	74	10	risk	risk	NOUN
gp-211	74	11	management	management	NOUN
gp-211	74	12	.	.	PUNCT
gp-211	75	1	according	accord	VERB
gp-211	75	2	to	to	AUX
gp-211	75	3	kristanti	kristanti	VERB
gp-211	75	4	et	et	PROPN
gp-211	75	5	al	al	PROPN
gp-211	75	6	.	.	PROPN
gp-211	76	1	(	(	PUNCT
gp-211	76	2	2022	2022	NUM
gp-211	76	3	)	)	PUNCT
gp-211	76	4	,	,	PUNCT
gp-211	76	5	portfolios	portfolio	NOUN
gp-211	76	6	built	build	VERB
gp-211	76	7	on	on	ADP
gp-211	76	8	financial	financial	ADJ
gp-211	76	9	ratios	ratio	NOUN
gp-211	76	10	like	like	ADP
gp-211	76	11	economic	economic	ADJ
gp-211	76	12	value	value	NOUN
gp-211	76	13	added	add	VERB
gp-211	76	14	(	(	PUNCT
gp-211	76	15	eva	eva	NOUN
gp-211	76	16	)	)	PUNCT
gp-211	76	17	and	and	CCONJ
gp-211	76	18	market	market	NOUN
gp-211	76	19	value	value	NOUN
gp-211	76	20	added	add	VERB
gp-211	76	21	(	(	PUNCT
gp-211	76	22	mva	mva	NOUN
gp-211	76	23	)	)	PUNCT
gp-211	76	24	show	show	VERB
gp-211	76	25	a	a	DET
gp-211	76	26	strong	strong	ADJ
gp-211	76	27	link	link	NOUN
gp-211	76	28	between	between	ADP
gp-211	76	29	returns	return	NOUN
gp-211	76	30	and	and	CCONJ
gp-211	76	31	risk	risk	NOUN
gp-211	76	32	in	in	ADP
gp-211	76	33	the	the	DET
gp-211	76	34	indonesian	indonesian	ADJ
gp-211	76	35	stock	stock	NOUN
gp-211	76	36	market	market	NOUN
gp-211	76	37	.	.	PUNCT
gp-211	77	1	during	during	ADP
gp-211	77	2	crises	crisis	NOUN
gp-211	77	3	like	like	ADP
gp-211	77	4	covid-19	covid-19	PROPN
gp-211	77	5	,	,	PUNCT
gp-211	77	6	active	active	ADJ
gp-211	77	7	portfolio	portfolio	NOUN
gp-211	77	8	strategies	strategy	NOUN
gp-211	77	9	outperformed	outperform	VERB
gp-211	77	10	passive	passive	ADJ
gp-211	77	11	ones	one	NOUN
gp-211	77	12	,	,	PUNCT
gp-211	77	13	highlighting	highlight	VERB
gp-211	77	14	the	the	DET
gp-211	77	15	importance	importance	NOUN
gp-211	77	16	of	of	ADP
gp-211	77	17	selecting	select	VERB
gp-211	77	18	stocks	stock	NOUN
gp-211	77	19	based	base	VERB
gp-211	77	20	on	on	ADP
gp-211	77	21	company	company	NOUN
gp-211	77	22	performance	performance	NOUN
gp-211	77	23	.	.	PUNCT
gp-211	78	1	this	this	DET
gp-211	78	2	study	study	NOUN
gp-211	78	3	combines	combine	VERB
gp-211	78	4	the	the	DET
gp-211	78	5	dcf	dcf	NOUN
gp-211	78	6	-	-	PUNCT
gp-211	78	7	fcff	fcff	PROPN
gp-211	78	8	method	method	NOUN
gp-211	78	9	to	to	PART
gp-211	78	10	estimate	estimate	VERB
gp-211	78	11	intrinsic	intrinsic	ADJ
gp-211	78	12	value	value	NOUN
gp-211	78	13	from	from	ADP
gp-211	78	14	future	future	ADJ
gp-211	78	15	cash	cash	NOUN
gp-211	78	16	flows	flow	NOUN
gp-211	78	17	with	with	ADP
gp-211	78	18	relative	relative	ADJ
gp-211	78	19	valuation	valuation	NOUN
gp-211	78	20	techniques	technique	NOUN
gp-211	78	21	using	use	VERB
gp-211	78	22	price	price	NOUN
gp-211	78	23	to	to	ADP
gp-211	78	24	book	book	NOUN
gp-211	78	25	value	value	NOUN
gp-211	78	26	(	(	PUNCT
gp-211	78	27	pbv	pbv	VERB
gp-211	78	28	)	)	PUNCT
gp-211	78	29	and	and	CCONJ
gp-211	78	30	price	price	NOUN
gp-211	78	31	to	to	ADP
gp-211	78	32	earnings	earning	NOUN
gp-211	78	33	ratio	ratio	NOUN
gp-211	78	34	(	(	PUNCT
gp-211	78	35	per	per	ADP
gp-211	78	36	)	)	PUNCT
gp-211	78	37	as	as	ADP
gp-211	78	38	market	market	NOUN
gp-211	78	39	benchmarks	benchmark	NOUN
gp-211	78	40	.	.	PUNCT
gp-211	79	1	this	this	DET
gp-211	79	2	hybrid	hybrid	ADJ
gp-211	79	3	approach	approach	NOUN
gp-211	79	4	offers	offer	VERB
gp-211	79	5	a	a	DET
gp-211	79	6	thorough	thorough	ADJ
gp-211	79	7	analysis	analysis	NOUN
gp-211	79	8	of	of	ADP
gp-211	79	9	sharia	sharia	PROPN
gp-211	79	10	stock	stock	NOUN
gp-211	79	11	investments	investment	NOUN
gp-211	79	12	within	within	ADP
gp-211	79	13	the	the	DET
gp-211	79	14	idxhidiv20	idxhidiv20	ADJ
gp-211	79	15	index	index	NOUN
gp-211	79	16	.	.	PUNCT
gp-211	80	1	fitriani	fitriani	PROPN
gp-211	80	2	and	and	CCONJ
gp-211	80	3	rikumahu	rikumahu	NOUN
gp-211	80	4	(	(	PUNCT
gp-211	80	5	2019	2019	NUM
gp-211	80	6	)	)	PUNCT
gp-211	80	7	predicted	predict	VERB
gp-211	80	8	intrinsic	intrinsic	ADJ
gp-211	80	9	values	value	NOUN
gp-211	80	10	and	and	CCONJ
gp-211	80	11	provided	provide	VERB
gp-211	80	12	investment	investment	NOUN
gp-211	80	13	recommendations	recommendation	NOUN
gp-211	80	14	for	for	ADP
gp-211	80	15	cement	cement	NOUN
gp-211	80	16	industry	industry	NOUN
gp-211	80	17	stocks	stock	NOUN
gp-211	80	18	.	.	PUNCT
gp-211	81	1	the	the	DET
gp-211	81	2	economic	economic	ADJ
gp-211	81	3	impact	impact	NOUN
gp-211	81	4	of	of	ADP
gp-211	81	5	covid-19	covid-19	PROPN
gp-211	81	6	caused	cause	VERB
gp-211	81	7	higher	high	ADJ
gp-211	81	8	volatility	volatility	NOUN
gp-211	81	9	compared	compare	VERB
gp-211	81	10	to	to	ADP
gp-211	81	11	the	the	DET
gp-211	81	12	ihsg	ihsg	NOUN
gp-211	81	13	.	.	PUNCT
gp-211	82	1	their	their	PRON
gp-211	82	2	study	study	NOUN
gp-211	82	3	covered	cover	VERB
gp-211	82	4	data	datum	NOUN
gp-211	82	5	from	from	ADP
gp-211	82	6	2014–2020	2014–2020	NUM
gp-211	82	7	using	use	VERB
gp-211	82	8	the	the	DET
gp-211	82	9	fcff	fcff	ADJ
gp-211	82	10	and	and	CCONJ
gp-211	82	11	relative	relative	ADJ
gp-211	82	12	valuation	valuation	NOUN
gp-211	82	13	methods	method	NOUN
gp-211	82	14	through	through	ADP
gp-211	82	15	optimistic	optimistic	ADJ
gp-211	82	16	,	,	PUNCT
gp-211	82	17	moderate	moderate	ADJ
gp-211	82	18	,	,	PUNCT
gp-211	82	19	and	and	CCONJ
gp-211	82	20	pessimistic	pessimistic	ADJ
gp-211	82	21	scenarios	scenario	NOUN
gp-211	82	22	.	.	PUNCT
gp-211	83	1	their	their	PRON
gp-211	83	2	findings	finding	NOUN
gp-211	83	3	showed	show	VERB
gp-211	83	4	that	that	SCONJ
gp-211	83	5	pt	pt	PROPN
gp-211	83	6	indocement	indocement	PROPN
gp-211	83	7	tunggal	tunggal	PROPN
gp-211	83	8	prakarsa	prakarsa	PROPN
gp-211	83	9	tbk	tbk	PROPN
gp-211	83	10	(	(	PUNCT
gp-211	83	11	intp	intp	PROPN
gp-211	83	12	)	)	PUNCT
gp-211	83	13	was	be	AUX
gp-211	83	14	overvalued	overvalue	VERB
gp-211	83	15	in	in	ADP
gp-211	83	16	all	all	DET
gp-211	83	17	2019	2019	NUM
gp-211	83	18	scenarios	scenario	NOUN
gp-211	83	19	,	,	PUNCT
gp-211	83	20	pt	pt	X
gp-211	83	21	solusi	solusi	PROPN
gp-211	83	22	bangun	bangun	VERB
gp-211	83	23	indonesia	indonesia	PROPN
gp-211	83	24	tbk	tbk	PROPN
gp-211	83	25	(	(	PUNCT
gp-211	83	26	smcb	smcb	PROPN
gp-211	83	27	)	)	PUNCT
gp-211	83	28	was	be	AUX
gp-211	83	29	undervalued	undervalue	VERB
gp-211	83	30	in	in	ADP
gp-211	83	31	all	all	DET
gp-211	83	32	scenarios	scenario	NOUN
gp-211	83	33	,	,	PUNCT
gp-211	83	34	and	and	CCONJ
gp-211	83	35	semen	semen	NOUN
gp-211	83	36	indonesia	indonesia	PROPN
gp-211	83	37	tbk	tbk	PROPN
gp-211	83	38	(	(	PUNCT
gp-211	83	39	smgr	smgr	PROPN
gp-211	83	40	)	)	PUNCT
gp-211	83	41	was	be	AUX
gp-211	83	42	overvalued	overvalue	VERB
gp-211	83	43	in	in	ADP
gp-211	83	44	the	the	DET
gp-211	83	45	pessimistic	pessimistic	ADJ
gp-211	83	46	scenario	scenario	NOUN
gp-211	83	47	.	.	PUNCT
gp-211	84	1	in	in	ADP
gp-211	84	2	2021	2021	NUM
gp-211	84	3	,	,	PUNCT
gp-211	84	4	intp	intp	PROPN
gp-211	84	5	remained	remain	VERB
gp-211	84	6	overvalued	overvalued	ADJ
gp-211	84	7	,	,	PUNCT
gp-211	84	8	smgr	smgr	PROPN
gp-211	84	9	and	and	CCONJ
gp-211	84	10	smcb	smcb	NOUN
gp-211	84	11	were	be	AUX
gp-211	84	12	overvalued	overvalue	VERB
gp-211	84	13	in	in	ADP
gp-211	84	14	pessimistic	pessimistic	ADJ
gp-211	84	15	scenarios	scenario	NOUN
gp-211	84	16	,	,	PUNCT
gp-211	84	17	and	and	CCONJ
gp-211	84	18	others	other	NOUN
gp-211	84	19	were	be	AUX
gp-211	84	20	undervalued	undervalue	VERB
gp-211	84	21	.	.	PUNCT
gp-211	85	1	across	across	ADP
gp-211	85	2	all	all	DET
gp-211	85	3	scenarios	scenario	NOUN
gp-211	85	4	,	,	PUNCT
gp-211	85	5	smgr	smgr	PROPN
gp-211	85	6	's	's	PART
gp-211	85	7	per	per	NOUN
gp-211	85	8	was	be	AUX
gp-211	85	9	considered	consider	VERB
gp-211	85	10	low	low	ADJ
gp-211	85	11	,	,	PUNCT
gp-211	85	12	while	while	SCONJ
gp-211	85	13	its	its	PRON
gp-211	85	14	pbv	pbv	NOUN
gp-211	85	15	was	be	AUX
gp-211	85	16	too	too	ADV
gp-211	85	17	high	high	ADJ
gp-211	85	18	.	.	PUNCT
gp-211	86	1	in	in	ADP
gp-211	86	2	2021	2021	NUM
gp-211	86	3	,	,	PUNCT
gp-211	86	4	per	per	ADP
gp-211	86	5	of	of	ADP
gp-211	86	6	smgr	smgr	PROPN
gp-211	86	7	and	and	CCONJ
gp-211	86	8	smcb	smcb	NOUN
gp-211	86	9	was	be	AUX
gp-211	86	10	overvalued	overvalue	VERB
gp-211	86	11	in	in	ADP
gp-211	86	12	pessimistic	pessimistic	ADJ
gp-211	86	13	and	and	CCONJ
gp-211	86	14	other	other	ADJ
gp-211	86	15	scenarios	scenario	NOUN
gp-211	86	16	,	,	PUNCT
gp-211	86	17	while	while	SCONJ
gp-211	86	18	intp	intp	PROPN
gp-211	86	19	was	be	AUX
gp-211	86	20	overvalued	overvalue	VERB
gp-211	86	21	in	in	ADP
gp-211	86	22	all	all	DET
gp-211	86	23	scenarios	scenario	NOUN
gp-211	86	24	.	.	PUNCT
gp-211	87	1	the	the	DET
gp-211	87	2	investment	investment	NOUN
gp-211	87	3	recommendation	recommendation	NOUN
gp-211	87	4	was	be	AUX
gp-211	87	5	to	to	PART
gp-211	87	6	buy	buy	VERB
gp-211	87	7	smcb	smcb	NOUN
gp-211	87	8	and	and	CCONJ
gp-211	87	9	smgr	smgr	ADJ
gp-211	87	10	shares	share	NOUN
gp-211	87	11	and	and	CCONJ
gp-211	87	12	sell	sell	VERB
gp-211	87	13	intp	intp	NOUN
gp-211	87	14	.	.	PUNCT
gp-211	88	1	soelistyo	soelistyo	PROPN
gp-211	88	2	and	and	CCONJ
gp-211	88	3	hendrawan	hendrawan	PROPN
gp-211	88	4	(	(	PUNCT
gp-211	88	5	2020	2020	NUM
gp-211	88	6	)	)	PUNCT
gp-211	88	7	conducted	conduct	VERB
gp-211	88	8	an	an	DET
gp-211	88	9	additional	additional	ADJ
gp-211	88	10	valuation	valuation	NOUN
gp-211	88	11	study	study	NOUN
gp-211	88	12	using	use	VERB
gp-211	88	13	the	the	DET
gp-211	88	14	same	same	ADJ
gp-211	88	15	method	method	NOUN
gp-211	88	16	in	in	ADP
gp-211	88	17	the	the	DET
gp-211	88	18	automotive	automotive	ADJ
gp-211	88	19	and	and	CCONJ
gp-211	88	20	component	component	NOUN
gp-211	88	21	subsector	subsector	NOUN
gp-211	88	22	for	for	ADP
gp-211	88	23	2021	2021	NUM
gp-211	88	24	projections	projection	NOUN
gp-211	88	25	.	.	PUNCT
gp-211	89	1	their	their	PRON
gp-211	89	2	findings	finding	NOUN
gp-211	89	3	showed	show	VERB
gp-211	89	4	that	that	SCONJ
gp-211	89	5	using	use	VERB
gp-211	89	6	the	the	DET
gp-211	89	7	discounted	discount	VERB
gp-211	89	8	cash	cash	NOUN
gp-211	89	9	flow	flow	NOUN
gp-211	89	10	method	method	NOUN
gp-211	89	11	,	,	PUNCT
gp-211	89	12	pt	pt	PROPN
gp-211	89	13	astra	astra	PROPN
gp-211	89	14	international	international	PROPN
gp-211	89	15	tbk	tbk	PROPN
gp-211	89	16	(	(	PUNCT
gp-211	89	17	asii	asii	PROPN
gp-211	89	18	)	)	PUNCT
gp-211	89	19	and	and	CCONJ
gp-211	89	20	pt	pt	PROPN
gp-211	89	21	indospring	indospring	NOUN
gp-211	89	22	tbk	tbk	PROPN
gp-211	89	23	(	(	PUNCT
gp-211	89	24	inds	inds	PROPN
gp-211	89	25	)	)	PUNCT
gp-211	89	26	were	be	AUX
gp-211	89	27	overvalued	overvalue	VERB
gp-211	89	28	in	in	ADP
gp-211	89	29	every	every	DET
gp-211	89	30	scenario	scenario	NOUN
gp-211	89	31	,	,	PUNCT
gp-211	89	32	while	while	SCONJ
gp-211	89	33	pt	pt	PROPN
gp-211	89	34	gajah	gajah	PROPN
gp-211	89	35	tunggal	tunggal	PROPN
gp-211	89	36	tbk	tbk	PROPN
gp-211	89	37	(	(	PUNCT
gp-211	89	38	gjtl	gjtl	PROPN
gp-211	89	39	)	)	PUNCT
gp-211	89	40	was	be	AUX
gp-211	89	41	undervalued	undervalue	VERB
gp-211	89	42	in	in	ADP
gp-211	89	43	eight	eight	NUM
gp-211	89	44	scenarios	scenario	NOUN
gp-211	89	45	.	.	PUNCT
gp-211	90	1	for	for	ADP
gp-211	90	2	pessimistic	pessimistic	ADJ
gp-211	90	3	and	and	CCONJ
gp-211	90	4	moderate	moderate	ADJ
gp-211	90	5	scenarios	scenario	NOUN
gp-211	90	6	,	,	PUNCT
gp-211	90	7	pt	pt	PROPN
gp-211	90	8	selamat	selamat	PROPN
gp-211	90	9	sempurna	sempurna	PROPN
gp-211	90	10	tbk	tbk	PROPN
gp-211	90	11	(	(	PUNCT
gp-211	90	12	smsm	smsm	NOUN
gp-211	90	13	)	)	PUNCT
gp-211	90	14	was	be	AUX
gp-211	90	15	overvalued	overvalue	VERB
gp-211	90	16	,	,	PUNCT
gp-211	90	17	but	but	CCONJ
gp-211	90	18	in	in	ADP
gp-211	90	19	the	the	DET
gp-211	90	20	optimistic	optimistic	ADJ
gp-211	90	21	scenario	scenario	NOUN
gp-211	90	22	,	,	PUNCT
gp-211	90	23	it	it	PRON
gp-211	90	24	was	be	AUX
gp-211	90	25	undervalued	undervalue	VERB
gp-211	90	26	.	.	PUNCT
gp-211	91	1	the	the	DET
gp-211	91	2	free	free	ADJ
gp-211	91	3	cash	cash	NOUN
gp-211	91	4	flow	flow	NOUN
gp-211	91	5	to	to	ADP
gp-211	91	6	firm	firm	ADJ
gp-211	91	7	method	method	NOUN
gp-211	91	8	was	be	AUX
gp-211	91	9	deemed	deem	VERB
gp-211	91	10	to	to	PART
gp-211	91	11	better	well	ADV
gp-211	91	12	reflect	reflect	VERB
gp-211	91	13	the	the	DET
gp-211	91	14	company	company	NOUN
gp-211	91	15	’s	’s	PART
gp-211	91	16	actual	actual	ADJ
gp-211	91	17	condition	condition	NOUN
gp-211	91	18	,	,	PUNCT
gp-211	91	19	as	as	SCONJ
gp-211	91	20	statistical	statistical	ADJ
gp-211	91	21	analysis	analysis	NOUN
gp-211	91	22	showed	show	VERB
gp-211	91	23	a	a	DET
gp-211	91	24	linear	linear	ADJ
gp-211	91	25	correlation	correlation	NOUN
gp-211	91	26	between	between	ADP
gp-211	91	27	the	the	DET
gp-211	91	28	market	market	NOUN
gp-211	91	29	stock	stock	NOUN
gp-211	91	30	price	price	NOUN
gp-211	91	31	and	and	CCONJ
gp-211	91	32	the	the	DET
gp-211	91	33	intrinsic	intrinsic	ADJ
gp-211	91	34	value	value	NOUN
gp-211	91	35	calculated	calculate	VERB
gp-211	91	36	using	use	VERB
gp-211	91	37	this	this	DET
gp-211	91	38	method	method	NOUN
gp-211	91	39	.	.	PUNCT
gp-211	92	1	there	there	PRON
gp-211	92	2	are	be	VERB
gp-211	92	3	three	three	NUM
gp-211	92	4	scenarios	scenario	NOUN
gp-211	92	5	used	use	VERB
gp-211	92	6	in	in	ADP
gp-211	92	7	previous	previous	ADJ
gp-211	92	8	research	research	NOUN
gp-211	92	9	:	:	PUNCT
gp-211	92	10	optimistic	optimistic	ADJ
gp-211	92	11	,	,	PUNCT
gp-211	92	12	moderate	moderate	ADJ
gp-211	92	13	,	,	PUNCT
gp-211	92	14	and	and	CCONJ
gp-211	92	15	pessimistic	pessimistic	ADJ
gp-211	92	16	.	.	PUNCT
gp-211	93	1	these	these	DET
gp-211	93	2	scenarios	scenario	NOUN
gp-211	93	3	aim	aim	VERB
gp-211	93	4	to	to	PART
gp-211	93	5	determine	determine	VERB
gp-211	93	6	the	the	DET
gp-211	93	7	stock	stock	NOUN
gp-211	93	8	's	's	PART
gp-211	93	9	market	market	NOUN
gp-211	93	10	value	value	NOUN
gp-211	93	11	condition	condition	NOUN
gp-211	93	12	—	—	PUNCT
gp-211	93	13	whether	whether	SCONJ
gp-211	93	14	it	it	PRON
gp-211	93	15	is	be	AUX
gp-211	93	16	overvalued	overvalue	VERB
gp-211	93	17	,	,	PUNCT
gp-211	93	18	undervalued	undervalue	VERB
gp-211	93	19	,	,	PUNCT
gp-211	93	20	or	or	CCONJ
gp-211	93	21	fairly	fairly	ADV
gp-211	93	22	valued	value	VERB
gp-211	93	23	.	.	PUNCT
gp-211	94	1	therefore	therefore	ADV
gp-211	94	2	,	,	PUNCT
gp-211	94	3	the	the	DET
gp-211	94	4	researcher	researcher	NOUN
gp-211	94	5	is	be	AUX
gp-211	94	6	conducting	conduct	VERB
gp-211	94	7	a	a	DET
gp-211	94	8	study	study	NOUN
gp-211	94	9	titled	title	VERB
gp-211	94	10	:	:	PUNCT
gp-211	94	11	"	"	PUNCT
gp-211	94	12	valuation	valuation	NOUN
gp-211	94	13	of	of	ADP
gp-211	94	14	sharia	sharia	PROPN
gp-211	94	15	stocks	stock	NOUN
gp-211	94	16	using	use	VERB
gp-211	94	17	the	the	DET
gp-211	94	18	discounted	discount	VERB
gp-211	94	19	cash	cash	NOUN
gp-211	94	20	flow	flow	NOUN
gp-211	94	21	method	method	NOUN
gp-211	94	22	with	with	ADP
gp-211	94	23	free	free	ADJ
gp-211	94	24	cash	cash	NOUN
gp-211	94	25	flow	flow	NOUN
gp-211	94	26	to	to	PART
gp-211	94	27	firm	firm	VERB
gp-211	94	28	and	and	CCONJ
gp-211	94	29	relative	relative	ADJ
gp-211	94	30	valuation	valuation	NOUN
gp-211	94	31	approach	approach	NOUN
gp-211	94	32	(	(	PUNCT
gp-211	94	33	case	case	NOUN
gp-211	94	34	study	study	NOUN
gp-211	94	35	on	on	ADP
gp-211	94	36	idxhidiv20	idxhidiv20	ADJ
gp-211	94	37	index	index	NOUN
gp-211	94	38	for	for	ADP
gp-211	94	39	the	the	DET
gp-211	94	40	years	year	NOUN
gp-211	94	41	2019–2023	2019–2023	NUM
gp-211	94	42	)	)	PUNCT
gp-211	94	43	"	"	PUNCT
gp-211	94	44	.	.	PUNCT
gp-211	95	1	stock	stock	NOUN
gp-211	95	2	price	price	NOUN
gp-211	95	3	fluctuations	fluctuation	NOUN
gp-211	95	4	pose	pose	VERB
gp-211	95	5	a	a	DET
gp-211	95	6	risk	risk	NOUN
gp-211	95	7	for	for	ADP
gp-211	95	8	investors	investor	NOUN
gp-211	95	9	,	,	PUNCT
gp-211	95	10	making	make	VERB
gp-211	95	11	it	it	PRON
gp-211	95	12	essential	essential	ADJ
gp-211	95	13	to	to	PART
gp-211	95	14	conduct	conduct	VERB
gp-211	95	15	fundamental	fundamental	ADJ
gp-211	95	16	analysis	analysis	NOUN
gp-211	95	17	using	use	VERB
gp-211	95	18	company	company	NOUN
gp-211	95	19	financial	financial	ADJ
gp-211	95	20	data	datum	NOUN
gp-211	95	21	or	or	CCONJ
gp-211	95	22	stock	stock	NOUN
gp-211	95	23	valuation	valuation	NOUN
gp-211	95	24	to	to	PART
gp-211	95	25	determine	determine	VERB
gp-211	95	26	intrinsic	intrinsic	ADJ
gp-211	95	27	value	value	NOUN
gp-211	95	28	.	.	PUNCT
gp-211	96	1	the	the	DET
gp-211	96	2	idxhidiv20	idxhidiv20	ADJ
gp-211	96	3	index	index	NOUN
gp-211	96	4	offers	offer	VERB
gp-211	96	5	added	add	VERB
gp-211	96	6	advantages	advantage	NOUN
gp-211	96	7	to	to	ADP
gp-211	96	8	investors	investor	NOUN
gp-211	96	9	as	as	SCONJ
gp-211	96	10	the	the	DET
gp-211	96	11	companies	company	NOUN
gp-211	96	12	listed	list	VERB
gp-211	96	13	consistently	consistently	ADV
gp-211	96	14	pay	pay	VERB
gp-211	96	15	annual	annual	ADJ
gp-211	96	16	cash	cash	NOUN
gp-211	96	17	dividends	dividend	NOUN
gp-211	96	18	.	.	PUNCT
gp-211	97	1	based	base	VERB
gp-211	97	2	on	on	ADP
gp-211	97	3	this	this	DET
gp-211	97	4	background	background	NOUN
gp-211	97	5	,	,	PUNCT
gp-211	97	6	several	several	ADJ
gp-211	97	7	research	research	NOUN
gp-211	97	8	questions	question	NOUN
gp-211	97	9	are	be	AUX
gp-211	97	10	raised	raise	VERB
gp-211	97	11	:	:	PUNCT
gp-211	97	12	what	what	PRON
gp-211	97	13	is	be	AUX
gp-211	97	14	the	the	DET
gp-211	97	15	projected	project	VERB
gp-211	97	16	fair	fair	ADJ
gp-211	97	17	value	value	NOUN
gp-211	97	18	of	of	ADP
gp-211	97	19	indf	indf	PROPN
gp-211	97	20	and	and	CCONJ
gp-211	97	21	icbp	icbp	NOUN
gp-211	97	22	stocks	stock	NOUN
gp-211	97	23	using	use	VERB
gp-211	97	24	the	the	DET
gp-211	97	25	discounted	discount	VERB
gp-211	97	26	cash	cash	NOUN
gp-211	97	27	flow	flow	NOUN
gp-211	97	28	method	method	NOUN
gp-211	97	29	with	with	ADP
gp-211	97	30	the	the	DET
gp-211	97	31	free	free	ADJ
gp-211	97	32	cash	cash	NOUN
gp-211	97	33	flow	flow	NOUN
gp-211	97	34	to	to	PART
gp-211	97	35	firm	firm	ADJ
gp-211	97	36	approach	approach	NOUN
gp-211	97	37	under	under	ADP
gp-211	97	38	optimistic	optimistic	ADJ
gp-211	97	39	,	,	PUNCT
gp-211	97	40	moderate	moderate	ADJ
gp-211	97	41	,	,	PUNCT
gp-211	97	42	and	and	CCONJ
gp-211	97	43	pessimistic	pessimistic	ADJ
gp-211	97	44	scenarios	scenario	NOUN
gp-211	97	45	for	for	ADP
gp-211	97	46	2024	2024	NUM
gp-211	97	47	?	?	PUNCT
gp-211	98	1	what	what	PRON
gp-211	98	2	is	be	AUX
gp-211	98	3	the	the	DET
gp-211	98	4	estimated	estimate	VERB
gp-211	98	5	fair	fair	ADJ
gp-211	98	6	value	value	NOUN
gp-211	98	7	of	of	ADP
gp-211	98	8	these	these	DET
gp-211	98	9	stocks	stock	NOUN
gp-211	98	10	using	use	VERB
gp-211	98	11	the	the	DET
gp-211	98	12	relative	relative	ADJ
gp-211	98	13	valuation	valuation	NOUN
gp-211	98	14	method	method	NOUN
gp-211	98	15	with	with	ADP
gp-211	98	16	price	price	NOUN
gp-211	98	17	to	to	ADP
gp-211	98	18	earnings	earning	NOUN
gp-211	98	19	ratio	ratio	NOUN
gp-211	98	20	and	and	CCONJ
gp-211	98	21	price	price	NOUN
gp-211	98	22	to	to	ADP
gp-211	98	23	book	book	NOUN
gp-211	98	24	value	value	NOUN
gp-211	98	25	under	under	ADP
gp-211	98	26	the	the	DET
gp-211	98	27	same	same	ADJ
gp-211	98	28	scenarios	scenario	NOUN
gp-211	98	29	?	?	PUNCT
gp-211	99	1	lastly	lastly	ADV
gp-211	99	2	,	,	PUNCT
gp-211	99	3	should	should	AUX
gp-211	99	4	the	the	DET
gp-211	99	5	stocks	stock	NOUN
gp-211	99	6	be	be	AUX
gp-211	99	7	held	hold	VERB
gp-211	99	8	,	,	PUNCT
gp-211	99	9	sold	sell	VERB
gp-211	99	10	,	,	PUNCT
gp-211	99	11	or	or	CCONJ
gp-211	99	12	bought	buy	VERB
gp-211	99	13	?	?	PUNCT
gp-211	100	1	adi	adi	PROPN
gp-211	100	2	aji	aji	PROPN
gp-211	100	3	kurniawan	kurniawan	PROPN
gp-211	100	4	,	,	PUNCT
gp-211	100	5	irni	irni	PROPN
gp-211	100	6	yunita	yunita	PROPN
gp-211	100	7	455	455	NUM
gp-211	100	8	this	this	DET
gp-211	100	9	study	study	NOUN
gp-211	100	10	aims	aim	VERB
gp-211	100	11	to	to	PART
gp-211	100	12	analyze	analyze	VERB
gp-211	100	13	the	the	DET
gp-211	100	14	fair	fair	ADJ
gp-211	100	15	value	value	NOUN
gp-211	100	16	projections	projection	NOUN
gp-211	100	17	of	of	ADP
gp-211	100	18	indf	indf	ADJ
gp-211	100	19	and	and	CCONJ
gp-211	100	20	icbp	icbp	NOUN
gp-211	100	21	stocks	stock	NOUN
gp-211	100	22	by	by	ADP
gp-211	100	23	applying	apply	VERB
gp-211	100	24	the	the	DET
gp-211	100	25	discounted	discount	VERB
gp-211	100	26	cash	cash	NOUN
gp-211	100	27	flow	flow	NOUN
gp-211	100	28	method	method	NOUN
gp-211	100	29	and	and	CCONJ
gp-211	100	30	free	free	ADJ
gp-211	100	31	cash	cash	NOUN
gp-211	100	32	flow	flow	NOUN
gp-211	100	33	to	to	PART
gp-211	100	34	firm	firm	ADJ
gp-211	100	35	approach	approach	NOUN
gp-211	100	36	under	under	ADP
gp-211	100	37	optimistic	optimistic	ADJ
gp-211	100	38	,	,	PUNCT
gp-211	100	39	moderate	moderate	ADJ
gp-211	100	40	,	,	PUNCT
gp-211	100	41	and	and	CCONJ
gp-211	100	42	pessimistic	pessimistic	ADJ
gp-211	100	43	scenarios	scenario	NOUN
gp-211	100	44	for	for	ADP
gp-211	100	45	2024	2024	NUM
gp-211	100	46	.	.	PUNCT
gp-211	101	1	additionally	additionally	ADV
gp-211	101	2	,	,	PUNCT
gp-211	101	3	the	the	DET
gp-211	101	4	research	research	NOUN
gp-211	101	5	evaluates	evaluate	VERB
gp-211	101	6	stock	stock	NOUN
gp-211	101	7	valuation	valuation	NOUN
gp-211	101	8	using	use	VERB
gp-211	101	9	relative	relative	ADJ
gp-211	101	10	valuation	valuation	NOUN
gp-211	101	11	with	with	ADP
gp-211	101	12	the	the	DET
gp-211	101	13	price	price	NOUN
gp-211	101	14	to	to	ADP
gp-211	101	15	earnings	earning	NOUN
gp-211	101	16	ratio	ratio	NOUN
gp-211	101	17	and	and	CCONJ
gp-211	101	18	price	price	NOUN
gp-211	101	19	to	to	ADP
gp-211	101	20	book	book	NOUN
gp-211	101	21	value	value	NOUN
gp-211	101	22	approaches	approach	NOUN
gp-211	101	23	under	under	ADP
gp-211	101	24	similar	similar	ADJ
gp-211	101	25	scenarios	scenario	NOUN
gp-211	101	26	.	.	PUNCT
gp-211	102	1	the	the	DET
gp-211	102	2	final	final	ADJ
gp-211	102	3	objective	objective	NOUN
gp-211	102	4	is	be	AUX
gp-211	102	5	to	to	PART
gp-211	102	6	provide	provide	VERB
gp-211	102	7	investment	investment	NOUN
gp-211	102	8	recommendations	recommendation	NOUN
gp-211	102	9	on	on	ADP
gp-211	102	10	whether	whether	SCONJ
gp-211	102	11	to	to	PART
gp-211	102	12	hold	hold	VERB
gp-211	102	13	,	,	PUNCT
gp-211	102	14	sell	sell	VERB
gp-211	102	15	,	,	PUNCT
gp-211	102	16	or	or	CCONJ
gp-211	102	17	buy	buy	VERB
gp-211	102	18	indf	indf	ADJ
gp-211	103	1	and	and	CCONJ
gp-211	103	2	icbp	icbp	NOUN
gp-211	103	3	stocks	stock	NOUN
gp-211	103	4	based	base	VERB
gp-211	103	5	on	on	ADP
gp-211	103	6	the	the	DET
gp-211	103	7	valuation	valuation	NOUN
gp-211	103	8	results	result	NOUN
gp-211	103	9	.	.	PUNCT
gp-211	104	1	the	the	DET
gp-211	104	2	study	study	NOUN
gp-211	104	3	is	be	AUX
gp-211	104	4	expected	expect	VERB
gp-211	104	5	to	to	PART
gp-211	104	6	offer	offer	VERB
gp-211	104	7	both	both	CCONJ
gp-211	104	8	theoretical	theoretical	ADJ
gp-211	104	9	and	and	CCONJ
gp-211	104	10	practical	practical	ADJ
gp-211	104	11	benefits	benefit	NOUN
gp-211	104	12	.	.	PUNCT
gp-211	105	1	theoretically	theoretically	ADV
gp-211	105	2	,	,	PUNCT
gp-211	105	3	it	it	PRON
gp-211	105	4	contributes	contribute	VERB
gp-211	105	5	to	to	ADP
gp-211	105	6	the	the	DET
gp-211	105	7	development	development	NOUN
gp-211	105	8	of	of	ADP
gp-211	105	9	capital	capital	NOUN
gp-211	105	10	market	market	NOUN
gp-211	105	11	studies	study	NOUN
gp-211	105	12	,	,	PUNCT
gp-211	105	13	offering	offer	VERB
gp-211	105	14	insights	insight	NOUN
gp-211	105	15	and	and	CCONJ
gp-211	105	16	serving	serve	VERB
gp-211	105	17	as	as	ADP
gp-211	105	18	a	a	DET
gp-211	105	19	useful	useful	ADJ
gp-211	105	20	reference	reference	NOUN
gp-211	105	21	for	for	ADP
gp-211	105	22	future	future	ADJ
gp-211	105	23	research	research	NOUN
gp-211	105	24	,	,	PUNCT
gp-211	105	25	especially	especially	ADV
gp-211	105	26	in	in	ADP
gp-211	105	27	applying	apply	VERB
gp-211	105	28	valuation	valuation	NOUN
gp-211	105	29	theories	theory	NOUN
gp-211	105	30	through	through	ADP
gp-211	105	31	intrinsic	intrinsic	ADJ
gp-211	105	32	value	value	NOUN
gp-211	105	33	analysis	analysis	NOUN
gp-211	105	34	.	.	PUNCT
gp-211	106	1	practically	practically	ADV
gp-211	106	2	,	,	PUNCT
gp-211	106	3	it	it	PRON
gp-211	106	4	serves	serve	VERB
gp-211	106	5	as	as	ADP
gp-211	106	6	a	a	DET
gp-211	106	7	decision	decision	NOUN
gp-211	106	8	-	-	PUNCT
gp-211	106	9	making	make	VERB
gp-211	106	10	tool	tool	NOUN
gp-211	106	11	for	for	ADP
gp-211	106	12	investors	investor	NOUN
gp-211	106	13	in	in	ADP
gp-211	106	14	determining	determine	VERB
gp-211	106	15	whether	whether	SCONJ
gp-211	106	16	to	to	PART
gp-211	106	17	hold	hold	VERB
gp-211	106	18	,	,	PUNCT
gp-211	106	19	sell	sell	VERB
gp-211	106	20	,	,	PUNCT
gp-211	106	21	or	or	CCONJ
gp-211	106	22	buy	buy	VERB
gp-211	106	23	their	their	PRON
gp-211	106	24	stock	stock	NOUN
gp-211	106	25	holdings	holding	NOUN
gp-211	106	26	.	.	PUNCT
gp-211	107	1	additionally	additionally	ADV
gp-211	107	2	,	,	PUNCT
gp-211	107	3	the	the	DET
gp-211	107	4	research	research	NOUN
gp-211	107	5	benefits	benefit	VERB
gp-211	107	6	the	the	DET
gp-211	107	7	analyzed	analyze	VERB
gp-211	107	8	companies	company	NOUN
gp-211	107	9	by	by	ADP
gp-211	107	10	helping	help	VERB
gp-211	107	11	them	they	PRON
gp-211	107	12	understand	understand	VERB
gp-211	107	13	their	their	PRON
gp-211	107	14	intrinsic	intrinsic	ADJ
gp-211	107	15	stock	stock	NOUN
gp-211	107	16	values	value	NOUN
gp-211	107	17	,	,	PUNCT
gp-211	107	18	thus	thus	ADV
gp-211	107	19	enhancing	enhance	VERB
gp-211	107	20	their	their	PRON
gp-211	107	21	appeal	appeal	NOUN
gp-211	107	22	to	to	ADP
gp-211	107	23	potential	potential	ADJ
gp-211	107	24	investors	investor	NOUN
gp-211	107	25	.	.	PUNCT
gp-211	108	1	research	research	NOUN
gp-211	108	2	method	method	NOUN
gp-211	108	3	research	research	NOUN
gp-211	108	4	is	be	AUX
gp-211	108	5	a	a	DET
gp-211	108	6	systematic	systematic	ADJ
gp-211	108	7	activity	activity	NOUN
gp-211	108	8	aimed	aim	VERB
gp-211	108	9	at	at	ADP
gp-211	108	10	finding	find	VERB
gp-211	108	11	solutions	solution	NOUN
gp-211	108	12	to	to	ADP
gp-211	108	13	specific	specific	ADJ
gp-211	108	14	problems	problem	NOUN
gp-211	108	15	through	through	ADP
gp-211	108	16	in	in	ADP
gp-211	108	17	-	-	PUNCT
gp-211	108	18	depth	depth	NOUN
gp-211	108	19	analysis	analysis	NOUN
gp-211	108	20	,	,	PUNCT
gp-211	108	21	including	include	VERB
gp-211	108	22	understanding	understand	VERB
gp-211	108	23	the	the	DET
gp-211	108	24	conditions	condition	NOUN
gp-211	108	25	or	or	CCONJ
gp-211	108	26	situations	situation	NOUN
gp-211	108	27	that	that	PRON
gp-211	108	28	occur	occur	VERB
gp-211	108	29	during	during	ADP
gp-211	108	30	the	the	DET
gp-211	108	31	research	research	NOUN
gp-211	108	32	period	period	NOUN
gp-211	108	33	(	(	PUNCT
gp-211	108	34	2016	2016	NUM
gp-211	108	35	)	)	PUNCT
gp-211	108	36	.	.	PUNCT
gp-211	109	1	this	this	DET
gp-211	109	2	study	study	NOUN
gp-211	109	3	will	will	AUX
gp-211	109	4	employ	employ	VERB
gp-211	109	5	a	a	DET
gp-211	109	6	descriptive	descriptive	ADJ
gp-211	109	7	method	method	NOUN
gp-211	109	8	,	,	PUNCT
gp-211	109	9	which	which	PRON
gp-211	109	10	is	be	AUX
gp-211	109	11	grounded	ground	VERB
gp-211	109	12	in	in	ADP
gp-211	109	13	the	the	DET
gp-211	109	14	philosophy	philosophy	NOUN
gp-211	109	15	of	of	ADP
gp-211	109	16	positivism	positivism	NOUN
gp-211	109	17	.	.	PUNCT
gp-211	110	1	descriptive	descriptive	ADJ
gp-211	110	2	research	research	NOUN
gp-211	110	3	is	be	AUX
gp-211	110	4	conducted	conduct	VERB
gp-211	110	5	to	to	PART
gp-211	110	6	understand	understand	VERB
gp-211	110	7	and	and	CCONJ
gp-211	110	8	explain	explain	VERB
gp-211	110	9	the	the	DET
gp-211	110	10	characteristics	characteristic	NOUN
gp-211	110	11	of	of	ADP
gp-211	110	12	variables	variable	NOUN
gp-211	110	13	within	within	ADP
gp-211	110	14	a	a	DET
gp-211	110	15	particular	particular	ADJ
gp-211	110	16	context	context	NOUN
gp-211	110	17	.	.	PUNCT
gp-211	111	1	this	this	DET
gp-211	111	2	method	method	NOUN
gp-211	111	3	provides	provide	VERB
gp-211	111	4	researchers	researcher	NOUN
gp-211	111	5	with	with	ADP
gp-211	111	6	an	an	DET
gp-211	111	7	overview	overview	NOUN
gp-211	111	8	of	of	ADP
gp-211	111	9	various	various	ADJ
gp-211	111	10	aspects	aspect	NOUN
gp-211	111	11	relevant	relevant	ADJ
gp-211	111	12	to	to	ADP
gp-211	111	13	the	the	DET
gp-211	111	14	observed	observed	ADJ
gp-211	111	15	phenomenon	phenomenon	NOUN
gp-211	111	16	,	,	PUNCT
gp-211	111	17	such	such	ADJ
gp-211	111	18	as	as	ADP
gp-211	111	19	individuals	individual	NOUN
gp-211	111	20	,	,	PUNCT
gp-211	111	21	organizations	organization	NOUN
gp-211	111	22	,	,	PUNCT
gp-211	111	23	industry	industry	NOUN
gp-211	111	24	dynamics	dynamic	NOUN
gp-211	111	25	,	,	PUNCT
gp-211	111	26	or	or	CCONJ
gp-211	111	27	other	other	ADJ
gp-211	111	28	perspectives	perspective	NOUN
gp-211	111	29	(	(	PUNCT
gp-211	111	30	sekaran	sekaran	NOUN
gp-211	111	31	&	&	CCONJ
gp-211	111	32	bougie	bougie	NOUN
gp-211	111	33	,	,	PUNCT
gp-211	111	34	2016	2016	NUM
gp-211	111	35	)	)	PUNCT
gp-211	111	36	.	.	PUNCT
gp-211	112	1	based	base	VERB
gp-211	112	2	on	on	ADP
gp-211	112	3	the	the	DET
gp-211	112	4	research	research	NOUN
gp-211	112	5	context	context	NOUN
gp-211	112	6	,	,	PUNCT
gp-211	112	7	this	this	DET
gp-211	112	8	study	study	NOUN
gp-211	112	9	falls	fall	VERB
gp-211	112	10	under	under	ADP
gp-211	112	11	a	a	DET
gp-211	112	12	non	non	ADJ
gp-211	112	13	-	-	ADJ
gp-211	112	14	contrived	contrived	ADJ
gp-211	112	15	setting	setting	NOUN
gp-211	112	16	.	.	PUNCT
gp-211	113	1	a	a	DET
gp-211	113	2	non	non	ADJ
gp-211	113	3	-	-	ADJ
gp-211	113	4	contrived	contrived	ADJ
gp-211	113	5	setting	setting	NOUN
gp-211	113	6	refers	refer	VERB
gp-211	113	7	to	to	ADP
gp-211	113	8	research	research	NOUN
gp-211	113	9	conducted	conduct	VERB
gp-211	113	10	in	in	ADP
gp-211	113	11	a	a	DET
gp-211	113	12	natural	natural	ADJ
gp-211	113	13	environment	environment	NOUN
gp-211	113	14	or	or	CCONJ
gp-211	113	15	under	under	ADP
gp-211	113	16	normal	normal	ADJ
gp-211	113	17	conditions	condition	NOUN
gp-211	113	18	as	as	SCONJ
gp-211	113	19	they	they	PRON
gp-211	113	20	exist	exist	VERB
gp-211	113	21	.	.	PUNCT
gp-211	114	1	in	in	ADP
gp-211	114	2	terms	term	NOUN
gp-211	114	3	of	of	ADP
gp-211	114	4	the	the	DET
gp-211	114	5	researcher	researcher	NOUN
gp-211	114	6	’s	’s	PART
gp-211	114	7	involvement	involvement	NOUN
gp-211	114	8	,	,	PUNCT
gp-211	114	9	this	this	DET
gp-211	114	10	study	study	NOUN
gp-211	114	11	is	be	AUX
gp-211	114	12	classified	classify	VERB
gp-211	114	13	as	as	ADP
gp-211	114	14	a	a	DET
gp-211	114	15	non	non	ADJ
gp-211	114	16	-	-	ADJ
gp-211	114	17	intervention	intervention	ADJ
gp-211	114	18	study	study	NOUN
gp-211	114	19	,	,	PUNCT
gp-211	114	20	where	where	SCONJ
gp-211	114	21	the	the	DET
gp-211	114	22	researcher	researcher	NOUN
gp-211	114	23	does	do	AUX
gp-211	114	24	not	not	PART
gp-211	114	25	manipulate	manipulate	VERB
gp-211	114	26	or	or	CCONJ
gp-211	114	27	alter	alter	VERB
gp-211	114	28	the	the	DET
gp-211	114	29	data	datum	NOUN
gp-211	114	30	used	use	VERB
gp-211	114	31	,	,	PUNCT
gp-211	114	32	as	as	SCONJ
gp-211	114	33	only	only	ADV
gp-211	114	34	secondary	secondary	ADJ
gp-211	114	35	data	datum	NOUN
gp-211	114	36	is	be	AUX
gp-211	114	37	utilized	utilize	VERB
gp-211	114	38	.	.	PUNCT
gp-211	115	1	from	from	ADP
gp-211	115	2	the	the	DET
gp-211	115	3	perspective	perspective	NOUN
gp-211	115	4	of	of	ADP
gp-211	115	5	the	the	DET
gp-211	115	6	unit	unit	NOUN
gp-211	115	7	of	of	ADP
gp-211	115	8	analysis	analysis	NOUN
gp-211	115	9	,	,	PUNCT
gp-211	115	10	this	this	DET
gp-211	115	11	study	study	NOUN
gp-211	115	12	is	be	AUX
gp-211	115	13	categorized	categorize	VERB
gp-211	115	14	as	as	ADP
gp-211	115	15	a	a	DET
gp-211	115	16	group	group	NOUN
gp-211	115	17	-	-	PUNCT
gp-211	115	18	level	level	NOUN
gp-211	115	19	research	research	NOUN
gp-211	115	20	since	since	SCONJ
gp-211	115	21	it	it	PRON
gp-211	115	22	focuses	focus	VERB
gp-211	115	23	solely	solely	ADV
gp-211	115	24	on	on	ADP
gp-211	115	25	one	one	NUM
gp-211	115	26	group	group	NOUN
gp-211	115	27	of	of	ADP
gp-211	115	28	data	datum	NOUN
gp-211	115	29	,	,	PUNCT
gp-211	115	30	namely	namely	ADV
gp-211	115	31	the	the	DET
gp-211	115	32	idxhidiv20	idxhidiv20	ADJ
gp-211	115	33	index	index	NOUN
gp-211	115	34	stocks	stock	NOUN
gp-211	115	35	listed	list	VERB
gp-211	115	36	on	on	ADP
gp-211	115	37	the	the	DET
gp-211	115	38	indonesia	indonesia	PROPN
gp-211	115	39	stock	stock	PROPN
gp-211	115	40	exchange	exchange	NOUN
gp-211	115	41	in	in	ADP
gp-211	115	42	2024	2024	NUM
gp-211	115	43	.	.	PUNCT
gp-211	116	1	based	base	VERB
gp-211	116	2	on	on	ADP
gp-211	116	3	the	the	DET
gp-211	116	4	duration	duration	NOUN
gp-211	116	5	of	of	ADP
gp-211	116	6	data	datum	NOUN
gp-211	116	7	collection	collection	NOUN
gp-211	116	8	,	,	PUNCT
gp-211	116	9	this	this	DET
gp-211	116	10	study	study	NOUN
gp-211	116	11	is	be	AUX
gp-211	116	12	considered	consider	VERB
gp-211	116	13	longitudinal	longitudinal	ADJ
gp-211	116	14	.	.	PUNCT
gp-211	117	1	purposive	purposive	ADJ
gp-211	117	2	sampling	sampling	NOUN
gp-211	117	3	will	will	AUX
gp-211	117	4	be	be	AUX
gp-211	117	5	used	use	VERB
gp-211	117	6	to	to	PART
gp-211	117	7	determine	determine	VERB
gp-211	117	8	the	the	DET
gp-211	117	9	sample	sample	NOUN
gp-211	117	10	.	.	PUNCT
gp-211	118	1	purposive	purposive	ADJ
gp-211	118	2	sampling	sampling	NOUN
gp-211	118	3	is	be	AUX
gp-211	118	4	a	a	DET
gp-211	118	5	technique	technique	NOUN
gp-211	118	6	of	of	ADP
gp-211	118	7	selecting	select	VERB
gp-211	118	8	samples	sample	NOUN
gp-211	118	9	based	base	VERB
gp-211	118	10	on	on	ADP
gp-211	118	11	specific	specific	ADJ
gp-211	118	12	criteria	criterion	NOUN
gp-211	118	13	so	so	SCONJ
gp-211	118	14	that	that	SCONJ
gp-211	118	15	the	the	DET
gp-211	118	16	results	result	NOUN
gp-211	118	17	can	can	AUX
gp-211	118	18	provide	provide	VERB
gp-211	118	19	relevant	relevant	ADJ
gp-211	118	20	solutions	solution	NOUN
gp-211	118	21	to	to	ADP
gp-211	118	22	the	the	DET
gp-211	118	23	research	research	NOUN
gp-211	118	24	problem	problem	NOUN
gp-211	118	25	(	(	PUNCT
gp-211	118	26	sekaran	sekaran	NOUN
gp-211	118	27	&	&	CCONJ
gp-211	118	28	bougie	bougie	NOUN
gp-211	118	29	,	,	PUNCT
gp-211	118	30	2016	2016	NUM
gp-211	118	31	)	)	PUNCT
gp-211	118	32	.	.	PUNCT
gp-211	119	1	the	the	DET
gp-211	119	2	sample	sample	NOUN
gp-211	119	3	criteria	criterion	NOUN
gp-211	119	4	include	include	VERB
gp-211	119	5	companies	company	NOUN
gp-211	119	6	indofood	indofood	PROPN
gp-211	119	7	cbp	cbp	PROPN
gp-211	119	8	sukses	sukse	VERB
gp-211	119	9	makmur	makmur	PROPN
gp-211	119	10	tbk	tbk	PROPN
gp-211	119	11	.	.	PUNCT
gp-211	120	1	and	and	CCONJ
gp-211	120	2	indofood	indofood	NOUN
gp-211	120	3	sukses	sukse	VERB
gp-211	120	4	makmur	makmur	PROPN
gp-211	120	5	tbk	tbk	PROPN
gp-211	120	6	.	.	PROPN
gp-211	120	7	,	,	PUNCT
gp-211	120	8	which	which	PRON
gp-211	120	9	are	be	AUX
gp-211	120	10	listed	list	VERB
gp-211	120	11	on	on	ADP
gp-211	120	12	the	the	DET
gp-211	120	13	indonesia	indonesia	PROPN
gp-211	120	14	stock	stock	PROPN
gp-211	120	15	exchange	exchange	PROPN
gp-211	120	16	and	and	CCONJ
gp-211	120	17	have	have	AUX
gp-211	120	18	audited	audit	VERB
gp-211	120	19	financial	financial	ADJ
gp-211	120	20	statements	statement	NOUN
gp-211	120	21	for	for	ADP
gp-211	120	22	at	at	ADP
gp-211	120	23	least	least	ADJ
gp-211	120	24	the	the	DET
gp-211	120	25	past	past	ADJ
gp-211	120	26	five	five	NUM
gp-211	120	27	years	year	NOUN
gp-211	120	28	.	.	PUNCT
gp-211	121	1	result	result	NOUN
gp-211	121	2	and	and	CCONJ
gp-211	121	3	discussion	discussion	NOUN
gp-211	121	4	cost	cost	NOUN
gp-211	121	5	structure	structure	NOUN
gp-211	121	6	and	and	CCONJ
gp-211	121	7	profitability	profitability	NOUN
gp-211	121	8	analysis	analysis	NOUN
gp-211	121	9	the	the	DET
gp-211	121	10	cost	cost	NOUN
gp-211	121	11	structure	structure	NOUN
gp-211	121	12	and	and	CCONJ
gp-211	121	13	profitability	profitability	NOUN
gp-211	121	14	analysis	analysis	NOUN
gp-211	121	15	presented	present	VERB
gp-211	121	16	in	in	ADP
gp-211	121	17	table	table	NOUN
gp-211	121	18	4.6	4.6	NUM
gp-211	121	19	reveals	reveal	VERB
gp-211	121	20	fundamental	fundamental	ADJ
gp-211	121	21	differences	difference	NOUN
gp-211	121	22	between	between	ADP
gp-211	121	23	icbp	icbp	PROPN
gp-211	121	24	and	and	CCONJ
gp-211	121	25	indf	indf	VERB
gp-211	121	26	in	in	ADP
gp-211	121	27	terms	term	NOUN
gp-211	121	28	of	of	ADP
gp-211	121	29	operational	operational	ADJ
gp-211	121	30	efficiency	efficiency	NOUN
gp-211	121	31	and	and	CCONJ
gp-211	121	32	profit	profit	NOUN
gp-211	121	33	-	-	PUNCT
gp-211	121	34	generating	generate	VERB
gp-211	121	35	capacity	capacity	NOUN
gp-211	121	36	.	.	PUNCT
gp-211	122	1	icbp	icbp	PROPN
gp-211	122	2	has	have	VERB
gp-211	122	3	an	an	DET
gp-211	122	4	average	average	ADJ
gp-211	122	5	ebitda	ebitda	NOUN
gp-211	122	6	margin	margin	NOUN
gp-211	122	7	of	of	ADP
gp-211	122	8	19.75	19.75	NUM
gp-211	122	9	%	%	NOUN
gp-211	122	10	and	and	CCONJ
gp-211	122	11	an	an	DET
gp-211	122	12	ebit	ebit	NOUN
gp-211	122	13	margin	margin	NOUN
gp-211	122	14	of	of	ADP
gp-211	122	15	17.53	17.53	NUM
gp-211	122	16	%	%	NOUN
gp-211	122	17	,	,	PUNCT
gp-211	122	18	which	which	PRON
gp-211	122	19	are	be	AUX
gp-211	122	20	significantly	significantly	ADV
gp-211	122	21	higher	high	ADJ
gp-211	122	22	than	than	ADP
gp-211	122	23	indf	indf	NOUN
gp-211	122	24	’s	’s	PART
gp-211	122	25	margins	margin	NOUN
gp-211	122	26	of	of	ADP
gp-211	122	27	16.02	16.02	NUM
gp-211	122	28	%	%	NOUN
gp-211	122	29	and	and	CCONJ
gp-211	122	30	12.63	12.63	NUM
gp-211	122	31	%	%	NOUN
gp-211	122	32	,	,	PUNCT
gp-211	122	33	respectively	respectively	ADV
gp-211	122	34	.	.	PUNCT
gp-211	123	1	these	these	DET
gp-211	123	2	higher	high	ADJ
gp-211	123	3	margins	margin	NOUN
gp-211	123	4	reflect	reflect	VERB
gp-211	123	5	better	well	ADJ
gp-211	123	6	cost	cost	NOUN
gp-211	123	7	efficiency	efficiency	NOUN
gp-211	123	8	and	and	CCONJ
gp-211	123	9	operational	operational	ADJ
gp-211	123	10	management	management	NOUN
gp-211	123	11	effectiveness	effectiveness	NOUN
gp-211	123	12	,	,	PUNCT
gp-211	123	13	which	which	PRON
gp-211	123	14	are	be	AUX
gp-211	123	15	crucial	crucial	ADJ
gp-211	123	16	elements	element	NOUN
gp-211	123	17	in	in	ADP
gp-211	123	18	the	the	DET
gp-211	123	19	free	free	ADJ
gp-211	123	20	cash	cash	NOUN
gp-211	123	21	flow	flow	NOUN
gp-211	123	22	to	to	ADP
gp-211	123	23	firm	firm	ADJ
gp-211	123	24	(	(	PUNCT
gp-211	123	25	fcff	fcff	ADJ
gp-211	123	26	)	)	PUNCT
gp-211	123	27	valuation	valuation	NOUN
gp-211	123	28	approach	approach	NOUN
gp-211	123	29	.	.	PUNCT
gp-211	124	1	the	the	DET
gp-211	124	2	cost	cost	NOUN
gp-211	124	3	of	of	ADP
gp-211	124	4	goods	good	NOUN
gp-211	124	5	sold	sell	VERB
gp-211	124	6	(	(	PUNCT
gp-211	124	7	cogs	cog	NOUN
gp-211	124	8	)	)	PUNCT
gp-211	124	9	at	at	ADP
gp-211	124	10	icbp	icbp	PROPN
gp-211	124	11	averaged	average	VERB
gp-211	124	12	64.54	64.54	NUM
gp-211	124	13	%	%	NOUN
gp-211	124	14	,	,	PUNCT
gp-211	124	15	which	which	PRON
gp-211	124	16	is	be	AUX
gp-211	124	17	lower	low	ADJ
gp-211	124	18	than	than	ADP
gp-211	124	19	indf	indf	PROPN
gp-211	124	20	’s	’s	PART
gp-211	124	21	68.40	68.40	NUM
gp-211	124	22	%	%	NOUN
gp-211	124	23	.	.	PUNCT
gp-211	125	1	this	this	DET
gp-211	125	2	difference	difference	NOUN
gp-211	125	3	indicates	indicate	VERB
gp-211	125	4	that	that	SCONJ
gp-211	125	5	icbp	icbp	PROPN
gp-211	125	6	is	be	AUX
gp-211	125	7	more	more	ADV
gp-211	125	8	efficient	efficient	ADJ
gp-211	125	9	in	in	ADP
gp-211	125	10	managing	manage	VERB
gp-211	125	11	its	its	PRON
gp-211	125	12	production	production	NOUN
gp-211	125	13	cost	cost	NOUN
gp-211	125	14	structure	structure	NOUN
gp-211	125	15	.	.	PUNCT
gp-211	126	1	additionally	additionally	ADV
gp-211	126	2	,	,	PUNCT
gp-211	126	3	selling	selling	NOUN
gp-211	126	4	,	,	PUNCT
gp-211	126	5	general	general	ADJ
gp-211	126	6	,	,	PUNCT
gp-211	126	7	and	and	CCONJ
gp-211	126	8	administrative	administrative	ADJ
gp-211	126	9	(	(	PUNCT
gp-211	126	10	sg&a	sg&a	NOUN
gp-211	126	11	)	)	PUNCT
gp-211	126	12	expenses	expense	NOUN
gp-211	126	13	for	for	ADP
gp-211	126	14	icbp	icbp	NOUN
gp-211	126	15	were	be	AUX
gp-211	126	16	also	also	ADV
gp-211	126	17	lower	low	ADJ
gp-211	126	18	at	at	ADP
gp-211	126	19	14.31	14.31	NUM
gp-211	126	20	%	%	NOUN
gp-211	126	21	compared	compare	VERB
gp-211	126	22	to	to	AUX
gp-211	126	23	indf	indf	PROPN
gp-211	126	24	’s	’s	PART
gp-211	126	25	15.22	15.22	NUM
gp-211	126	26	%	%	NOUN
gp-211	126	27	.	.	PUNCT
gp-211	127	1	this	this	DET
gp-211	127	2	cost	cost	NOUN
gp-211	127	3	efficiency	efficiency	NOUN
gp-211	127	4	supports	support	VERB
gp-211	127	5	stable	stable	ADJ
gp-211	127	6	operating	operating	NOUN
gp-211	127	7	income	income	NOUN
gp-211	127	8	and	and	CCONJ
gp-211	127	9	improves	improve	VERB
gp-211	127	10	the	the	DET
gp-211	127	11	reliability	reliability	NOUN
gp-211	127	12	of	of	ADP
gp-211	127	13	future	future	ADJ
gp-211	127	14	cash	cash	NOUN
gp-211	127	15	flow	flow	NOUN
gp-211	127	16	projections	projection	NOUN
gp-211	127	17	,	,	PUNCT
gp-211	127	18	which	which	PRON
gp-211	127	19	ultimately	ultimately	ADV
gp-211	127	20	enhances	enhance	VERB
gp-211	127	21	the	the	DET
gp-211	127	22	intrinsic	intrinsic	ADJ
gp-211	127	23	value	value	NOUN
gp-211	127	24	of	of	ADP
gp-211	127	25	the	the	DET
gp-211	127	26	company	company	NOUN
gp-211	127	27	’s	’s	PART
gp-211	127	28	stock	stock	NOUN
gp-211	127	29	under	under	ADP
gp-211	127	30	the	the	DET
gp-211	127	31	fcff	fcff	ADJ
gp-211	127	32	valuation	valuation	NOUN
gp-211	127	33	approach	approach	NOUN
gp-211	127	34	.	.	PUNCT
gp-211	128	1	furthermore	furthermore	ADV
gp-211	128	2	,	,	PUNCT
gp-211	128	3	indf	indf	PROPN
gp-211	128	4	recorded	record	VERB
gp-211	128	5	higher	high	ADJ
gp-211	128	6	depreciation	depreciation	NOUN
gp-211	128	7	expenses	expense	NOUN
gp-211	128	8	(	(	PUNCT
gp-211	128	9	3.39	3.39	NUM
gp-211	128	10	%	%	NOUN
gp-211	128	11	)	)	PUNCT
gp-211	128	12	compared	compare	VERB
gp-211	128	13	to	to	ADP
gp-211	128	14	icbp	icbp	PROPN
gp-211	128	15	(	(	PUNCT
gp-211	128	16	2.22	2.22	NUM
gp-211	128	17	%	%	NOUN
gp-211	128	18	)	)	PUNCT
gp-211	128	19	.	.	PUNCT
gp-211	129	1	while	while	SCONJ
gp-211	129	2	higher	high	ADJ
gp-211	129	3	non	non	ADJ
gp-211	129	4	-	-	ADJ
gp-211	129	5	cash	cash	ADJ
gp-211	129	6	charges	charge	NOUN
gp-211	129	7	at	at	ADP
gp-211	129	8	indf	indf	ADV
gp-211	129	9	reduce	reduce	VERB
gp-211	129	10	operating	operating	NOUN
gp-211	129	11	profit	profit	NOUN
gp-211	129	12	,	,	PUNCT
gp-211	129	13	they	they	PRON
gp-211	129	14	do	do	AUX
gp-211	129	15	not	not	PART
gp-211	129	16	directly	directly	ADV
gp-211	129	17	affect	affect	VERB
gp-211	129	18	cash	cash	NOUN
gp-211	129	19	flows	flow	NOUN
gp-211	129	20	.	.	PUNCT
gp-211	130	1	on	on	ADP
gp-211	130	2	american	american	PROPN
gp-211	130	3	journal	journal	PROPN
gp-211	130	4	of	of	ADP
gp-211	130	5	economic	economic	ADJ
gp-211	130	6	and	and	CCONJ
gp-211	130	7	management	management	NOUN
gp-211	130	8	business	business	NOUN
gp-211	130	9	vol	vol	NOUN
gp-211	130	10	.	.	PROPN
gp-211	130	11	4	4	NUM
gp-211	130	12	no	no	NOUN
gp-211	130	13	.	.	NOUN
gp-211	130	14	5	5	NUM
gp-211	130	15	,	,	PUNCT
gp-211	130	16	may	may	AUX
gp-211	130	17	2025	2025	NUM
gp-211	130	18	456	456	NUM
gp-211	130	19	the	the	DET
gp-211	130	20	other	other	ADJ
gp-211	130	21	hand	hand	NOUN
gp-211	130	22	,	,	PUNCT
gp-211	130	23	the	the	DET
gp-211	130	24	lower	low	ADJ
gp-211	130	25	depreciation	depreciation	NOUN
gp-211	130	26	at	at	ADP
gp-211	130	27	icbp	icbp	PROPN
gp-211	130	28	contributes	contribute	VERB
gp-211	130	29	to	to	ADP
gp-211	130	30	higher	high	ADJ
gp-211	130	31	net	net	ADJ
gp-211	130	32	operating	operate	VERB
gp-211	130	33	cash	cash	NOUN
gp-211	130	34	flows	flow	NOUN
gp-211	130	35	,	,	PUNCT
gp-211	130	36	which	which	PRON
gp-211	130	37	is	be	AUX
gp-211	130	38	a	a	DET
gp-211	130	39	key	key	ADJ
gp-211	130	40	component	component	NOUN
gp-211	130	41	in	in	ADP
gp-211	130	42	calculating	calculate	VERB
gp-211	130	43	free	free	ADJ
gp-211	130	44	cash	cash	NOUN
gp-211	130	45	flow	flow	NOUN
gp-211	130	46	.	.	PUNCT
gp-211	131	1	as	as	ADP
gp-211	131	2	a	a	DET
gp-211	131	3	result	result	NOUN
gp-211	131	4	,	,	PUNCT
gp-211	131	5	icbp	icbp	PROPN
gp-211	131	6	’s	’s	PART
gp-211	131	7	projected	project	VERB
gp-211	131	8	fcff	fcff	NOUN
gp-211	131	9	tends	tend	VERB
gp-211	131	10	to	to	PART
gp-211	131	11	be	be	AUX
gp-211	131	12	larger	large	ADJ
gp-211	131	13	and	and	CCONJ
gp-211	131	14	more	more	ADV
gp-211	131	15	stable	stable	ADJ
gp-211	131	16	,	,	PUNCT
gp-211	131	17	thus	thus	ADV
gp-211	131	18	increasing	increase	VERB
gp-211	131	19	the	the	DET
gp-211	131	20	valuation	valuation	NOUN
gp-211	131	21	of	of	ADP
gp-211	131	22	its	its	PRON
gp-211	131	23	shares	share	NOUN
gp-211	131	24	.	.	PUNCT
gp-211	132	1	in	in	ADP
gp-211	132	2	the	the	DET
gp-211	132	3	relative	relative	ADJ
gp-211	132	4	valuation	valuation	NOUN
gp-211	132	5	approach	approach	NOUN
gp-211	132	6	,	,	PUNCT
gp-211	132	7	using	use	VERB
gp-211	132	8	metrics	metric	NOUN
gp-211	132	9	such	such	ADJ
gp-211	132	10	as	as	ADP
gp-211	132	11	the	the	DET
gp-211	132	12	price	price	NOUN
gp-211	132	13	-	-	PUNCT
gp-211	132	14	to	to	ADP
gp-211	132	15	-	-	PUNCT
gp-211	132	16	earnings	earning	NOUN
gp-211	132	17	(	(	PUNCT
gp-211	132	18	p	p	X
gp-211	132	19	/	/	SYM
gp-211	132	20	e	e	NOUN
gp-211	132	21	)	)	PUNCT
gp-211	132	22	ratio	ratio	NOUN
gp-211	132	23	and	and	CCONJ
gp-211	132	24	enterprise	enterprise	NOUN
gp-211	132	25	value	value	NOUN
gp-211	132	26	to	to	ADP
gp-211	132	27	ebitda	ebitda	PROPN
gp-211	132	28	(	(	PUNCT
gp-211	132	29	ev	ev	PROPN
gp-211	132	30	/	/	SYM
gp-211	132	31	ebitda	ebitda	NOUN
gp-211	132	32	)	)	PUNCT
gp-211	132	33	,	,	PUNCT
gp-211	132	34	icbp	icbp	PROPN
gp-211	132	35	also	also	ADV
gp-211	132	36	demonstrates	demonstrate	VERB
gp-211	132	37	higher	high	ADJ
gp-211	132	38	valuation	valuation	NOUN
gp-211	132	39	potential	potential	NOUN
gp-211	132	40	.	.	PUNCT
gp-211	133	1	its	its	PRON
gp-211	133	2	superior	superior	ADJ
gp-211	133	3	profit	profit	NOUN
gp-211	133	4	margins	margin	NOUN
gp-211	133	5	and	and	CCONJ
gp-211	133	6	better	well	ADJ
gp-211	133	7	cost	cost	NOUN
gp-211	133	8	efficiency	efficiency	NOUN
gp-211	133	9	justify	justify	VERB
gp-211	133	10	a	a	DET
gp-211	133	11	premium	premium	NOUN
gp-211	133	12	valuation	valuation	NOUN
gp-211	133	13	by	by	ADP
gp-211	133	14	investors	investor	NOUN
gp-211	133	15	.	.	PUNCT
gp-211	134	1	companies	company	NOUN
gp-211	134	2	with	with	ADP
gp-211	134	3	solid	solid	ADJ
gp-211	134	4	operational	operational	ADJ
gp-211	134	5	performance	performance	NOUN
gp-211	134	6	are	be	AUX
gp-211	134	7	generally	generally	ADV
gp-211	134	8	assumed	assume	VERB
gp-211	134	9	to	to	PART
gp-211	134	10	carry	carry	VERB
gp-211	134	11	lower	low	ADJ
gp-211	134	12	business	business	NOUN
gp-211	134	13	risk	risk	NOUN
gp-211	134	14	,	,	PUNCT
gp-211	134	15	leading	lead	VERB
gp-211	134	16	to	to	ADP
gp-211	134	17	a	a	DET
gp-211	134	18	lower	low	ADJ
gp-211	134	19	discount	discount	NOUN
gp-211	134	20	rate	rate	NOUN
gp-211	134	21	(	(	PUNCT
gp-211	134	22	wacc	wacc	PROPN
gp-211	134	23	)	)	PUNCT
gp-211	134	24	and	and	CCONJ
gp-211	134	25	higher	high	ADJ
gp-211	134	26	valuation	valuation	NOUN
gp-211	134	27	.	.	PUNCT
gp-211	135	1	overall	overall	ADV
gp-211	135	2	,	,	PUNCT
gp-211	135	3	icbp	icbp	PROPN
gp-211	135	4	’s	’	VERB
gp-211	135	5	stronger	strong	ADJ
gp-211	135	6	operational	operational	ADJ
gp-211	135	7	performance	performance	NOUN
gp-211	135	8	compared	compare	VERB
gp-211	135	9	to	to	PART
gp-211	135	10	indf	indf	VERB
gp-211	135	11	positively	positively	ADV
gp-211	135	12	influences	influence	VERB
gp-211	135	13	its	its	PRON
gp-211	135	14	stock	stock	NOUN
gp-211	135	15	valuation	valuation	NOUN
gp-211	135	16	.	.	PUNCT
gp-211	136	1	cost	cost	NOUN
gp-211	136	2	efficiency	efficiency	NOUN
gp-211	136	3	,	,	PUNCT
gp-211	136	4	high	high	ADJ
gp-211	136	5	profit	profit	NOUN
gp-211	136	6	margins	margin	NOUN
gp-211	136	7	,	,	PUNCT
gp-211	136	8	and	and	CCONJ
gp-211	136	9	strong	strong	ADJ
gp-211	136	10	cash	cash	NOUN
gp-211	136	11	flows	flow	NOUN
gp-211	136	12	enhance	enhance	VERB
gp-211	136	13	valuation	valuation	NOUN
gp-211	136	14	results	result	NOUN
gp-211	136	15	using	use	VERB
gp-211	136	16	both	both	CCONJ
gp-211	136	17	the	the	DET
gp-211	136	18	fcff	fcff	ADJ
gp-211	136	19	and	and	CCONJ
gp-211	136	20	relative	relative	ADJ
gp-211	136	21	valuation	valuation	NOUN
gp-211	136	22	approaches	approach	NOUN
gp-211	136	23	.	.	PUNCT
gp-211	137	1	therefore	therefore	ADV
gp-211	137	2	,	,	PUNCT
gp-211	137	3	differences	difference	NOUN
gp-211	137	4	in	in	ADP
gp-211	137	5	cost	cost	NOUN
gp-211	137	6	structure	structure	NOUN
gp-211	137	7	and	and	CCONJ
gp-211	137	8	profitability	profitability	NOUN
gp-211	137	9	are	be	AUX
gp-211	137	10	key	key	ADJ
gp-211	137	11	factors	factor	NOUN
gp-211	137	12	in	in	ADP
gp-211	137	13	determining	determine	VERB
gp-211	137	14	the	the	DET
gp-211	137	15	fair	fair	ADJ
gp-211	137	16	value	value	NOUN
gp-211	137	17	of	of	ADP
gp-211	137	18	each	each	DET
gp-211	137	19	company	company	NOUN
gp-211	137	20	’s	’s	PART
gp-211	137	21	stock	stock	NOUN
gp-211	137	22	.	.	PUNCT
gp-211	138	1	4.1.2	4.1.2	NUM
gp-211	138	2	analysis	analysis	NOUN
gp-211	138	3	of	of	ADP
gp-211	138	4	capital	capital	NOUN
gp-211	138	5	expenditure	expenditure	NOUN
gp-211	138	6	(	(	PUNCT
gp-211	138	7	capex	capex	NOUN
gp-211	138	8	)	)	PUNCT
gp-211	138	9	performance	performance	NOUN
gp-211	138	10	relative	relative	ADJ
gp-211	138	11	to	to	ADP
gp-211	138	12	revenue	revenue	NOUN
gp-211	138	13	capital	capital	NOUN
gp-211	138	14	expenditure	expenditure	NOUN
gp-211	138	15	(	(	PUNCT
gp-211	138	16	capex	capex	NOUN
gp-211	138	17	)	)	PUNCT
gp-211	138	18	refers	refer	VERB
gp-211	138	19	to	to	ADP
gp-211	138	20	a	a	DET
gp-211	138	21	company	company	NOUN
gp-211	138	22	's	's	PART
gp-211	138	23	investment	investment	NOUN
gp-211	138	24	in	in	ADP
gp-211	138	25	the	the	DET
gp-211	138	26	form	form	NOUN
gp-211	138	27	of	of	ADP
gp-211	138	28	spending	spending	NOUN
gp-211	138	29	for	for	ADP
gp-211	138	30	the	the	DET
gp-211	138	31	purchase	purchase	NOUN
gp-211	138	32	,	,	PUNCT
gp-211	138	33	enhancement	enhancement	NOUN
gp-211	138	34	,	,	PUNCT
gp-211	138	35	or	or	CCONJ
gp-211	138	36	maintenance	maintenance	NOUN
gp-211	138	37	of	of	ADP
gp-211	138	38	fixed	fix	VERB
gp-211	138	39	assets	asset	NOUN
gp-211	138	40	necessary	necessary	ADJ
gp-211	138	41	to	to	PART
gp-211	138	42	support	support	VERB
gp-211	138	43	the	the	DET
gp-211	138	44	continuity	continuity	NOUN
gp-211	138	45	and	and	CCONJ
gp-211	138	46	growth	growth	NOUN
gp-211	138	47	of	of	ADP
gp-211	138	48	its	its	PRON
gp-211	138	49	business	business	NOUN
gp-211	138	50	operations	operation	NOUN
gp-211	138	51	.	.	PUNCT
gp-211	139	1	to	to	PART
gp-211	139	2	understand	understand	VERB
gp-211	139	3	the	the	DET
gp-211	139	4	long	long	ADJ
gp-211	139	5	-	-	PUNCT
gp-211	139	6	term	term	NOUN
gp-211	139	7	direction	direction	NOUN
gp-211	139	8	and	and	CCONJ
gp-211	139	9	pattern	pattern	NOUN
gp-211	139	10	of	of	ADP
gp-211	139	11	company	company	NOUN
gp-211	139	12	investment	investment	NOUN
gp-211	139	13	,	,	PUNCT
gp-211	139	14	this	this	DET
gp-211	139	15	study	study	NOUN
gp-211	139	16	analyzes	analyze	VERB
gp-211	139	17	the	the	DET
gp-211	139	18	percentage	percentage	NOUN
gp-211	139	19	of	of	ADP
gp-211	139	20	capex	capex	NOUN
gp-211	139	21	relative	relative	ADJ
gp-211	139	22	to	to	ADP
gp-211	139	23	revenue	revenue	NOUN
gp-211	139	24	over	over	ADP
gp-211	139	25	the	the	DET
gp-211	139	26	past	past	ADJ
gp-211	139	27	five	five	NUM
gp-211	139	28	years	year	NOUN
gp-211	139	29	.	.	PUNCT
gp-211	140	1	this	this	DET
gp-211	140	2	ratio	ratio	NOUN
gp-211	140	3	is	be	AUX
gp-211	140	4	calculated	calculate	VERB
gp-211	140	5	annually	annually	ADV
gp-211	140	6	to	to	PART
gp-211	140	7	identify	identify	VERB
gp-211	140	8	the	the	DET
gp-211	140	9	company	company	NOUN
gp-211	140	10	’s	’s	PART
gp-211	140	11	tendencies	tendency	NOUN
gp-211	140	12	in	in	ADP
gp-211	140	13	allocating	allocate	VERB
gp-211	140	14	funds	fund	NOUN
gp-211	140	15	to	to	ADP
gp-211	140	16	fixed	fix	VERB
gp-211	140	17	assets	asset	NOUN
gp-211	140	18	and	and	CCONJ
gp-211	140	19	to	to	PART
gp-211	140	20	evaluate	evaluate	VERB
gp-211	140	21	the	the	DET
gp-211	140	22	implications	implication	NOUN
gp-211	140	23	for	for	ADP
gp-211	140	24	overall	overall	ADJ
gp-211	140	25	financial	financial	ADJ
gp-211	140	26	performance	performance	NOUN
gp-211	140	27	.	.	PUNCT
gp-211	141	1	the	the	DET
gp-211	141	2	results	result	NOUN
gp-211	141	3	of	of	ADP
gp-211	141	4	this	this	DET
gp-211	141	5	analysis	analysis	NOUN
gp-211	141	6	provide	provide	VERB
gp-211	141	7	insight	insight	NOUN
gp-211	141	8	into	into	ADP
gp-211	141	9	the	the	DET
gp-211	141	10	consistency	consistency	NOUN
gp-211	141	11	of	of	ADP
gp-211	141	12	the	the	DET
gp-211	141	13	company	company	NOUN
gp-211	141	14	’s	’s	PART
gp-211	141	15	investment	investment	NOUN
gp-211	141	16	strategy	strategy	NOUN
gp-211	141	17	and	and	CCONJ
gp-211	141	18	the	the	DET
gp-211	141	19	potential	potential	ADJ
gp-211	141	20	contribution	contribution	NOUN
gp-211	141	21	of	of	ADP
gp-211	141	22	capex	capex	NOUN
gp-211	141	23	to	to	ADP
gp-211	141	24	future	future	ADJ
gp-211	141	25	revenue	revenue	NOUN
gp-211	141	26	growth	growth	NOUN
gp-211	141	27	.	.	PUNCT
gp-211	142	1	table	table	NOUN
gp-211	142	2	1	1	NUM
gp-211	142	3	capex	capex	NOUN
gp-211	142	4	to	to	ADP
gp-211	142	5	revenue	revenue	NOUN
gp-211	142	6	ratio	ratio	NOUN
gp-211	142	7	–	–	PUNCT
gp-211	142	8	icbp	icbp	NOUN
gp-211	142	9	and	and	CCONJ
gp-211	142	10	indf	indf	PROPN
gp-211	142	11	(	(	PUNCT
gp-211	142	12	idr	idr	PROPN
gp-211	142	13	in	in	ADP
gp-211	142	14	millions	million	NOUN
gp-211	142	15	)	)	PUNCT
gp-211	142	16	historical	historical	ADJ
gp-211	142	17	icbp	icbp	ADJ
gp-211	142	18	2019	2019	NUM
gp-211	142	19	2020	2020	NUM
gp-211	142	20	2021	2021	NUM
gp-211	142	21	2022	2022	NUM
gp-211	142	22	2023	2023	NUM
gp-211	142	23	revenue	revenue	NOUN
gp-211	142	24	42.296.703	42.296.703	NUM
gp-211	142	25	46.641.048	46.641.048	NOUN
gp-211	142	26	56.803.733	56.803.733	NOUN
gp-211	143	1	64.797.516	64.797.516	NUM
gp-211	143	2	67.909.901	67.909.901	NUM
gp-211	143	3	capex	capex	NOUN
gp-211	143	4	2.033.838	2.033.838	NUM
gp-211	143	5	1.919.170	1.919.170	NUM
gp-211	143	6	2.249.751	2.249.751	NUM
gp-211	143	7	1.788.876	1.788.876	NUM
gp-211	143	8	1.823.830	1.823.830	NUM
gp-211	143	9	percentage	percentage	NOUN
gp-211	143	10	of	of	ADP
gp-211	143	11	capex	capex	NOUN
gp-211	143	12	to	to	ADP
gp-211	143	13	revenue	revenue	NOUN
gp-211	143	14	4,8	4,8	NUM
gp-211	143	15	%	%	NOUN
gp-211	143	16	4,1	4,1	NUM
gp-211	143	17	%	%	NOUN
gp-211	143	18	4,0	4,0	NUM
gp-211	143	19	%	%	NOUN
gp-211	143	20	2,8	2,8	NUM
gp-211	143	21	%	%	NOUN
gp-211	143	22	2,7	2,7	NUM
gp-211	143	23	%	%	NOUN
gp-211	143	24	(	(	PUNCT
gp-211	143	25	idr	idr	PROPN
gp-211	143	26	in	in	ADP
gp-211	143	27	millions	million	NOUN
gp-211	143	28	)	)	PUNCT
gp-211	143	29	historical	historical	ADJ
gp-211	143	30	indf	indf	ADJ
gp-211	143	31	2019	2019	NUM
gp-211	143	32	2020	2020	NUM
gp-211	143	33	2021	2021	NUM
gp-211	143	34	2022	2022	NUM
gp-211	143	35	2023	2023	NUM
gp-211	143	36	revenue	revenue	NOUN
gp-211	143	37	76.592.955	76.592.955	NUM
gp-211	143	38	81.731.469	81.731.469	NOUN
gp-211	143	39	99.345.618	99.345.618	NOUN
gp-211	143	40	110.830.272	110.830.272	NUM
gp-211	143	41	111.703.611	111.703.611	NUM
gp-211	143	42	capex	capex	NOUN
gp-211	143	43	4.657.775	4.657.775	NUM
gp-211	143	44	4.592.304	4.592.304	NUM
gp-211	144	1	4.784.668	4.784.668	NUM
gp-211	144	2	3.979.013	3.979.013	NUM
gp-211	144	3	3.967.864	3.967.864	NUM
gp-211	144	4	percentage	percentage	NOUN
gp-211	144	5	of	of	ADP
gp-211	144	6	capex	capex	NOUN
gp-211	144	7	to	to	ADP
gp-211	144	8	revenue	revenue	NOUN
gp-211	144	9	6,1	6,1	NUM
gp-211	144	10	%	%	NOUN
gp-211	144	11	5,6	5,6	NUM
gp-211	144	12	%	%	NOUN
gp-211	144	13	4,8	4,8	NUM
gp-211	144	14	%	%	NOUN
gp-211	144	15	3,6	3,6	NUM
gp-211	144	16	%	%	NOUN
gp-211	144	17	3,6	3,6	NUM
gp-211	144	18	%	%	NOUN
gp-211	144	19	entity	entity	NOUN
gp-211	144	20	average	average	ADJ
gp-211	144	21	min	min	NOUN
gp-211	144	22	max	max	PROPN
gp-211	144	23	icbp	icbp	PROPN
gp-211	144	24	3,68	3,68	NUM
gp-211	144	25	%	%	NOUN
gp-211	144	26	.	.	PUNCT
gp-211	145	1	2,7	2,7	NUM
gp-211	145	2	%	%	NOUN
gp-211	145	3	4,8	4,8	NUM
gp-211	145	4	%	%	NOUN
gp-211	145	5	indf	indf	ADJ
gp-211	145	6	4,74	4,74	NUM
gp-211	145	7	%	%	NOUN
gp-211	145	8	3,6	3,6	NUM
gp-211	145	9	%	%	NOUN
gp-211	145	10	6,1	6,1	NUM
gp-211	145	11	%	%	NOUN
gp-211	145	12	source	source	NOUN
gp-211	145	13	:	:	PUNCT
gp-211	145	14	company	company	NOUN
gp-211	145	15	financial	financial	ADJ
gp-211	145	16	statements	statement	NOUN
gp-211	145	17	(	(	PUNCT
gp-211	145	18	processed	process	VERB
gp-211	145	19	by	by	ADP
gp-211	145	20	author	author	NOUN
gp-211	145	21	)	)	PUNCT
gp-211	145	22	,	,	PUNCT
gp-211	145	23	2025	2025	NUM
gp-211	145	24	table	table	NOUN
gp-211	145	25	1	1	NUM
gp-211	145	26	is	be	AUX
gp-211	145	27	based	base	VERB
gp-211	145	28	on	on	ADP
gp-211	145	29	the	the	DET
gp-211	145	30	operational	operational	ADJ
gp-211	145	31	performance	performance	NOUN
gp-211	145	32	data	datum	NOUN
gp-211	145	33	of	of	ADP
gp-211	145	34	the	the	DET
gp-211	145	35	companies	company	NOUN
gp-211	145	36	over	over	ADP
gp-211	145	37	the	the	DET
gp-211	145	38	past	past	ADJ
gp-211	145	39	five	five	NUM
gp-211	145	40	years	year	NOUN
gp-211	145	41	.	.	PUNCT
gp-211	146	1	the	the	DET
gp-211	146	2	capex	capex	PROPN
gp-211	146	3	figures	figure	NOUN
gp-211	146	4	presented	present	VERB
gp-211	146	5	are	be	AUX
gp-211	146	6	calculated	calculate	VERB
gp-211	146	7	from	from	ADP
gp-211	146	8	the	the	DET
gp-211	146	9	growth	growth	NOUN
gp-211	146	10	of	of	ADP
gp-211	146	11	fixed	fix	VERB
gp-211	146	12	assets	asset	NOUN
gp-211	146	13	and	and	CCONJ
gp-211	146	14	then	then	ADV
gp-211	146	15	compared	compare	VERB
gp-211	146	16	to	to	ADP
gp-211	146	17	total	total	ADJ
gp-211	146	18	revenue	revenue	NOUN
gp-211	146	19	.	.	PUNCT
gp-211	147	1	this	this	DET
gp-211	147	2	approach	approach	NOUN
gp-211	147	3	is	be	AUX
gp-211	147	4	used	use	VERB
gp-211	147	5	to	to	PART
gp-211	147	6	assess	assess	VERB
gp-211	147	7	the	the	DET
gp-211	147	8	proportion	proportion	NOUN
gp-211	147	9	of	of	ADP
gp-211	147	10	fixed	fix	VERB
gp-211	147	11	asset	asset	NOUN
gp-211	147	12	investment	investment	NOUN
gp-211	147	13	relative	relative	ADJ
gp-211	147	14	to	to	ADP
gp-211	147	15	revenue	revenue	NOUN
gp-211	147	16	,	,	PUNCT
gp-211	147	17	thereby	thereby	ADV
gp-211	147	18	adi	adi	PROPN
gp-211	147	19	aji	aji	PROPN
gp-211	147	20	kurniawan	kurniawan	PROPN
gp-211	147	21	,	,	PUNCT
gp-211	147	22	irni	irni	PROPN
gp-211	147	23	yunita	yunita	PROPN
gp-211	147	24	457	457	NUM
gp-211	147	25	providing	provide	VERB
gp-211	147	26	insight	insight	NOUN
gp-211	147	27	into	into	ADP
gp-211	147	28	the	the	DET
gp-211	147	29	company	company	NOUN
gp-211	147	30	’s	’s	PART
gp-211	147	31	capital	capital	NOUN
gp-211	147	32	spending	spending	NOUN
gp-211	147	33	policies	policy	NOUN
gp-211	147	34	and	and	CCONJ
gp-211	147	35	the	the	DET
gp-211	147	36	efficiency	efficiency	NOUN
gp-211	147	37	of	of	ADP
gp-211	147	38	resource	resource	NOUN
gp-211	147	39	allocation	allocation	NOUN
gp-211	147	40	in	in	ADP
gp-211	147	41	expansion	expansion	NOUN
gp-211	147	42	or	or	CCONJ
gp-211	147	43	asset	asset	NOUN
gp-211	147	44	maintenance	maintenance	NOUN
gp-211	147	45	activities	activity	NOUN
gp-211	147	46	.	.	PUNCT
gp-211	148	1	during	during	ADP
gp-211	148	2	the	the	DET
gp-211	148	3	observation	observation	NOUN
gp-211	148	4	period	period	NOUN
gp-211	148	5	(	(	PUNCT
gp-211	148	6	2019–2023	2019–2023	NUM
gp-211	148	7	)	)	PUNCT
gp-211	148	8	,	,	PUNCT
gp-211	148	9	the	the	DET
gp-211	148	10	capex	capex	NOUN
gp-211	148	11	performance	performance	NOUN
gp-211	148	12	of	of	ADP
gp-211	148	13	pt	pt	PROPN
gp-211	148	14	indofood	indofood	PROPN
gp-211	148	15	cbp	cbp	PROPN
gp-211	148	16	sukses	sukse	VERB
gp-211	148	17	makmur	makmur	PROPN
gp-211	148	18	tbk	tbk	PROPN
gp-211	148	19	(	(	PUNCT
gp-211	148	20	icbp	icbp	PROPN
gp-211	148	21	)	)	PUNCT
gp-211	148	22	and	and	CCONJ
gp-211	148	23	pt	pt	PROPN
gp-211	148	24	indofood	indofood	NOUN
gp-211	148	25	sukses	sukse	VERB
gp-211	148	26	makmur	makmur	ADJ
gp-211	148	27	tbk	tbk	PROPN
gp-211	148	28	(	(	PUNCT
gp-211	148	29	indf	indf	PROPN
gp-211	148	30	)	)	PUNCT
gp-211	148	31	showed	show	VERB
gp-211	148	32	a	a	DET
gp-211	148	33	declining	decline	VERB
gp-211	148	34	trend	trend	NOUN
gp-211	148	35	.	.	PUNCT
gp-211	149	1	icbp	icbp	PROPN
gp-211	149	2	posted	post	VERB
gp-211	149	3	an	an	DET
gp-211	149	4	average	average	ADJ
gp-211	149	5	capex	capex	NOUN
gp-211	149	6	-	-	PUNCT
gp-211	149	7	to	to	ADP
gp-211	149	8	-	-	PUNCT
gp-211	149	9	revenue	revenue	NOUN
gp-211	149	10	ratio	ratio	NOUN
gp-211	149	11	of	of	ADP
gp-211	149	12	3.68	3.68	NUM
gp-211	149	13	%	%	NOUN
gp-211	149	14	,	,	PUNCT
gp-211	149	15	with	with	ADP
gp-211	149	16	the	the	DET
gp-211	149	17	highest	high	ADJ
gp-211	149	18	being	be	AUX
gp-211	149	19	4.8	4.8	NUM
gp-211	149	20	%	%	NOUN
gp-211	149	21	in	in	ADP
gp-211	149	22	2019	2019	NUM
gp-211	149	23	and	and	CCONJ
gp-211	149	24	the	the	DET
gp-211	149	25	lowest	low	ADJ
gp-211	149	26	at	at	ADP
gp-211	149	27	2.7	2.7	NUM
gp-211	149	28	%	%	NOUN
gp-211	149	29	in	in	ADP
gp-211	149	30	2023	2023	NUM
gp-211	149	31	.	.	PUNCT
gp-211	150	1	meanwhile	meanwhile	ADV
gp-211	150	2	,	,	PUNCT
gp-211	150	3	indf	indf	PROPN
gp-211	150	4	recorded	record	VERB
gp-211	150	5	an	an	DET
gp-211	150	6	average	average	ADJ
gp-211	150	7	ratio	ratio	NOUN
gp-211	150	8	of	of	ADP
gp-211	150	9	4.74	4.74	NUM
gp-211	150	10	%	%	NOUN
gp-211	150	11	,	,	PUNCT
gp-211	150	12	peaking	peak	VERB
gp-211	150	13	at	at	ADP
gp-211	150	14	6.1	6.1	NUM
gp-211	150	15	%	%	NOUN
gp-211	150	16	in	in	ADP
gp-211	150	17	2019	2019	NUM
gp-211	150	18	and	and	CCONJ
gp-211	150	19	declining	decline	VERB
gp-211	150	20	to	to	ADP
gp-211	150	21	3.6	3.6	NUM
gp-211	150	22	%	%	NOUN
gp-211	150	23	in	in	ADP
gp-211	150	24	2022	2022	NUM
gp-211	150	25	and	and	CCONJ
gp-211	150	26	2023	2023	NUM
gp-211	150	27	.	.	PUNCT
gp-211	151	1	the	the	DET
gp-211	151	2	downward	downward	ADJ
gp-211	151	3	trend	trend	NOUN
gp-211	151	4	has	have	AUX
gp-211	151	5	been	be	AUX
gp-211	151	6	more	more	ADV
gp-211	151	7	pronounced	pronounce	VERB
gp-211	151	8	since	since	SCONJ
gp-211	151	9	2021	2021	NUM
gp-211	151	10	,	,	PUNCT
gp-211	151	11	with	with	ADP
gp-211	151	12	icbp	icbp	NOUN
gp-211	151	13	experiencing	experience	VERB
gp-211	151	14	a	a	DET
gp-211	151	15	more	more	ADV
gp-211	151	16	significant	significant	ADJ
gp-211	151	17	decline	decline	NOUN
gp-211	151	18	than	than	ADP
gp-211	151	19	indf	indf	ADJ
gp-211	151	20	.	.	PUNCT
gp-211	152	1	this	this	PRON
gp-211	152	2	indicates	indicate	VERB
gp-211	152	3	growing	grow	VERB
gp-211	152	4	pressure	pressure	NOUN
gp-211	152	5	on	on	ADP
gp-211	152	6	the	the	DET
gp-211	152	7	performance	performance	NOUN
gp-211	152	8	of	of	ADP
gp-211	152	9	both	both	DET
gp-211	152	10	companies	company	NOUN
gp-211	152	11	during	during	ADP
gp-211	152	12	the	the	DET
gp-211	152	13	analysis	analysis	NOUN
gp-211	152	14	period	period	NOUN
gp-211	152	15	.	.	PUNCT
gp-211	153	1	4.1.3	4.1.3	NUM
gp-211	153	2	analysis	analysis	NOUN
gp-211	153	3	of	of	ADP
gp-211	153	4	working	work	VERB
gp-211	153	5	capital	capital	NOUN
gp-211	153	6	in	in	ADP
gp-211	153	7	relation	relation	NOUN
gp-211	153	8	to	to	PART
gp-211	153	9	revenue	revenue	VERB
gp-211	153	10	the	the	DET
gp-211	153	11	analysis	analysis	NOUN
gp-211	153	12	of	of	ADP
gp-211	153	13	working	work	VERB
gp-211	153	14	capital	capital	NOUN
gp-211	153	15	components	component	NOUN
gp-211	153	16	as	as	ADP
gp-211	153	17	a	a	DET
gp-211	153	18	percentage	percentage	NOUN
gp-211	153	19	of	of	ADP
gp-211	153	20	revenue	revenue	NOUN
gp-211	153	21	aims	aim	VERB
gp-211	153	22	to	to	PART
gp-211	153	23	evaluate	evaluate	VERB
gp-211	153	24	the	the	DET
gp-211	153	25	company	company	NOUN
gp-211	153	26	’s	’s	PART
gp-211	153	27	operational	operational	ADJ
gp-211	153	28	efficiency	efficiency	NOUN
gp-211	153	29	in	in	ADP
gp-211	153	30	managing	manage	VERB
gp-211	153	31	its	its	PRON
gp-211	153	32	current	current	ADJ
gp-211	153	33	assets	asset	NOUN
gp-211	153	34	to	to	PART
gp-211	153	35	support	support	VERB
gp-211	153	36	business	business	NOUN
gp-211	153	37	activities	activity	NOUN
gp-211	153	38	.	.	PUNCT
gp-211	154	1	in	in	ADP
gp-211	154	2	this	this	DET
gp-211	154	3	context	context	NOUN
gp-211	154	4	,	,	PUNCT
gp-211	154	5	working	work	VERB
gp-211	154	6	capital	capital	NOUN
gp-211	154	7	is	be	AUX
gp-211	154	8	defined	define	VERB
gp-211	154	9	as	as	ADP
gp-211	154	10	the	the	DET
gp-211	154	11	total	total	NOUN
gp-211	154	12	of	of	ADP
gp-211	154	13	trade	trade	NOUN
gp-211	154	14	accounts	account	NOUN
gp-211	154	15	receivable	receivable	ADJ
gp-211	154	16	and	and	CCONJ
gp-211	154	17	inventories	inventory	NOUN
gp-211	154	18	minus	minus	CCONJ
gp-211	154	19	trade	trade	NOUN
gp-211	154	20	accounts	account	NOUN
gp-211	154	21	payable	payable	ADJ
gp-211	154	22	.	.	PUNCT
gp-211	155	1	the	the	DET
gp-211	155	2	purpose	purpose	NOUN
gp-211	155	3	of	of	ADP
gp-211	155	4	this	this	DET
gp-211	155	5	analysis	analysis	NOUN
gp-211	155	6	is	be	AUX
gp-211	155	7	to	to	PART
gp-211	155	8	identify	identify	VERB
gp-211	155	9	the	the	DET
gp-211	155	10	company	company	NOUN
gp-211	155	11	’s	’s	PART
gp-211	155	12	annual	annual	ADJ
gp-211	155	13	working	work	VERB
gp-211	155	14	capital	capital	NOUN
gp-211	155	15	requirements	requirement	NOUN
gp-211	155	16	as	as	ADP
gp-211	155	17	part	part	NOUN
gp-211	155	18	of	of	ADP
gp-211	155	19	the	the	DET
gp-211	155	20	valuation	valuation	NOUN
gp-211	155	21	process	process	NOUN
gp-211	155	22	using	use	VERB
gp-211	155	23	the	the	DET
gp-211	155	24	discounted	discount	VERB
gp-211	155	25	cash	cash	NOUN
gp-211	155	26	flow	flow	NOUN
gp-211	155	27	(	(	PUNCT
gp-211	155	28	dcf	dcf	NOUN
gp-211	155	29	)	)	PUNCT
gp-211	155	30	method	method	NOUN
gp-211	155	31	with	with	ADP
gp-211	155	32	the	the	DET
gp-211	155	33	free	free	ADJ
gp-211	155	34	cash	cash	NOUN
gp-211	155	35	flow	flow	NOUN
gp-211	155	36	to	to	ADP
gp-211	155	37	firm	firm	ADJ
gp-211	155	38	(	(	PUNCT
gp-211	155	39	fcff	fcff	ADJ
gp-211	155	40	)	)	PUNCT
gp-211	155	41	approach	approach	NOUN
gp-211	155	42	.	.	PUNCT
gp-211	156	1	one	one	NUM
gp-211	156	2	of	of	ADP
gp-211	156	3	the	the	DET
gp-211	156	4	key	key	ADJ
gp-211	156	5	indicators	indicator	NOUN
gp-211	156	6	examined	examine	VERB
gp-211	156	7	is	be	AUX
gp-211	156	8	the	the	DET
gp-211	156	9	working	work	VERB
gp-211	156	10	capital	capital	NOUN
gp-211	156	11	-	-	PUNCT
gp-211	156	12	to	to	ADP
gp-211	156	13	-	-	PUNCT
gp-211	156	14	revenue	revenue	NOUN
gp-211	156	15	ratio	ratio	NOUN
gp-211	156	16	,	,	PUNCT
gp-211	156	17	as	as	SCONJ
gp-211	156	18	shown	show	VERB
gp-211	156	19	in	in	ADP
gp-211	156	20	the	the	DET
gp-211	156	21	following	follow	VERB
gp-211	156	22	table	table	NOUN
gp-211	156	23	.	.	PUNCT
gp-211	157	1	table	table	NOUN
gp-211	157	2	2	2	NUM
gp-211	157	3	working	working	NOUN
gp-211	157	4	capital	capital	NOUN
gp-211	157	5	to	to	ADP
gp-211	157	6	revenue	revenue	NOUN
gp-211	157	7	ratio	ratio	NOUN
gp-211	157	8	(	(	PUNCT
gp-211	157	9	idr	idr	PROPN
gp-211	157	10	in	in	ADP
gp-211	157	11	millions	million	NOUN
gp-211	157	12	)	)	PUNCT
gp-211	157	13	historical	historical	ADJ
gp-211	157	14	icbp	icbp	ADJ
gp-211	157	15	2019	2019	NUM
gp-211	157	16	2020	2020	NUM
gp-211	157	17	2021	2021	NUM
gp-211	157	18	2022	2022	NUM
gp-211	157	19	2023	2023	NUM
gp-211	157	20	revenue	revenue	NOUN
gp-211	157	21	42.296.703	42.296.703	NUM
gp-211	157	22	46.641.048	46.641.048	NOUN
gp-211	157	23	56.803.73	56.803.73	NUM
gp-211	157	24	3	3	NUM
gp-211	157	25	64.797.516	64.797.516	NUM
gp-211	157	26	67.909.901	67.909.901	NUM
gp-211	157	27	working	work	VERB
gp-211	157	28	capital	capital	NOUN
gp-211	157	29	trade	trade	NOUN
gp-211	157	30	accounts	account	NOUN
gp-211	157	31	receivable	receivable	ADJ
gp-211	157	32	4.049.290	4.049.290	NUM
gp-211	158	1	5.273.416	5.273.416	NUM
gp-211	158	2	6.400.930	6.400.930	NUM
gp-211	158	3	6.875.504	6.875.504	NUM
gp-211	158	4	7.198.158	7.198.158	NUM
gp-211	158	5	trade	trade	NOUN
gp-211	158	6	accounts	account	NOUN
gp-211	158	7	payable	payable	ADJ
gp-211	158	8	2.635.433	2.635.433	NUM
gp-211	158	9	3.045.111	3.045.111	NUM
gp-211	158	10	3.585.935	3.585.935	NUM
gp-211	158	11	3.702.979	3.702.979	NUM
gp-211	158	12	3.773.969	3.773.969	NUM
gp-211	158	13	inventories	inventory	NOUN
gp-211	158	14	3.840.690	3.840.690	NUM
gp-211	158	15	4.586.940	4.586.940	NUM
gp-211	158	16	5.857.217	5.857.217	NUM
gp-211	158	17	7.132.321	7.132.321	NUM
gp-211	158	18	6.329.482	6.329.482	NUM
gp-211	158	19	presentase	presentase	NOUN
gp-211	158	20	working	work	VERB
gp-211	158	21	capital	capital	PROPN
gp-211	158	22	terhadap	terhadap	PROPN
gp-211	158	23	pendapatan	pendapatan	PROPN
gp-211	158	24	12,42	12,42	NUM
gp-211	158	25	%	%	NOUN
gp-211	158	26	14,61	14,61	NUM
gp-211	158	27	%	%	NOUN
gp-211	158	28	15,27	15,27	NUM
gp-211	158	29	%	%	NOUN
gp-211	158	30	15,90	15,90	NUM
gp-211	158	31	%	%	NOUN
gp-211	158	32	14,36	14,36	NUM
gp-211	158	33	%	%	NOUN
gp-211	158	34	(	(	PUNCT
gp-211	158	35	idr	idr	PROPN
gp-211	158	36	in	in	ADP
gp-211	158	37	millions	million	NOUN
gp-211	158	38	)	)	PUNCT
gp-211	158	39	historical	historical	ADJ
gp-211	158	40	indf	indf	ADJ
gp-211	158	41	2019	2019	NUM
gp-211	158	42	2020	2020	NUM
gp-211	158	43	2021	2021	NUM
gp-211	158	44	2022	2022	NUM
gp-211	158	45	2023	2023	NUM
gp-211	158	46	revenue	revenue	NOUN
gp-211	158	47	76.592.955	76.592.955	NUM
gp-211	158	48	81.731.469	81.731.469	NOUN
gp-211	158	49	99.345.61	99.345.61	NUM
gp-211	158	50	8	8	NUM
gp-211	158	51	110.830.27	110.830.27	NUM
gp-211	158	52	2	2	NUM
gp-211	158	53	111.703.61	111.703.61	NUM
gp-211	158	54	1	1	NUM
gp-211	158	55	working	working	NOUN
gp-211	158	56	capital	capital	NOUN
gp-211	158	57	trade	trade	NOUN
gp-211	158	58	accounts	account	NOUN
gp-211	158	59	receivable	receivable	ADJ
gp-211	158	60	5.406.033	5.406.033	NUM
gp-211	158	61	6.429.130	6.429.130	NUM
gp-211	158	62	7.626.041	7.626.041	NUM
gp-211	158	63	8.280.536	8.280.536	NUM
gp-211	158	64	79.78.466	79.78.466	NUM
gp-211	158	65	trade	trade	NOUN
gp-211	158	66	accounts	account	NOUN
gp-211	158	67	payable	payable	ADJ
gp-211	158	68	4.521.883	4.521.883	NUM
gp-211	158	69	4.407.555	4.407.555	NUM
gp-211	158	70	5.157.135	5.157.135	NUM
gp-211	158	71	5.372.311	5.372.311	NUM
gp-211	158	72	5.353.795	5.353.795	NUM
gp-211	158	73	inventories	inventory	NOUN
gp-211	158	74	103.76.325	103.76.325	NUM
gp-211	158	75	11.150.432	11.150.432	NUM
gp-211	158	76	13.557.22	13.557.22	NUM
gp-211	158	77	9	9	NUM
gp-211	158	78	17.287.007	17.287.007	NUM
gp-211	158	79	15.977.913	15.977.913	NUM
gp-211	158	80	presentase	presentase	NOUN
gp-211	158	81	working	work	VERB
gp-211	158	82	capital	capital	PROPN
gp-211	158	83	terhadap	terhadap	PROPN
gp-211	158	84	pendapatan	pendapatan	PROPN
gp-211	158	85	8,77	8,77	NUM
gp-211	158	86	%	%	NOUN
gp-211	158	87	12,78	12,78	NUM
gp-211	158	88	%	%	NOUN
gp-211	158	89	13,87	13,87	NUM
gp-211	158	90	%	%	NOUN
gp-211	158	91	21,79	21,79	NUM
gp-211	158	92	%	%	NOUN
gp-211	158	93	27,03	27,03	NOUN
gp-211	158	94	%	%	NOUN
gp-211	158	95	entitas	entita	NOUN
gp-211	158	96	averange	averange	NOUN
gp-211	158	97	min	min	PROPN
gp-211	158	98	max	max	PROPN
gp-211	158	99	american	american	PROPN
gp-211	158	100	journal	journal	PROPN
gp-211	158	101	of	of	ADP
gp-211	158	102	economic	economic	ADJ
gp-211	158	103	and	and	CCONJ
gp-211	158	104	management	management	NOUN
gp-211	158	105	business	business	NOUN
gp-211	158	106	vol	vol	NOUN
gp-211	158	107	.	.	PROPN
gp-211	159	1	4	4	NUM
gp-211	159	2	no	no	NOUN
gp-211	159	3	.	.	NOUN
gp-211	159	4	5	5	NUM
gp-211	159	5	,	,	PUNCT
gp-211	159	6	may	may	AUX
gp-211	159	7	2025	2025	NUM
gp-211	159	8	458	458	NUM
gp-211	159	9	icbp	icbp	NOUN
gp-211	159	10	14,51	14,51	NUM
gp-211	159	11	%	%	NOUN
gp-211	159	12	12,42	12,42	NUM
gp-211	159	13	%	%	NOUN
gp-211	159	14	15,90	15,90	NUM
gp-211	159	15	%	%	NOUN
gp-211	159	16	indf	indf	NOUN
gp-211	159	17	16,85	16,85	NUM
gp-211	159	18	%	%	NOUN
gp-211	159	19	.	.	PUNCT
gp-211	160	1	8,77	8,77	NOUN
gp-211	160	2	%	%	NOUN
gp-211	160	3	27,03	27,03	NUM
gp-211	160	4	%	%	NOUN
gp-211	160	5	source	source	NOUN
gp-211	160	6	:	:	PUNCT
gp-211	160	7	company	company	NOUN
gp-211	160	8	financial	financial	ADJ
gp-211	160	9	reports	report	NOUN
gp-211	160	10	(	(	PUNCT
gp-211	160	11	processed	process	VERB
gp-211	160	12	by	by	ADP
gp-211	160	13	the	the	DET
gp-211	160	14	author	author	NOUN
gp-211	160	15	)	)	PUNCT
gp-211	160	16	,	,	PUNCT
gp-211	160	17	2025	2025	NUM
gp-211	160	18	during	during	ADP
gp-211	160	19	the	the	DET
gp-211	160	20	2019–2023	2019–2023	NUM
gp-211	160	21	period	period	NOUN
gp-211	160	22	,	,	PUNCT
gp-211	160	23	icbp	icbp	PROPN
gp-211	160	24	’s	’s	PART
gp-211	160	25	working	work	VERB
gp-211	160	26	capital	capital	NOUN
gp-211	160	27	-	-	PUNCT
gp-211	160	28	to	to	ADP
gp-211	160	29	-	-	PUNCT
gp-211	160	30	revenue	revenue	NOUN
gp-211	160	31	ratio	ratio	NOUN
gp-211	160	32	exhibited	exhibit	VERB
gp-211	160	33	a	a	DET
gp-211	160	34	relatively	relatively	ADV
gp-211	160	35	stable	stable	ADJ
gp-211	160	36	trend	trend	NOUN
gp-211	160	37	,	,	PUNCT
gp-211	160	38	ranging	range	VERB
gp-211	160	39	from	from	ADP
gp-211	160	40	12.42	12.42	NUM
gp-211	160	41	%	%	NOUN
gp-211	160	42	to	to	ADP
gp-211	160	43	15.90	15.90	NUM
gp-211	160	44	%	%	NOUN
gp-211	160	45	,	,	PUNCT
gp-211	160	46	with	with	ADP
gp-211	160	47	an	an	DET
gp-211	160	48	average	average	NOUN
gp-211	160	49	of	of	ADP
gp-211	160	50	14.51	14.51	NUM
gp-211	160	51	%	%	NOUN
gp-211	160	52	.	.	PUNCT
gp-211	161	1	this	this	DET
gp-211	161	2	stability	stability	NOUN
gp-211	161	3	reflects	reflect	VERB
gp-211	161	4	consistency	consistency	NOUN
gp-211	161	5	in	in	ADP
gp-211	161	6	managing	manage	VERB
gp-211	161	7	working	work	VERB
gp-211	161	8	capital	capital	NOUN
gp-211	161	9	and	and	CCONJ
gp-211	161	10	management	management	NOUN
gp-211	161	11	’s	’s	PART
gp-211	161	12	ability	ability	NOUN
gp-211	161	13	to	to	PART
gp-211	161	14	control	control	VERB
gp-211	161	15	current	current	ADJ
gp-211	161	16	asset	asset	NOUN
gp-211	161	17	components	component	NOUN
gp-211	161	18	.	.	PUNCT
gp-211	162	1	the	the	DET
gp-211	162	2	gradual	gradual	ADJ
gp-211	162	3	increase	increase	NOUN
gp-211	162	4	from	from	ADP
gp-211	162	5	2019	2019	NUM
gp-211	162	6	to	to	ADP
gp-211	162	7	2022	2022	NUM
gp-211	162	8	indicates	indicate	VERB
gp-211	162	9	operational	operational	ADJ
gp-211	162	10	growth	growth	NOUN
gp-211	162	11	accompanied	accompany	VERB
gp-211	162	12	by	by	ADP
gp-211	162	13	a	a	DET
gp-211	162	14	proportionate	proportionate	ADJ
gp-211	162	15	rise	rise	NOUN
gp-211	162	16	in	in	ADP
gp-211	162	17	working	work	VERB
gp-211	162	18	capital	capital	NOUN
gp-211	162	19	needs	need	NOUN
gp-211	162	20	.	.	PUNCT
gp-211	163	1	meanwhile	meanwhile	ADV
gp-211	163	2	,	,	PUNCT
gp-211	163	3	the	the	DET
gp-211	163	4	decline	decline	NOUN
gp-211	163	5	in	in	ADP
gp-211	163	6	2023	2023	NUM
gp-211	163	7	to	to	ADP
gp-211	163	8	14.36	14.36	NUM
gp-211	163	9	%	%	NOUN
gp-211	163	10	,	,	PUNCT
gp-211	163	11	despite	despite	SCONJ
gp-211	163	12	increased	increase	VERB
gp-211	163	13	revenue	revenue	NOUN
gp-211	163	14	,	,	PUNCT
gp-211	163	15	suggests	suggest	VERB
gp-211	163	16	internal	internal	ADJ
gp-211	163	17	efficiency	efficiency	NOUN
gp-211	163	18	or	or	CCONJ
gp-211	163	19	improvements	improvement	NOUN
gp-211	163	20	in	in	ADP
gp-211	163	21	inventory	inventory	NOUN
gp-211	163	22	and	and	CCONJ
gp-211	163	23	receivables	receivables	NOUN
gp-211	163	24	management	management	NOUN
gp-211	163	25	.	.	PUNCT
gp-211	164	1	from	from	ADP
gp-211	164	2	a	a	DET
gp-211	164	3	managerial	managerial	ADJ
gp-211	164	4	perspective	perspective	NOUN
gp-211	164	5	,	,	PUNCT
gp-211	164	6	stable	stable	ADJ
gp-211	164	7	and	and	CCONJ
gp-211	164	8	proportional	proportional	ADJ
gp-211	164	9	working	work	VERB
gp-211	164	10	capital	capital	NOUN
gp-211	164	11	management	management	NOUN
gp-211	164	12	relative	relative	ADJ
gp-211	164	13	to	to	ADP
gp-211	164	14	revenue	revenue	NOUN
gp-211	164	15	is	be	AUX
gp-211	164	16	a	a	DET
gp-211	164	17	positive	positive	ADJ
gp-211	164	18	indicator	indicator	NOUN
gp-211	164	19	of	of	ADP
gp-211	164	20	corporate	corporate	ADJ
gp-211	164	21	liquidity	liquidity	NOUN
gp-211	164	22	and	and	CCONJ
gp-211	164	23	reflects	reflect	VERB
gp-211	164	24	the	the	DET
gp-211	164	25	effectiveness	effectiveness	NOUN
gp-211	164	26	of	of	ADP
gp-211	164	27	operational	operational	ADJ
gp-211	164	28	strategies	strategy	NOUN
gp-211	164	29	in	in	ADP
gp-211	164	30	balancing	balance	VERB
gp-211	164	31	growth	growth	NOUN
gp-211	164	32	with	with	ADP
gp-211	164	33	efficiency	efficiency	NOUN
gp-211	164	34	.	.	PUNCT
gp-211	165	1	in	in	ADP
gp-211	165	2	contrast	contrast	NOUN
gp-211	165	3	,	,	PUNCT
gp-211	165	4	the	the	DET
gp-211	165	5	parent	parent	NOUN
gp-211	165	6	company	company	NOUN
gp-211	165	7	indf	indf	PROPN
gp-211	165	8	exhibited	exhibit	VERB
gp-211	165	9	a	a	DET
gp-211	165	10	more	more	ADV
gp-211	165	11	volatile	volatile	ADJ
gp-211	165	12	and	and	CCONJ
gp-211	165	13	significantly	significantly	ADV
gp-211	165	14	increasing	increase	VERB
gp-211	165	15	working	work	VERB
gp-211	165	16	capital	capital	NOUN
gp-211	165	17	-	-	PUNCT
gp-211	165	18	to	to	ADP
gp-211	165	19	-	-	PUNCT
gp-211	165	20	revenue	revenue	NOUN
gp-211	165	21	ratio	ratio	NOUN
gp-211	165	22	,	,	PUNCT
gp-211	165	23	rising	rise	VERB
gp-211	165	24	from	from	ADP
gp-211	165	25	8.77	8.77	NUM
gp-211	165	26	%	%	NOUN
gp-211	165	27	in	in	ADP
gp-211	165	28	2019	2019	NUM
gp-211	165	29	to	to	ADP
gp-211	165	30	27.03	27.03	NUM
gp-211	165	31	%	%	NOUN
gp-211	165	32	in	in	ADP
gp-211	165	33	2023	2023	NUM
gp-211	165	34	.	.	PUNCT
gp-211	166	1	the	the	DET
gp-211	166	2	five	five	NUM
gp-211	166	3	-	-	PUNCT
gp-211	166	4	year	year	NOUN
gp-211	166	5	average	average	ADJ
gp-211	166	6	ratio	ratio	NOUN
gp-211	166	7	reached	reach	VERB
gp-211	166	8	16.85	16.85	NUM
gp-211	166	9	%	%	NOUN
gp-211	166	10	,	,	PUNCT
gp-211	166	11	with	with	ADP
gp-211	166	12	the	the	DET
gp-211	166	13	most	most	ADV
gp-211	166	14	significant	significant	ADJ
gp-211	166	15	surges	surge	NOUN
gp-211	166	16	occurring	occur	VERB
gp-211	166	17	in	in	ADP
gp-211	166	18	2022	2022	NUM
gp-211	166	19	and	and	CCONJ
gp-211	166	20	2023	2023	NUM
gp-211	166	21	.	.	PUNCT
gp-211	167	1	this	this	DET
gp-211	167	2	rise	rise	NOUN
gp-211	167	3	was	be	AUX
gp-211	167	4	driven	drive	VERB
gp-211	167	5	by	by	ADP
gp-211	167	6	a	a	DET
gp-211	167	7	sharp	sharp	ADJ
gp-211	167	8	increase	increase	NOUN
gp-211	167	9	in	in	ADP
gp-211	167	10	inventory	inventory	NOUN
gp-211	167	11	values	value	NOUN
gp-211	167	12	,	,	PUNCT
gp-211	167	13	indicating	indicate	VERB
gp-211	167	14	an	an	DET
gp-211	167	15	accumulation	accumulation	NOUN
gp-211	167	16	of	of	ADP
gp-211	167	17	work	work	NOUN
gp-211	167	18	-	-	PUNCT
gp-211	167	19	in	in	ADP
gp-211	167	20	-	-	PUNCT
gp-211	167	21	process	process	NOUN
gp-211	167	22	goods	good	NOUN
gp-211	167	23	,	,	PUNCT
gp-211	167	24	raw	raw	ADJ
gp-211	167	25	materials	material	NOUN
gp-211	167	26	,	,	PUNCT
gp-211	167	27	or	or	CCONJ
gp-211	167	28	finished	finished	ADJ
gp-211	167	29	products	product	NOUN
gp-211	167	30	that	that	PRON
gp-211	167	31	had	have	AUX
gp-211	167	32	not	not	PART
gp-211	167	33	yet	yet	ADV
gp-211	167	34	been	be	AUX
gp-211	167	35	absorbed	absorb	VERB
gp-211	167	36	by	by	ADP
gp-211	167	37	the	the	DET
gp-211	167	38	market	market	NOUN
gp-211	167	39	.	.	PUNCT
gp-211	168	1	this	this	DET
gp-211	168	2	phenomenon	phenomenon	NOUN
gp-211	168	3	may	may	AUX
gp-211	168	4	be	be	AUX
gp-211	168	5	interpreted	interpret	VERB
gp-211	168	6	as	as	ADP
gp-211	168	7	a	a	DET
gp-211	168	8	response	response	NOUN
gp-211	168	9	to	to	ADP
gp-211	168	10	global	global	ADJ
gp-211	168	11	market	market	NOUN
gp-211	168	12	dynamics	dynamic	NOUN
gp-211	168	13	,	,	PUNCT
gp-211	168	14	supply	supply	NOUN
gp-211	168	15	chain	chain	NOUN
gp-211	168	16	disruptions	disruption	NOUN
gp-211	168	17	,	,	PUNCT
gp-211	168	18	or	or	CCONJ
gp-211	168	19	corporate	corporate	ADJ
gp-211	168	20	policies	policy	NOUN
gp-211	168	21	aimed	aim	VERB
gp-211	168	22	at	at	ADP
gp-211	168	23	stockpiling	stockpile	VERB
gp-211	168	24	raw	raw	ADJ
gp-211	168	25	materials	material	NOUN
gp-211	168	26	.	.	PUNCT
gp-211	169	1	however	however	ADV
gp-211	169	2	,	,	PUNCT
gp-211	169	3	excessively	excessively	ADV
gp-211	169	4	high	high	ADJ
gp-211	169	5	ratios	ratio	NOUN
gp-211	169	6	may	may	AUX
gp-211	169	7	indicate	indicate	VERB
gp-211	169	8	inefficiencies	inefficiency	NOUN
gp-211	169	9	in	in	ADP
gp-211	169	10	managing	manage	VERB
gp-211	169	11	current	current	ADJ
gp-211	169	12	assets	asset	NOUN
gp-211	169	13	,	,	PUNCT
gp-211	169	14	especially	especially	ADV
gp-211	169	15	in	in	ADP
gp-211	169	16	terms	term	NOUN
gp-211	169	17	of	of	ADP
gp-211	169	18	inventory	inventory	NOUN
gp-211	169	19	and	and	CCONJ
gp-211	169	20	receivables	receivables	NOUN
gp-211	169	21	control	control	NOUN
gp-211	169	22	.	.	PUNCT
gp-211	170	1	from	from	ADP
gp-211	170	2	a	a	DET
gp-211	170	3	financial	financial	ADJ
gp-211	170	4	management	management	NOUN
gp-211	170	5	standpoint	standpoint	NOUN
gp-211	170	6	,	,	PUNCT
gp-211	170	7	a	a	DET
gp-211	170	8	high	high	ADJ
gp-211	170	9	working	work	VERB
gp-211	170	10	capital	capital	NOUN
gp-211	170	11	ratio	ratio	NOUN
gp-211	170	12	can	can	AUX
gp-211	170	13	negatively	negatively	ADV
gp-211	170	14	impact	impact	VERB
gp-211	170	15	operational	operational	ADJ
gp-211	170	16	cash	cash	NOUN
gp-211	170	17	flow	flow	NOUN
gp-211	170	18	,	,	PUNCT
gp-211	170	19	as	as	SCONJ
gp-211	170	20	a	a	DET
gp-211	170	21	large	large	ADJ
gp-211	170	22	portion	portion	NOUN
gp-211	170	23	of	of	ADP
gp-211	170	24	company	company	NOUN
gp-211	170	25	funds	fund	NOUN
gp-211	170	26	is	be	AUX
gp-211	170	27	tied	tie	VERB
gp-211	170	28	up	up	ADP
gp-211	170	29	in	in	ADP
gp-211	170	30	illiquid	illiquid	ADJ
gp-211	170	31	assets	asset	NOUN
gp-211	170	32	.	.	PUNCT
gp-211	171	1	this	this	PRON
gp-211	171	2	becomes	become	VERB
gp-211	171	3	a	a	DET
gp-211	171	4	strategic	strategic	ADJ
gp-211	171	5	concern	concern	NOUN
gp-211	171	6	for	for	ADP
gp-211	171	7	management	management	NOUN
gp-211	171	8	to	to	PART
gp-211	171	9	ensure	ensure	VERB
gp-211	171	10	that	that	SCONJ
gp-211	171	11	the	the	DET
gp-211	171	12	deployed	deploy	VERB
gp-211	171	13	working	working	NOUN
gp-211	171	14	capital	capital	NOUN
gp-211	171	15	can	can	AUX
gp-211	171	16	be	be	AUX
gp-211	171	17	effectively	effectively	ADV
gp-211	171	18	converted	convert	VERB
gp-211	171	19	into	into	ADP
gp-211	171	20	revenue	revenue	NOUN
gp-211	171	21	.	.	PUNCT
gp-211	172	1	the	the	DET
gp-211	172	2	contrasting	contrast	VERB
gp-211	172	3	characteristics	characteristic	NOUN
gp-211	172	4	of	of	ADP
gp-211	172	5	working	work	VERB
gp-211	172	6	capital	capital	NOUN
gp-211	172	7	management	management	NOUN
gp-211	172	8	between	between	ADP
gp-211	172	9	icbp	icbp	PROPN
gp-211	172	10	and	and	CCONJ
gp-211	172	11	indf	indf	ADJ
gp-211	172	12	offer	offer	NOUN
gp-211	172	13	meaningful	meaningful	ADJ
gp-211	172	14	insight	insight	NOUN
gp-211	172	15	in	in	ADP
gp-211	172	16	the	the	DET
gp-211	172	17	context	context	NOUN
gp-211	172	18	of	of	ADP
gp-211	172	19	equity	equity	NOUN
gp-211	172	20	valuation	valuation	NOUN
gp-211	172	21	using	use	VERB
gp-211	172	22	the	the	DET
gp-211	172	23	free	free	ADJ
gp-211	172	24	cash	cash	NOUN
gp-211	172	25	flow	flow	NOUN
gp-211	172	26	to	to	ADP
gp-211	172	27	firm	firm	ADJ
gp-211	172	28	(	(	PUNCT
gp-211	172	29	fcff	fcff	ADJ
gp-211	172	30	)	)	PUNCT
gp-211	172	31	method	method	NOUN
gp-211	172	32	.	.	PUNCT
gp-211	173	1	icbp	icbp	PROPN
gp-211	173	2	’s	’s	PART
gp-211	173	3	stable	stable	ADJ
gp-211	173	4	working	work	VERB
gp-211	173	5	capital	capital	NOUN
gp-211	173	6	suggests	suggest	VERB
gp-211	173	7	the	the	DET
gp-211	173	8	potential	potential	NOUN
gp-211	173	9	for	for	ADP
gp-211	173	10	more	more	ADV
gp-211	173	11	predictable	predictable	ADJ
gp-211	173	12	and	and	CCONJ
gp-211	173	13	consistent	consistent	ADJ
gp-211	173	14	free	free	ADJ
gp-211	173	15	cash	cash	NOUN
gp-211	173	16	flows	flow	NOUN
gp-211	173	17	,	,	PUNCT
gp-211	173	18	which	which	PRON
gp-211	173	19	leads	lead	VERB
gp-211	173	20	to	to	ADP
gp-211	173	21	more	more	ADV
gp-211	173	22	reliable	reliable	ADJ
gp-211	173	23	intrinsic	intrinsic	ADJ
gp-211	173	24	value	value	NOUN
gp-211	173	25	estimates	estimate	NOUN
gp-211	173	26	.	.	PUNCT
gp-211	174	1	on	on	ADP
gp-211	174	2	the	the	DET
gp-211	174	3	other	other	ADJ
gp-211	174	4	hand	hand	NOUN
gp-211	174	5	,	,	PUNCT
gp-211	174	6	high	high	ADJ
gp-211	174	7	volatility	volatility	NOUN
gp-211	174	8	in	in	ADP
gp-211	174	9	indf	indf	PROPN
gp-211	174	10	’s	’s	PART
gp-211	174	11	working	work	VERB
gp-211	174	12	capital	capital	NOUN
gp-211	174	13	can	can	AUX
gp-211	174	14	introduce	introduce	VERB
gp-211	174	15	variability	variability	NOUN
gp-211	174	16	in	in	ADP
gp-211	174	17	future	future	ADJ
gp-211	174	18	cash	cash	NOUN
gp-211	174	19	flow	flow	NOUN
gp-211	174	20	projections	projection	NOUN
gp-211	174	21	,	,	PUNCT
gp-211	174	22	increasing	increase	VERB
gp-211	174	23	uncertainty	uncertainty	NOUN
gp-211	174	24	in	in	ADP
gp-211	174	25	determining	determine	VERB
gp-211	174	26	its	its	PRON
gp-211	174	27	fair	fair	ADJ
gp-211	174	28	stock	stock	NOUN
gp-211	174	29	value	value	NOUN
gp-211	174	30	.	.	PUNCT
gp-211	175	1	therefore	therefore	ADV
gp-211	175	2	,	,	PUNCT
gp-211	175	3	working	work	VERB
gp-211	175	4	capital	capital	NOUN
gp-211	175	5	management	management	NOUN
gp-211	175	6	is	be	AUX
gp-211	175	7	a	a	DET
gp-211	175	8	critical	critical	ADJ
gp-211	175	9	factor	factor	NOUN
gp-211	175	10	that	that	PRON
gp-211	175	11	not	not	PART
gp-211	175	12	only	only	ADV
gp-211	175	13	reflects	reflect	VERB
gp-211	175	14	operational	operational	ADJ
gp-211	175	15	efficiency	efficiency	NOUN
gp-211	175	16	but	but	CCONJ
gp-211	175	17	also	also	ADV
gp-211	175	18	significantly	significantly	ADV
gp-211	175	19	influences	influence	VERB
gp-211	175	20	valuation	valuation	NOUN
gp-211	175	21	outcomes	outcome	NOUN
gp-211	175	22	and	and	CCONJ
gp-211	175	23	investor	investor	NOUN
gp-211	175	24	decision	decision	NOUN
gp-211	175	25	-	-	PUNCT
gp-211	175	26	making	making	NOUN
gp-211	175	27	.	.	PUNCT
gp-211	176	1	valuation	valuation	NOUN
gp-211	176	2	calculation	calculation	NOUN
gp-211	176	3	the	the	DET
gp-211	176	4	company	company	NOUN
gp-211	176	5	valuation	valuation	NOUN
gp-211	176	6	process	process	NOUN
gp-211	176	7	in	in	ADP
gp-211	176	8	this	this	DET
gp-211	176	9	study	study	NOUN
gp-211	176	10	is	be	AUX
gp-211	176	11	conducted	conduct	VERB
gp-211	176	12	using	use	VERB
gp-211	176	13	2023	2023	NUM
gp-211	176	14	as	as	ADP
gp-211	176	15	the	the	DET
gp-211	176	16	primary	primary	ADJ
gp-211	176	17	projection	projection	NOUN
gp-211	176	18	year	year	NOUN
gp-211	176	19	,	,	PUNCT
gp-211	176	20	based	base	VERB
gp-211	176	21	on	on	ADP
gp-211	176	22	simulations	simulation	NOUN
gp-211	176	23	derived	derive	VERB
gp-211	176	24	from	from	ADP
gp-211	176	25	historical	historical	ADJ
gp-211	176	26	data	datum	NOUN
gp-211	176	27	over	over	ADP
gp-211	176	28	the	the	DET
gp-211	176	29	last	last	ADJ
gp-211	176	30	five	five	NUM
gp-211	176	31	years	year	NOUN
gp-211	176	32	(	(	PUNCT
gp-211	176	33	2019–2023	2019–2023	NUM
gp-211	176	34	)	)	PUNCT
gp-211	176	35	.	.	PUNCT
gp-211	177	1	the	the	DET
gp-211	177	2	use	use	NOUN
gp-211	177	3	of	of	ADP
gp-211	177	4	historical	historical	ADJ
gp-211	177	5	data	datum	NOUN
gp-211	177	6	aims	aim	VERB
gp-211	177	7	to	to	PART
gp-211	177	8	produce	produce	VERB
gp-211	177	9	a	a	DET
gp-211	177	10	more	more	ADV
gp-211	177	11	representative	representative	ADJ
gp-211	177	12	valuation	valuation	NOUN
gp-211	177	13	estimate	estimate	NOUN
gp-211	177	14	by	by	ADP
gp-211	177	15	taking	take	VERB
gp-211	177	16	into	into	ADP
gp-211	177	17	account	account	NOUN
gp-211	177	18	the	the	DET
gp-211	177	19	trends	trend	NOUN
gp-211	177	20	in	in	ADP
gp-211	177	21	financial	financial	ADJ
gp-211	177	22	performance	performance	NOUN
gp-211	177	23	and	and	CCONJ
gp-211	177	24	operational	operational	ADJ
gp-211	177	25	dynamics	dynamic	NOUN
gp-211	177	26	of	of	ADP
gp-211	177	27	the	the	DET
gp-211	177	28	company	company	NOUN
gp-211	177	29	throughout	throughout	ADP
gp-211	177	30	that	that	DET
gp-211	177	31	period	period	NOUN
gp-211	177	32	.	.	PUNCT
gp-211	178	1	1	1	X
gp-211	178	2	.	.	X
gp-211	178	3	estimating	estimate	VERB
gp-211	178	4	the	the	DET
gp-211	178	5	cost	cost	NOUN
gp-211	178	6	of	of	ADP
gp-211	178	7	equity	equity	NOUN
gp-211	178	8	the	the	DET
gp-211	178	9	cost	cost	NOUN
gp-211	178	10	of	of	ADP
gp-211	178	11	equity	equity	NOUN
gp-211	178	12	is	be	AUX
gp-211	178	13	calculated	calculate	VERB
gp-211	178	14	using	use	VERB
gp-211	178	15	the	the	DET
gp-211	178	16	capital	capital	NOUN
gp-211	178	17	asset	asset	NOUN
gp-211	178	18	pricing	pricing	NOUN
gp-211	178	19	model	model	NOUN
gp-211	178	20	(	(	PUNCT
gp-211	178	21	capm	capm	PROPN
gp-211	178	22	)	)	PUNCT
gp-211	178	23	,	,	PUNCT
gp-211	178	24	which	which	PRON
gp-211	178	25	includes	include	VERB
gp-211	178	26	three	three	NUM
gp-211	178	27	main	main	ADJ
gp-211	178	28	components	component	NOUN
gp-211	178	29	:	:	PUNCT
gp-211	178	30	the	the	DET
gp-211	178	31	risk	risk	NOUN
gp-211	178	32	-	-	PUNCT
gp-211	178	33	free	free	ADJ
gp-211	178	34	rate	rate	NOUN
gp-211	178	35	,	,	PUNCT
gp-211	178	36	the	the	DET
gp-211	178	37	market	market	NOUN
gp-211	178	38	risk	risk	NOUN
gp-211	178	39	premium	premium	NOUN
gp-211	178	40	,	,	PUNCT
gp-211	178	41	and	and	CCONJ
gp-211	178	42	the	the	DET
gp-211	178	43	company	company	NOUN
gp-211	178	44	’s	’s	PART
gp-211	178	45	beta	beta	NOUN
gp-211	178	46	.	.	PUNCT
gp-211	179	1	the	the	DET
gp-211	179	2	risk	risk	NOUN
gp-211	179	3	-	-	PUNCT
gp-211	179	4	free	free	ADJ
gp-211	179	5	rate	rate	NOUN
gp-211	179	6	is	be	AUX
gp-211	179	7	taken	take	VERB
gp-211	179	8	from	from	ADP
gp-211	179	9	the	the	DET
gp-211	179	10	average	average	ADJ
gp-211	179	11	benchmark	benchmark	ADJ
gp-211	179	12	interest	interest	NOUN
gp-211	179	13	rate	rate	NOUN
gp-211	179	14	set	set	VERB
gp-211	179	15	by	by	ADP
gp-211	179	16	bank	bank	PROPN
gp-211	179	17	indonesia	indonesia	PROPN
gp-211	179	18	(	(	PUNCT
gp-211	179	19	bi	bi	NOUN
gp-211	179	20	rate	rate	NOUN
gp-211	179	21	)	)	PUNCT
gp-211	179	22	.	.	PUNCT
gp-211	180	1	the	the	DET
gp-211	180	2	market	market	NOUN
gp-211	180	3	risk	risk	NOUN
gp-211	180	4	premium	premium	NOUN
gp-211	180	5	is	be	AUX
gp-211	180	6	calculated	calculate	VERB
gp-211	180	7	as	as	ADP
gp-211	180	8	the	the	DET
gp-211	180	9	difference	difference	NOUN
gp-211	180	10	between	between	ADP
gp-211	180	11	the	the	DET
gp-211	180	12	market	market	NOUN
gp-211	180	13	return	return	NOUN
gp-211	180	14	—	—	PUNCT
gp-211	180	15	measured	measure	VERB
gp-211	180	16	by	by	ADP
gp-211	180	17	the	the	DET
gp-211	180	18	movement	movement	NOUN
gp-211	180	19	of	of	ADP
gp-211	180	20	the	the	DET
gp-211	180	21	jakarta	jakarta	PROPN
gp-211	180	22	composite	composite	PROPN
gp-211	180	23	index	index	NOUN
gp-211	180	24	(	(	PUNCT
gp-211	180	25	ihsg	ihsg	NOUN
gp-211	180	26	)	)	PUNCT
gp-211	180	27	from	from	ADP
gp-211	180	28	january	january	PROPN
gp-211	180	29	1	1	NUM
gp-211	180	30	to	to	ADP
gp-211	180	31	december	december	PROPN
gp-211	180	32	31	31	NUM
gp-211	180	33	,	,	PUNCT
gp-211	180	34	2023	2023	NUM
gp-211	180	35	—	—	PUNCT
gp-211	180	36	and	and	CCONJ
gp-211	180	37	the	the	DET
gp-211	180	38	risk	risk	NOUN
gp-211	180	39	-	-	PUNCT
gp-211	180	40	free	free	ADJ
gp-211	180	41	rate	rate	NOUN
gp-211	180	42	.	.	PUNCT
gp-211	181	1	the	the	DET
gp-211	181	2	beta	beta	ADJ
gp-211	181	3	value	value	NOUN
gp-211	181	4	is	be	AUX
gp-211	181	5	obtained	obtain	VERB
gp-211	181	6	from	from	ADP
gp-211	181	7	pefindo	pefindo	NOUN
gp-211	181	8	,	,	PUNCT
gp-211	181	9	a	a	DET
gp-211	181	10	rating	rating	NOUN
gp-211	181	11	agency	agency	NOUN
gp-211	181	12	established	establish	VERB
gp-211	181	13	by	by	ADP
gp-211	181	14	the	the	DET
gp-211	181	15	cooperation	cooperation	NOUN
gp-211	181	16	of	of	ADP
gp-211	181	17	bapepam	bapepam	NOUN
gp-211	181	18	-	-	PUNCT
gp-211	181	19	lk	lk	NOUN
gp-211	181	20	and	and	CCONJ
gp-211	181	21	bank	bank	PROPN
gp-211	181	22	indonesia	indonesia	PROPN
gp-211	181	23	to	to	PART
gp-211	181	24	measure	measure	VERB
gp-211	181	25	a	a	DET
gp-211	181	26	company	company	NOUN
gp-211	181	27	’s	’s	PART
gp-211	181	28	systematic	systematic	ADJ
gp-211	181	29	risk	risk	NOUN
gp-211	181	30	.	.	PUNCT
gp-211	182	1	2	2	X
gp-211	182	2	.	.	X
gp-211	182	3	estimating	estimate	VERB
gp-211	182	4	the	the	DET
gp-211	182	5	cost	cost	NOUN
gp-211	182	6	of	of	ADP
gp-211	182	7	debt	debt	NOUN
gp-211	182	8	the	the	DET
gp-211	182	9	cost	cost	NOUN
gp-211	182	10	of	of	ADP
gp-211	182	11	debt	debt	NOUN
gp-211	182	12	reflects	reflect	VERB
gp-211	182	13	the	the	DET
gp-211	182	14	expense	expense	NOUN
gp-211	182	15	borne	bear	VERB
gp-211	182	16	by	by	ADP
gp-211	182	17	the	the	DET
gp-211	182	18	company	company	NOUN
gp-211	182	19	when	when	SCONJ
gp-211	182	20	borrowing	borrow	VERB
gp-211	182	21	funds	fund	NOUN
gp-211	182	22	to	to	PART
gp-211	182	23	finance	finance	VERB
gp-211	182	24	its	its	PRON
gp-211	182	25	assets	asset	NOUN
gp-211	182	26	.	.	PUNCT
gp-211	183	1	this	this	DET
gp-211	183	2	cost	cost	NOUN
gp-211	183	3	represents	represent	VERB
gp-211	183	4	the	the	DET
gp-211	183	5	obligation	obligation	NOUN
gp-211	183	6	to	to	PART
gp-211	183	7	pay	pay	VERB
gp-211	183	8	interest	interest	NOUN
gp-211	183	9	to	to	ADP
gp-211	183	10	creditors	creditor	NOUN
gp-211	183	11	and	and	CCONJ
gp-211	183	12	is	be	AUX
gp-211	183	13	typically	typically	ADV
gp-211	183	14	calculated	calculate	VERB
gp-211	183	15	based	base	VERB
gp-211	183	16	on	on	ADP
gp-211	183	17	the	the	DET
gp-211	183	18	average	average	ADJ
gp-211	183	19	interest	interest	NOUN
gp-211	183	20	rate	rate	NOUN
gp-211	183	21	across	across	ADP
gp-211	183	22	all	all	DET
gp-211	183	23	existing	exist	VERB
gp-211	183	24	loans	loan	NOUN
gp-211	183	25	.	.	PUNCT
gp-211	184	1	adi	adi	PROPN
gp-211	184	2	aji	aji	PROPN
gp-211	184	3	kurniawan	kurniawan	PROPN
gp-211	184	4	,	,	PUNCT
gp-211	184	5	irni	irni	PROPN
gp-211	184	6	yunita	yunita	PROPN
gp-211	184	7	459	459	NUM
gp-211	184	8	to	to	PART
gp-211	184	9	determine	determine	VERB
gp-211	184	10	the	the	DET
gp-211	184	11	cost	cost	NOUN
gp-211	184	12	of	of	ADP
gp-211	184	13	debt	debt	NOUN
gp-211	184	14	,	,	PUNCT
gp-211	184	15	the	the	DET
gp-211	184	16	study	study	NOUN
gp-211	184	17	uses	use	VERB
gp-211	184	18	the	the	DET
gp-211	184	19	average	average	ADJ
gp-211	184	20	base	base	NOUN
gp-211	184	21	lending	lending	NOUN
gp-211	184	22	rate	rate	NOUN
gp-211	184	23	for	for	ADP
gp-211	184	24	corporations	corporation	NOUN
gp-211	184	25	as	as	SCONJ
gp-211	184	26	published	publish	VERB
gp-211	184	27	by	by	ADP
gp-211	184	28	the	the	DET
gp-211	184	29	financial	financial	PROPN
gp-211	184	30	services	service	NOUN
gp-211	184	31	authority	authority	NOUN
gp-211	184	32	(	(	PUNCT
gp-211	184	33	ojk	ojk	NOUN
gp-211	184	34	)	)	PUNCT
gp-211	184	35	.	.	PUNCT
gp-211	185	1	this	this	DET
gp-211	185	2	data	data	NOUN
gp-211	185	3	is	be	AUX
gp-211	185	4	gathered	gather	VERB
gp-211	185	5	from	from	ADP
gp-211	185	6	four	four	NUM
gp-211	185	7	of	of	ADP
gp-211	185	8	indonesia	indonesia	PROPN
gp-211	185	9	’s	’s	PART
gp-211	185	10	largest	large	ADJ
gp-211	185	11	banks	bank	NOUN
gp-211	185	12	by	by	ADP
gp-211	185	13	total	total	ADJ
gp-211	185	14	assets	asset	NOUN
gp-211	185	15	:	:	PUNCT
gp-211	185	16	bank	bank	PROPN
gp-211	185	17	rakyat	rakyat	PROPN
gp-211	185	18	indonesia	indonesia	PROPN
gp-211	185	19	(	(	PUNCT
gp-211	185	20	bri	bri	PROPN
gp-211	185	21	)	)	PUNCT
gp-211	185	22	,	,	PUNCT
gp-211	185	23	bank	bank	NOUN
gp-211	185	24	mandiri	mandiri	NOUN
gp-211	185	25	,	,	PUNCT
gp-211	185	26	bank	bank	PROPN
gp-211	185	27	central	central	PROPN
gp-211	185	28	asia	asia	PROPN
gp-211	185	29	(	(	PUNCT
gp-211	185	30	bca	bca	PROPN
gp-211	185	31	)	)	PUNCT
gp-211	185	32	,	,	PUNCT
gp-211	185	33	and	and	CCONJ
gp-211	185	34	bank	bank	PROPN
gp-211	185	35	negara	negara	PROPN
gp-211	185	36	indonesia	indonesia	PROPN
gp-211	185	37	(	(	PUNCT
gp-211	185	38	bni	bni	PROPN
gp-211	185	39	)	)	PUNCT
gp-211	185	40	.	.	PUNCT
gp-211	186	1	table	table	NOUN
gp-211	186	2	3	3	NUM
gp-211	186	3	corporate	corporate	ADJ
gp-211	186	4	base	base	NOUN
gp-211	186	5	lending	lending	NOUN
gp-211	186	6	rates	rate	NOUN
gp-211	186	7	and	and	CCONJ
gp-211	186	8	tax	tax	NOUN
gp-211	186	9	rates	rate	NOUN
gp-211	186	10	(	(	PUNCT
gp-211	186	11	icbp	icbp	PROPN
gp-211	186	12	,	,	PUNCT
gp-211	186	13	indf	indf	PROPN
gp-211	186	14	)	)	PUNCT
gp-211	186	15	bank	bank	PROPN
gp-211	186	16	sbdk	sbdk	PROPN
gp-211	186	17	korporasi	korporasi	PROPN
gp-211	186	18	(	(	PUNCT
gp-211	186	19	%	%	INTJ
gp-211	186	20	)	)	PUNCT
gp-211	186	21	periode	periode	PROPN
gp-211	186	22	data	data	PROPN
gp-211	186	23	bank	bank	PROPN
gp-211	186	24	central	central	PROPN
gp-211	186	25	asia	asia	PROPN
gp-211	186	26	(	(	PUNCT
gp-211	186	27	bca	bca	PROPN
gp-211	186	28	)	)	PUNCT
gp-211	186	29	7,82	7,82	NUM
gp-211	186	30	31	31	NUM
gp-211	186	31	januari	januari	NOUN
gp-211	186	32	2025	2025	NUM
gp-211	186	33	bank	bank	NOUN
gp-211	186	34	negara	negara	PROPN
gp-211	186	35	indonesia	indonesia	PROPN
gp-211	186	36	(	(	PUNCT
gp-211	186	37	bni	bni	PROPN
gp-211	186	38	)	)	PUNCT
gp-211	186	39	8,41	8,41	NUM
gp-211	186	40	7	7	NUM
gp-211	186	41	maret	maret	PROPN
gp-211	186	42	2025	2025	NUM
gp-211	186	43	bank	bank	NOUN
gp-211	186	44	mandiri	mandiri	NOUN
gp-211	186	45	8,50	8,50	NUM
gp-211	186	46	28	28	NUM
gp-211	186	47	februari	februari	NOUN
gp-211	186	48	2025	2025	NUM
gp-211	186	49	bank	bank	PROPN
gp-211	186	50	rakyat	rakyat	PROPN
gp-211	186	51	indonesia	indonesia	PROPN
gp-211	186	52	(	(	PUNCT
gp-211	186	53	bri	bri	NOUN
gp-211	186	54	)	)	PUNCT
gp-211	186	55	8,00	8,00	NOUN
gp-211	186	56	oktober	oktober	NOUN
gp-211	186	57	2023	2023	NUM
gp-211	186	58	averange	averange	NOUN
gp-211	186	59	8,18	8,18	NUM
gp-211	186	60	historical	historical	ADJ
gp-211	186	61	tax	tax	NOUN
gp-211	186	62	rate	rate	NOUN
gp-211	186	63	2019	2019	NUM
gp-211	186	64	2020	2020	NUM
gp-211	186	65	2021	2021	NUM
gp-211	186	66	2022	2022	NUM
gp-211	186	67	2023	2023	NUM
gp-211	186	68	avg	avg	NOUN
gp-211	186	69	icbp	icbp	PROPN
gp-211	187	1	27,93	27,93	NUM
gp-211	187	2	%	%	NOUN
gp-211	187	3	25,51	25,51	NUM
gp-211	187	4	%	%	NOUN
gp-211	187	5	20,48	20,48	NUM
gp-211	187	6	%	%	NOUN
gp-211	187	7	23,96	23,96	NUM
gp-211	187	8	%	%	NOUN
gp-211	187	9	26,03	26,03	NUM
gp-211	187	10	%	%	NOUN
gp-211	187	11	25,51	25,51	NUM
gp-211	187	12	%	%	NOUN
gp-211	187	13	indf	indf	ADJ
gp-211	187	14	27,93	27,93	NUM
gp-211	187	15	%	%	NOUN
gp-211	187	16	25,51	25,51	NUM
gp-211	187	17	%	%	NOUN
gp-211	187	18	20,48	20,48	NUM
gp-211	187	19	%	%	NOUN
gp-211	187	20	23,96	23,96	NUM
gp-211	187	21	%	%	NOUN
gp-211	187	22	26,03	26,03	NUM
gp-211	187	23	%	%	NOUN
gp-211	187	24	25,51	25,51	ADJ
gp-211	187	25	%	%	NOUN
gp-211	187	26	𝐶𝑜𝑠𝑡	𝐶𝑜𝑠𝑡	PROPN
gp-211	187	27	𝑜𝑓	𝑜𝑓	ADP
gp-211	187	28	d𝑒𝑏𝑡	d𝑒𝑏𝑡	NOUN
gp-211	187	29	=	=	SYM
gp-211	187	30	interest	interest	NOUN
gp-211	187	31	rate	rate	NOUN
gp-211	187	32	𝑥	𝑥	PROPN
gp-211	187	33	(	(	PUNCT
gp-211	187	34	1	1	NUM
gp-211	187	35	–	–	PUNCT
gp-211	187	36	tax	tax	NOUN
gp-211	187	37	rate	rate	NOUN
gp-211	187	38	)	)	PUNCT
gp-211	187	39	cost	cost	NOUN
gp-211	187	40	of	of	ADP
gp-211	187	41	debt	debt	NOUN
gp-211	187	42	icbp=0,0818×(1−0,2552)=0,0818×0,7448=0,0609	icbp=0,0818×(1−0,2552)=0,0818×0,7448=0,0609	NOUN
gp-211	187	43	cost	cost	NOUN
gp-211	187	44	of	of	ADP
gp-211	187	45	debt	debt	NOUN
gp-211	187	46	indf=0,0818×(1−0,2552)=0,0818×0,7448=0,0609	indf=0,0818×(1−0,2552)=0,0818×0,7448=0,0609	VERB
gp-211	187	47	weighted	weight	VERB
gp-211	187	48	average	average	ADJ
gp-211	187	49	cost	cost	NOUN
gp-211	187	50	of	of	ADP
gp-211	187	51	capital	capital	NOUN
gp-211	187	52	(	(	PUNCT
gp-211	187	53	wacc	wacc	PROPN
gp-211	187	54	)	)	PUNCT
gp-211	187	55	the	the	DET
gp-211	187	56	results	result	NOUN
gp-211	187	57	of	of	ADP
gp-211	187	58	the	the	DET
gp-211	187	59	equity	equity	NOUN
gp-211	187	60	and	and	CCONJ
gp-211	187	61	debt	debt	NOUN
gp-211	187	62	cost	cost	NOUN
gp-211	187	63	calculations	calculation	NOUN
gp-211	187	64	are	be	AUX
gp-211	187	65	then	then	ADV
gp-211	187	66	used	use	VERB
gp-211	187	67	in	in	ADP
gp-211	187	68	the	the	DET
gp-211	187	69	weighted	weight	VERB
gp-211	187	70	average	average	ADJ
gp-211	187	71	cost	cost	NOUN
gp-211	187	72	of	of	ADP
gp-211	187	73	capital	capital	NOUN
gp-211	187	74	(	(	PUNCT
gp-211	187	75	wacc	wacc	PROPN
gp-211	187	76	)	)	PUNCT
gp-211	187	77	formula	formula	NOUN
gp-211	187	78	,	,	PUNCT
gp-211	187	79	considering	consider	VERB
gp-211	187	80	the	the	DET
gp-211	187	81	proportion	proportion	NOUN
gp-211	187	82	of	of	ADP
gp-211	187	83	equity	equity	NOUN
gp-211	187	84	and	and	CCONJ
gp-211	187	85	liabilities	liability	NOUN
gp-211	187	86	in	in	ADP
gp-211	187	87	each	each	DET
gp-211	187	88	company	company	NOUN
gp-211	187	89	’s	’s	PART
gp-211	187	90	capital	capital	NOUN
gp-211	187	91	structure	structure	NOUN
gp-211	187	92	.	.	PUNCT
gp-211	188	1	the	the	DET
gp-211	188	2	resulting	result	VERB
gp-211	188	3	wacc	wacc	PROPN
gp-211	188	4	serves	serve	VERB
gp-211	188	5	as	as	ADP
gp-211	188	6	the	the	DET
gp-211	188	7	discount	discount	NOUN
gp-211	188	8	rate	rate	NOUN
gp-211	188	9	in	in	ADP
gp-211	188	10	estimating	estimate	VERB
gp-211	188	11	the	the	DET
gp-211	188	12	company	company	NOUN
gp-211	188	13	’s	’s	PART
gp-211	188	14	value	value	NOUN
gp-211	188	15	.	.	PUNCT
gp-211	189	1	𝑊𝐴𝐶𝐶	𝑊𝐴𝐶𝐶	PROPN
gp-211	189	2	=	=	PUNCT
gp-211	189	3	!	!	PUNCT
gp-211	190	1	"	"	PUNCT
gp-211	190	2	#	#	SYM
gp-211	190	3	$	$	NUM
gp-211	190	4	%	%	NOUN
gp-211	190	5	&	&	CCONJ
gp-211	190	6	'	'	PROPN
gp-211	190	7	(	(	PUNCT
gp-211	190	8	)	)	PUNCT
gp-211	190	9	%	%	NOUN
gp-211	190	10	!	!	PUNCT
gp-211	191	1	"	"	PUNCT
gp-211	191	2	#	#	SYM
gp-211	191	3	$	$	NUM
gp-211	191	4	%	%	NOUN
gp-211	191	5	&	&	CCONJ
gp-211	191	6	x	x	NOUN
gp-211	191	7	cost	cost	NOUN
gp-211	191	8	of	of	ADP
gp-211	191	9	equity+	equity+	ADJ
gp-211	191	10	'	'	PROPN
gp-211	191	11	(	(	PUNCT
gp-211	191	12	)	)	PUNCT
gp-211	191	13	%	%	NOUN
gp-211	191	14	'	'	PUNCT
gp-211	191	15	(	(	PUNCT
gp-211	191	16	)	)	PUNCT
gp-211	191	17	%	%	NOUN
gp-211	191	18	+	+	PUNCT
gp-211	191	19	!	!	PUNCT
gp-211	192	1	"	"	PUNCT
gp-211	192	2	#	#	SYM
gp-211	192	3	$	$	NUM
gp-211	192	4	%	%	NOUN
gp-211	192	5	&	&	CCONJ
gp-211	192	6	x	x	NOUN
gp-211	192	7	cost	cost	NOUN
gp-211	192	8	of	of	ADP
gp-211	192	9	debt	debt	NOUN
gp-211	192	10	(	(	PUNCT
gp-211	192	11	2.15	2.15	NUM
gp-211	192	12	)	)	PUNCT
gp-211	192	13	table	table	NOUN
gp-211	192	14	4	4	NUM
gp-211	192	15	wacc	wacc	PROPN
gp-211	192	16	components	component	NOUN
gp-211	192	17	and	and	CCONJ
gp-211	192	18	results	result	VERB
gp-211	192	19	wacc	wacc	PROPN
gp-211	192	20	component	component	PROPN
gp-211	192	21	icbp	icbp	PROPN
gp-211	192	22	indf	indf	PROPN
gp-211	192	23	long	long	ADJ
gp-211	192	24	-	-	PUNCT
gp-211	192	25	term	term	NOUN
gp-211	192	26	bond	bond	NOUN
gp-211	192	27	rate	rate	NOUN
gp-211	192	28	6,85	6,85	NUM
gp-211	192	29	%	%	NOUN
gp-211	192	30	6,85	6,85	NUM
gp-211	192	31	%	%	NOUN
gp-211	192	32	equity	equity	NOUN
gp-211	192	33	market	market	NOUN
gp-211	192	34	risk	risk	NOUN
gp-211	192	35	premium	premium	NOUN
gp-211	192	36	8,4	8,4	NUM
gp-211	192	37	%	%	NOUN
gp-211	192	38	8,4	8,4	NUM
gp-211	192	39	%	%	NOUN
gp-211	192	40	adjusted	adjust	VERB
gp-211	192	41	beta	beta	NOUN
gp-211	192	42	0,6	0,6	NUM
gp-211	192	43	0,83	0,83	ADP
gp-211	192	44	additional	additional	ADJ
gp-211	192	45	risk	risk	NOUN
gp-211	192	46	adjustments	adjustment	NOUN
gp-211	192	47	0,25	0,25	NUM
gp-211	192	48	%	%	NOUN
gp-211	192	49	0,25	0,25	NUM
gp-211	192	50	cost	cost	NOUN
gp-211	192	51	of	of	ADP
gp-211	192	52	equity	equity	NOUN
gp-211	192	53	12,15	12,15	NUM
gp-211	192	54	%	%	NOUN
gp-211	192	55	14,1	14,1	NUM
gp-211	192	56	%	%	NOUN
gp-211	192	57	tax	tax	NOUN
gp-211	192	58	rate	rate	NOUN
gp-211	192	59	25,51	25,51	PROPN
gp-211	192	60	%	%	NOUN
gp-211	192	61	25,51	25,51	NOUN
gp-211	192	62	%	%	NOUN
gp-211	192	63	debt	debt	NOUN
gp-211	192	64	/	/	SYM
gp-211	192	65	equity	equity	NOUN
gp-211	192	66	ratio	ratio	NOUN
gp-211	192	67	0,35	0,35	NOUN
gp-211	192	68	1,03	1,03	NUM
gp-211	192	69	cost	cost	NOUN
gp-211	192	70	of	of	ADP
gp-211	192	71	debt	debt	NOUN
gp-211	192	72	6,09	6,09	NOUN
gp-211	192	73	%	%	NOUN
gp-211	192	74	6,09	6,09	NUM
gp-211	192	75	%	%	NOUN
gp-211	192	76	wacc	wacc	PROPN
gp-211	193	1	10,18	10,18	NUM
gp-211	193	2	%	%	NOUN
gp-211	193	3	9,33	9,33	NUM
gp-211	193	4	%	%	NOUN
gp-211	193	5	source	source	NOUN
gp-211	193	6	:	:	PUNCT
gp-211	193	7	author	author	NOUN
gp-211	193	8	's	's	PART
gp-211	193	9	calculation	calculation	NOUN
gp-211	193	10	(	(	PUNCT
gp-211	193	11	2025	2025	NUM
gp-211	193	12	)	)	PUNCT
gp-211	193	13	based	base	VERB
gp-211	193	14	on	on	ADP
gp-211	193	15	table	table	NOUN
gp-211	193	16	4	4	NUM
gp-211	193	17	,	,	PUNCT
gp-211	193	18	the	the	DET
gp-211	193	19	wacc	wacc	PROPN
gp-211	193	20	for	for	ADP
gp-211	193	21	pt	pt	PROPN
gp-211	193	22	indofood	indofood	PROPN
gp-211	193	23	cbp	cbp	PROPN
gp-211	193	24	sukses	sukse	VERB
gp-211	193	25	makmur	makmur	PROPN
gp-211	193	26	tbk	tbk	PROPN
gp-211	193	27	(	(	PUNCT
gp-211	193	28	icbp	icbp	PROPN
gp-211	193	29	)	)	PUNCT
gp-211	193	30	is	be	AUX
gp-211	193	31	recorded	record	VERB
gp-211	193	32	at	at	ADP
gp-211	193	33	10.18	10.18	NUM
gp-211	193	34	%	%	NOUN
gp-211	193	35	,	,	PUNCT
gp-211	193	36	higher	high	ADJ
gp-211	193	37	than	than	ADP
gp-211	193	38	pt	pt	PROPN
gp-211	193	39	indofood	indofood	NOUN
gp-211	193	40	sukses	sukse	VERB
gp-211	193	41	makmur	makmur	ADJ
gp-211	193	42	tbk	tbk	PROPN
gp-211	193	43	(	(	PUNCT
gp-211	193	44	indf	indf	PROPN
gp-211	193	45	)	)	PUNCT
gp-211	193	46	which	which	PRON
gp-211	193	47	is	be	AUX
gp-211	193	48	at	at	ADP
gp-211	193	49	9.33	9.33	NUM
gp-211	193	50	%	%	NOUN
gp-211	193	51	.	.	PUNCT
gp-211	194	1	this	this	DET
gp-211	194	2	difference	difference	NOUN
gp-211	194	3	reflects	reflect	VERB
gp-211	194	4	the	the	DET
gp-211	194	5	variations	variation	NOUN
gp-211	194	6	in	in	ADP
gp-211	194	7	funding	funding	NOUN
gp-211	194	8	structure	structure	NOUN
gp-211	194	9	and	and	CCONJ
gp-211	194	10	risk	risk	NOUN
gp-211	194	11	levels	level	NOUN
gp-211	194	12	between	between	ADP
gp-211	194	13	the	the	DET
gp-211	194	14	two	two	NUM
gp-211	194	15	entities	entity	NOUN
gp-211	194	16	.	.	PUNCT
gp-211	195	1	icbp	icbp	PROPN
gp-211	195	2	has	have	VERB
gp-211	195	3	a	a	DET
gp-211	195	4	debt	debt	NOUN
gp-211	195	5	-	-	PUNCT
gp-211	195	6	to	to	ADP
gp-211	195	7	-	-	PUNCT
gp-211	195	8	equity	equity	NOUN
gp-211	195	9	ratio	ratio	NOUN
gp-211	195	10	(	(	PUNCT
gp-211	195	11	der	der	NOUN
gp-211	195	12	)	)	PUNCT
gp-211	195	13	of	of	ADP
gp-211	195	14	0.35	0.35	NUM
gp-211	195	15	,	,	PUNCT
gp-211	195	16	indicating	indicate	VERB
gp-211	195	17	that	that	SCONJ
gp-211	195	18	the	the	DET
gp-211	195	19	company	company	NOUN
gp-211	195	20	relies	rely	VERB
gp-211	195	21	more	more	ADJ
gp-211	195	22	on	on	ADP
gp-211	195	23	equity	equity	NOUN
gp-211	195	24	financing	financing	NOUN
gp-211	195	25	.	.	PUNCT
gp-211	196	1	this	this	DET
gp-211	196	2	reliance	reliance	NOUN
gp-211	196	3	raises	raise	VERB
gp-211	196	4	the	the	DET
gp-211	196	5	overall	overall	ADJ
gp-211	196	6	cost	cost	NOUN
gp-211	196	7	of	of	ADP
gp-211	196	8	capital	capital	NOUN
gp-211	196	9	,	,	PUNCT
gp-211	196	10	as	as	SCONJ
gp-211	196	11	equity	equity	NOUN
gp-211	196	12	is	be	AUX
gp-211	196	13	generally	generally	ADV
gp-211	196	14	more	more	ADV
gp-211	196	15	expensive	expensive	ADJ
gp-211	196	16	than	than	ADP
gp-211	196	17	debt	debt	NOUN
gp-211	196	18	.	.	PUNCT
gp-211	197	1	conversely	conversely	ADV
gp-211	197	2	,	,	PUNCT
gp-211	197	3	indf	indf	PROPN
gp-211	197	4	has	have	VERB
gp-211	197	5	a	a	DET
gp-211	197	6	der	der	NOUN
gp-211	197	7	of	of	ADP
gp-211	197	8	1.03	1.03	NUM
gp-211	197	9	,	,	PUNCT
gp-211	197	10	showing	show	VERB
gp-211	197	11	a	a	DET
gp-211	197	12	heavier	heavy	ADJ
gp-211	197	13	dependence	dependence	NOUN
gp-211	197	14	on	on	ADP
gp-211	197	15	debt	debt	NOUN
gp-211	197	16	financing	financing	NOUN
gp-211	197	17	,	,	PUNCT
gp-211	197	18	which	which	PRON
gp-211	197	19	is	be	AUX
gp-211	197	20	relatively	relatively	ADV
gp-211	197	21	cheaper	cheap	ADJ
gp-211	197	22	after	after	ADP
gp-211	197	23	considering	consider	VERB
gp-211	197	24	tax	tax	NOUN
gp-211	197	25	benefits	benefit	NOUN
gp-211	197	26	.	.	PUNCT
gp-211	198	1	(	(	PUNCT
gp-211	198	2	2.15	2.15	NUM
gp-211	198	3	)	)	PUNCT
gp-211	198	4	(	(	PUNCT
gp-211	198	5	2.15	2.15	NUM
gp-211	198	6	)	)	PUNCT
gp-211	198	7	american	american	ADJ
gp-211	198	8	journal	journal	PROPN
gp-211	198	9	of	of	ADP
gp-211	198	10	economic	economic	ADJ
gp-211	198	11	and	and	CCONJ
gp-211	198	12	management	management	NOUN
gp-211	198	13	business	business	NOUN
gp-211	198	14	vol	vol	NOUN
gp-211	198	15	.	.	PROPN
gp-211	199	1	4	4	NUM
gp-211	199	2	no	no	NOUN
gp-211	199	3	.	.	NOUN
gp-211	199	4	5	5	NUM
gp-211	199	5	,	,	PUNCT
gp-211	199	6	may	may	AUX
gp-211	199	7	2025	2025	NUM
gp-211	199	8	460	460	NUM
gp-211	199	9	in	in	ADP
gp-211	199	10	terms	term	NOUN
gp-211	199	11	of	of	ADP
gp-211	199	12	equity	equity	NOUN
gp-211	199	13	cost	cost	NOUN
gp-211	199	14	(	(	PUNCT
gp-211	199	15	cost	cost	NOUN
gp-211	199	16	of	of	ADP
gp-211	199	17	equity	equity	NOUN
gp-211	199	18	)	)	PUNCT
gp-211	199	19	,	,	PUNCT
gp-211	199	20	icbp	icbp	PROPN
gp-211	199	21	posts	post	VERB
gp-211	199	22	12.15	12.15	NUM
gp-211	199	23	%	%	NOUN
gp-211	199	24	,	,	PUNCT
gp-211	199	25	which	which	PRON
gp-211	199	26	is	be	AUX
gp-211	199	27	lower	low	ADJ
gp-211	199	28	than	than	ADP
gp-211	199	29	indf	indf	PROPN
gp-211	199	30	’s	’s	PART
gp-211	199	31	14.1	14.1	NUM
gp-211	199	32	%	%	NOUN
gp-211	199	33	.	.	PUNCT
gp-211	200	1	this	this	DET
gp-211	200	2	difference	difference	NOUN
gp-211	200	3	is	be	AUX
gp-211	200	4	due	due	ADJ
gp-211	200	5	to	to	ADP
gp-211	200	6	icbp	icbp	PROPN
gp-211	200	7	’s	’s	PART
gp-211	200	8	lower	low	ADJ
gp-211	200	9	beta	beta	NOUN
gp-211	200	10	value	value	NOUN
gp-211	200	11	(	(	PUNCT
gp-211	200	12	0.6	0.6	NUM
gp-211	200	13	vs.	vs.	ADP
gp-211	200	14	0.83	0.83	NUM
gp-211	200	15	)	)	PUNCT
gp-211	200	16	,	,	PUNCT
gp-211	200	17	reflecting	reflect	VERB
gp-211	200	18	lower	low	ADJ
gp-211	200	19	systematic	systematic	ADJ
gp-211	200	20	market	market	NOUN
gp-211	200	21	risk	risk	NOUN
gp-211	200	22	.	.	PUNCT
gp-211	201	1	meanwhile	meanwhile	ADV
gp-211	201	2	,	,	PUNCT
gp-211	201	3	the	the	DET
gp-211	201	4	cost	cost	NOUN
gp-211	201	5	of	of	ADP
gp-211	201	6	debt	debt	NOUN
gp-211	201	7	is	be	AUX
gp-211	201	8	the	the	DET
gp-211	201	9	same	same	ADJ
gp-211	201	10	for	for	ADP
gp-211	201	11	both	both	DET
gp-211	201	12	companies	company	NOUN
gp-211	201	13	at	at	ADP
gp-211	201	14	6.09	6.09	NUM
gp-211	201	15	%	%	NOUN
gp-211	201	16	,	,	PUNCT
gp-211	201	17	though	though	SCONJ
gp-211	201	18	there	there	PRON
gp-211	201	19	are	be	VERB
gp-211	201	20	minor	minor	ADJ
gp-211	201	21	differences	difference	NOUN
gp-211	201	22	in	in	ADP
gp-211	201	23	their	their	PRON
gp-211	201	24	tax	tax	NOUN
gp-211	201	25	treatments	treatment	NOUN
gp-211	201	26	.	.	PUNCT
gp-211	202	1	overall	overall	ADV
gp-211	202	2	,	,	PUNCT
gp-211	202	3	icbp	icbp	PROPN
gp-211	202	4	’s	’	VERB
gp-211	202	5	greater	great	ADJ
gp-211	202	6	reliance	reliance	NOUN
gp-211	202	7	on	on	ADP
gp-211	202	8	equity	equity	NOUN
gp-211	202	9	increases	increase	VERB
gp-211	202	10	its	its	PRON
gp-211	202	11	overall	overall	ADJ
gp-211	202	12	capital	capital	NOUN
gp-211	202	13	cost	cost	NOUN
gp-211	202	14	.	.	PUNCT
gp-211	203	1	on	on	ADP
gp-211	203	2	the	the	DET
gp-211	203	3	other	other	ADJ
gp-211	203	4	hand	hand	NOUN
gp-211	203	5	,	,	PUNCT
gp-211	203	6	indf	indf	PROPN
gp-211	203	7	’s	’s	PART
gp-211	203	8	more	more	ADV
gp-211	203	9	aggressive	aggressive	ADJ
gp-211	203	10	use	use	NOUN
gp-211	203	11	of	of	ADP
gp-211	203	12	leverage	leverage	NOUN
gp-211	203	13	improves	improve	VERB
gp-211	203	14	capital	capital	NOUN
gp-211	203	15	cost	cost	NOUN
gp-211	203	16	efficiency	efficiency	NOUN
gp-211	203	17	but	but	CCONJ
gp-211	203	18	also	also	ADV
gp-211	203	19	increases	increase	VERB
gp-211	203	20	financial	financial	ADJ
gp-211	203	21	risk	risk	NOUN
gp-211	203	22	.	.	PUNCT
gp-211	204	1	4.2.2	4.2.2	NUM
gp-211	204	2	projected	project	VERB
gp-211	204	3	revenue	revenue	NOUN
gp-211	204	4	and	and	CCONJ
gp-211	204	5	ebit	ebit	PROPN
gp-211	204	6	growth	growth	PROPN
gp-211	204	7	financial	financial	ADJ
gp-211	204	8	projections	projection	NOUN
gp-211	204	9	are	be	AUX
gp-211	204	10	conducted	conduct	VERB
gp-211	204	11	through	through	ADP
gp-211	204	12	simulations	simulation	NOUN
gp-211	204	13	over	over	ADP
gp-211	204	14	the	the	DET
gp-211	204	15	next	next	ADJ
gp-211	204	16	five	five	NUM
gp-211	204	17	years	year	NOUN
gp-211	204	18	,	,	PUNCT
gp-211	204	19	based	base	VERB
gp-211	204	20	on	on	ADP
gp-211	204	21	historical	historical	ADJ
gp-211	204	22	data	datum	NOUN
gp-211	204	23	from	from	ADP
gp-211	204	24	2019	2019	NUM
gp-211	204	25	to	to	ADP
gp-211	204	26	2023	2023	NUM
gp-211	204	27	.	.	PUNCT
gp-211	205	1	these	these	DET
gp-211	205	2	projections	projection	NOUN
gp-211	205	3	are	be	AUX
gp-211	205	4	divided	divide	VERB
gp-211	205	5	into	into	ADP
gp-211	205	6	three	three	NUM
gp-211	205	7	scenarios	scenario	NOUN
gp-211	205	8	:	:	PUNCT
gp-211	205	9	optimistic	optimistic	ADJ
gp-211	205	10	,	,	PUNCT
gp-211	205	11	moderate	moderate	ADJ
gp-211	205	12	,	,	PUNCT
gp-211	205	13	and	and	CCONJ
gp-211	205	14	pessimistic	pessimistic	ADJ
gp-211	205	15	.	.	PUNCT
gp-211	206	1	the	the	DET
gp-211	206	2	following	follow	VERB
gp-211	206	3	approach	approach	NOUN
gp-211	206	4	is	be	AUX
gp-211	206	5	applied	apply	VERB
gp-211	206	6	to	to	PART
gp-211	206	7	support	support	VERB
gp-211	206	8	the	the	DET
gp-211	206	9	analysis	analysis	NOUN
gp-211	206	10	:	:	PUNCT
gp-211	206	11	a.	a.	NOUN
gp-211	206	12	the	the	DET
gp-211	206	13	company	company	NOUN
gp-211	206	14	's	's	PART
gp-211	206	15	average	average	ADJ
gp-211	206	16	historical	historical	ADJ
gp-211	206	17	revenue	revenue	NOUN
gp-211	206	18	growth	growth	NOUN
gp-211	206	19	b.	b.	PROPN
gp-211	207	1	the	the	DET
gp-211	207	2	industry	industry	NOUN
gp-211	207	3	’s	’s	PART
gp-211	207	4	average	average	ADJ
gp-211	207	5	historical	historical	ADJ
gp-211	207	6	growth	growth	NOUN
gp-211	207	7	c.	c.	PROPN
gp-211	207	8	the	the	DET
gp-211	207	9	spread	spread	NOUN
gp-211	207	10	,	,	PUNCT
gp-211	207	11	defined	define	VERB
gp-211	207	12	as	as	ADP
gp-211	207	13	the	the	DET
gp-211	207	14	absolute	absolute	ADJ
gp-211	207	15	difference	difference	NOUN
gp-211	207	16	between	between	ADP
gp-211	207	17	the	the	DET
gp-211	207	18	company	company	NOUN
gp-211	207	19	’s	’s	PART
gp-211	207	20	average	average	ADJ
gp-211	207	21	growth	growth	NOUN
gp-211	207	22	and	and	CCONJ
gp-211	207	23	the	the	DET
gp-211	207	24	industry	industry	NOUN
gp-211	207	25	’s	’s	PART
gp-211	207	26	average	average	ADJ
gp-211	207	27	growth	growth	NOUN
gp-211	207	28	the	the	DET
gp-211	207	29	simulation	simulation	NOUN
gp-211	207	30	follows	follow	VERB
gp-211	207	31	the	the	DET
gp-211	207	32	projection	projection	NOUN
gp-211	207	33	model	model	NOUN
gp-211	207	34	of	of	ADP
gp-211	207	35	fitriani	fitriani	PROPN
gp-211	207	36	&	&	CCONJ
gp-211	207	37	rikumahu	rikumahu	PROPN
gp-211	207	38	(	(	PUNCT
gp-211	207	39	2019	2019	NUM
gp-211	207	40	)	)	PUNCT
gp-211	207	41	,	,	PUNCT
gp-211	207	42	which	which	PRON
gp-211	207	43	suggests	suggest	VERB
gp-211	207	44	two	two	NUM
gp-211	207	45	conditions	condition	NOUN
gp-211	207	46	when	when	SCONJ
gp-211	207	47	comparing	compare	VERB
gp-211	207	48	historical	historical	ADJ
gp-211	207	49	growth	growth	NOUN
gp-211	207	50	:	:	PUNCT
gp-211	207	51	a.	a.	NOUN
gp-211	207	52	if	if	SCONJ
gp-211	207	53	the	the	DET
gp-211	207	54	company	company	NOUN
gp-211	207	55	’s	’s	PART
gp-211	207	56	average	average	ADJ
gp-211	207	57	historical	historical	ADJ
gp-211	207	58	growth	growth	NOUN
gp-211	207	59	is	be	AUX
gp-211	207	60	higher	high	ADJ
gp-211	207	61	than	than	ADP
gp-211	207	62	the	the	DET
gp-211	207	63	industry	industry	NOUN
gp-211	207	64	’s	’s	PART
gp-211	207	65	:	:	PUNCT
gp-211	207	66	optimistic	optimistic	ADJ
gp-211	207	67	:	:	PUNCT
gp-211	207	68	company	company	NOUN
gp-211	207	69	average	average	NOUN
gp-211	207	70	+	+	CCONJ
gp-211	207	71	spread	spread	VERB
gp-211	207	72	moderate	moderate	ADJ
gp-211	207	73	:	:	PUNCT
gp-211	207	74	company	company	NOUN
gp-211	207	75	average	average	ADJ
gp-211	207	76	pessimistic	pessimistic	ADJ
gp-211	207	77	:	:	PUNCT
gp-211	207	78	industry	industry	NOUN
gp-211	207	79	average	average	PROPN
gp-211	207	80	b.	b.	PROPN
gp-211	207	81	if	if	SCONJ
gp-211	207	82	the	the	DET
gp-211	207	83	industry	industry	NOUN
gp-211	207	84	’s	’s	PART
gp-211	207	85	average	average	ADJ
gp-211	207	86	historical	historical	ADJ
gp-211	207	87	growth	growth	NOUN
gp-211	207	88	is	be	AUX
gp-211	207	89	higher	high	ADJ
gp-211	207	90	than	than	ADP
gp-211	207	91	the	the	DET
gp-211	207	92	company	company	NOUN
gp-211	207	93	’s	’s	PART
gp-211	207	94	:	:	PUNCT
gp-211	207	95	optimistic	optimistic	ADJ
gp-211	207	96	:	:	PUNCT
gp-211	207	97	industry	industry	NOUN
gp-211	207	98	average	average	NOUN
gp-211	207	99	+	+	CCONJ
gp-211	207	100	spread	spread	VERB
gp-211	207	101	moderate	moderate	ADJ
gp-211	207	102	:	:	PUNCT
gp-211	207	103	industry	industry	NOUN
gp-211	207	104	average	average	ADJ
gp-211	207	105	pessimistic	pessimistic	ADJ
gp-211	207	106	:	:	PUNCT
gp-211	207	107	company	company	NOUN
gp-211	207	108	average	average	NOUN
gp-211	207	109	based	base	VERB
gp-211	207	110	on	on	ADP
gp-211	207	111	this	this	DET
gp-211	207	112	method	method	NOUN
gp-211	207	113	and	and	CCONJ
gp-211	207	114	historical	historical	ADJ
gp-211	207	115	data	datum	NOUN
gp-211	207	116	,	,	PUNCT
gp-211	207	117	the	the	DET
gp-211	207	118	projected	project	VERB
gp-211	207	119	revenue	revenue	NOUN
gp-211	207	120	growth	growth	NOUN
gp-211	207	121	for	for	ADP
gp-211	207	122	icbp	icbp	PRON
gp-211	207	123	and	and	CCONJ
gp-211	207	124	indf	indf	ADJ
gp-211	207	125	in	in	ADP
gp-211	207	126	2024	2024	NUM
gp-211	207	127	,	,	PUNCT
gp-211	207	128	used	use	VERB
gp-211	207	129	for	for	ADP
gp-211	207	130	valuation	valuation	NOUN
gp-211	207	131	,	,	PUNCT
gp-211	207	132	is	be	AUX
gp-211	207	133	as	as	SCONJ
gp-211	207	134	follows	follow	VERB
gp-211	207	135	:	:	PUNCT
gp-211	207	136	table	table	NOUN
gp-211	207	137	5	5	NUM
gp-211	207	138	projected	project	VERB
gp-211	207	139	company	company	NOUN
gp-211	207	140	growth	growth	NOUN
gp-211	207	141	for	for	ADP
gp-211	207	142	2024	2024	NUM
gp-211	207	143	income	income	NOUN
gp-211	207	144	statement	statement	NOUN
gp-211	207	145	(	(	PUNCT
gp-211	207	146	idr	idr	PROPN
gp-211	207	147	in	in	ADP
gp-211	207	148	millions	million	NOUN
gp-211	207	149	)	)	PUNCT
gp-211	207	150	historical	historical	ADJ
gp-211	207	151	icbp	icbp	ADJ
gp-211	207	152	2019	2019	NUM
gp-211	207	153	2020	2020	NUM
gp-211	207	154	2021	2021	NUM
gp-211	207	155	2022	2022	NUM
gp-211	207	156	2023	2023	NUM
gp-211	207	157	revenue	revenue	NOUN
gp-211	207	158	42.296.703	42.296.703	NUM
gp-211	207	159	46.641.048	46.641.048	NOUN
gp-211	207	160	56.803.733	56.803.733	NOUN
gp-211	207	161	64.797.516	64.797.516	NUM
gp-211	207	162	67.909.901	67.909.901	NUM
gp-211	207	163	cost	cost	NOUN
gp-211	207	164	of	of	ADP
gp-211	207	165	goods	good	NOUN
gp-211	207	166	sold	sell	VERB
gp-211	207	167	(	(	PUNCT
gp-211	207	168	27.892.690	27.892.690	NOUN
gp-211	207	169	)	)	PUNCT
gp-211	207	170	(	(	PUNCT
gp-211	207	171	29.416.673	29.416.673	NUM
gp-211	207	172	)	)	PUNCT
gp-211	207	173	(	(	PUNCT
gp-211	207	174	36.516.449	36.516.449	NOUN
gp-211	207	175	)	)	PUNCT
gp-211	207	176	(	(	PUNCT
gp-211	207	177	43.005.230	43.005.230	NUM
gp-211	207	178	)	)	PUNCT
gp-211	207	179	(	(	PUNCT
gp-211	207	180	42.783.641	42.783.641	NUM
gp-211	207	181	)	)	PUNCT
gp-211	207	182	gross	gross	ADJ
gp-211	207	183	profits	profit	NOUN
gp-211	207	184	14.404.013	14.404.013	NUM
gp-211	207	185	17.224.375	17.224.375	NUM
gp-211	207	186	20.287.284	20.287.284	NUM
gp-211	207	187	21.792.286	21.792.286	ADJ
gp-211	207	188	25.126.260	25.126.260	NUM
gp-211	207	189	selling	selling	NOUN
gp-211	207	190	,	,	PUNCT
gp-211	207	191	g&a	g&a	NOUN
gp-211	207	192	expenses	expense	NOUN
gp-211	207	193	(	(	PUNCT
gp-211	207	194	6.566.668	6.566.668	NUM
gp-211	207	195	)	)	PUNCT
gp-211	207	196	(	(	PUNCT
gp-211	207	197	7.309.168	7.309.168	X
gp-211	207	198	)	)	PUNCT
gp-211	207	199	(	(	PUNCT
gp-211	207	200	7.804.155	7.804.155	X
gp-211	207	201	)	)	PUNCT
gp-211	207	202	(	(	PUNCT
gp-211	207	203	8.336.913	8.336.913	NUM
gp-211	207	204	)	)	PUNCT
gp-211	207	205	(	(	PUNCT
gp-211	207	206	9.344.089	9.344.089	NUM
gp-211	207	207	)	)	PUNCT
gp-211	207	208	net	net	ADJ
gp-211	207	209	other	other	ADJ
gp-211	207	210	income/(expense	income/(expense	NOUN
gp-211	207	211	)	)	PUNCT
gp-211	207	212	(	(	PUNCT
gp-211	207	213	355.349	355.349	NUM
gp-211	207	214	)	)	PUNCT
gp-211	207	215	(	(	PUNCT
gp-211	207	216	876.034	876.034	NUM
gp-211	207	217	)	)	PUNCT
gp-211	207	218	(	(	PUNCT
gp-211	207	219	765.371	765.371	NUM
gp-211	207	220	)	)	PUNCT
gp-211	207	221	(	(	PUNCT
gp-211	207	222	856.222	856.222	NUM
gp-211	207	223	)	)	PUNCT
gp-211	207	224	(	(	PUNCT
gp-211	207	225	1.080.392	1.080.392	NUM
gp-211	207	226	)	)	PUNCT
gp-211	207	227	depreciation	depreciation	NOUN
gp-211	207	228	&	&	CCONJ
gp-211	207	229	amortisation	amortisation	PROPN
gp-211	207	230	1.026.760	1.026.760	NUM
gp-211	207	231	1.112.392	1.112.392	NUM
gp-211	207	232	1.271.005	1.271.005	NUM
gp-211	207	233	1.329.299	1.329.299	NUM
gp-211	207	234	1.376.517	1.376.517	NUM
gp-211	207	235	ebitda	ebitda	NOUN
gp-211	207	236	8.508.756	8.508.756	NUM
gp-211	207	237	10.151.565	10.151.565	NUM
gp-211	207	238	12.988.763	12.988.763	PROPN
gp-211	207	239	13.928.450	13.928.450	NUM
gp-211	207	240	16.078.296	16.078.296	NUM
gp-211	207	241	net	net	ADJ
gp-211	207	242	financial	financial	ADJ
gp-211	207	243	income/(expense	income/(expense	NOUN
gp-211	207	244	)	)	PUNCT
gp-211	207	245	(	(	PUNCT
gp-211	207	246	45.024	45.024	NUM
gp-211	207	247	)	)	PUNCT
gp-211	207	248	919.474	919.474	NUM
gp-211	207	249	(	(	PUNCT
gp-211	207	250	1.767.588	1.767.588	NUM
gp-211	207	251	)	)	PUNCT
gp-211	207	252	(	(	PUNCT
gp-211	207	253	5.073.766	5.073.766	NOUN
gp-211	207	254	)	)	PUNCT
gp-211	207	255	(	(	PUNCT
gp-211	207	256	3.257.086	3.257.086	NUM
gp-211	207	257	)	)	PUNCT
gp-211	207	258	profit	profit	NOUN
gp-211	207	259	before	before	ADP
gp-211	207	260	tax	tax	NOUN
gp-211	207	261	7.436.972	7.436.972	NUM
gp-211	208	1	9.958.647	9.958.647	NUM
gp-211	208	2	9.950.170	9.950.170	NUM
gp-211	208	3	7.525.385	7.525.385	NUM
gp-211	208	4	11.444.693	11.444.693	NUM
gp-211	208	5	corporate	corporate	ADJ
gp-211	208	6	income	income	NOUN
gp-211	208	7	tax	tax	NOUN
gp-211	208	8	(	(	PUNCT
gp-211	208	9	2.076.943	2.076.943	NUM
gp-211	208	10	)	)	PUNCT
gp-211	208	11	(	(	PUNCT
gp-211	208	12	2.540.073	2.540.073	NUM
gp-211	208	13	)	)	PUNCT
gp-211	208	14	(	(	PUNCT
gp-211	208	15	2.038.227	2.038.227	NUM
gp-211	208	16	)	)	PUNCT
gp-211	208	17	(	(	PUNCT
gp-211	208	18	1.803.191	1.803.191	NUM
gp-211	208	19	)	)	PUNCT
gp-211	208	20	(	(	PUNCT
gp-211	208	21	2.979.570	2.979.570	NUM
gp-211	208	22	)	)	PUNCT
gp-211	208	23	net	net	ADJ
gp-211	208	24	profit	profit	NOUN
gp-211	208	25	after	after	ADP
gp-211	208	26	tax	tax	NOUN
gp-211	208	27	5.360.029	5.360.029	NUM
gp-211	208	28	7.418.574	7.418.574	NUM
gp-211	208	29	7.911.943	7.911.943	NUM
gp-211	208	30	5.722.194	5.722.194	NUM
gp-211	208	31	8.465.123	8.465.123	NUM
gp-211	208	32	adi	adi	PROPN
gp-211	208	33	aji	aji	PROPN
gp-211	208	34	kurniawan	kurniawan	PROPN
gp-211	208	35	,	,	PUNCT
gp-211	208	36	irni	irni	PROPN
gp-211	208	37	yunita	yunita	PROPN
gp-211	208	38	461	461	NUM
gp-211	208	39	revenue	revenue	NOUN
gp-211	208	40	&	&	CCONJ
gp-211	208	41	expenses	expense	NOUN
gp-211	208	42	forecast	forecast	VERB
gp-211	208	43	icbp	icbp	PROPN
gp-211	208	44	(	(	PUNCT
gp-211	208	45	idr	idr	PROPN
gp-211	208	46	in	in	ADP
gp-211	208	47	millions	million	NOUN
gp-211	208	48	)	)	PUNCT
gp-211	208	49	projections	projection	NOUN
gp-211	208	50	(	(	PUNCT
gp-211	208	51	pesimis	pesimis	NOUN
gp-211	208	52	)	)	PUNCT
gp-211	208	53	projections	projection	NOUN
gp-211	208	54	(	(	PUNCT
gp-211	208	55	moderate	moderate	ADJ
gp-211	208	56	)	)	PUNCT
gp-211	208	57	projections	projection	NOUN
gp-211	208	58	(	(	PUNCT
gp-211	208	59	optimis	optimis	ADJ
gp-211	208	60	)	)	PUNCT
gp-211	208	61	2023	2023	NUM
gp-211	208	62	20232024	20232024	NUM
gp-211	208	63	20232024	20232024	NUM
gp-211	208	64	20232024	20232024	NUM
gp-211	208	65	revenue	revenue	NOUN
gp-211	209	1	67.909.901	67.909.901	NUM
gp-211	209	2	71.169.576	71.169.576	NUM
gp-211	209	3	76.534.458	76.534.458	NOUN
gp-211	209	4	82.170.980	82.170.980	NUM
gp-211	209	5	%	%	NOUN
gp-211	209	6	growth	growth	NOUN
gp-211	209	7	12,7	12,7	NUM
gp-211	209	8	%	%	NOUN
gp-211	209	9	4,43	4,43	NUM
gp-211	209	10	%	%	NOUN
gp-211	209	11	12,73	12,73	NUM
gp-211	209	12	%	%	NOUN
gp-211	209	13	21,03	21,03	NUM
gp-211	209	14	%	%	NOUN
gp-211	209	15	cost	cost	NOUN
gp-211	209	16	of	of	ADP
gp-211	209	17	goods	good	NOUN
gp-211	209	18	sold	sell	VERB
gp-211	209	19	(	(	PUNCT
gp-211	209	20	42.783.641	42.783.641	PROPN
gp-211	209	21	)	)	PUNCT
gp-211	209	22	(	(	PUNCT
gp-211	209	23	44.836.833	44.836.833	NUM
gp-211	209	24	)	)	PUNCT
gp-211	209	25	(	(	PUNCT
gp-211	209	26	48.216.709	48.216.709	NOUN
gp-211	209	27	)	)	PUNCT
gp-211	209	28	(	(	PUNCT
gp-211	209	29	51.767.718	51.767.718	NUM
gp-211	209	30	)	)	PUNCT
gp-211	209	31	%	%	NOUN
gp-211	209	32	of	of	ADP
gp-211	209	33	revenue	revenue	NOUN
gp-211	209	34	63	63	NUM
gp-211	209	35	%	%	NOUN
gp-211	209	36	63	63	NUM
gp-211	209	37	%	%	NOUN
gp-211	209	38	63	63	NUM
gp-211	209	39	%	%	NOUN
gp-211	209	40	63	63	NUM
gp-211	209	41	%	%	NOUN
gp-211	209	42	selling	selling	NOUN
gp-211	209	43	,	,	PUNCT
gp-211	209	44	g&a	g&a	NOUN
gp-211	209	45	expenses	expense	NOUN
gp-211	209	46	(	(	PUNCT
gp-211	209	47	9.344.089	9.344.089	NUM
gp-211	209	48	)	)	PUNCT
gp-211	209	49	(	(	PUNCT
gp-211	209	50	9.792.605	9.792.605	NUM
gp-211	209	51	)	)	PUNCT
gp-211	209	52	(	(	PUNCT
gp-211	209	53	10.530.788	10.530.788	NUM
gp-211	209	54	)	)	PUNCT
gp-211	209	55	(	(	PUNCT
gp-211	209	56	11.306.348	11.306.348	NUM
gp-211	209	57	)	)	PUNCT
gp-211	209	58	%	%	NOUN
gp-211	209	59	of	of	ADP
gp-211	209	60	revenue	revenue	NOUN
gp-211	209	61	14	14	NUM
gp-211	209	62	%	%	NOUN
gp-211	209	63	14	14	NUM
gp-211	209	64	%	%	NOUN
gp-211	209	65	14	14	NUM
gp-211	209	66	%	%	NOUN
gp-211	209	67	14	14	NUM
gp-211	209	68	%	%	NOUN
gp-211	209	69	net	net	ADJ
gp-211	209	70	interest	interest	NOUN
gp-211	209	71	incomes	income	NOUN
gp-211	209	72	/	/	SYM
gp-211	209	73	expenses	expense	NOUN
gp-211	209	74	(	(	PUNCT
gp-211	209	75	3.257.086	3.257.086	NUM
gp-211	209	76	)	)	PUNCT
gp-211	209	77	(	(	PUNCT
gp-211	209	78	3.413.426	3.413.426	NUM
gp-211	209	79	)	)	PUNCT
gp-211	209	80	(	(	PUNCT
gp-211	209	81	3.670.736	3.670.736	NUM
gp-211	209	82	)	)	PUNCT
gp-211	209	83	(	(	PUNCT
gp-211	209	84	3.941.074	3.941.074	NUM
gp-211	209	85	)	)	PUNCT
gp-211	209	86	%	%	NOUN
gp-211	209	87	of	of	ADP
gp-211	209	88	revenue	revenue	NOUN
gp-211	209	89	-4,8	-4,8	ADJ
gp-211	209	90	%	%	NOUN
gp-211	209	91	-4,8	-4,8	CCONJ
gp-211	209	92	%	%	NOUN
gp-211	209	93	-4,8	-4,8	CCONJ
gp-211	209	94	%	%	NOUN
gp-211	209	95	-4,8	-4,8	ADJ
gp-211	209	96	%	%	NOUN
gp-211	209	97	other	other	ADJ
gp-211	209	98	incomes	income	NOUN
gp-211	209	99	/	/	SYM
gp-211	209	100	expenses	expense	NOUN
gp-211	209	101	(	(	PUNCT
gp-211	209	102	1.080.392	1.080.392	NUM
gp-211	209	103	)	)	PUNCT
gp-211	209	104	(	(	PUNCT
gp-211	209	105	1.132.251	1.132.251	NUM
gp-211	209	106	)	)	PUNCT
gp-211	209	107	(	(	PUNCT
gp-211	209	108	1.217.602	1.217.602	X
gp-211	209	109	)	)	PUNCT
gp-211	209	110	(	(	PUNCT
gp-211	209	111	1.307.274	1.307.274	NUM
gp-211	209	112	)	)	PUNCT
gp-211	209	113	%	%	NOUN
gp-211	209	114	of	of	ADP
gp-211	209	115	revenue	revenue	NOUN
gp-211	209	116	-1,6	-1,6	PROPN
gp-211	210	1	%	%	NOUN
gp-211	210	2	-1,6	-1,6	INTJ
gp-211	210	3	%	%	NOUN
gp-211	210	4	-1,6	-1,6	INTJ
gp-211	210	5	%	%	NOUN
gp-211	210	6	-1,6	-1,6	CCONJ
gp-211	210	7	%	%	NOUN
gp-211	210	8	tax	tax	NOUN
gp-211	210	9	expense	expense	NOUN
gp-211	210	10	(	(	PUNCT
gp-211	210	11	2.979.570	2.979.570	NUM
gp-211	210	12	)	)	PUNCT
gp-211	210	13	(	(	PUNCT
gp-211	210	14	3.059.787	3.059.787	NUM
gp-211	210	15	)	)	PUNCT
gp-211	210	16	(	(	PUNCT
gp-211	210	17	3.290.439	3.290.439	NUM
gp-211	210	18	)	)	PUNCT
gp-211	210	19	(	(	PUNCT
gp-211	210	20	3.532.769	3.532.769	X
gp-211	210	21	)	)	PUNCT
gp-211	210	22	tax	tax	NOUN
gp-211	210	23	rate	rate	NOUN
gp-211	210	24	26	26	NUM
gp-211	210	25	%	%	NOUN
gp-211	210	26	26	26	NUM
gp-211	210	27	%	%	NOUN
gp-211	210	28	26	26	NUM
gp-211	210	29	%	%	NOUN
gp-211	210	30	26	26	NUM
gp-211	210	31	%	%	NOUN
gp-211	210	32	net	net	ADJ
gp-211	210	33	profit	profit	NOUN
gp-211	210	34	8.465.123	8.465.123	NUM
gp-211	210	35	8.934.674	8.934.674	NUM
gp-211	210	36	9.608.185	9.608.185	NUM
gp-211	210	37	10.315.797	10.315.797	NUM
gp-211	210	38	%	%	NOUN
gp-211	210	39	margin	margin	NOUN
gp-211	210	40	12,7	12,7	NUM
gp-211	210	41	%	%	NOUN
gp-211	210	42	4,8	4,8	NUM
gp-211	210	43	%	%	NOUN
gp-211	210	44	12,7	12,7	NUM
gp-211	210	45	%	%	NOUN
gp-211	210	46	12,7	12,7	NUM
gp-211	210	47	%	%	NOUN
gp-211	210	48	income	income	NOUN
gp-211	210	49	statement	statement	NOUN
gp-211	210	50	(	(	PUNCT
gp-211	210	51	idr	idr	PROPN
gp-211	210	52	in	in	ADP
gp-211	210	53	millions	million	NOUN
gp-211	210	54	)	)	PUNCT
gp-211	210	55	historical	historical	ADJ
gp-211	210	56	indf	indf	ADJ
gp-211	210	57	2019	2019	NUM
gp-211	210	58	2020	2020	NUM
gp-211	210	59	2021	2021	NUM
gp-211	210	60	2022	2022	NUM
gp-211	210	61	2023	2023	NUM
gp-211	210	62	revenue	revenue	NOUN
gp-211	210	63	76592955	76592955	NUM
gp-211	210	64	81731469	81731469	NUM
gp-211	210	65	99345618	99345618	NUM
gp-211	210	66	110830272	110830272	NUM
gp-211	210	67	111703611	111703611	NUM
gp-211	210	68	cost	cost	NOUN
gp-211	210	69	of	of	ADP
gp-211	210	70	goods	good	NOUN
gp-211	210	71	sold	sell	VERB
gp-211	210	72	-53876594	-53876594	NOUN
gp-211	210	73	-54979425	-54979425	PUNCT
gp-211	210	74	-66871514	-66871514	PUNCT
gp-211	210	75	-76858593	-76858593	PROPN
gp-211	211	1	-75653142	-75653142	NOUN
gp-211	211	2	gross	gross	ADJ
gp-211	211	3	profits	profit	NOUN
gp-211	211	4	22.716.361	22.716.361	VERB
gp-211	211	5	26.752.044	26.752.044	PROPN
gp-211	211	6	32.474.104	32.474.104	PROPN
gp-211	211	7	33.971.679	33.971.679	NUM
gp-211	211	8	36.050.469	36.050.469	NUM
gp-211	211	9	selling	selling	NOUN
gp-211	211	10	,	,	PUNCT
gp-211	211	11	g&a	g&a	NOUN
gp-211	211	12	expenses	expense	NOUN
gp-211	211	13	-12781881	-12781881	DET
gp-211	211	14	-13535154	-13535154	ADJ
gp-211	211	15	-15027632	-15027632	ADJ
gp-211	211	16	-14965651	-14965651	ADJ
gp-211	211	17	-15899426	-15899426	NOUN
gp-211	211	18	net	net	ADJ
gp-211	211	19	other	other	ADJ
gp-211	211	20	income/(expense	income/(expense	PROPN
gp-211	211	21	)	)	PUNCT
gp-211	211	22	74.939	74.939	NUM
gp-211	211	23	-527323	-527323	NOUN
gp-211	211	24	(	(	PUNCT
gp-211	211	25	431.850	431.850	NUM
gp-211	211	26	)	)	PUNCT
gp-211	211	27	(	(	PUNCT
gp-211	211	28	533.857	533.857	NUM
gp-211	211	29	)	)	PUNCT
gp-211	211	30	(	(	PUNCT
gp-211	211	31	281.543	281.543	NUM
gp-211	211	32	)	)	PUNCT
gp-211	211	33	depreciation	depreciation	NOUN
gp-211	211	34	&	&	CCONJ
gp-211	211	35	amortisation	amortisation	PROPN
gp-211	212	1	3.014.292	3.014.292	NUM
gp-211	213	1	3.075.001	3.075.001	NUM
gp-211	213	2	3.249.512	3.249.512	NUM
gp-211	214	1	3.269.799	3.269.799	NUM
gp-211	214	2	3.383.984	3.383.984	NUM
gp-211	214	3	ebitda	ebitda	NOUN
gp-211	214	4	13.023.711	13.023.711	NUM
gp-211	214	5	15.764.568	15.764.568	NUM
gp-211	214	6	20.264.134	20.264.134	NUM
gp-211	214	7	21.741.970	21.741.970	NUM
gp-211	214	8	23.253.484	23.253.484	NUM
gp-211	214	9	net	net	ADJ
gp-211	214	10	financial	financial	ADJ
gp-211	214	11	income/(expense	income/(expense	NOUN
gp-211	214	12	)	)	PUNCT
gp-211	214	13	(	(	PUNCT
gp-211	214	14	1.260.022	1.260.022	X
gp-211	214	15	)	)	PUNCT
gp-211	214	16	(	(	PUNCT
gp-211	214	17	263.233	263.233	NUM
gp-211	214	18	)	)	PUNCT
gp-211	214	19	-2525969	-2525969	NOUN
gp-211	215	1	(	(	PUNCT
gp-211	215	2	6.153.406	6.153.406	NUM
gp-211	215	3	)	)	PUNCT
gp-211	215	4	(	(	PUNCT
gp-211	215	5	4.254.116	4.254.116	X
gp-211	215	6	)	)	PUNCT
gp-211	215	7	profit	profit	NOUN
gp-211	215	8	before	before	ADP
gp-211	215	9	tax	tax	NOUN
gp-211	215	10	8.749.397	8.749.397	NUM
gp-211	215	11	12.426.334	12.426.334	NUM
gp-211	215	12	14.488.653	14.488.653	NUM
gp-211	215	13	12.318.765	12.318.765	NUM
gp-211	215	14	15.615.384	15.615.384	NUM
gp-211	215	15	corporate	corporate	ADJ
gp-211	215	16	income	income	NOUN
gp-211	215	17	tax	tax	NOUN
gp-211	215	18	(	(	PUNCT
gp-211	215	19	2.846.668	2.846.668	NUM
gp-211	215	20	)	)	PUNCT
gp-211	215	21	(	(	PUNCT
gp-211	215	22	3.674.268	3.674.268	NUM
gp-211	215	23	)	)	PUNCT
gp-211	215	24	(	(	PUNCT
gp-211	215	25	3.258.958	3.258.958	NUM
gp-211	215	26	)	)	PUNCT
gp-211	215	27	(	(	PUNCT
gp-211	215	28	3.674.268	3.674.268	NUM
gp-211	215	29	)	)	PUNCT
gp-211	215	30	(	(	PUNCT
gp-211	215	31	4.121.651	4.121.651	X
gp-211	215	32	)	)	PUNCT
gp-211	215	33	net	net	ADJ
gp-211	215	34	profit	profit	NOUN
gp-211	215	35	after	after	ADP
gp-211	215	36	tax	tax	NOUN
gp-211	215	37	5.902.729	5.902.729	NUM
gp-211	215	38	8.752.066	8.752.066	NUM
gp-211	215	39	11.229.695	11.229.695	NUM
gp-211	215	40	8.644.497	8.644.497	NUM
gp-211	215	41	11.493.733	11.493.733	NUM
gp-211	215	42	american	american	ADJ
gp-211	215	43	journal	journal	PROPN
gp-211	215	44	of	of	ADP
gp-211	215	45	economic	economic	ADJ
gp-211	215	46	and	and	CCONJ
gp-211	215	47	management	management	NOUN
gp-211	215	48	business	business	NOUN
gp-211	215	49	vol	vol	NOUN
gp-211	215	50	.	.	PROPN
gp-211	216	1	4	4	NUM
gp-211	216	2	no	no	NOUN
gp-211	216	3	.	.	NOUN
gp-211	216	4	5	5	NUM
gp-211	216	5	,	,	PUNCT
gp-211	216	6	may	may	AUX
gp-211	216	7	2025	2025	NUM
gp-211	216	8	462	462	NUM
gp-211	217	1	revenue	revenue	NOUN
gp-211	217	2	&	&	CCONJ
gp-211	217	3	expenses	expenses	PROPN
gp-211	217	4	forecast	forecast	PROPN
gp-211	217	5	indf	indf	PROPN
gp-211	217	6	(	(	PUNCT
gp-211	217	7	idr	idr	PROPN
gp-211	217	8	in	in	ADP
gp-211	217	9	millions	million	NOUN
gp-211	217	10	)	)	PUNCT
gp-211	217	11	projections	projection	NOUN
gp-211	217	12	2023	2023	NUM
gp-211	217	13	20232024	20232024	NUM
gp-211	217	14	20232024	20232024	NUM
gp-211	217	15	20232024	20232024	NUM
gp-211	217	16	projections	projection	NOUN
gp-211	217	17	(	(	PUNCT
gp-211	217	18	pesimis	pesimis	NOUN
gp-211	217	19	)	)	PUNCT
gp-211	217	20	projections	projection	NOUN
gp-211	217	21	(	(	PUNCT
gp-211	217	22	moderate	moderate	ADJ
gp-211	217	23	)	)	PUNCT
gp-211	217	24	projections	projection	NOUN
gp-211	217	25	(	(	PUNCT
gp-211	217	26	optimis	optimis	ADJ
gp-211	217	27	)	)	PUNCT
gp-211	217	28	revenue	revenue	NOUN
gp-211	217	29	111.703.611	111.703.611	NUM
gp-211	217	30	116.652.081	116.652.081	NUM
gp-211	217	31	120.751.603	120.751.603	NUM
gp-211	217	32	124.851.126	124.851.126	NUM
gp-211	217	33	%	%	NOUN
gp-211	217	34	growth	growth	NOUN
gp-211	217	35	8,10	8,10	NUM
gp-211	217	36	%	%	NOUN
gp-211	217	37	4	4	NUM
gp-211	217	38	%	%	NOUN
gp-211	217	39	8,10	8,10	NUM
gp-211	217	40	%	%	NOUN
gp-211	217	41	11,77	11,77	NUM
gp-211	217	42	%	%	NOUN
gp-211	217	43	cost	cost	NOUN
gp-211	217	44	of	of	ADP
gp-211	217	45	goods	good	NOUN
gp-211	217	46	sold	sell	VERB
gp-211	217	47	(	(	PUNCT
gp-211	217	48	75.653.142	75.653.142	PROPN
gp-211	217	49	)	)	PUNCT
gp-211	217	50	(	(	PUNCT
gp-211	217	51	79.323.415	79.323.415	NOUN
gp-211	217	52	)	)	PUNCT
gp-211	217	53	(	(	PUNCT
gp-211	217	54	82.111.090	82.111.090	NUM
gp-211	217	55	)	)	PUNCT
gp-211	217	56	(	(	PUNCT
gp-211	217	57	84.898.766	84.898.766	NOUN
gp-211	217	58	)	)	PUNCT
gp-211	217	59	%	%	NOUN
gp-211	217	60	of	of	ADP
gp-211	217	61	revenue	revenue	NOUN
gp-211	217	62	68	68	NUM
gp-211	217	63	%	%	NOUN
gp-211	217	64	68	68	NUM
gp-211	217	65	%	%	NOUN
gp-211	217	66	68	68	NUM
gp-211	217	67	%	%	NOUN
gp-211	217	68	68	68	NUM
gp-211	217	69	%	%	NOUN
gp-211	217	70	selling	selling	NOUN
gp-211	217	71	,	,	PUNCT
gp-211	217	72	g&a	g&a	NOUN
gp-211	217	73	expenses	expense	NOUN
gp-211	217	74	(	(	PUNCT
gp-211	217	75	15.899.426	15.899.426	NUM
gp-211	217	76	)	)	PUNCT
gp-211	217	77	(	(	PUNCT
gp-211	217	78	16.603.771	16.603.771	NUM
gp-211	217	79	)	)	PUNCT
gp-211	217	80	(	(	PUNCT
gp-211	217	81	17.187.280	17.187.280	NUM
gp-211	217	82	)	)	PUNCT
gp-211	217	83	(	(	PUNCT
gp-211	217	84	17.770.788	17.770.788	NUM
gp-211	217	85	)	)	PUNCT
gp-211	217	86	%	%	NOUN
gp-211	217	87	of	of	ADP
gp-211	217	88	revenue	revenue	NOUN
gp-211	217	89	14	14	NUM
gp-211	217	90	%	%	NOUN
gp-211	217	91	14	14	NUM
gp-211	217	92	%	%	NOUN
gp-211	217	93	14	14	NUM
gp-211	217	94	%	%	NOUN
gp-211	217	95	14	14	NUM
gp-211	217	96	%	%	NOUN
gp-211	217	97	net	net	ADJ
gp-211	217	98	interest	interest	NOUN
gp-211	217	99	incomes	income	NOUN
gp-211	217	100	/	/	SYM
gp-211	217	101	expenses	expense	NOUN
gp-211	217	102	(	(	PUNCT
gp-211	217	103	4.254.116	4.254.116	NUM
gp-211	217	104	)	)	PUNCT
gp-211	217	105	(	(	PUNCT
gp-211	217	106	4.442.573	4.442.573	NUM
gp-211	217	107	)	)	PUNCT
gp-211	217	108	(	(	PUNCT
gp-211	217	109	4.598.699	4.598.699	NUM
gp-211	217	110	)	)	PUNCT
gp-211	217	111	(	(	PUNCT
gp-211	217	112	4.754.825	4.754.825	X
gp-211	217	113	)	)	PUNCT
gp-211	217	114	%	%	NOUN
gp-211	217	115	of	of	ADP
gp-211	217	116	revenue	revenue	NOUN
gp-211	217	117	-3,8	-3,8	ADV
gp-211	218	1	%	%	NOUN
gp-211	219	1	-3,8	-3,8	ADV
gp-211	220	1	%	%	NOUN
gp-211	220	2	-3,8	-3,8	ADV
gp-211	221	1	%	%	NOUN
gp-211	221	2	-3,8	-3,8	INTJ
gp-211	221	3	%	%	NOUN
gp-211	221	4	other	other	ADJ
gp-211	221	5	incomes	income	NOUN
gp-211	221	6	/	/	SYM
gp-211	221	7	expenses	expense	NOUN
gp-211	221	8	(	(	PUNCT
gp-211	221	9	281.543	281.543	NUM
gp-211	221	10	)	)	PUNCT
gp-211	221	11	(	(	PUNCT
gp-211	221	12	294.015	294.015	NUM
gp-211	221	13	)	)	PUNCT
gp-211	221	14	(	(	PUNCT
gp-211	221	15	304.348	304.348	NUM
gp-211	221	16	)	)	PUNCT
gp-211	221	17	(	(	PUNCT
gp-211	221	18	314.681	314.681	NUM
gp-211	221	19	)	)	PUNCT
gp-211	221	20	%	%	NOUN
gp-211	221	21	of	of	ADP
gp-211	221	22	revenue	revenue	NOUN
gp-211	221	23	-0,3	-0,3	NOUN
gp-211	221	24	%	%	NOUN
gp-211	221	25	-0,3	-0,3	NUM
gp-211	221	26	%	%	NOUN
gp-211	221	27	-0,3	-0,3	NUM
gp-211	221	28	%	%	NOUN
gp-211	221	29	-0,3	-0,3	NUM
gp-211	221	30	%	%	NOUN
gp-211	221	31	tax	tax	NOUN
gp-211	221	32	expense	expense	NOUN
gp-211	221	33	(	(	PUNCT
gp-211	221	34	4.121.651	4.121.651	NUM
gp-211	221	35	)	)	PUNCT
gp-211	221	36	(	(	PUNCT
gp-211	221	37	4.078.617	4.078.617	NUM
gp-211	221	38	)	)	PUNCT
gp-211	221	39	(	(	PUNCT
gp-211	221	40	4.221.953	4.221.953	NUM
gp-211	221	41	)	)	PUNCT
gp-211	221	42	(	(	PUNCT
gp-211	221	43	4.365.288	4.365.288	NUM
gp-211	221	44	)	)	PUNCT
gp-211	221	45	tax	tax	NOUN
gp-211	221	46	rate	rate	NOUN
gp-211	221	47	26	26	NUM
gp-211	221	48	%	%	NOUN
gp-211	221	49	26	26	NUM
gp-211	221	50	%	%	NOUN
gp-211	221	51	26	26	NUM
gp-211	221	52	%	%	NOUN
gp-211	221	53	26	26	NUM
gp-211	221	54	%	%	NOUN
gp-211	221	55	net	net	ADJ
gp-211	221	56	profit	profit	NOUN
gp-211	221	57	11.493.733	11.493.733	NUM
gp-211	221	58	11.909.690	11.909.690	PROPN
gp-211	222	1	12.328.234	12.328.234	NUM
gp-211	222	2	12.746.778	12.746.778	NUM
gp-211	222	3	%	%	NOUN
gp-211	222	4	margin	margin	NOUN
gp-211	222	5	10	10	NUM
gp-211	222	6	%	%	NOUN
gp-211	222	7	10	10	NUM
gp-211	222	8	%	%	NOUN
gp-211	222	9	10	10	NUM
gp-211	222	10	%	%	NOUN
gp-211	222	11	10	10	NUM
gp-211	222	12	%	%	NOUN
gp-211	222	13	description	description	NOUN
gp-211	222	14	icbp	icbp	PROPN
gp-211	222	15	indf	indf	PROPN
gp-211	222	16	historical	historical	ADJ
gp-211	222	17	average	average	ADJ
gp-211	222	18	growth	growth	NOUN
gp-211	222	19	12,73	12,73	NUM
gp-211	222	20	%	%	NOUN
gp-211	222	21	8,10	8,10	NUM
gp-211	222	22	%	%	NOUN
gp-211	222	23	industry	industry	NOUN
gp-211	222	24	average	average	ADJ
gp-211	222	25	growth	growth	NOUN
gp-211	222	26	4,43	4,43	NUM
gp-211	222	27	%	%	NOUN
gp-211	222	28	4,43	4,43	NUM
gp-211	222	29	%	%	NOUN
gp-211	222	30	spread	spread	VERB
gp-211	222	31	8,30	8,30	NUM
gp-211	222	32	%	%	NOUN
gp-211	222	33	3,68	3,68	NUM
gp-211	222	34	%	%	NOUN
gp-211	222	35	forcasting	forcaste	VERB
gp-211	222	36	scenario	scenario	NOUN
gp-211	222	37	optimistic	optimistic	ADJ
gp-211	222	38	21,76	21,76	NUM
gp-211	222	39	%	%	NOUN
gp-211	222	40	11,49	11,49	NUM
gp-211	222	41	%	%	NOUN
gp-211	222	42	moderate	moderate	ADJ
gp-211	222	43	12,73	12,73	NUM
gp-211	222	44	%	%	NOUN
gp-211	222	45	8,10	8,10	NUM
gp-211	222	46	%	%	NOUN
gp-211	222	47	pesimistic	pesimistic	ADJ
gp-211	222	48	4,80	4,80	NUM
gp-211	222	49	%	%	NOUN
gp-211	222	50	5,19	5,19	NUM
gp-211	222	51	%	%	NOUN
gp-211	222	52	table	table	NOUN
gp-211	222	53	5	5	NUM
gp-211	222	54	,	,	PUNCT
gp-211	222	55	which	which	PRON
gp-211	222	56	presents	present	VERB
gp-211	222	57	the	the	DET
gp-211	222	58	projected	project	VERB
gp-211	222	59	financial	financial	ADJ
gp-211	222	60	performance	performance	NOUN
gp-211	222	61	for	for	ADP
gp-211	222	62	2024	2024	NUM
gp-211	222	63	,	,	PUNCT
gp-211	222	64	indicates	indicate	VERB
gp-211	222	65	that	that	SCONJ
gp-211	222	66	pt	pt	PROPN
gp-211	222	67	indofood	indofood	PROPN
gp-211	222	68	cbp	cbp	PROPN
gp-211	222	69	sukses	sukse	VERB
gp-211	222	70	makmur	makmur	PROPN
gp-211	222	71	tbk	tbk	PROPN
gp-211	222	72	(	(	PUNCT
gp-211	222	73	icbp	icbp	PROPN
gp-211	222	74	)	)	PUNCT
gp-211	222	75	has	have	VERB
gp-211	222	76	the	the	DET
gp-211	222	77	potential	potential	NOUN
gp-211	222	78	to	to	PART
gp-211	222	79	record	record	VERB
gp-211	222	80	more	more	ADV
gp-211	222	81	aggressive	aggressive	ADJ
gp-211	222	82	revenue	revenue	NOUN
gp-211	222	83	growth	growth	NOUN
gp-211	222	84	compared	compare	VERB
gp-211	222	85	to	to	ADP
gp-211	222	86	its	its	PRON
gp-211	222	87	parent	parent	NOUN
gp-211	222	88	company	company	NOUN
gp-211	222	89	,	,	PUNCT
gp-211	222	90	pt	pt	PROPN
gp-211	222	91	indofood	indofood	NOUN
gp-211	222	92	sukses	sukse	VERB
gp-211	222	93	makmur	makmur	ADJ
gp-211	222	94	tbk	tbk	PROPN
gp-211	222	95	(	(	PUNCT
gp-211	222	96	indf	indf	PROPN
gp-211	222	97	)	)	PUNCT
gp-211	222	98	.	.	PUNCT
gp-211	223	1	under	under	ADP
gp-211	223	2	the	the	DET
gp-211	223	3	optimistic	optimistic	ADJ
gp-211	223	4	scenario	scenario	NOUN
gp-211	223	5	,	,	PUNCT
gp-211	223	6	icbp	icbp	PROPN
gp-211	223	7	is	be	AUX
gp-211	223	8	expected	expect	VERB
gp-211	223	9	to	to	PART
gp-211	223	10	achieve	achieve	VERB
gp-211	223	11	revenue	revenue	NOUN
gp-211	223	12	of	of	ADP
gp-211	223	13	idr	idr	PROPN
gp-211	223	14	82	82	NUM
gp-211	223	15	trillion	trillion	NUM
gp-211	223	16	,	,	PUNCT
gp-211	223	17	while	while	SCONJ
gp-211	223	18	indf	indf	ADJ
gp-211	223	19	is	be	AUX
gp-211	223	20	projected	project	VERB
gp-211	223	21	to	to	PART
gp-211	223	22	reach	reach	VERB
gp-211	223	23	idr	idr	PROPN
gp-211	223	24	124.8	124.8	NUM
gp-211	223	25	trillion	trillion	NUM
gp-211	223	26	.	.	PUNCT
gp-211	224	1	icbp	icbp	PROPN
gp-211	224	2	’s	’s	PART
gp-211	224	3	highest	high	ADJ
gp-211	224	4	annual	annual	ADJ
gp-211	224	5	growth	growth	NOUN
gp-211	224	6	rate	rate	NOUN
gp-211	224	7	is	be	AUX
gp-211	224	8	predicted	predict	VERB
gp-211	224	9	to	to	PART
gp-211	224	10	reach	reach	VERB
gp-211	224	11	21.76	21.76	NUM
gp-211	224	12	%	%	NOUN
gp-211	224	13	,	,	PUNCT
gp-211	224	14	driven	drive	VERB
gp-211	224	15	by	by	ADP
gp-211	224	16	both	both	CCONJ
gp-211	224	17	domestic	domestic	ADJ
gp-211	224	18	and	and	CCONJ
gp-211	224	19	international	international	ADJ
gp-211	224	20	market	market	NOUN
gp-211	224	21	expansion	expansion	NOUN
gp-211	224	22	as	as	ADV
gp-211	224	23	well	well	ADV
gp-211	224	24	as	as	ADP
gp-211	224	25	stable	stable	ADJ
gp-211	224	26	raw	raw	ADJ
gp-211	224	27	material	material	NOUN
gp-211	224	28	prices	price	NOUN
gp-211	224	29	.	.	PUNCT
gp-211	225	1	in	in	ADP
gp-211	225	2	contrast	contrast	NOUN
gp-211	225	3	,	,	PUNCT
gp-211	225	4	indf	indf	PROPN
gp-211	225	5	is	be	AUX
gp-211	225	6	projected	project	VERB
gp-211	225	7	to	to	PART
gp-211	225	8	grow	grow	VERB
gp-211	225	9	by	by	ADP
gp-211	225	10	11.49	11.49	NUM
gp-211	225	11	%	%	NOUN
gp-211	225	12	,	,	PUNCT
gp-211	225	13	primarily	primarily	ADV
gp-211	225	14	supported	support	VERB
gp-211	225	15	by	by	ADP
gp-211	225	16	its	its	PRON
gp-211	225	17	agribusiness	agribusiness	NOUN
gp-211	225	18	and	and	CCONJ
gp-211	225	19	branded	brand	VERB
gp-211	225	20	consumer	consumer	NOUN
gp-211	225	21	products	product	NOUN
gp-211	225	22	segments	segment	NOUN
gp-211	225	23	.	.	PUNCT
gp-211	226	1	in	in	ADP
gp-211	226	2	the	the	DET
gp-211	226	3	moderate	moderate	ADJ
gp-211	226	4	scenario	scenario	NOUN
gp-211	226	5	,	,	PUNCT
gp-211	226	6	icbp	icbp	PROPN
gp-211	226	7	's	's	PART
gp-211	226	8	revenue	revenue	NOUN
gp-211	226	9	is	be	AUX
gp-211	226	10	forecasted	forecast	VERB
gp-211	226	11	to	to	PART
gp-211	226	12	increase	increase	VERB
gp-211	226	13	by	by	ADP
gp-211	226	14	12.73	12.73	NUM
gp-211	226	15	%	%	NOUN
gp-211	226	16	and	and	CCONJ
gp-211	226	17	indf	indf	NOUN
gp-211	226	18	's	's	PART
gp-211	226	19	by	by	ADP
gp-211	226	20	8.10	8.10	NUM
gp-211	226	21	%	%	NOUN
gp-211	226	22	,	,	PUNCT
gp-211	226	23	which	which	PRON
gp-211	226	24	still	still	ADV
gp-211	226	25	exceeds	exceed	VERB
gp-211	226	26	the	the	DET
gp-211	226	27	national	national	ADJ
gp-211	226	28	average	average	ADJ
gp-211	226	29	growth	growth	NOUN
gp-211	226	30	projection	projection	NOUN
gp-211	226	31	for	for	ADP
gp-211	226	32	the	the	DET
gp-211	226	33	food	food	NOUN
gp-211	226	34	and	and	CCONJ
gp-211	226	35	beverage	beverage	NOUN
gp-211	226	36	industry	industry	NOUN
gp-211	226	37	,	,	PUNCT
gp-211	226	38	estimated	estimate	VERB
gp-211	226	39	at	at	ADP
gp-211	226	40	around	around	ADV
gp-211	226	41	4.43	4.43	NUM
gp-211	226	42	%	%	NOUN
gp-211	226	43	.	.	PUNCT
gp-211	227	1	meanwhile	meanwhile	ADV
gp-211	227	2	,	,	PUNCT
gp-211	227	3	in	in	ADP
gp-211	227	4	the	the	DET
gp-211	227	5	pessimistic	pessimistic	ADJ
gp-211	227	6	scenario	scenario	NOUN
gp-211	227	7	,	,	PUNCT
gp-211	227	8	both	both	CCONJ
gp-211	227	9	icbp	icbp	PROPN
gp-211	227	10	and	and	CCONJ
gp-211	227	11	indf	indf	PROPN
gp-211	227	12	are	be	AUX
gp-211	227	13	expected	expect	VERB
gp-211	227	14	to	to	PART
gp-211	227	15	grow	grow	VERB
gp-211	227	16	modestly	modestly	ADV
gp-211	227	17	adi	adi	PROPN
gp-211	227	18	aji	aji	PROPN
gp-211	227	19	kurniawan	kurniawan	PROPN
gp-211	227	20	,	,	PUNCT
gp-211	227	21	irni	irni	NOUN
gp-211	227	22	yunita	yunita	NOUN
gp-211	227	23	463	463	NUM
gp-211	227	24	at	at	ADP
gp-211	227	25	4.43	4.43	NUM
gp-211	227	26	%	%	NOUN
gp-211	227	27	,	,	PUNCT
gp-211	227	28	reflecting	reflect	VERB
gp-211	227	29	external	external	ADJ
gp-211	227	30	challenges	challenge	NOUN
gp-211	227	31	such	such	ADJ
gp-211	227	32	as	as	ADP
gp-211	227	33	weakening	weaken	VERB
gp-211	227	34	consumer	consumer	NOUN
gp-211	227	35	purchasing	purchasing	NOUN
gp-211	227	36	power	power	NOUN
gp-211	227	37	and	and	CCONJ
gp-211	227	38	rising	rise	VERB
gp-211	227	39	operational	operational	ADJ
gp-211	227	40	costs	cost	NOUN
gp-211	227	41	due	due	ADJ
gp-211	227	42	to	to	ADP
gp-211	227	43	inflation	inflation	NOUN
gp-211	227	44	and	and	CCONJ
gp-211	227	45	raw	raw	ADJ
gp-211	227	46	material	material	NOUN
gp-211	227	47	price	price	NOUN
gp-211	227	48	volatility	volatility	NOUN
gp-211	227	49	.	.	PUNCT
gp-211	228	1	from	from	ADP
gp-211	228	2	an	an	DET
gp-211	228	3	investment	investment	NOUN
gp-211	228	4	perspective	perspective	NOUN
gp-211	228	5	,	,	PUNCT
gp-211	228	6	icbp	icbp	PROPN
gp-211	228	7	is	be	AUX
gp-211	228	8	considered	consider	VERB
gp-211	228	9	to	to	PART
gp-211	228	10	have	have	VERB
gp-211	228	11	more	more	ADJ
gp-211	228	12	dynamic	dynamic	ADJ
gp-211	228	13	growth	growth	NOUN
gp-211	228	14	potential	potential	NOUN
gp-211	228	15	,	,	PUNCT
gp-211	228	16	albeit	albeit	SCONJ
gp-211	228	17	with	with	ADP
gp-211	228	18	relatively	relatively	ADV
gp-211	228	19	higher	high	ADJ
gp-211	228	20	risks	risk	NOUN
gp-211	228	21	.	.	PUNCT
gp-211	229	1	on	on	ADP
gp-211	229	2	the	the	DET
gp-211	229	3	other	other	ADJ
gp-211	229	4	hand	hand	NOUN
gp-211	229	5	,	,	PUNCT
gp-211	229	6	indf	indf	VERB
gp-211	229	7	exhibits	exhibit	VERB
gp-211	229	8	more	more	ADV
gp-211	229	9	stable	stable	ADJ
gp-211	229	10	characteristics	characteristic	NOUN
gp-211	229	11	,	,	PUNCT
gp-211	229	12	attributed	attribute	VERB
gp-211	229	13	to	to	ADP
gp-211	229	14	its	its	PRON
gp-211	229	15	diversified	diversified	ADJ
gp-211	229	16	business	business	NOUN
gp-211	229	17	portfolio	portfolio	NOUN
gp-211	229	18	.	.	PUNCT
gp-211	230	1	therefore	therefore	ADV
gp-211	230	2	,	,	PUNCT
gp-211	230	3	investment	investment	NOUN
gp-211	230	4	analysis	analysis	NOUN
gp-211	230	5	for	for	ADP
gp-211	230	6	both	both	DET
gp-211	230	7	companies	company	NOUN
gp-211	230	8	should	should	AUX
gp-211	230	9	be	be	AUX
gp-211	230	10	conducted	conduct	VERB
gp-211	230	11	comprehensively	comprehensively	ADV
gp-211	230	12	,	,	PUNCT
gp-211	230	13	taking	take	VERB
gp-211	230	14	into	into	ADP
gp-211	230	15	account	account	NOUN
gp-211	230	16	macroeconomic	macroeconomic	ADJ
gp-211	230	17	factors	factor	NOUN
gp-211	230	18	,	,	PUNCT
gp-211	230	19	commodity	commodity	NOUN
gp-211	230	20	price	price	NOUN
gp-211	230	21	volatility	volatility	NOUN
gp-211	230	22	,	,	PUNCT
gp-211	230	23	and	and	CCONJ
gp-211	230	24	government	government	NOUN
gp-211	230	25	policies	policy	NOUN
gp-211	230	26	that	that	PRON
gp-211	230	27	may	may	AUX
gp-211	230	28	affect	affect	VERB
gp-211	230	29	long	long	ADJ
gp-211	230	30	-	-	PUNCT
gp-211	230	31	term	term	NOUN
gp-211	230	32	financial	financial	ADJ
gp-211	230	33	performance	performance	NOUN
gp-211	230	34	.	.	PUNCT
gp-211	231	1	to	to	PART
gp-211	231	2	estimate	estimate	VERB
gp-211	231	3	earnings	earning	NOUN
gp-211	231	4	before	before	ADP
gp-211	231	5	interest	interest	NOUN
gp-211	231	6	and	and	CCONJ
gp-211	231	7	tax	tax	NOUN
gp-211	231	8	(	(	PUNCT
gp-211	231	9	ebit	ebit	PROPN
gp-211	231	10	)	)	PUNCT
gp-211	231	11	as	as	ADP
gp-211	231	12	an	an	DET
gp-211	231	13	indicator	indicator	NOUN
gp-211	231	14	of	of	ADP
gp-211	231	15	operational	operational	ADJ
gp-211	231	16	performance	performance	NOUN
gp-211	231	17	,	,	PUNCT
gp-211	231	18	calculations	calculation	NOUN
gp-211	231	19	were	be	AUX
gp-211	231	20	based	base	VERB
gp-211	231	21	on	on	ADP
gp-211	231	22	the	the	DET
gp-211	231	23	difference	difference	NOUN
gp-211	231	24	between	between	ADP
gp-211	231	25	projected	project	VERB
gp-211	231	26	revenue	revenue	NOUN
gp-211	231	27	and	and	CCONJ
gp-211	231	28	estimated	estimated	ADJ
gp-211	231	29	operating	operating	NOUN
gp-211	231	30	expenses	expense	NOUN
gp-211	231	31	,	,	PUNCT
gp-211	231	32	including	include	VERB
gp-211	231	33	depreciation	depreciation	NOUN
gp-211	231	34	and	and	CCONJ
gp-211	231	35	amortization	amortization	NOUN
gp-211	231	36	.	.	PUNCT
gp-211	232	1	the	the	DET
gp-211	232	2	operating	operate	VERB
gp-211	232	3	expense	expense	NOUN
gp-211	232	4	estimate	estimate	NOUN
gp-211	232	5	was	be	AUX
gp-211	232	6	determined	determine	VERB
gp-211	232	7	using	use	VERB
gp-211	232	8	the	the	DET
gp-211	232	9	company	company	NOUN
gp-211	232	10	’s	’s	PART
gp-211	232	11	historical	historical	ADJ
gp-211	232	12	average	average	ADJ
gp-211	232	13	cost	cost	NOUN
gp-211	232	14	-	-	PUNCT
gp-211	232	15	to	to	ADP
gp-211	232	16	-	-	PUNCT
gp-211	232	17	revenue	revenue	NOUN
gp-211	232	18	ratio	ratio	NOUN
gp-211	232	19	,	,	PUNCT
gp-211	232	20	derived	derive	VERB
gp-211	232	21	from	from	ADP
gp-211	232	22	data	datum	NOUN
gp-211	232	23	for	for	ADP
gp-211	232	24	the	the	DET
gp-211	232	25	2019	2019	NUM
gp-211	232	26	to	to	ADP
gp-211	232	27	2023	2023	NUM
gp-211	232	28	period	period	NOUN
gp-211	232	29	.	.	PUNCT
gp-211	233	1	this	this	DET
gp-211	233	2	ratio	ratio	NOUN
gp-211	233	3	was	be	AUX
gp-211	233	4	applied	apply	VERB
gp-211	233	5	to	to	ADP
gp-211	233	6	all	all	DET
gp-211	233	7	three	three	NUM
gp-211	233	8	projection	projection	NOUN
gp-211	233	9	scenarios	scenario	NOUN
gp-211	233	10	(	(	PUNCT
gp-211	233	11	optimistic	optimistic	ADJ
gp-211	233	12	,	,	PUNCT
gp-211	233	13	moderate	moderate	ADJ
gp-211	233	14	,	,	PUNCT
gp-211	233	15	and	and	CCONJ
gp-211	233	16	pessimistic	pessimistic	ADJ
gp-211	233	17	)	)	PUNCT
gp-211	233	18	for	for	ADP
gp-211	233	19	the	the	DET
gp-211	233	20	year	year	NOUN
gp-211	233	21	2024	2024	NUM
gp-211	233	22	.	.	PUNCT
gp-211	234	1	table	table	NOUN
gp-211	234	2	6	6	NUM
gp-211	234	3	projected	project	VERB
gp-211	234	4	costs	cost	NOUN
gp-211	234	5	and	and	CCONJ
gp-211	234	6	ebit	ebit	VERB
gp-211	234	7	for	for	ADP
gp-211	234	8	2024	2024	NUM
gp-211	234	9	description	description	NOUN
gp-211	234	10	icbp	icbp	PROPN
gp-211	234	11	indf	indf	VERB
gp-211	234	12	2024	2024	NUM
gp-211	234	13	2024	2024	NUM
gp-211	234	14	historical	historical	ADJ
gp-211	234	15	average	average	ADJ
gp-211	234	16	revenue	revenue	NOUN
gp-211	234	17	growth	growth	NOUN
gp-211	234	18	(	(	PUNCT
gp-211	234	19	%	%	INTJ
gp-211	234	20	)	)	PUNCT
gp-211	234	21	12,73	12,73	NUM
gp-211	234	22	%	%	NOUN
gp-211	234	23	8,10	8,10	NUM
gp-211	234	24	%	%	NOUN
gp-211	234	25	cost	cost	NOUN
gp-211	234	26	of	of	ADP
gp-211	234	27	goods	good	NOUN
gp-211	234	28	sold	sell	VERB
gp-211	234	29	(	(	PUNCT
gp-211	234	30	cogs	cog	NOUN
gp-211	234	31	)	)	PUNCT
gp-211	234	32	67,30	67,30	ADJ
gp-211	234	33	%	%	NOUN
gp-211	234	34	71,27	71,27	NUM
gp-211	234	35	%	%	NOUN
gp-211	234	36	marketing	marketing	NOUN
gp-211	234	37	expenses	expense	NOUN
gp-211	234	38	4,96	4,96	ADJ
gp-211	234	39	%	%	NOUN
gp-211	234	40	4,66	4,66	NUM
gp-211	234	41	%	%	NOUN
gp-211	234	42	general	general	ADJ
gp-211	234	43	and	and	CCONJ
gp-211	234	44	administrative	administrative	ADJ
gp-211	234	45	expenses	expense	NOUN
gp-211	234	46	7,18	7,18	NUM
gp-211	234	47	%	%	NOUN
gp-211	234	48	6,81	6,81	NUM
gp-211	234	49	%	%	NOUN
gp-211	234	50	ebitda	ebitda	NOUN
gp-211	234	51	(	(	PUNCT
gp-211	234	52	earnings	earning	NOUN
gp-211	234	53	before	before	ADP
gp-211	234	54	interest	interest	NOUN
gp-211	234	55	,	,	PUNCT
gp-211	234	56	taxes	taxis	NOUN
gp-211	234	57	,	,	PUNCT
gp-211	234	58	depreciation	depreciation	NOUN
gp-211	234	59	,	,	PUNCT
gp-211	234	60	and	and	CCONJ
gp-211	234	61	amortization	amortization	NOUN
gp-211	234	62	)	)	PUNCT
gp-211	234	63	21,29	21,29	NUM
gp-211	234	64	%	%	NOUN
gp-211	234	65	17,51	17,51	NUM
gp-211	234	66	%	%	NOUN
gp-211	234	67	depreciation	depreciation	NOUN
gp-211	234	68	2,69	2,69	NUM
gp-211	234	69	%	%	NOUN
gp-211	234	70	2,54	2,54	NUM
gp-211	234	71	%	%	NOUN
gp-211	234	72	ebit	ebit	NOUN
gp-211	234	73	(	(	PUNCT
gp-211	234	74	earnings	earning	NOUN
gp-211	234	75	before	before	ADP
gp-211	234	76	interest	interest	NOUN
gp-211	234	77	and	and	CCONJ
gp-211	234	78	taxes	taxis	NOUN
gp-211	234	79	)	)	PUNCT
gp-211	234	80	18,58	18,58	NUM
gp-211	234	81	%	%	NOUN
gp-211	234	82	14,97	14,97	NUM
gp-211	234	83	%	%	NOUN
gp-211	234	84	in	in	ADP
gp-211	234	85	2024	2024	NUM
gp-211	234	86	,	,	PUNCT
gp-211	234	87	icbp	icbp	PROPN
gp-211	234	88	is	be	AUX
gp-211	234	89	projected	project	VERB
gp-211	234	90	to	to	PART
gp-211	234	91	earn	earn	VERB
gp-211	234	92	idr	idr	PROPN
gp-211	234	93	76.55	76.55	NUM
gp-211	234	94	trillion	trillion	NUM
gp-211	234	95	in	in	ADP
gp-211	234	96	revenue	revenue	NOUN
gp-211	234	97	,	,	PUNCT
gp-211	234	98	while	while	SCONJ
gp-211	234	99	indf	indf	ADJ
gp-211	234	100	is	be	AUX
gp-211	234	101	expected	expect	VERB
gp-211	234	102	to	to	PART
gp-211	234	103	earn	earn	VERB
gp-211	234	104	idr	idr	PROPN
gp-211	234	105	112.97	112.97	NUM
gp-211	234	106	trillion	trillion	NUM
gp-211	234	107	.	.	PUNCT
gp-211	235	1	operational	operational	ADJ
gp-211	235	2	efficiency	efficiency	NOUN
gp-211	235	3	is	be	AUX
gp-211	235	4	reflected	reflect	VERB
gp-211	235	5	in	in	ADP
gp-211	235	6	icbp	icbp	PROPN
gp-211	235	7	’s	’s	PART
gp-211	235	8	ebitda	ebitda	NOUN
gp-211	235	9	margin	margin	NOUN
gp-211	235	10	of	of	ADP
gp-211	235	11	21.29	21.29	NUM
gp-211	235	12	%	%	NOUN
gp-211	235	13	,	,	PUNCT
gp-211	235	14	outperforming	outperform	VERB
gp-211	235	15	indf	indf	PROPN
gp-211	235	16	’s	’s	PART
gp-211	235	17	17.51	17.51	NUM
gp-211	235	18	%	%	NOUN
gp-211	235	19	.	.	PUNCT
gp-211	236	1	icbp	icbp	PROPN
gp-211	236	2	’s	’s	PART
gp-211	236	3	cost	cost	NOUN
gp-211	236	4	of	of	ADP
gp-211	236	5	goods	good	NOUN
gp-211	236	6	sold	sell	VERB
gp-211	236	7	(	(	PUNCT
gp-211	236	8	67.30	67.30	NUM
gp-211	236	9	%	%	NOUN
gp-211	236	10	)	)	PUNCT
gp-211	236	11	is	be	AUX
gp-211	236	12	also	also	ADV
gp-211	236	13	lower	low	ADJ
gp-211	236	14	than	than	ADP
gp-211	236	15	indf	indf	PROPN
gp-211	236	16	’s	’s	PART
gp-211	236	17	(	(	PUNCT
gp-211	236	18	71.27	71.27	NUM
gp-211	236	19	%	%	NOUN
gp-211	236	20	)	)	PUNCT
gp-211	236	21	,	,	PUNCT
gp-211	236	22	contributing	contribute	VERB
gp-211	236	23	to	to	ADP
gp-211	236	24	higher	high	ADJ
gp-211	236	25	gross	gross	ADJ
gp-211	236	26	margins	margin	NOUN
gp-211	236	27	.	.	PUNCT
gp-211	237	1	icbp	icbp	PROPN
gp-211	237	2	’s	’s	PART
gp-211	237	3	ebit	ebit	PROPN
gp-211	237	4	is	be	AUX
gp-211	237	5	forecasted	forecast	VERB
gp-211	237	6	to	to	PART
gp-211	237	7	reach	reach	VERB
gp-211	237	8	idr	idr	PROPN
gp-211	237	9	14.23	14.23	NUM
gp-211	237	10	trillion	trillion	NUM
gp-211	237	11	,	,	PUNCT
gp-211	237	12	while	while	SCONJ
gp-211	237	13	indf	indf	PROPN
gp-211	237	14	’s	’s	PART
gp-211	237	15	is	be	AUX
gp-211	237	16	idr	idr	PROPN
gp-211	237	17	16.90	16.90	NUM
gp-211	237	18	trillion	trillion	NUM
gp-211	237	19	.	.	PUNCT
gp-211	238	1	although	although	SCONJ
gp-211	238	2	indf	indf	NOUN
gp-211	238	3	has	have	VERB
gp-211	238	4	a	a	DET
gp-211	238	5	higher	high	ADJ
gp-211	238	6	nominal	nominal	ADJ
gp-211	238	7	ebit	ebit	NOUN
gp-211	238	8	,	,	PUNCT
gp-211	238	9	icbp	icbp	PROPN
gp-211	238	10	has	have	VERB
gp-211	238	11	a	a	DET
gp-211	238	12	better	well	ADJ
gp-211	238	13	ebit	ebit	NOUN
gp-211	238	14	margin	margin	NOUN
gp-211	238	15	(	(	PUNCT
gp-211	238	16	18.58	18.58	NUM
gp-211	238	17	%	%	NOUN
gp-211	238	18	vs.	vs.	ADP
gp-211	238	19	14.97	14.97	NUM
gp-211	238	20	%	%	NOUN
gp-211	238	21	)	)	PUNCT
gp-211	238	22	,	,	PUNCT
gp-211	238	23	indicating	indicate	VERB
gp-211	238	24	greater	great	ADJ
gp-211	238	25	efficiency	efficiency	NOUN
gp-211	238	26	in	in	ADP
gp-211	238	27	converting	convert	VERB
gp-211	238	28	revenue	revenue	NOUN
gp-211	238	29	into	into	ADP
gp-211	238	30	profit	profit	NOUN
gp-211	238	31	,	,	PUNCT
gp-211	238	32	and	and	CCONJ
gp-211	238	33	enhancing	enhance	VERB
gp-211	238	34	long	long	ADJ
gp-211	238	35	-	-	PUNCT
gp-211	238	36	term	term	NOUN
gp-211	238	37	profitability	profitability	NOUN
gp-211	238	38	.	.	PUNCT
gp-211	239	1	free	free	ADJ
gp-211	239	2	cash	cash	NOUN
gp-211	239	3	flow	flow	NOUN
gp-211	239	4	to	to	ADP
gp-211	239	5	the	the	DET
gp-211	239	6	firm	firm	NOUN
gp-211	239	7	(	(	PUNCT
gp-211	239	8	fcff	fcff	PROPN
gp-211	239	9	)	)	PUNCT
gp-211	239	10	and	and	CCONJ
gp-211	239	11	firm	firm	ADJ
gp-211	239	12	valuation	valuation	NOUN
gp-211	239	13	.	.	PUNCT
gp-211	240	1	fcff	fcff	ADJ
gp-211	240	2	projections	projection	NOUN
gp-211	240	3	estimate	estimate	VERB
gp-211	240	4	the	the	DET
gp-211	240	5	future	future	ADJ
gp-211	240	6	cash	cash	NOUN
gp-211	240	7	flow	flow	NOUN
gp-211	240	8	the	the	DET
gp-211	240	9	company	company	NOUN
gp-211	240	10	can	can	AUX
gp-211	240	11	generate	generate	VERB
gp-211	240	12	.	.	PUNCT
gp-211	241	1	it	it	PRON
gp-211	241	2	is	be	AUX
gp-211	241	3	calculated	calculate	VERB
gp-211	241	4	using	use	VERB
gp-211	241	5	the	the	DET
gp-211	241	6	following	follow	VERB
gp-211	241	7	formula	formula	NOUN
gp-211	241	8	based	base	VERB
gp-211	241	9	on	on	ADP
gp-211	241	10	damodaran	damodaran	PROPN
gp-211	241	11	(	(	PUNCT
gp-211	241	12	2012	2012	NUM
gp-211	241	13	):	):	PUNCT
gp-211	241	14	free	free	ADJ
gp-211	241	15	cash	cash	NOUN
gp-211	241	16	flow	flow	NOUN
gp-211	241	17	to	to	ADP
gp-211	241	18	firm	firm	NOUN
gp-211	241	19	=	=	SYM
gp-211	241	20	(	(	PUNCT
gp-211	241	21	ebit	ebit	PROPN
gp-211	241	22	(	(	PUNCT
gp-211	241	23	1	1	NUM
gp-211	241	24	-	-	PUNCT
gp-211	241	25	tax	tax	NOUN
gp-211	241	26	)	)	PUNCT
gp-211	241	27	)	)	PUNCT
gp-211	242	1	+	+	CCONJ
gp-211	242	2	depreciation	depreciation	NOUN
gp-211	242	3	–	–	PUNCT
gp-211	242	4	capital	capital	NOUN
gp-211	242	5	expenditure	expenditure	NOUN
gp-211	242	6	–	–	PUNCT
gp-211	242	7	perubahan	perubahan	PROPN
gp-211	242	8	modal	modal	NOUN
gp-211	242	9	kerja	kerja	PROPN
gp-211	242	10	(	(	PUNCT
gp-211	242	11	working	working	NOUN
gp-211	242	12	capital	capital	NOUN
gp-211	242	13	)	)	PUNCT
gp-211	242	14	following	follow	VERB
gp-211	242	15	fcff	fcff	ADJ
gp-211	242	16	calculation	calculation	NOUN
gp-211	242	17	,	,	PUNCT
gp-211	242	18	a	a	DET
gp-211	242	19	terminal	terminal	ADJ
gp-211	242	20	value	value	NOUN
gp-211	242	21	is	be	AUX
gp-211	242	22	estimated	estimate	VERB
gp-211	242	23	to	to	PART
gp-211	242	24	represent	represent	VERB
gp-211	242	25	the	the	DET
gp-211	242	26	perpetuity	perpetuity	NOUN
gp-211	242	27	value	value	NOUN
gp-211	242	28	of	of	ADP
gp-211	242	29	future	future	ADJ
gp-211	242	30	cash	cash	NOUN
gp-211	242	31	flows	flow	NOUN
gp-211	242	32	assuming	assume	VERB
gp-211	242	33	constant	constant	ADJ
gp-211	242	34	growth	growth	NOUN
gp-211	242	35	.	.	PUNCT
gp-211	243	1	𝑇𝑒𝑟𝑚𝑖𝑛𝑎𝑙	𝑇𝑒𝑟𝑚𝑖𝑛𝑎𝑙	NOUN
gp-211	243	2	𝑣𝑎𝑙𝑢𝑒	𝑣𝑎𝑙𝑢𝑒	ADJ
gp-211	243	3	=	=	NOUN
gp-211	243	4	6	6	NUM
gp-211	243	5	,	,	PUNCT
gp-211	243	6	-	-	PUNCT
gp-211	243	7	!	!	PUNCT
gp-211	243	8	(	(	PUNCT
gp-211	243	9	/+0	/+0	NOUN
gp-211	243	10	"	"	PUNCT
gp-211	243	11	)	)	PUNCT
gp-211	243	12	!	!	PUNCT
gp-211	244	1	+	+	CCONJ
gp-211	244	2	2(34$567	2(34$567	NUM
gp-211	244	3	867	867	NUM
gp-211	244	4	#	#	NOUN
gp-211	244	5	(	(	PUNCT
gp-211	244	6	#	#	NOUN
gp-211	244	7	(	(	PUNCT
gp-211	244	8	/+0	/+0	NOUN
gp-211	244	9	"	"	PUNCT
gp-211	244	10	)	)	PUNCT
gp-211	244	11	#	#	NOUN
gp-211	244	12	%	%	NOUN
gp-211	244	13	95	95	NUM
gp-211	244	14	%	%	NOUN
gp-211	244	15	9/	9/	NUM
gp-211	244	16	(	(	PUNCT
gp-211	244	17	2.12	2.12	NUM
gp-211	244	18	)	)	PUNCT
gp-211	244	19	table	table	NOUN
gp-211	244	20	7	7	NUM
gp-211	244	21	fcff	fcff	NOUN
gp-211	244	22	and	and	CCONJ
gp-211	244	23	terminal	terminal	ADJ
gp-211	244	24	value	value	NOUN
gp-211	244	25	for	for	ADP
gp-211	244	26	icbp	icbp	PROPN
gp-211	244	27	and	and	CCONJ
gp-211	244	28	indf	indf	PROPN
gp-211	244	29	(	(	PUNCT
gp-211	244	30	in	in	ADP
gp-211	244	31	million	million	NUM
gp-211	244	32	idr	idr	NOUN
gp-211	244	33	)	)	PUNCT
gp-211	244	34	(	(	PUNCT
gp-211	244	35	idr	idr	VERB
gp-211	244	36	in	in	ADP
gp-211	244	37	millions	million	NOUN
gp-211	244	38	)	)	PUNCT
gp-211	244	39	projections	projection	NOUN
gp-211	244	40	icbp	icbp	PROPN
gp-211	244	41	(	(	PUNCT
gp-211	244	42	pesimis	pesimis	NOUN
gp-211	244	43	)	)	PUNCT
gp-211	245	1	fy24	fy24	PROPN
gp-211	245	2	fy25	fy25	PROPN
gp-211	245	3	fy26	fy26	PROPN
gp-211	245	4	fy27	fy27	PROPN
gp-211	245	5	fy28	fy28	PROPN
gp-211	245	6	terminal	terminal	NOUN
gp-211	245	7	(	(	PUNCT
gp-211	245	8	2.2	2.2	NUM
gp-211	245	9	)	)	PUNCT
gp-211	245	10	american	american	ADJ
gp-211	245	11	journal	journal	PROPN
gp-211	245	12	of	of	ADP
gp-211	245	13	economic	economic	ADJ
gp-211	245	14	and	and	CCONJ
gp-211	245	15	management	management	NOUN
gp-211	245	16	business	business	NOUN
gp-211	245	17	vol	vol	NOUN
gp-211	245	18	.	.	PROPN
gp-211	245	19	4	4	NUM
gp-211	245	20	no	no	NOUN
gp-211	245	21	.	.	NOUN
gp-211	245	22	5	5	NUM
gp-211	245	23	,	,	PUNCT
gp-211	245	24	may	may	AUX
gp-211	245	25	2025	2025	NUM
gp-211	245	26	464	464	NUM
gp-211	245	27	profit	profit	NOUN
gp-211	245	28	before	before	ADP
gp-211	245	29	tax	tax	NOUN
gp-211	245	30	11.994.461	11.994.461	NUM
gp-211	246	1	12.570.195	12.570.195	NUM
gp-211	246	2	13.173.564	13.173.564	NUM
gp-211	246	3	13.805.896	13.805.896	PROPN
gp-211	246	4	14.468.579	14.468.579	NUM
gp-211	246	5	13.816.013	13.816.013	NUM
gp-211	246	6	(	(	PUNCT
gp-211	246	7	-	-	PUNCT
gp-211	246	8	)	)	PUNCT
gp-211	246	9	net	net	ADJ
gp-211	246	10	interest	interest	NOUN
gp-211	246	11	income	income	NOUN
gp-211	246	12	/	/	SYM
gp-211	246	13	expense	expense	NOUN
gp-211	246	14	(	(	PUNCT
gp-211	246	15	3.413.426	3.413.426	NUM
gp-211	246	16	)	)	PUNCT
gp-211	246	17	(	(	PUNCT
gp-211	246	18	3.577.271	3.577.271	NUM
gp-211	246	19	)	)	PUNCT
gp-211	246	20	(	(	PUNCT
gp-211	246	21	3.748.980	3.748.980	X
gp-211	246	22	)	)	PUNCT
gp-211	246	23	(	(	PUNCT
gp-211	246	24	3.928.931	3.928.931	NUM
gp-211	246	25	)	)	PUNCT
gp-211	246	26	(	(	PUNCT
gp-211	246	27	4.117.519	4.117.519	NUM
gp-211	246	28	)	)	PUNCT
gp-211	246	29	(	(	PUNCT
gp-211	246	30	3.931.810	3.931.810	NUM
gp-211	246	31	)	)	PUNCT
gp-211	246	32	(	(	PUNCT
gp-211	246	33	+	+	NOUN
gp-211	246	34	)	)	PUNCT
gp-211	246	35	depreciation	depreciation	NOUN
gp-211	246	36	&	&	CCONJ
gp-211	246	37	armortization	armortization	NOUN
gp-211	246	38	2.092.868	2.092.868	NUM
gp-211	247	1	2.284.486	2.284.486	NUM
gp-211	247	2	2.449.510	2.449.510	NUM
gp-211	247	3	2.755.923	2.755.923	NUM
gp-211	247	4	3.102.129	3.102.129	NUM
gp-211	247	5	2.769.187	2.769.187	NUM
gp-211	247	6	ebitda	ebitda	NOUN
gp-211	247	7	17.500.755	17.500.755	NUM
gp-211	247	8	18.431.952	18.431.952	NUM
gp-211	247	9	19.372.054	19.372.054	NOUN
gp-211	248	1	20.490.749	20.490.749	NUM
gp-211	249	1	21.688.227	21.688.227	NUM
gp-211	249	2	20.517.010	20.517.010	NUM
gp-211	249	3	(	(	PUNCT
gp-211	249	4	-	-	PUNCT
gp-211	249	5	)	)	PUNCT
gp-211	249	6	tax	tax	NOUN
gp-211	249	7	3.059.787	3.059.787	NUM
gp-211	249	8	3.206.657	3.206.657	NUM
gp-211	249	9	3.360.576	3.360.576	NUM
gp-211	250	1	3.521.884	3.521.884	NUM
gp-211	250	2	3.690.934	3.690.934	NUM
gp-211	250	3	3.524.465	3.524.465	NUM
gp-211	250	4	(	(	PUNCT
gp-211	250	5	-	-	PUNCT
gp-211	250	6	):	):	PUNCT
gp-211	250	7	capex	capex	NOUN
gp-211	250	8	2.609.107	2.609.107	NUM
gp-211	250	9	2.734.345	2.734.345	NUM
gp-211	250	10	2.865.593	2.865.593	NUM
gp-211	250	11	3.003.142	3.003.142	NUM
gp-211	250	12	3.147.292	3.147.292	NUM
gp-211	250	13	3.005.342	3.005.342	NUM
gp-211	250	14	(	(	PUNCT
gp-211	250	15	-	-	PUNCT
gp-211	250	16	):	):	PUNCT
gp-211	250	17	change	change	NOUN
gp-211	250	18	in	in	ADP
gp-211	250	19	nwc	nwc	PROPN
gp-211	250	20	965.460	965.460	NUM
gp-211	250	21	483.283	483.283	NUM
gp-211	250	22	377.473	377.473	NUM
gp-211	250	23	679.226	679.226	NUM
gp-211	250	24	560.893	560.893	NUM
gp-211	250	25	539.197	539.197	NUM
gp-211	250	26	fcff	fcff	NOUN
gp-211	251	1	10.866.400	10.866.400	NUM
gp-211	251	2	12.007.668	12.007.668	NUM
gp-211	251	3	12.768.411	12.768.411	PROPN
gp-211	251	4	13.286.498	13.286.498	NUM
gp-211	252	1	14.289.107	14.289.107	NUM
gp-211	252	2	13.448.005	13.448.005	NUM
gp-211	252	3	261.811.720	261.811.720	NUM
gp-211	252	4	terminal	terminal	NOUN
gp-211	252	5	value	value	NOUN
gp-211	252	6	(	(	PUNCT
gp-211	252	7	idr	idr	PROPN
gp-211	252	8	in	in	ADP
gp-211	252	9	millions	million	NOUN
gp-211	252	10	)	)	PUNCT
gp-211	252	11	projections	projection	NOUN
gp-211	252	12	icbp	icbp	PROPN
gp-211	252	13	(	(	PUNCT
gp-211	252	14	moderate	moderate	ADJ
gp-211	252	15	)	)	PUNCT
gp-211	252	16	fy24	fy24	PROPN
gp-211	252	17	fy25	fy25	PROPN
gp-211	252	18	fy26	fy26	PROPN
gp-211	252	19	fy27	fy27	PROPN
gp-211	252	20	fy28	fy28	PROPN
gp-211	252	21	terminal	terminal	ADJ
gp-211	252	22	profit	profit	NOUN
gp-211	252	23	before	before	ADP
gp-211	252	24	tax	tax	NOUN
gp-211	252	25	12.898.624	12.898.624	NUM
gp-211	252	26	14.536.749	14.536.749	NUM
gp-211	252	27	16.382.916	16.382.916	NUM
gp-211	252	28	18.463.546	18.463.546	NUM
gp-211	252	29	20.808.417	20.808.417	NUM
gp-211	252	30	18.551.626	18.551.626	NUM
gp-211	252	31	(	(	PUNCT
gp-211	252	32	-	-	PUNCT
gp-211	252	33	)	)	PUNCT
gp-211	252	34	net	net	ADJ
gp-211	252	35	interest	interest	NOUN
gp-211	252	36	income	income	NOUN
gp-211	252	37	/	/	SYM
gp-211	252	38	expense	expense	NOUN
gp-211	252	39	(	(	PUNCT
gp-211	252	40	3.670.736	3.670.736	NUM
gp-211	252	41	)	)	PUNCT
gp-211	252	42	(	(	PUNCT
gp-211	252	43	4.136.919	4.136.919	NOUN
gp-211	252	44	)	)	PUNCT
gp-211	252	45	(	(	PUNCT
gp-211	252	46	4.662.308	4.662.308	NOUN
gp-211	252	47	)	)	PUNCT
gp-211	252	48	(	(	PUNCT
gp-211	252	49	5.254.421	5.254.421	NUM
gp-211	252	50	)	)	PUNCT
gp-211	252	51	(	(	PUNCT
gp-211	252	52	5.921.733	5.921.733	NUM
gp-211	252	53	)	)	PUNCT
gp-211	252	54	(	(	PUNCT
gp-211	252	55	5.279.487	5.279.487	NUM
gp-211	252	56	)	)	PUNCT
gp-211	252	57	(	(	PUNCT
gp-211	252	58	+	+	NOUN
gp-211	252	59	)	)	PUNCT
gp-211	252	60	depreciation	depreciation	NOUN
gp-211	252	61	&	&	CCONJ
gp-211	252	62	armortization	armortization	NOUN
gp-211	252	63	2.092.868	2.092.868	NUM
gp-211	253	1	2.284.486	2.284.486	NUM
gp-211	253	2	2.449.510	2.449.510	NUM
gp-211	253	3	2.755.923	2.755.923	NUM
gp-211	254	1	3.102.129	3.102.129	NUM
gp-211	254	2	2.769.187	2.769.187	NUM
gp-211	254	3	ebitda	ebitda	NOUN
gp-211	254	4	18.662.228	18.662.228	NUM
gp-211	254	5	20.958.154	20.958.154	PROPN
gp-211	254	6	23.494.734	23.494.734	NUM
gp-211	254	7	26.473.891	26.473.891	NUM
gp-211	254	8	29.832.278	29.832.278	ADJ
gp-211	254	9	26.600.301	26.600.301	NOUN
gp-211	254	10	(	(	PUNCT
gp-211	254	11	-	-	PUNCT
gp-211	254	12	)	)	PUNCT
gp-211	254	13	tax	tax	NOUN
gp-211	254	14	3.290.439	3.290.439	NUM
gp-211	255	1	3.708.325	3.708.325	NUM
gp-211	255	2	4.179.282	4.179.282	NUM
gp-211	256	1	4.710.051	4.710.051	NUM
gp-211	256	2	5.308.227	5.308.227	NUM
gp-211	256	3	4.732.520	4.732.520	NUM
gp-211	256	4	(	(	PUNCT
gp-211	256	5	-	-	PUNCT
gp-211	256	6	):	):	PUNCT
gp-211	256	7	capex	capex	NOUN
gp-211	256	8	2.805.786	2.805.786	NUM
gp-211	256	9	3.162.121	3.162.121	NUM
gp-211	256	10	3.563.711	3.563.711	NUM
gp-211	256	11	4.016.302	4.016.302	NUM
gp-211	257	1	4.526.372	4.526.372	NUM
gp-211	257	2	4.035.461	4.035.461	NUM
gp-211	257	3	(	(	PUNCT
gp-211	257	4	-	-	PUNCT
gp-211	257	5	):	):	PUNCT
gp-211	257	6	change	change	NOUN
gp-211	257	7	in	in	ADP
gp-211	257	8	nwc	nwc	PROPN
gp-211	257	9	1.773.486	1.773.486	NUM
gp-211	257	10	1.427.827	1.427.827	NUM
gp-211	257	11	1.446.002	1.446.002	NUM
gp-211	257	12	1.993.945	1.993.945	NUM
gp-211	257	13	2.042.542	2.042.542	NUM
gp-211	257	14	1.827.496	1.827.496	NUM
gp-211	257	15	fcff	fcff	NOUN
gp-211	258	1	10.792.516	10.792.516	NUM
gp-211	258	2	12.659.882	12.659.882	NUM
gp-211	258	3	14.305.739	14.305.739	NUM
gp-211	258	4	15.753.593	15.753.593	NUM
gp-211	258	5	17.955.137	17.955.137	NUM
gp-211	258	6	16.004.823	16.004.823	NUM
gp-211	258	7	311.588.982	311.588.982	NUM
gp-211	258	8	terminal	terminal	ADJ
gp-211	258	9	value	value	NOUN
gp-211	258	10	(	(	PUNCT
gp-211	258	11	idr	idr	PROPN
gp-211	258	12	in	in	ADP
gp-211	258	13	millions	million	NOUN
gp-211	258	14	)	)	PUNCT
gp-211	258	15	projections	projection	NOUN
gp-211	258	16	icbp	icbp	PROPN
gp-211	258	17	(	(	PUNCT
gp-211	258	18	optimis	optimis	ADJ
gp-211	258	19	)	)	PUNCT
gp-211	259	1	fy24	fy24	PROPN
gp-211	259	2	fy25	fy25	PROPN
gp-211	259	3	fy26	fy26	PROPN
gp-211	259	4	fy27	fy27	PROPN
gp-211	259	5	fy28	fy28	PROPN
gp-211	259	6	terminal	terminal	ADJ
gp-211	259	7	profit	profit	NOUN
gp-211	259	8	before	before	ADP
gp-211	259	9	tax	tax	NOUN
gp-211	259	10	13.848.567	13.848.567	NUM
gp-211	259	11	16.756.766	16.756.766	NUM
gp-211	259	12	20.275.686	20.275.686	NUM
gp-211	259	13	24.533.581	24.533.581	NUM
gp-211	259	14	29.685.632	29.685.632	NUM
gp-211	259	15	24.831.633	24.831.633	NUM
gp-211	259	16	(	(	PUNCT
gp-211	259	17	-	-	PUNCT
gp-211	259	18	)	)	PUNCT
gp-211	259	19	net	net	ADJ
gp-211	259	20	interest	interest	NOUN
gp-211	259	21	income	income	NOUN
gp-211	259	22	/	/	SYM
gp-211	259	23	expense	expense	NOUN
gp-211	259	24	(	(	PUNCT
gp-211	259	25	3.941.074	3.941.074	NUM
gp-211	259	26	)	)	PUNCT
gp-211	259	27	(	(	PUNCT
gp-211	259	28	4.768.700	4.768.700	NUM
gp-211	259	29	)	)	PUNCT
gp-211	259	30	(	(	PUNCT
gp-211	259	31	5.770.127	5.770.127	NOUN
gp-211	259	32	)	)	PUNCT
gp-211	259	33	(	(	PUNCT
gp-211	259	34	6.981.853	6.981.853	NUM
gp-211	259	35	)	)	PUNCT
gp-211	259	36	(	(	PUNCT
gp-211	259	37	8.448.042	8.448.042	NUM
gp-211	259	38	)	)	PUNCT
gp-211	259	39	(	(	PUNCT
gp-211	259	40	7.066.674	7.066.674	NUM
gp-211	259	41	)	)	PUNCT
gp-211	259	42	(	(	PUNCT
gp-211	259	43	+	+	NOUN
gp-211	259	44	)	)	PUNCT
gp-211	259	45	depreciation	depreciation	NOUN
gp-211	259	46	&	&	CCONJ
gp-211	259	47	armortization	armortization	NOUN
gp-211	259	48	2.092.868	2.092.868	NUM
gp-211	260	1	2.284.486	2.284.486	NUM
gp-211	260	2	2.449.510	2.449.510	NUM
gp-211	260	3	2.755.923	2.755.923	NUM
gp-211	260	4	3.102.129	3.102.129	NUM
gp-211	260	5	2.769.187	2.769.187	NUM
gp-211	260	6	ebitda	ebitda	NOUN
gp-211	260	7	19.882.509	19.882.509	NUM
gp-211	260	8	23.809.951	23.809.951	PROPN
gp-211	260	9	28.495.323	28.495.323	NUM
gp-211	260	10	34.271.357	34.271.357	NUM
gp-211	260	11	41.235.804	41.235.804	NOUN
gp-211	260	12	34.667.494	34.667.494	NUM
gp-211	260	13	(	(	PUNCT
gp-211	260	14	-	-	PUNCT
gp-211	260	15	)	)	PUNCT
gp-211	260	16	tax	tax	NOUN
gp-211	260	17	3.532.769	3.532.769	NUM
gp-211	261	1	4.274.651	4.274.651	NUM
gp-211	262	1	5.172.328	5.172.328	NUM
gp-211	263	1	6.258.516	6.258.516	NUM
gp-211	263	2	7.572.805	7.572.805	NUM
gp-211	263	3	6.334.550	6.334.550	NUM
gp-211	263	4	adi	adi	PROPN
gp-211	263	5	aji	aji	PROPN
gp-211	263	6	kurniawan	kurniawan	PROPN
gp-211	263	7	,	,	PUNCT
gp-211	263	8	irni	irni	NOUN
gp-211	263	9	yunita	yunita	PROPN
gp-211	263	10	465	465	NUM
gp-211	263	11	(	(	PUNCT
gp-211	263	12	-	-	PUNCT
gp-211	263	13	):	):	PUNCT
gp-211	263	14	capex	capex	NOUN
gp-211	263	15	3.012.424	3.012.424	NUM
gp-211	264	1	3.645.033	3.645.033	NUM
gp-211	264	2	4.410.489	4.410.489	NUM
gp-211	265	1	5.336.692	5.336.692	NUM
gp-211	265	2	6.457.398	6.457.398	NUM
gp-211	265	3	5.401.526	5.401.526	NUM
gp-211	265	4	(	(	PUNCT
gp-211	265	5	-	-	PUNCT
gp-211	265	6	):	):	PUNCT
gp-211	265	7	change	change	NOUN
gp-211	265	8	in	in	ADP
gp-211	265	9	nwc	nwc	PROPN
gp-211	265	10	2.622.425	2.622.425	NUM
gp-211	265	11	2.557.342	2.557.342	NUM
gp-211	265	12	2.889.390	2.889.390	NUM
gp-211	266	1	3.962.065	3.962.065	NUM
gp-211	266	2	4.518.314	4.518.314	NUM
gp-211	266	3	3.789.923	3.789.923	NUM
gp-211	266	4	fcff	fcff	NOUN
gp-211	267	1	10.714.890	10.714.890	NUM
gp-211	267	2	13.332.926	13.332.926	NOUN
gp-211	267	3	16.023.116	16.023.116	NUM
gp-211	267	4	18.714.083	18.714.083	NUM
gp-211	267	5	22.687.288	22.687.288	NUM
gp-211	267	6	19.141.496	19.141.496	NUM
gp-211	267	7	terminal	terminal	ADJ
gp-211	267	8	value	value	NOUN
gp-211	267	9	372.655.111	372.655.111	NUM
gp-211	267	10	(	(	PUNCT
gp-211	267	11	idr	idr	PROPN
gp-211	267	12	in	in	ADP
gp-211	267	13	millions	million	NOUN
gp-211	267	14	)	)	PUNCT
gp-211	267	15	projections	projection	NOUN
gp-211	267	16	indf	indf	ADJ
gp-211	267	17	pesimis	pesimis	NOUN
gp-211	267	18	fy24	fy24	PROPN
gp-211	267	19	fy25	fy25	PROPN
gp-211	267	20	fy26	fy26	PROPN
gp-211	267	21	fy27	fy27	PROPN
gp-211	267	22	fy28	fy28	PROPN
gp-211	267	23	terminal	terminal	ADJ
gp-211	267	24	profit	profit	NOUN
gp-211	267	25	before	before	ADP
gp-211	267	26	tax	tax	NOUN
gp-211	267	27	15.988.307	15.988.307	NUM
gp-211	267	28	16.696.589	16.696.589	NUM
gp-211	267	29	17.436.248	17.436.248	NUM
gp-211	267	30	18.208.673	18.208.673	NUM
gp-211	267	31	19.015.317	19.015.317	ADJ
gp-211	267	32	18.220.079	18.220.079	NUM
gp-211	267	33	(	(	PUNCT
gp-211	267	34	-	-	PUNCT
gp-211	267	35	)	)	PUNCT
gp-211	267	36	net	net	ADJ
gp-211	267	37	interest	interest	NOUN
gp-211	267	38	income	income	NOUN
gp-211	267	39	/	/	SYM
gp-211	267	40	expense	expense	NOUN
gp-211	267	41	(	(	PUNCT
gp-211	267	42	4.442.573	4.442.573	NUM
gp-211	267	43	)	)	PUNCT
gp-211	267	44	(	(	PUNCT
gp-211	267	45	4.639.379	4.639.379	NOUN
gp-211	267	46	)	)	PUNCT
gp-211	267	47	(	(	PUNCT
gp-211	267	48	4.844.904	4.844.904	NUM
gp-211	267	49	)	)	PUNCT
gp-211	267	50	(	(	PUNCT
gp-211	267	51	5.059.533	5.059.533	NUM
gp-211	267	52	)	)	PUNCT
gp-211	267	53	(	(	PUNCT
gp-211	267	54	5.283.670	5.283.670	X
gp-211	267	55	)	)	PUNCT
gp-211	267	56	(	(	PUNCT
gp-211	267	57	5.062.702	5.062.702	NUM
gp-211	267	58	)	)	PUNCT
gp-211	267	59	(	(	PUNCT
gp-211	267	60	+	+	NOUN
gp-211	267	61	)	)	PUNCT
gp-211	267	62	depreciation	depreciation	NOUN
gp-211	267	63	&	&	CCONJ
gp-211	267	64	armortization	armortization	NOUN
gp-211	267	65	4.558.847	4.558.847	NUM
gp-211	267	66	2.546.310	2.546.310	NUM
gp-211	267	67	5.035.746	5.035.746	NUM
gp-211	268	1	5.489.789	5.489.789	NUM
gp-211	268	2	5.989.185	5.989.185	NUM
gp-211	268	3	5.504.907	5.504.907	NUM
gp-211	268	4	ebitda	ebitda	NOUN
gp-211	268	5	24.989.727	24.989.727	NUM
gp-211	268	6	23.882.278	23.882.278	PROPN
gp-211	268	7	27.316.898	27.316.898	NOUN
gp-211	268	8	28.757.995	28.757.995	NUM
gp-211	268	9	30.288.173	30.288.173	PROPN
gp-211	268	10	28.787.689	28.787.689	NUM
gp-211	268	11	(	(	PUNCT
gp-211	268	12	-	-	PUNCT
gp-211	268	13	)	)	PUNCT
gp-211	268	14	tax	tax	NOUN
gp-211	268	15	4.078.617	4.078.617	NUM
gp-211	268	16	4.259.300	4.259.300	NUM
gp-211	269	1	4.447.987	4.447.987	NUM
gp-211	269	2	4.645.033	4.645.033	NUM
gp-211	269	3	4.850.807	4.850.807	NUM
gp-211	269	4	4.647.942	4.647.942	NUM
gp-211	269	5	(	(	PUNCT
gp-211	269	6	-	-	PUNCT
gp-211	269	7	):	):	PUNCT
gp-211	269	8	capex	capex	NOUN
gp-211	269	9	5.470.381	5.470.381	NUM
gp-211	269	10	5.756.818	5.756.818	NUM
gp-211	270	1	6.004.655	6.004.655	NUM
gp-211	270	2	6.249.226	6.249.226	NUM
gp-211	270	3	6.464.847	6.464.847	NUM
gp-211	270	4	6.239.576	6.239.576	NUM
gp-211	270	5	(	(	PUNCT
gp-211	270	6	-	-	PUNCT
gp-211	270	7	):	):	PUNCT
gp-211	270	8	change	change	NOUN
gp-211	270	9	in	in	ADP
gp-211	270	10	nwc	nwc	PROPN
gp-211	270	11	1.198.260	1.198.260	NUM
gp-211	270	12	1.184.225	1.184.225	NUM
gp-211	271	1	596.132	596.132	NUM
gp-211	271	2	1.076.616	1.076.616	NUM
gp-211	271	3	1.041.038	1.041.038	NUM
gp-211	271	4	904.595	904.595	NUM
gp-211	271	5	fcff	fcff	NOUN
gp-211	271	6	14.242.469	14.242.469	NUM
gp-211	271	7	12.681.936	12.681.936	PROPN
gp-211	271	8	16.268.124	16.268.124	PROPN
gp-211	271	9	16.787.120	16.787.120	PROPN
gp-211	272	1	17.931.481	17.931.481	NUM
gp-211	272	2	16.995.575	16.995.575	NUM
gp-211	272	3	393.291.340	393.291.340	NUM
gp-211	272	4	terminal	terminal	ADJ
gp-211	272	5	value	value	NOUN
gp-211	272	6	(	(	PUNCT
gp-211	272	7	idr	idr	PROPN
gp-211	272	8	in	in	ADP
gp-211	272	9	millions	million	NOUN
gp-211	272	10	)	)	PUNCT
gp-211	272	11	projections	projection	NOUN
gp-211	272	12	indf	indf	ADJ
gp-211	272	13	moderate	moderate	ADJ
gp-211	272	14	fy24	fy24	PROPN
gp-211	272	15	fy25	fy25	PROPN
gp-211	272	16	fy26	fy26	PROPN
gp-211	272	17	fy27	fy27	PROPN
gp-211	272	18	fy28	fy28	PROPN
gp-211	272	19	terminal	terminal	ADJ
gp-211	272	20	profit	profit	NOUN
gp-211	272	21	before	before	ADP
gp-211	272	22	tax	tax	NOUN
gp-211	272	23	16.550.186	16.550.186	NUM
gp-211	272	24	17.890.751	17.890.751	NUM
gp-211	272	25	19.339.902	19.339.902	NUM
gp-211	272	26	20.906.434	20.906.434	NUM
gp-211	272	27	22.599.855	22.599.855	NUM
gp-211	272	28	20.948.731	20.948.731	NUM
gp-211	272	29	(	(	PUNCT
gp-211	272	30	-	-	PUNCT
gp-211	272	31	)	)	PUNCT
gp-211	272	32	net	net	ADJ
gp-211	272	33	interest	interest	NOUN
gp-211	272	34	income	income	NOUN
gp-211	272	35	/	/	SYM
gp-211	272	36	expense	expense	NOUN
gp-211	272	37	(	(	PUNCT
gp-211	272	38	4.598.699	4.598.699	NUM
gp-211	272	39	)	)	PUNCT
gp-211	272	40	(	(	PUNCT
gp-211	272	41	4.971.194	4.971.194	NUM
gp-211	272	42	)	)	PUNCT
gp-211	272	43	(	(	PUNCT
gp-211	272	44	5.373.861	5.373.861	NUM
gp-211	272	45	)	)	PUNCT
gp-211	272	46	(	(	PUNCT
gp-211	272	47	5.809.143	5.809.143	NOUN
gp-211	272	48	)	)	PUNCT
gp-211	272	49	(	(	PUNCT
gp-211	272	50	6.279.684	6.279.684	X
gp-211	272	51	)	)	PUNCT
gp-211	272	52	(	(	PUNCT
gp-211	272	53	5.820.896	5.820.896	NUM
gp-211	272	54	)	)	PUNCT
gp-211	272	55	(	(	PUNCT
gp-211	272	56	+	+	NOUN
gp-211	272	57	)	)	PUNCT
gp-211	272	58	depreciation	depreciation	NOUN
gp-211	272	59	&	&	CCONJ
gp-211	272	60	armortization	armortization	NOUN
gp-211	272	61	4.558.847	4.558.847	NUM
gp-211	272	62	2.546.310	2.546.310	NUM
gp-211	272	63	5.035.746	5.035.746	NUM
gp-211	273	1	5.489.789	5.489.789	NUM
gp-211	273	2	5.989.185	5.989.185	NUM
gp-211	273	3	5.504.907	5.504.907	NUM
gp-211	273	4	ebitda	ebitda	NOUN
gp-211	273	5	25.707.733	25.707.733	NUM
gp-211	273	6	25.408.255	25.408.255	NUM
gp-211	273	7	29.749.509	29.749.509	ADJ
gp-211	273	8	32.205.367	32.205.367	NUM
gp-211	273	9	34.868.725	34.868.725	NUM
gp-211	273	10	32.274.534	32.274.534	NUM
gp-211	273	11	(	(	PUNCT
gp-211	273	12	-	-	PUNCT
gp-211	273	13	)	)	PUNCT
gp-211	273	14	tax	tax	NOUN
gp-211	274	1	4.221.953	4.221.953	NUM
gp-211	274	2	4.563.931	4.563.931	NUM
gp-211	274	3	4.933.609	4.933.609	NUM
gp-211	274	4	5.333.231	5.333.231	NUM
gp-211	274	5	5.765.223	5.765.223	NUM
gp-211	274	6	5.344.021	5.344.021	NUM
gp-211	274	7	(	(	PUNCT
gp-211	274	8	-	-	PUNCT
gp-211	274	9	):	):	PUNCT
gp-211	274	10	capex	capex	NOUN
gp-211	274	11	5.470.381	5.470.381	NUM
gp-211	274	12	5.756.818	5.756.818	NUM
gp-211	274	13	6.004.655	6.004.655	NUM
gp-211	274	14	6.249.226	6.249.226	NUM
gp-211	274	15	6.464.847	6.464.847	NUM
gp-211	274	16	6.239.576	6.239.576	NUM
gp-211	274	17	(	(	PUNCT
gp-211	274	18	-	-	PUNCT
gp-211	274	19	):	):	PUNCT
gp-211	274	20	change	change	NOUN
gp-211	274	21	in	in	ADP
gp-211	274	22	nwc	nwc	PROPN
gp-211	274	23	1.894.124	1.894.124	PROPN
gp-211	274	24	1.989.241	1.989.241	NUM
gp-211	275	1	1.451.444	1.451.444	NUM
gp-211	275	2	2.077.361	2.077.361	NUM
gp-211	275	3	2.151.522	2.151.522	NUM
gp-211	275	4	1.893.442	1.893.442	NUM
gp-211	275	5	fcff	fcff	ADJ
gp-211	275	6	14.121.275	14.121.275	NUM
gp-211	275	7	13.098.266	13.098.266	NUM
gp-211	275	8	17.359.801	17.359.801	NUM
gp-211	275	9	18.545.548	18.545.548	NUM
gp-211	275	10	20.487.133	20.487.133	NUM
gp-211	275	11	18.797.494	18.797.494	NUM
gp-211	275	12	terminal	terminal	NOUN
gp-211	275	13	value	value	NOUN
gp-211	275	14	434.989.199	434.989.199	NUM
gp-211	275	15	american	american	PROPN
gp-211	275	16	journal	journal	PROPN
gp-211	275	17	of	of	ADP
gp-211	275	18	economic	economic	ADJ
gp-211	275	19	and	and	CCONJ
gp-211	275	20	management	management	NOUN
gp-211	275	21	business	business	NOUN
gp-211	275	22	vol	vol	NOUN
gp-211	275	23	.	.	PROPN
gp-211	275	24	4	4	NUM
gp-211	275	25	no	no	NOUN
gp-211	275	26	.	.	NOUN
gp-211	275	27	5	5	NUM
gp-211	275	28	,	,	PUNCT
gp-211	275	29	may	may	AUX
gp-211	275	30	2025	2025	NUM
gp-211	275	31	466	466	NUM
gp-211	275	32	(	(	PUNCT
gp-211	275	33	idr	idr	PROPN
gp-211	275	34	in	in	ADP
gp-211	275	35	millions	million	NOUN
gp-211	275	36	)	)	PUNCT
gp-211	275	37	projections	projection	NOUN
gp-211	275	38	indf	indf	INTJ
gp-211	275	39	optimis	optimis	ADJ
gp-211	275	40	fy24	fy24	PROPN
gp-211	275	41	fy25	fy25	PROPN
gp-211	275	42	fy26	fy26	PROPN
gp-211	275	43	fy27	fy27	PROPN
gp-211	275	44	fy28	fy28	PROPN
gp-211	275	45	terminal	terminal	ADJ
gp-211	275	46	profit	profit	NOUN
gp-211	275	47	before	before	ADP
gp-211	275	48	tax	tax	NOUN
gp-211	275	49	17.112.066	17.112.066	PROPN
gp-211	275	50	19.126.156	19.126.156	PROPN
gp-211	275	51	21.377.305	21.377.305	NOUN
gp-211	275	52	23.893.413	23.893.413	NUM
gp-211	275	53	26.705.668	26.705.668	NUM
gp-211	275	54	23.992.129	23.992.129	NUM
gp-211	275	55	(	(	PUNCT
gp-211	275	56	-	-	PUNCT
gp-211	275	57	)	)	PUNCT
gp-211	275	58	net	net	ADJ
gp-211	275	59	interest	interest	NOUN
gp-211	275	60	income	income	NOUN
gp-211	275	61	/	/	SYM
gp-211	275	62	expense	expense	NOUN
gp-211	275	63	(	(	PUNCT
gp-211	275	64	4.754.825	4.754.825	NUM
gp-211	275	65	)	)	PUNCT
gp-211	275	66	(	(	PUNCT
gp-211	275	67	5.314.468	5.314.468	NUM
gp-211	275	68	)	)	PUNCT
gp-211	275	69	(	(	PUNCT
gp-211	275	70	5.939.981	5.939.981	NUM
gp-211	275	71	)	)	PUNCT
gp-211	275	72	(	(	PUNCT
gp-211	275	73	6.639.117	6.639.117	NUM
gp-211	275	74	)	)	PUNCT
gp-211	275	75	(	(	PUNCT
gp-211	275	76	7.420.541	7.420.541	NOUN
gp-211	275	77	)	)	PUNCT
gp-211	275	78	(	(	PUNCT
gp-211	275	79	6.666.547	6.666.547	X
gp-211	275	80	)	)	PUNCT
gp-211	275	81	(	(	PUNCT
gp-211	275	82	+	+	NOUN
gp-211	275	83	)	)	PUNCT
gp-211	275	84	depreciation	depreciation	NOUN
gp-211	275	85	&	&	CCONJ
gp-211	275	86	armortization	armortization	NOUN
gp-211	276	1	4.558.847	4.558.847	NUM
gp-211	277	1	2.546.310	2.546.310	NUM
gp-211	277	2	5.035.746	5.035.746	NUM
gp-211	278	1	5.489.789	5.489.789	NUM
gp-211	278	2	5.989.185	5.989.185	NUM
gp-211	278	3	5.504.907	5.504.907	NUM
gp-211	278	4	ebitda	ebitda	NOUN
gp-211	278	5	26.425.738	26.425.738	NUM
gp-211	278	6	26.986.934	26.986.934	NOUN
gp-211	278	7	32.353.032	32.353.032	NUM
gp-211	278	8	36.022.319	36.022.319	NUM
gp-211	279	1	40.115.395	40.115.395	NUM
gp-211	279	2	36.163.582	36.163.582	NUM
gp-211	279	3	(	(	PUNCT
gp-211	279	4	-	-	PUNCT
gp-211	279	5	)	)	PUNCT
gp-211	279	6	tax	tax	NOUN
gp-211	279	7	4.365.288	4.365.288	NUM
gp-211	279	8	4.879.082	4.879.082	NUM
gp-211	280	1	5.453.350	5.453.350	NUM
gp-211	280	2	6.095.210	6.095.210	NUM
gp-211	280	3	6.812.616	6.812.616	NUM
gp-211	280	4	6.120.392	6.120.392	NUM
gp-211	280	5	(	(	PUNCT
gp-211	280	6	-	-	PUNCT
gp-211	280	7	):	):	PUNCT
gp-211	280	8	capex	capex	NOUN
gp-211	280	9	5.470.381	5.470.381	NUM
gp-211	280	10	5.756.818	5.756.818	NUM
gp-211	280	11	6.004.655	6.004.655	NUM
gp-211	281	1	6.249.226	6.249.226	NUM
gp-211	281	2	6.464.847	6.464.847	NUM
gp-211	281	3	6.239.576	6.239.576	NUM
gp-211	281	4	(	(	PUNCT
gp-211	281	5	-	-	PUNCT
gp-211	281	6	):	):	PUNCT
gp-211	281	7	change	change	NOUN
gp-211	281	8	in	in	ADP
gp-211	281	9	nwc	nwc	PROPN
gp-211	281	10	2.589.988	2.589.988	NUM
gp-211	281	11	2.846.092	2.846.092	NUM
gp-211	281	12	2.420.463	2.420.463	NUM
gp-211	281	13	3.272.450	3.272.450	NUM
gp-211	281	14	3.551.787	3.551.787	NUM
gp-211	281	15	3.081.567	3.081.567	NUM
gp-211	281	16	fcff	fcff	NOUN
gp-211	282	1	14.000.081	14.000.081	NUM
gp-211	282	2	13.504.942	13.504.942	NUM
gp-211	282	3	18.474.564	18.474.564	NUM
gp-211	282	4	20.405.433	20.405.433	NUM
gp-211	282	5	23.286.145	23.286.145	PROPN
gp-211	282	6	20.722.047	20.722.047	NUM
gp-211	282	7	terminal	terminal	ADJ
gp-211	282	8	value	value	NOUN
gp-211	282	9	479.524.920	479.524.920	NUM
gp-211	283	1	the	the	DET
gp-211	283	2	value	value	NOUN
gp-211	283	3	of	of	ADP
gp-211	283	4	the	the	DET
gp-211	283	5	firm	firm	NOUN
gp-211	283	6	is	be	AUX
gp-211	283	7	derived	derive	VERB
gp-211	283	8	from	from	ADP
gp-211	283	9	the	the	DET
gp-211	283	10	present	present	ADJ
gp-211	283	11	value	value	NOUN
gp-211	283	12	(	(	PUNCT
gp-211	283	13	pv	pv	NOUN
gp-211	283	14	)	)	PUNCT
gp-211	283	15	of	of	ADP
gp-211	283	16	all	all	DET
gp-211	283	17	future	future	ADJ
gp-211	283	18	fcff	fcff	NOUN
gp-211	283	19	,	,	PUNCT
gp-211	283	20	discounted	discount	VERB
gp-211	283	21	using	use	VERB
gp-211	283	22	the	the	DET
gp-211	283	23	weighted	weighted	ADJ
gp-211	283	24	average	average	ADJ
gp-211	283	25	cost	cost	NOUN
gp-211	283	26	of	of	ADP
gp-211	283	27	capital	capital	NOUN
gp-211	283	28	(	(	PUNCT
gp-211	283	29	wacc	wacc	PROPN
gp-211	283	30	)	)	PUNCT
gp-211	283	31	.	.	PUNCT
gp-211	284	1	the	the	DET
gp-211	284	2	results	result	NOUN
gp-211	284	3	are	be	AUX
gp-211	284	4	presented	present	VERB
gp-211	284	5	in	in	ADP
gp-211	284	6	three	three	NUM
gp-211	284	7	scenarios	scenario	NOUN
gp-211	284	8	—	—	PUNCT
gp-211	284	9	pessimistic	pessimistic	ADJ
gp-211	284	10	,	,	PUNCT
gp-211	284	11	moderate	moderate	ADJ
gp-211	284	12	,	,	PUNCT
gp-211	284	13	and	and	CCONJ
gp-211	284	14	optimistic	optimistic	ADJ
gp-211	284	15	—	—	PUNCT
gp-211	284	16	to	to	PART
gp-211	284	17	provide	provide	VERB
gp-211	284	18	a	a	DET
gp-211	284	19	comprehensive	comprehensive	ADJ
gp-211	284	20	outlook	outlook	NOUN
gp-211	284	21	under	under	ADP
gp-211	284	22	varying	vary	VERB
gp-211	284	23	assumptions	assumption	NOUN
gp-211	284	24	.	.	PUNCT
gp-211	285	1	table	table	NOUN
gp-211	285	2	8	8	NUM
gp-211	285	3	valuation	valuation	NOUN
gp-211	285	4	summary	summary	NOUN
gp-211	285	5	(	(	PUNCT
gp-211	285	6	in	in	ADP
gp-211	285	7	million	million	NUM
gp-211	285	8	idr	idr	NOUN
gp-211	285	9	)	)	PUNCT
gp-211	285	10	description	description	NOUN
gp-211	285	11	icbp	icbp	PROPN
gp-211	285	12	indf	indf	PROPN
gp-211	285	13	pessimistic	pessimistic	ADJ
gp-211	285	14	moderate	moderate	ADJ
gp-211	285	15	optimistic	optimistic	ADJ
gp-211	285	16	pessimistic	pessimistic	ADJ
gp-211	285	17	moderate	moderate	ADJ
gp-211	285	18	optimistic	optimistic	ADJ
gp-211	285	19	total	total	NOUN
gp-211	285	20	pv	pv	NOUN
gp-211	285	21	fcff	fcff	NOUN
gp-211	285	22	(	(	PUNCT
gp-211	285	23	million	million	NUM
gp-211	285	24	idr	idr	PROPN
gp-211	285	25	)	)	PUNCT
gp-211	285	26	109.384.364	109.384.364	NUM
gp-211	285	27	130.181.195	130.181.195	NUM
gp-211	285	28	155.694.490	155.694.490	NUM
gp-211	285	29	176.239.517	176.239.517	NUM
gp-211	285	30	194.924.928	194.924.928	NUM
gp-211	285	31	214.882.027	214.882.027	NUM
gp-211	285	32	pv	pv	NOUN
gp-211	285	33	of	of	ADP
gp-211	285	34	terminal	terminal	ADJ
gp-211	285	35	value	value	NOUN
gp-211	285	36	(	(	PUNCT
gp-211	285	37	million	million	NUM
gp-211	285	38	idr	idr	NOUN
gp-211	285	39	)	)	PUNCT
gp-211	285	40	261.811.720	261.811.720	NUM
gp-211	285	41	311.588.982	311.588.982	NUM
gp-211	285	42	372.655.111	372.655.111	NUM
gp-211	285	43	393.291.340	393.291.340	NUM
gp-211	285	44	434.989.199	434.989.199	NUM
gp-211	285	45	479.524.920	479.524.920	NUM
gp-211	286	1	enterprise	enterprise	NOUN
gp-211	286	2	value	value	NOUN
gp-211	286	3	(	(	PUNCT
gp-211	286	4	million	million	NUM
gp-211	286	5	idr	idr	PROPN
gp-211	286	6	)	)	PUNCT
gp-211	286	7	144.440.431	144.440.431	NUM
gp-211	286	8	169.180.284	169.180.284	NUM
gp-211	286	9	199.447.713	199.447.713	NUM
gp-211	286	10	221.512.603	221.512.603	NUM
gp-211	286	11	243.065.575	243.065.575	NUM
gp-211	286	12	266.063.251	266.063.251	NUM
gp-211	287	1	liability	liability	NOUN
gp-211	287	2	(	(	PUNCT
gp-211	287	3	million	million	NUM
gp-211	287	4	idr	idr	NOUN
gp-211	287	5	)	)	PUNCT
gp-211	287	6	65.759.150	65.759.150	NOUN
gp-211	288	1	65.759.150	65.759.150	NUM
gp-211	289	1	65.759.150	65.759.150	NUM
gp-211	289	2	86.123.100	86.123.100	NUM
gp-211	289	3	86.123.100	86.123.100	PROPN
gp-211	289	4	86.123.100	86.123.100	PROPN
gp-211	289	5	equity	equity	NOUN
gp-211	289	6	value	value	NOUN
gp-211	289	7	(	(	PUNCT
gp-211	289	8	million	million	NUM
gp-211	289	9	idr	idr	NOUN
gp-211	289	10	)	)	PUNCT
gp-211	289	11	78.681.281	78.681.281	PROPN
gp-211	289	12	103.421.134	103.421.134	NUM
gp-211	289	13	133.688.563	133.688.563	NUM
gp-211	289	14	135.389.503	135.389.503	NUM
gp-211	289	15	156.942.475	156.942.475	NUM
gp-211	289	16	179.940.151	179.940.151	NUM
gp-211	289	17	outstanding	outstanding	ADJ
gp-211	289	18	shares	share	NOUN
gp-211	289	19	11.662	11.662	NUM
gp-211	289	20	11.662	11.662	NUM
gp-211	289	21	11.662	11.662	NUM
gp-211	289	22	8.780	8.780	NUM
gp-211	289	23	8.780	8.780	NUM
gp-211	289	24	8.780	8.780	NUM
gp-211	289	25	value	value	NOUN
gp-211	289	26	per	per	ADP
gp-211	289	27	shares	share	NOUN
gp-211	289	28	6.746,81	6.746,81	NUM
gp-211	289	29	8.868,22	8.868,22	NUM
gp-211	289	30	11.463,61	11.463,61	NUM
gp-211	289	31	15.420,22	15.420,22	NUM
gp-211	289	32	17.875,00	17.875,00	NUM
gp-211	289	33	20.494,32	20.494,32	PROPN
gp-211	289	34	market	market	NOUN
gp-211	289	35	value	value	NOUN
gp-211	289	36	11.375	11.375	NUM
gp-211	289	37	7.700	7.700	NUM
gp-211	289	38	adi	adi	PROPN
gp-211	289	39	aji	aji	PROPN
gp-211	289	40	kurniawan	kurniawan	PROPN
gp-211	289	41	,	,	PUNCT
gp-211	289	42	irni	irni	PROPN
gp-211	289	43	yunita	yunita	PROPN
gp-211	289	44	467	467	NUM
gp-211	289	45	based	base	VERB
gp-211	289	46	on	on	ADP
gp-211	289	47	the	the	DET
gp-211	289	48	fcff	fcff	PROPN
gp-211	289	49	approach	approach	NOUN
gp-211	289	50	,	,	PUNCT
gp-211	289	51	the	the	DET
gp-211	289	52	intrinsic	intrinsic	ADJ
gp-211	289	53	value	value	NOUN
gp-211	289	54	of	of	ADP
gp-211	289	55	icbp	icbp	PROPN
gp-211	289	56	shares	share	NOUN
gp-211	289	57	in	in	ADP
gp-211	289	58	the	the	DET
gp-211	289	59	optimistic	optimistic	ADJ
gp-211	289	60	scenario	scenario	NOUN
gp-211	289	61	is	be	AUX
gp-211	289	62	idr	idr	PROPN
gp-211	289	63	11,237.63	11,237.63	PROPN
gp-211	289	64	,	,	PUNCT
gp-211	289	65	which	which	PRON
gp-211	289	66	is	be	AUX
gp-211	289	67	slightly	slightly	ADV
gp-211	289	68	below	below	ADP
gp-211	289	69	the	the	DET
gp-211	289	70	market	market	NOUN
gp-211	289	71	price	price	NOUN
gp-211	289	72	of	of	ADP
gp-211	289	73	idr	idr	PROPN
gp-211	289	74	11,375	11,375	NUM
gp-211	289	75	.	.	PUNCT
gp-211	290	1	in	in	ADP
gp-211	290	2	moderate	moderate	ADJ
gp-211	290	3	and	and	CCONJ
gp-211	290	4	pessimistic	pessimistic	ADJ
gp-211	290	5	scenarios	scenario	NOUN
gp-211	290	6	,	,	PUNCT
gp-211	290	7	the	the	DET
gp-211	290	8	intrinsic	intrinsic	ADJ
gp-211	290	9	value	value	NOUN
gp-211	290	10	falls	fall	VERB
gp-211	290	11	below	below	ADP
gp-211	290	12	the	the	DET
gp-211	290	13	market	market	NOUN
gp-211	290	14	price	price	NOUN
gp-211	290	15	,	,	PUNCT
gp-211	290	16	indicating	indicate	VERB
gp-211	290	17	that	that	SCONJ
gp-211	290	18	the	the	DET
gp-211	290	19	stock	stock	NOUN
gp-211	290	20	is	be	AUX
gp-211	290	21	near	near	ADP
gp-211	290	22	its	its	PRON
gp-211	290	23	fair	fair	ADJ
gp-211	290	24	value	value	NOUN
gp-211	290	25	,	,	PUNCT
gp-211	290	26	especially	especially	ADV
gp-211	290	27	under	under	ADP
gp-211	290	28	optimistic	optimistic	ADJ
gp-211	290	29	assumptions	assumption	NOUN
gp-211	290	30	.	.	PUNCT
gp-211	291	1	in	in	ADP
gp-211	291	2	contrast	contrast	NOUN
gp-211	291	3	,	,	PUNCT
gp-211	291	4	indf	indf	PROPN
gp-211	291	5	’s	’s	PART
gp-211	291	6	stock	stock	NOUN
gp-211	291	7	appears	appear	VERB
gp-211	291	8	undervalued	undervalue	VERB
gp-211	291	9	in	in	ADP
gp-211	291	10	all	all	DET
gp-211	291	11	scenarios	scenario	NOUN
gp-211	291	12	.	.	PUNCT
gp-211	292	1	its	its	PRON
gp-211	292	2	intrinsic	intrinsic	ADJ
gp-211	292	3	value	value	NOUN
gp-211	292	4	ranges	range	VERB
gp-211	292	5	from	from	ADP
gp-211	292	6	idr	idr	PROPN
gp-211	292	7	6,396.24	6,396.24	NUM
gp-211	292	8	to	to	PART
gp-211	292	9	idr	idr	VERB
gp-211	292	10	12,612.74	12,612.74	NUM
gp-211	292	11	,	,	PUNCT
gp-211	292	12	consistently	consistently	ADV
gp-211	292	13	exceeding	exceed	VERB
gp-211	292	14	its	its	PRON
gp-211	292	15	market	market	NOUN
gp-211	292	16	price	price	NOUN
gp-211	292	17	of	of	ADP
gp-211	292	18	idr	idr	PROPN
gp-211	292	19	7,700	7,700	NUM
gp-211	292	20	.	.	PUNCT
gp-211	293	1	this	this	PRON
gp-211	293	2	suggests	suggest	VERB
gp-211	293	3	potential	potential	ADJ
gp-211	293	4	for	for	ADP
gp-211	293	5	price	price	NOUN
gp-211	293	6	appreciation	appreciation	NOUN
gp-211	293	7	if	if	SCONJ
gp-211	293	8	the	the	DET
gp-211	293	9	market	market	NOUN
gp-211	293	10	adjusts	adjust	VERB
gp-211	293	11	to	to	PART
gp-211	293	12	reflect	reflect	VERB
gp-211	293	13	the	the	DET
gp-211	293	14	company	company	NOUN
gp-211	293	15	’s	’s	PART
gp-211	293	16	fundamentals	fundamental	NOUN
gp-211	293	17	.	.	PUNCT
gp-211	294	1	under	under	ADP
gp-211	294	2	the	the	DET
gp-211	294	3	optimistic	optimistic	ADJ
gp-211	294	4	scenario	scenario	NOUN
gp-211	294	5	,	,	PUNCT
gp-211	294	6	icbp	icbp	PROPN
gp-211	294	7	’s	’s	PART
gp-211	294	8	enterprise	enterprise	NOUN
gp-211	294	9	value	value	NOUN
gp-211	294	10	reaches	reaches	AUX
gp-211	294	11	idr	idr	PROPN
gp-211	294	12	196.81	196.81	NUM
gp-211	294	13	trillion	trillion	NUM
gp-211	294	14	,	,	PUNCT
gp-211	294	15	while	while	SCONJ
gp-211	294	16	indf	indf	PROPN
gp-211	294	17	’s	’s	PART
gp-211	294	18	is	be	AUX
gp-211	294	19	idr	idr	PROPN
gp-211	294	20	222.14	222.14	NUM
gp-211	294	21	trillion	trillion	NUM
gp-211	294	22	.	.	PUNCT
gp-211	295	1	after	after	ADP
gp-211	295	2	deducting	deduct	VERB
gp-211	295	3	liabilities	liability	NOUN
gp-211	295	4	,	,	PUNCT
gp-211	295	5	the	the	DET
gp-211	295	6	resulting	result	VERB
gp-211	295	7	equity	equity	NOUN
gp-211	295	8	values	value	NOUN
gp-211	295	9	are	be	AUX
gp-211	295	10	idr	idr	VERB
gp-211	295	11	131.05	131.05	NUM
gp-211	295	12	trillion	trillion	NUM
gp-211	295	13	for	for	ADP
gp-211	295	14	icbp	icbp	PRON
gp-211	295	15	and	and	CCONJ
gp-211	295	16	idr	idr	VERB
gp-211	295	17	110.74	110.74	NUM
gp-211	295	18	trillion	trillion	NUM
gp-211	295	19	for	for	ADP
gp-211	295	20	indf	indf	NOUN
gp-211	295	21	.	.	PUNCT
gp-211	296	1	these	these	DET
gp-211	296	2	findings	finding	NOUN
gp-211	296	3	suggest	suggest	VERB
gp-211	296	4	that	that	SCONJ
gp-211	296	5	indf	indf	PROPN
gp-211	296	6	’s	’s	PART
gp-211	296	7	stock	stock	NOUN
gp-211	296	8	has	have	VERB
gp-211	296	9	room	room	NOUN
gp-211	296	10	for	for	ADP
gp-211	296	11	future	future	ADJ
gp-211	296	12	price	price	NOUN
gp-211	296	13	growth	growth	NOUN
gp-211	296	14	,	,	PUNCT
gp-211	296	15	whereas	whereas	SCONJ
gp-211	296	16	icbp	icbp	PROPN
gp-211	296	17	stock	stock	NOUN
gp-211	296	18	is	be	AUX
gp-211	296	19	already	already	ADV
gp-211	296	20	trading	trade	VERB
gp-211	296	21	near	near	ADP
gp-211	296	22	its	its	PRON
gp-211	296	23	intrinsic	intrinsic	ADJ
gp-211	296	24	value	value	NOUN
gp-211	296	25	.	.	PUNCT
gp-211	297	1	discussion	discussion	NOUN
gp-211	297	2	this	this	DET
gp-211	297	3	study	study	NOUN
gp-211	297	4	is	be	AUX
gp-211	297	5	closely	closely	ADV
gp-211	297	6	related	relate	VERB
gp-211	297	7	to	to	ADP
gp-211	297	8	several	several	ADJ
gp-211	297	9	previous	previous	ADJ
gp-211	297	10	studies	study	NOUN
gp-211	297	11	that	that	PRON
gp-211	297	12	implemented	implement	VERB
gp-211	297	13	stock	stock	NOUN
gp-211	297	14	valuation	valuation	NOUN
gp-211	297	15	approaches	approach	NOUN
gp-211	297	16	based	base	VERB
gp-211	297	17	on	on	ADP
gp-211	297	18	free	free	ADJ
gp-211	297	19	cash	cash	NOUN
gp-211	297	20	flow	flow	NOUN
gp-211	297	21	to	to	AUX
gp-211	297	22	firm	firm	VERB
gp-211	297	23	(	(	PUNCT
gp-211	297	24	fcff	fcff	ADJ
gp-211	297	25	)	)	PUNCT
gp-211	297	26	and	and	CCONJ
gp-211	297	27	relative	relative	ADJ
gp-211	297	28	valuation	valuation	NOUN
gp-211	297	29	.	.	PUNCT
gp-211	298	1	most	most	ADJ
gp-211	298	2	of	of	ADP
gp-211	298	3	the	the	DET
gp-211	298	4	prior	prior	ADJ
gp-211	298	5	research	research	NOUN
gp-211	298	6	focused	focus	VERB
gp-211	298	7	on	on	ADP
gp-211	298	8	specific	specific	ADJ
gp-211	298	9	sectors	sector	NOUN
gp-211	298	10	such	such	ADJ
gp-211	298	11	as	as	ADP
gp-211	298	12	banking	banking	NOUN
gp-211	298	13	,	,	PUNCT
gp-211	298	14	construction	construction	NOUN
gp-211	298	15	,	,	PUNCT
gp-211	298	16	mining	mining	NOUN
gp-211	298	17	,	,	PUNCT
gp-211	298	18	real	real	ADJ
gp-211	298	19	estate	estate	NOUN
gp-211	298	20	,	,	PUNCT
gp-211	298	21	food	food	NOUN
gp-211	298	22	and	and	CCONJ
gp-211	298	23	beverage	beverage	NOUN
gp-211	298	24	,	,	PUNCT
gp-211	298	25	as	as	ADV
gp-211	298	26	well	well	ADV
gp-211	298	27	as	as	ADP
gp-211	298	28	energy	energy	NOUN
gp-211	298	29	and	and	CCONJ
gp-211	298	30	oil	oil	NOUN
gp-211	298	31	&	&	CCONJ
gp-211	298	32	gas	gas	NOUN
gp-211	298	33	.	.	PUNCT
gp-211	299	1	these	these	DET
gp-211	299	2	sectoral	sectoral	ADJ
gp-211	299	3	focuses	focus	NOUN
gp-211	299	4	reflect	reflect	VERB
gp-211	299	5	efforts	effort	NOUN
gp-211	299	6	to	to	PART
gp-211	299	7	identify	identify	VERB
gp-211	299	8	unique	unique	ADJ
gp-211	299	9	valuation	valuation	NOUN
gp-211	299	10	characteristics	characteristic	NOUN
gp-211	299	11	within	within	ADP
gp-211	299	12	each	each	DET
gp-211	299	13	industry	industry	NOUN
gp-211	299	14	.	.	PUNCT
gp-211	300	1	for	for	ADP
gp-211	300	2	instance	instance	NOUN
gp-211	300	3	,	,	PUNCT
gp-211	300	4	fitriani	fitriani	ADJ
gp-211	300	5	and	and	CCONJ
gp-211	300	6	rikumahu	rikumahu	NOUN
gp-211	300	7	(	(	PUNCT
gp-211	300	8	2019	2019	NUM
gp-211	300	9	)	)	PUNCT
gp-211	300	10	and	and	CCONJ
gp-211	300	11	hendrawan	hendrawan	PROPN
gp-211	300	12	et	et	PROPN
gp-211	300	13	al	al	PROPN
gp-211	300	14	.	.	PROPN
gp-211	301	1	(	(	PUNCT
gp-211	301	2	2020	2020	NUM
gp-211	301	3	)	)	PUNCT
gp-211	301	4	demonstrated	demonstrate	VERB
gp-211	301	5	that	that	SCONJ
gp-211	301	6	the	the	DET
gp-211	301	7	fcff	fcff	ADJ
gp-211	301	8	approach	approach	NOUN
gp-211	301	9	is	be	AUX
gp-211	301	10	capable	capable	ADJ
gp-211	301	11	of	of	ADP
gp-211	301	12	revealing	reveal	VERB
gp-211	301	13	intrinsic	intrinsic	ADJ
gp-211	301	14	stock	stock	NOUN
gp-211	301	15	values	value	NOUN
gp-211	301	16	that	that	PRON
gp-211	301	17	are	be	AUX
gp-211	301	18	either	either	ADV
gp-211	301	19	undervalued	undervalue	VERB
gp-211	301	20	or	or	CCONJ
gp-211	301	21	overvalued	overvalue	VERB
gp-211	301	22	in	in	ADP
gp-211	301	23	the	the	DET
gp-211	301	24	cement	cement	NOUN
gp-211	301	25	sector	sector	NOUN
gp-211	301	26	,	,	PUNCT
gp-211	301	27	taking	take	VERB
gp-211	301	28	into	into	ADP
gp-211	301	29	account	account	NOUN
gp-211	301	30	various	various	ADJ
gp-211	301	31	economic	economic	ADJ
gp-211	301	32	scenarios	scenario	NOUN
gp-211	301	33	.	.	PUNCT
gp-211	302	1	these	these	DET
gp-211	302	2	findings	finding	NOUN
gp-211	302	3	suggest	suggest	VERB
gp-211	302	4	that	that	SCONJ
gp-211	302	5	the	the	DET
gp-211	302	6	fcff	fcff	ADJ
gp-211	302	7	method	method	NOUN
gp-211	302	8	has	have	VERB
gp-211	302	9	analytical	analytical	ADJ
gp-211	302	10	flexibility	flexibility	NOUN
gp-211	302	11	to	to	PART
gp-211	302	12	capture	capture	VERB
gp-211	302	13	industry	industry	NOUN
gp-211	302	14	dynamics	dynamic	NOUN
gp-211	302	15	and	and	CCONJ
gp-211	302	16	is	be	AUX
gp-211	302	17	responsive	responsive	ADJ
gp-211	302	18	to	to	ADP
gp-211	302	19	macroeconomic	macroeconomic	ADJ
gp-211	302	20	fluctuations	fluctuation	NOUN
gp-211	302	21	,	,	PUNCT
gp-211	302	22	including	include	VERB
gp-211	302	23	those	those	PRON
gp-211	302	24	triggered	trigger	VERB
gp-211	302	25	by	by	ADP
gp-211	302	26	global	global	ADJ
gp-211	302	27	crises	crisis	NOUN
gp-211	302	28	such	such	ADJ
gp-211	302	29	as	as	ADP
gp-211	302	30	the	the	DET
gp-211	302	31	covid-19	covid-19	PROPN
gp-211	302	32	pandemic	pandemic	NOUN
gp-211	302	33	.	.	PUNCT
gp-211	303	1	furthermore	furthermore	ADV
gp-211	303	2	,	,	PUNCT
gp-211	303	3	studies	study	NOUN
gp-211	303	4	by	by	ADP
gp-211	303	5	cahyono	cahyono	NOUN
gp-211	303	6	and	and	CCONJ
gp-211	303	7	hendrawan	hendrawan	PROPN
gp-211	303	8	(	(	PUNCT
gp-211	303	9	2020	2020	NUM
gp-211	303	10	)	)	PUNCT
gp-211	303	11	,	,	PUNCT
gp-211	303	12	as	as	ADV
gp-211	303	13	well	well	ADV
gp-211	303	14	as	as	ADP
gp-211	303	15	fibrianto	fibrianto	PROPN
gp-211	303	16	and	and	CCONJ
gp-211	303	17	hendrawan	hendrawan	PROPN
gp-211	303	18	(	(	PUNCT
gp-211	303	19	2020	2020	NUM
gp-211	303	20	)	)	PUNCT
gp-211	303	21	,	,	PUNCT
gp-211	303	22	in	in	ADP
gp-211	303	23	the	the	DET
gp-211	303	24	mining	mining	NOUN
gp-211	303	25	and	and	CCONJ
gp-211	303	26	energy	energy	NOUN
gp-211	303	27	sectors	sector	NOUN
gp-211	303	28	strengthen	strengthen	VERB
gp-211	303	29	the	the	DET
gp-211	303	30	premise	premise	NOUN
gp-211	303	31	that	that	SCONJ
gp-211	303	32	the	the	DET
gp-211	303	33	fcff	fcff	ADJ
gp-211	303	34	method	method	NOUN
gp-211	303	35	often	often	ADV
gp-211	303	36	produces	produce	VERB
gp-211	303	37	valuation	valuation	NOUN
gp-211	303	38	estimates	estimate	NOUN
gp-211	303	39	that	that	PRON
gp-211	303	40	differ	differ	VERB
gp-211	303	41	from	from	ADP
gp-211	303	42	market	market	NOUN
gp-211	303	43	ratio	ratio	NOUN
gp-211	303	44	approaches	approach	NOUN
gp-211	303	45	such	such	ADJ
gp-211	303	46	as	as	ADP
gp-211	303	47	price	price	NOUN
gp-211	303	48	to	to	ADP
gp-211	303	49	earnings	earning	NOUN
gp-211	303	50	ratio	ratio	NOUN
gp-211	303	51	(	(	PUNCT
gp-211	303	52	per	per	ADP
gp-211	303	53	)	)	PUNCT
gp-211	303	54	and	and	CCONJ
gp-211	303	55	price	price	NOUN
gp-211	303	56	to	to	ADP
gp-211	303	57	book	book	NOUN
gp-211	303	58	value	value	NOUN
gp-211	303	59	(	(	PUNCT
gp-211	303	60	pbv	pbv	ADJ
gp-211	303	61	)	)	PUNCT
gp-211	303	62	.	.	PUNCT
gp-211	304	1	this	this	DET
gp-211	304	2	discrepancy	discrepancy	NOUN
gp-211	304	3	highlights	highlight	VERB
gp-211	304	4	that	that	SCONJ
gp-211	304	5	the	the	DET
gp-211	304	6	two	two	NUM
gp-211	304	7	methods	method	NOUN
gp-211	304	8	can	can	AUX
gp-211	304	9	be	be	AUX
gp-211	304	10	complementary	complementary	ADJ
gp-211	304	11	in	in	ADP
gp-211	304	12	constructing	construct	VERB
gp-211	304	13	a	a	DET
gp-211	304	14	more	more	ADV
gp-211	304	15	holistic	holistic	ADJ
gp-211	304	16	view	view	NOUN
gp-211	304	17	of	of	ADP
gp-211	304	18	a	a	DET
gp-211	304	19	stock	stock	NOUN
gp-211	304	20	’s	’s	PART
gp-211	304	21	fair	fair	ADJ
gp-211	304	22	value	value	NOUN
gp-211	304	23	.	.	PUNCT
gp-211	305	1	in	in	ADP
gp-211	305	2	addition	addition	NOUN
gp-211	305	3	,	,	PUNCT
gp-211	305	4	research	research	NOUN
gp-211	305	5	by	by	ADP
gp-211	305	6	hendrawan	hendrawan	PROPN
gp-211	305	7	and	and	CCONJ
gp-211	305	8	permadi	permadi	NOUN
gp-211	305	9	(	(	PUNCT
gp-211	305	10	2020	2020	NUM
gp-211	305	11	)	)	PUNCT
gp-211	305	12	and	and	CCONJ
gp-211	305	13	hidayat	hidayat	PROPN
gp-211	305	14	and	and	CCONJ
gp-211	305	15	hendrawan	hendrawan	PROPN
gp-211	305	16	(	(	PUNCT
gp-211	305	17	2020	2020	NUM
gp-211	305	18	)	)	PUNCT
gp-211	305	19	emphasizes	emphasize	VERB
gp-211	305	20	the	the	DET
gp-211	305	21	importance	importance	NOUN
gp-211	305	22	of	of	ADP
gp-211	305	23	triangulating	triangulate	VERB
gp-211	305	24	valuation	valuation	NOUN
gp-211	305	25	methods	method	NOUN
gp-211	305	26	to	to	PART
gp-211	305	27	improve	improve	VERB
gp-211	305	28	the	the	DET
gp-211	305	29	accuracy	accuracy	NOUN
gp-211	305	30	and	and	CCONJ
gp-211	305	31	credibility	credibility	NOUN
gp-211	305	32	of	of	ADP
gp-211	305	33	intrinsic	intrinsic	ADJ
gp-211	305	34	value	value	NOUN
gp-211	305	35	estimations	estimation	NOUN
gp-211	305	36	.	.	PUNCT
gp-211	306	1	this	this	DET
gp-211	306	2	study	study	NOUN
gp-211	306	3	seeks	seek	VERB
gp-211	306	4	to	to	PART
gp-211	306	5	expand	expand	VERB
gp-211	306	6	the	the	DET
gp-211	306	7	horizon	horizon	NOUN
gp-211	306	8	of	of	ADP
gp-211	306	9	previous	previous	ADJ
gp-211	306	10	research	research	NOUN
gp-211	306	11	by	by	ADP
gp-211	306	12	specifically	specifically	ADV
gp-211	306	13	focusing	focus	VERB
gp-211	306	14	on	on	ADP
gp-211	306	15	high	high	ADJ
gp-211	306	16	-	-	PUNCT
gp-211	306	17	dividend	dividend	NOUN
gp-211	306	18	sharia	sharia	PROPN
gp-211	306	19	stocks	stock	NOUN
gp-211	306	20	,	,	PUNCT
gp-211	306	21	as	as	SCONJ
gp-211	306	22	reflected	reflect	VERB
gp-211	306	23	in	in	ADP
gp-211	306	24	the	the	DET
gp-211	306	25	idxhidiv20	idxhidiv20	ADJ
gp-211	306	26	index	index	NOUN
gp-211	306	27	.	.	PUNCT
gp-211	307	1	this	this	DET
gp-211	307	2	focus	focus	NOUN
gp-211	307	3	sets	set	VERB
gp-211	307	4	this	this	DET
gp-211	307	5	study	study	NOUN
gp-211	307	6	apart	apart	ADV
gp-211	307	7	,	,	PUNCT
gp-211	307	8	considering	consider	VERB
gp-211	307	9	the	the	DET
gp-211	307	10	limited	limited	ADJ
gp-211	307	11	number	number	NOUN
gp-211	307	12	of	of	ADP
gp-211	307	13	studies	study	NOUN
gp-211	307	14	explicitly	explicitly	ADV
gp-211	307	15	analyzing	analyze	VERB
gp-211	307	16	sharia	sharia	PROPN
gp-211	307	17	stocks	stock	NOUN
gp-211	307	18	within	within	ADP
gp-211	307	19	a	a	DET
gp-211	307	20	curated	curate	VERB
gp-211	307	21	index	index	NOUN
gp-211	307	22	that	that	PRON
gp-211	307	23	considers	consider	VERB
gp-211	307	24	consistent	consistent	ADJ
gp-211	307	25	dividend	dividend	NOUN
gp-211	307	26	distribution	distribution	NOUN
gp-211	307	27	and	and	CCONJ
gp-211	307	28	compliance	compliance	NOUN
gp-211	307	29	with	with	ADP
gp-211	307	30	sharia	sharia	PROPN
gp-211	307	31	principles	principle	NOUN
gp-211	307	32	.	.	PUNCT
gp-211	308	1	the	the	DET
gp-211	308	2	characteristics	characteristic	NOUN
gp-211	308	3	of	of	ADP
gp-211	308	4	stocks	stock	NOUN
gp-211	308	5	in	in	ADP
gp-211	308	6	idxhidiv20	idxhidiv20	NOUN
gp-211	308	7	,	,	PUNCT
gp-211	308	8	which	which	PRON
gp-211	308	9	reflect	reflect	VERB
gp-211	308	10	dividend	dividend	NOUN
gp-211	308	11	stability	stability	NOUN
gp-211	308	12	and	and	CCONJ
gp-211	308	13	adherence	adherence	NOUN
gp-211	308	14	to	to	ADP
gp-211	308	15	islamic	islamic	ADJ
gp-211	308	16	investment	investment	NOUN
gp-211	308	17	principles	principle	NOUN
gp-211	308	18	,	,	PUNCT
gp-211	308	19	make	make	VERB
gp-211	308	20	them	they	PRON
gp-211	308	21	a	a	DET
gp-211	308	22	relevant	relevant	ADJ
gp-211	308	23	subject	subject	NOUN
gp-211	308	24	for	for	ADP
gp-211	308	25	further	further	ADJ
gp-211	308	26	valuation	valuation	NOUN
gp-211	308	27	analysis	analysis	NOUN
gp-211	308	28	.	.	PUNCT
gp-211	309	1	the	the	DET
gp-211	309	2	substantive	substantive	ADJ
gp-211	309	3	contribution	contribution	NOUN
gp-211	309	4	of	of	ADP
gp-211	309	5	this	this	DET
gp-211	309	6	study	study	NOUN
gp-211	309	7	lies	lie	VERB
gp-211	309	8	in	in	ADP
gp-211	309	9	the	the	DET
gp-211	309	10	simultaneous	simultaneous	ADJ
gp-211	309	11	use	use	NOUN
gp-211	309	12	of	of	ADP
gp-211	309	13	two	two	NUM
gp-211	309	14	valuation	valuation	NOUN
gp-211	309	15	approaches	approach	NOUN
gp-211	309	16	—	—	PUNCT
gp-211	309	17	fcff	fcff	ADJ
gp-211	309	18	and	and	CCONJ
gp-211	309	19	relative	relative	ADJ
gp-211	309	20	valuation	valuation	NOUN
gp-211	309	21	—	—	PUNCT
gp-211	309	22	executed	execute	VERB
gp-211	309	23	in	in	ADP
gp-211	309	24	parallel	parallel	NOUN
gp-211	309	25	and	and	CCONJ
gp-211	309	26	compared	compare	VERB
gp-211	309	27	to	to	PART
gp-211	309	28	assess	assess	VERB
gp-211	309	29	the	the	DET
gp-211	309	30	consistency	consistency	NOUN
gp-211	309	31	of	of	ADP
gp-211	309	32	intrinsic	intrinsic	ADJ
gp-211	309	33	value	value	NOUN
gp-211	309	34	estimation	estimation	NOUN
gp-211	309	35	results	result	NOUN
gp-211	309	36	.	.	PUNCT
gp-211	310	1	this	this	DET
gp-211	310	2	approach	approach	NOUN
gp-211	310	3	aligns	align	VERB
gp-211	310	4	with	with	ADP
gp-211	310	5	arguments	argument	NOUN
gp-211	310	6	presented	present	VERB
gp-211	310	7	in	in	ADP
gp-211	310	8	studies	study	NOUN
gp-211	310	9	by	by	ADP
gp-211	310	10	nurwinda	nurwinda	ADV
gp-211	310	11	and	and	CCONJ
gp-211	310	12	hendrawan	hendrawan	PROPN
gp-211	310	13	(	(	PUNCT
gp-211	310	14	2020	2020	NUM
gp-211	310	15	)	)	PUNCT
gp-211	310	16	,	,	PUNCT
gp-211	310	17	as	as	ADV
gp-211	310	18	well	well	ADV
gp-211	310	19	as	as	ADP
gp-211	310	20	hendrawan	hendrawan	PROPN
gp-211	310	21	and	and	CCONJ
gp-211	310	22	himawan	himawan	PROPN
gp-211	310	23	(	(	PUNCT
gp-211	310	24	2020	2020	NUM
gp-211	310	25	)	)	PUNCT
gp-211	310	26	,	,	PUNCT
gp-211	310	27	who	who	PRON
gp-211	310	28	emphasize	emphasize	VERB
gp-211	310	29	the	the	DET
gp-211	310	30	urgency	urgency	NOUN
gp-211	310	31	of	of	ADP
gp-211	310	32	integrating	integrate	VERB
gp-211	310	33	cash	cash	NOUN
gp-211	310	34	flow	flow	NOUN
gp-211	310	35	-	-	PUNCT
gp-211	310	36	based	base	VERB
gp-211	310	37	and	and	CCONJ
gp-211	310	38	market	market	NOUN
gp-211	310	39	ratio	ratio	NOUN
gp-211	310	40	-	-	PUNCT
gp-211	310	41	based	base	VERB
gp-211	310	42	methods	method	NOUN
gp-211	310	43	to	to	PART
gp-211	310	44	obtain	obtain	VERB
gp-211	310	45	more	more	ADV
gp-211	310	46	objective	objective	ADJ
gp-211	310	47	and	and	CCONJ
gp-211	310	48	reliable	reliable	ADJ
gp-211	310	49	stock	stock	NOUN
gp-211	310	50	valuation	valuation	NOUN
gp-211	310	51	estimates	estimate	NOUN
gp-211	310	52	.	.	PUNCT
gp-211	311	1	thus	thus	ADV
gp-211	311	2	,	,	PUNCT
gp-211	311	3	this	this	DET
gp-211	311	4	study	study	NOUN
gp-211	311	5	not	not	PART
gp-211	311	6	only	only	ADV
gp-211	311	7	reinforces	reinforce	VERB
gp-211	311	8	previous	previous	ADJ
gp-211	311	9	findings	finding	NOUN
gp-211	311	10	regarding	regard	VERB
gp-211	311	11	the	the	DET
gp-211	311	12	effectiveness	effectiveness	NOUN
gp-211	311	13	of	of	ADP
gp-211	311	14	the	the	DET
gp-211	311	15	fcff	fcff	ADJ
gp-211	311	16	and	and	CCONJ
gp-211	311	17	relative	relative	ADJ
gp-211	311	18	valuation	valuation	NOUN
gp-211	311	19	approaches	approach	NOUN
gp-211	311	20	but	but	CCONJ
gp-211	311	21	also	also	ADV
gp-211	311	22	expands	expand	VERB
gp-211	311	23	their	their	PRON
gp-211	311	24	application	application	NOUN
gp-211	311	25	scope	scope	NOUN
gp-211	311	26	in	in	ADP
gp-211	311	27	the	the	DET
gp-211	311	28	context	context	NOUN
gp-211	311	29	of	of	ADP
gp-211	311	30	high	high	ADJ
gp-211	311	31	-	-	PUNCT
gp-211	311	32	dividend	dividend	NOUN
gp-211	311	33	sharia	sharia	PROPN
gp-211	311	34	stocks	stock	NOUN
gp-211	311	35	.	.	PUNCT
gp-211	312	1	the	the	DET
gp-211	312	2	study	study	NOUN
gp-211	312	3	is	be	AUX
gp-211	312	4	expected	expect	VERB
gp-211	312	5	to	to	PART
gp-211	312	6	fill	fill	VERB
gp-211	312	7	a	a	DET
gp-211	312	8	gap	gap	NOUN
gp-211	312	9	in	in	ADP
gp-211	312	10	the	the	DET
gp-211	312	11	academic	academic	ADJ
gp-211	312	12	literature	literature	NOUN
gp-211	312	13	,	,	PUNCT
gp-211	312	14	which	which	PRON
gp-211	312	15	remains	remain	VERB
gp-211	312	16	limited	limited	ADJ
gp-211	312	17	in	in	ADP
gp-211	312	18	the	the	DET
gp-211	312	19	area	area	NOUN
gp-211	312	20	of	of	ADP
gp-211	312	21	valuing	value	VERB
gp-211	312	22	sharia	sharia	PROPN
gp-211	312	23	stocks	stock	NOUN
gp-211	312	24	listed	list	VERB
gp-211	312	25	in	in	ADP
gp-211	312	26	the	the	DET
gp-211	312	27	idxhidiv20	idxhidiv20	ADJ
gp-211	312	28	index	index	NOUN
gp-211	312	29	,	,	PUNCT
gp-211	312	30	while	while	SCONJ
gp-211	312	31	also	also	ADV
gp-211	312	32	providing	provide	VERB
gp-211	312	33	conceptual	conceptual	ADJ
gp-211	312	34	and	and	CCONJ
gp-211	312	35	practical	practical	ADJ
gp-211	312	36	contributions	contribution	NOUN
gp-211	312	37	to	to	ADP
gp-211	312	38	the	the	DET
gp-211	312	39	development	development	NOUN
gp-211	312	40	of	of	ADP
gp-211	312	41	valuation	valuation	NOUN
gp-211	312	42	methodologies	methodology	NOUN
gp-211	312	43	relevant	relevant	ADJ
gp-211	312	44	to	to	ADP
gp-211	312	45	the	the	DET
gp-211	312	46	characteristics	characteristic	NOUN
gp-211	312	47	of	of	ADP
gp-211	312	48	sharia	sharia	PROPN
gp-211	312	49	-	-	PUNCT
gp-211	312	50	based	base	VERB
gp-211	312	51	investment	investment	NOUN
gp-211	312	52	instruments	instrument	NOUN
gp-211	312	53	.	.	PUNCT
gp-211	313	1	valuation	valuation	NOUN
gp-211	313	2	analysis	analysis	NOUN
gp-211	313	3	of	of	ADP
gp-211	313	4	indf	indf	ADJ
gp-211	313	5	stock	stock	NOUN
gp-211	313	6	in	in	ADP
gp-211	313	7	2024	2024	NUM
gp-211	313	8	american	american	ADJ
gp-211	313	9	journal	journal	PROPN
gp-211	313	10	of	of	ADP
gp-211	313	11	economic	economic	ADJ
gp-211	313	12	and	and	CCONJ
gp-211	313	13	management	management	NOUN
gp-211	313	14	business	business	NOUN
gp-211	313	15	vol	vol	NOUN
gp-211	313	16	.	.	PROPN
gp-211	314	1	4	4	NUM
gp-211	314	2	no	no	NOUN
gp-211	314	3	.	.	NOUN
gp-211	314	4	5	5	NUM
gp-211	314	5	,	,	PUNCT
gp-211	314	6	may	may	AUX
gp-211	314	7	2025	2025	NUM
gp-211	314	8	468	468	NUM
gp-211	315	1	the	the	DET
gp-211	315	2	valuation	valuation	NOUN
gp-211	315	3	of	of	ADP
gp-211	315	4	pt	pt	PROPN
gp-211	315	5	indofood	indofood	NOUN
gp-211	315	6	sukses	sukse	VERB
gp-211	315	7	makmur	makmur	ADJ
gp-211	315	8	tbk	tbk	PROPN
gp-211	315	9	(	(	PUNCT
gp-211	315	10	indf	indf	ADJ
gp-211	315	11	)	)	PUNCT
gp-211	315	12	stock	stock	NOUN
gp-211	315	13	in	in	ADP
gp-211	315	14	2024	2024	NUM
gp-211	315	15	yielded	yield	VERB
gp-211	315	16	varying	vary	VERB
gp-211	315	17	equity	equity	NOUN
gp-211	315	18	value	value	NOUN
gp-211	315	19	estimates	estimate	NOUN
gp-211	315	20	based	base	VERB
gp-211	315	21	on	on	ADP
gp-211	315	22	three	three	NUM
gp-211	315	23	assumption	assumption	NOUN
gp-211	315	24	scenarios	scenario	NOUN
gp-211	315	25	.	.	PUNCT
gp-211	316	1	under	under	ADP
gp-211	316	2	the	the	DET
gp-211	316	3	pessimistic	pessimistic	ADJ
gp-211	316	4	scenario	scenario	NOUN
gp-211	316	5	,	,	PUNCT
gp-211	316	6	equity	equity	NOUN
gp-211	316	7	value	value	NOUN
gp-211	316	8	was	be	AUX
gp-211	316	9	estimated	estimate	VERB
gp-211	316	10	at	at	ADP
gp-211	316	11	idr	idr	PROPN
gp-211	316	12	56.15	56.15	NUM
gp-211	316	13	trillion	trillion	NUM
gp-211	316	14	,	,	PUNCT
gp-211	316	15	increasing	increase	VERB
gp-211	316	16	to	to	PART
gp-211	316	17	idr	idr	VERB
gp-211	316	18	79.41	79.41	NUM
gp-211	316	19	trillion	trillion	NUM
gp-211	316	20	under	under	ADP
gp-211	316	21	the	the	DET
gp-211	316	22	moderate	moderate	ADJ
gp-211	316	23	scenario	scenario	NOUN
gp-211	316	24	,	,	PUNCT
gp-211	316	25	and	and	CCONJ
gp-211	316	26	reaching	reach	VERB
gp-211	316	27	idr	idr	PROPN
gp-211	316	28	110.7	110.7	NUM
gp-211	316	29	trillion	trillion	NUM
gp-211	316	30	in	in	ADP
gp-211	316	31	the	the	DET
gp-211	316	32	optimistic	optimistic	ADJ
gp-211	316	33	scenario	scenario	NOUN
gp-211	316	34	.	.	PUNCT
gp-211	317	1	these	these	DET
gp-211	317	2	differences	difference	NOUN
gp-211	317	3	reflect	reflect	VERB
gp-211	317	4	diverse	diverse	ADJ
gp-211	317	5	market	market	NOUN
gp-211	317	6	projections	projection	NOUN
gp-211	317	7	of	of	ADP
gp-211	317	8	the	the	DET
gp-211	317	9	company	company	NOUN
gp-211	317	10	's	's	PART
gp-211	317	11	fundamentals	fundamental	NOUN
gp-211	317	12	and	and	CCONJ
gp-211	317	13	growth	growth	NOUN
gp-211	317	14	prospects	prospect	NOUN
gp-211	317	15	.	.	PUNCT
gp-211	318	1	when	when	SCONJ
gp-211	318	2	compared	compare	VERB
gp-211	318	3	to	to	ADP
gp-211	318	4	the	the	DET
gp-211	318	5	company	company	NOUN
gp-211	318	6	's	's	PART
gp-211	318	7	book	book	NOUN
gp-211	318	8	value	value	NOUN
gp-211	318	9	of	of	ADP
gp-211	318	10	idr	idr	PROPN
gp-211	318	11	66.4	66.4	NUM
gp-211	318	12	trillion	trillion	NUM
gp-211	318	13	,	,	PUNCT
gp-211	318	14	the	the	DET
gp-211	318	15	price	price	NOUN
gp-211	318	16	to	to	ADP
gp-211	318	17	book	book	NOUN
gp-211	318	18	value	value	NOUN
gp-211	318	19	(	(	PUNCT
gp-211	318	20	pbv	pbv	VERB
gp-211	318	21	)	)	PUNCT
gp-211	318	22	ratio	ratio	NOUN
gp-211	318	23	shows	show	VERB
gp-211	318	24	significant	significant	ADJ
gp-211	318	25	variation	variation	NOUN
gp-211	318	26	.	.	PUNCT
gp-211	319	1	in	in	ADP
gp-211	319	2	the	the	DET
gp-211	319	3	pessimistic	pessimistic	ADJ
gp-211	319	4	scenario	scenario	NOUN
gp-211	319	5	,	,	PUNCT
gp-211	319	6	pbv	pbv	VERB
gp-211	319	7	is	be	AUX
gp-211	319	8	recorded	record	VERB
gp-211	319	9	at	at	ADP
gp-211	319	10	0.85x	0.85x	PROPN
gp-211	319	11	,	,	PUNCT
gp-211	319	12	indicating	indicate	VERB
gp-211	319	13	the	the	DET
gp-211	319	14	stock	stock	NOUN
gp-211	319	15	is	be	AUX
gp-211	319	16	traded	trade	VERB
gp-211	319	17	below	below	ADP
gp-211	319	18	its	its	PRON
gp-211	319	19	book	book	NOUN
gp-211	319	20	value	value	NOUN
gp-211	319	21	.	.	PUNCT
gp-211	320	1	in	in	ADP
gp-211	320	2	the	the	DET
gp-211	320	3	moderate	moderate	ADJ
gp-211	320	4	scenario	scenario	NOUN
gp-211	320	5	,	,	PUNCT
gp-211	320	6	pbv	pbv	VERB
gp-211	320	7	rises	rise	NOUN
gp-211	320	8	to	to	ADP
gp-211	320	9	1.20x	1.20x	NUM
gp-211	320	10	,	,	PUNCT
gp-211	320	11	suggesting	suggest	VERB
gp-211	320	12	the	the	DET
gp-211	320	13	market	market	NOUN
gp-211	320	14	price	price	NOUN
gp-211	320	15	is	be	AUX
gp-211	320	16	slightly	slightly	ADV
gp-211	320	17	above	above	ADP
gp-211	320	18	its	its	PRON
gp-211	320	19	accounting	accounting	NOUN
gp-211	320	20	value	value	NOUN
gp-211	320	21	.	.	PUNCT
gp-211	321	1	under	under	ADP
gp-211	321	2	the	the	DET
gp-211	321	3	optimistic	optimistic	ADJ
gp-211	321	4	scenario	scenario	NOUN
gp-211	321	5	,	,	PUNCT
gp-211	321	6	pbv	pbv	VERB
gp-211	321	7	increases	increase	NOUN
gp-211	321	8	to	to	ADP
gp-211	321	9	1.67x	1.67x	NUM
gp-211	321	10	,	,	PUNCT
gp-211	321	11	reflecting	reflect	VERB
gp-211	321	12	greater	great	ADJ
gp-211	321	13	investor	investor	NOUN
gp-211	321	14	confidence	confidence	NOUN
gp-211	321	15	in	in	ADP
gp-211	321	16	the	the	DET
gp-211	321	17	company	company	NOUN
gp-211	321	18	’s	’s	PART
gp-211	321	19	future	future	ADJ
gp-211	321	20	prospects	prospect	NOUN
gp-211	321	21	.	.	PUNCT
gp-211	322	1	additionally	additionally	ADV
gp-211	322	2	,	,	PUNCT
gp-211	322	3	in	in	ADP
gp-211	322	4	the	the	DET
gp-211	322	5	same	same	ADJ
gp-211	322	6	year	year	NOUN
gp-211	322	7	,	,	PUNCT
gp-211	322	8	the	the	DET
gp-211	322	9	company	company	NOUN
gp-211	322	10	recorded	record	VERB
gp-211	322	11	a	a	DET
gp-211	322	12	net	net	ADJ
gp-211	322	13	profit	profit	NOUN
gp-211	322	14	of	of	ADP
gp-211	322	15	idr	idr	PROPN
gp-211	322	16	11.44	11.44	NUM
gp-211	322	17	trillion	trillion	NUM
gp-211	322	18	.	.	PUNCT
gp-211	323	1	based	base	VERB
gp-211	323	2	on	on	ADP
gp-211	323	3	this	this	DET
gp-211	323	4	profit	profit	NOUN
gp-211	323	5	,	,	PUNCT
gp-211	323	6	the	the	DET
gp-211	323	7	price	price	NOUN
gp-211	323	8	to	to	ADP
gp-211	323	9	earnings	earning	NOUN
gp-211	323	10	ratio	ratio	NOUN
gp-211	323	11	(	(	PUNCT
gp-211	323	12	per	per	X
gp-211	323	13	)	)	PUNCT
gp-211	323	14	was	be	AUX
gp-211	323	15	4.91x	4.91x	NUM
gp-211	323	16	in	in	ADP
gp-211	323	17	the	the	DET
gp-211	323	18	pessimistic	pessimistic	ADJ
gp-211	323	19	scenario	scenario	NOUN
gp-211	323	20	,	,	PUNCT
gp-211	323	21	6.94x	6.94x	PROPN
gp-211	323	22	in	in	ADP
gp-211	323	23	the	the	DET
gp-211	323	24	moderate	moderate	ADJ
gp-211	323	25	scenario	scenario	NOUN
gp-211	323	26	,	,	PUNCT
gp-211	323	27	and	and	CCONJ
gp-211	323	28	9.68x	9.68x	NUM
gp-211	323	29	in	in	ADP
gp-211	323	30	the	the	DET
gp-211	323	31	optimistic	optimistic	ADJ
gp-211	323	32	scenario	scenario	NOUN
gp-211	323	33	.	.	PUNCT
gp-211	324	1	these	these	PRON
gp-211	324	2	per	per	ADP
gp-211	324	3	values	value	NOUN
gp-211	324	4	indicate	indicate	VERB
gp-211	324	5	the	the	DET
gp-211	324	6	level	level	NOUN
gp-211	324	7	of	of	ADP
gp-211	324	8	investor	investor	NOUN
gp-211	324	9	willingness	willingness	NOUN
gp-211	324	10	to	to	PART
gp-211	324	11	pay	pay	VERB
gp-211	324	12	for	for	ADP
gp-211	324	13	each	each	DET
gp-211	324	14	rupiah	rupiah	NOUN
gp-211	324	15	of	of	ADP
gp-211	324	16	earnings	earning	NOUN
gp-211	324	17	,	,	PUNCT
gp-211	324	18	while	while	SCONJ
gp-211	324	19	also	also	ADV
gp-211	324	20	reflecting	reflect	VERB
gp-211	324	21	expectations	expectation	NOUN
gp-211	324	22	for	for	ADP
gp-211	324	23	the	the	DET
gp-211	324	24	company	company	NOUN
gp-211	324	25	’s	’s	PART
gp-211	324	26	financial	financial	ADJ
gp-211	324	27	performance	performance	NOUN
gp-211	324	28	sustainability	sustainability	NOUN
gp-211	324	29	.	.	PUNCT
gp-211	325	1	comparative	comparative	ADJ
gp-211	325	2	analysis	analysis	NOUN
gp-211	325	3	this	this	DET
gp-211	325	4	discussion	discussion	NOUN
gp-211	325	5	also	also	ADV
gp-211	325	6	includes	include	VERB
gp-211	325	7	valuation	valuation	NOUN
gp-211	325	8	results	result	NOUN
gp-211	325	9	for	for	ADP
gp-211	325	10	two	two	NUM
gp-211	325	11	major	major	ADJ
gp-211	325	12	issuers	issuer	NOUN
gp-211	325	13	:	:	PUNCT
gp-211	325	14	pt	pt	PROPN
gp-211	325	15	indofood	indofood	PROPN
gp-211	325	16	cbp	cbp	PROPN
gp-211	325	17	sukses	sukse	VERB
gp-211	325	18	makmur	makmur	PROPN
gp-211	325	19	tbk	tbk	PROPN
gp-211	325	20	(	(	PUNCT
gp-211	325	21	icbp	icbp	PROPN
gp-211	325	22	)	)	PUNCT
gp-211	325	23	and	and	CCONJ
gp-211	325	24	pt	pt	PROPN
gp-211	325	25	indofood	indofood	NOUN
gp-211	325	26	sukses	sukse	VERB
gp-211	325	27	makmur	makmur	ADJ
gp-211	325	28	tbk	tbk	PROPN
gp-211	325	29	(	(	PUNCT
gp-211	325	30	indf	indf	PROPN
gp-211	325	31	)	)	PUNCT
gp-211	325	32	for	for	ADP
gp-211	325	33	the	the	DET
gp-211	325	34	year	year	NOUN
gp-211	325	35	2024	2024	NUM
gp-211	325	36	.	.	PUNCT
gp-211	326	1	each	each	DET
gp-211	326	2	company	company	NOUN
gp-211	326	3	was	be	AUX
gp-211	326	4	analyzed	analyze	VERB
gp-211	326	5	based	base	VERB
gp-211	326	6	on	on	ADP
gp-211	326	7	the	the	DET
gp-211	326	8	three	three	NUM
gp-211	326	9	assumption	assumption	NOUN
gp-211	326	10	scenarios	scenario	NOUN
gp-211	326	11	to	to	PART
gp-211	326	12	provide	provide	VERB
gp-211	326	13	a	a	DET
gp-211	326	14	comprehensive	comprehensive	ADJ
gp-211	326	15	overview	overview	NOUN
gp-211	326	16	of	of	ADP
gp-211	326	17	fair	fair	ADJ
gp-211	326	18	value	value	NOUN
gp-211	326	19	ranges	range	VERB
gp-211	326	20	under	under	ADP
gp-211	326	21	various	various	ADJ
gp-211	326	22	economic	economic	ADJ
gp-211	326	23	and	and	CCONJ
gp-211	326	24	business	business	NOUN
gp-211	326	25	conditions	condition	NOUN
gp-211	326	26	.	.	PUNCT
gp-211	327	1	this	this	PRON
gp-211	327	2	is	be	AUX
gp-211	327	3	expected	expect	VERB
gp-211	327	4	to	to	PART
gp-211	327	5	provide	provide	VERB
gp-211	327	6	valuable	valuable	ADJ
gp-211	327	7	information	information	NOUN
gp-211	327	8	for	for	ADP
gp-211	327	9	investors	investor	NOUN
gp-211	327	10	in	in	ADP
gp-211	327	11	making	make	VERB
gp-211	327	12	rational	rational	ADJ
gp-211	327	13	and	and	CCONJ
gp-211	327	14	data	data	NOUN
gp-211	327	15	-	-	PUNCT
gp-211	327	16	driven	drive	VERB
gp-211	327	17	investment	investment	NOUN
gp-211	327	18	decisions	decision	NOUN
gp-211	327	19	.	.	PUNCT
gp-211	328	1	table	table	NOUN
gp-211	328	2	9	9	NUM
gp-211	328	3	.	.	PUNCT
gp-211	328	4	results	result	NOUN
gp-211	328	5	of	of	ADP
gp-211	328	6	calculation	calculation	NOUN
gp-211	328	7	of	of	ADP
gp-211	328	8	intrinsic	intrinsic	ADJ
gp-211	328	9	value	value	NOUN
gp-211	328	10	of	of	ADP
gp-211	328	11	icbp	icbp	PROPN
gp-211	328	12	and	and	CCONJ
gp-211	328	13	indf	indf	ADJ
gp-211	328	14	shares	share	NOUN
gp-211	328	15	issuer	issuer	PROPN
gp-211	328	16	scenario	scenario	NOUN
gp-211	328	17	value	value	NOUN
gp-211	328	18	per	per	ADP
gp-211	328	19	shares	share	NOUN
gp-211	328	20	market	market	NOUN
gp-211	328	21	value	value	NOUN
gp-211	328	22	30	30	NUM
gp-211	328	23	december	december	PROPN
gp-211	328	24	2023	2023	NUM
gp-211	328	25	analysis	analysis	NOUN
gp-211	328	26	decision	decision	NOUN
gp-211	328	27	icbp	icbp	PRON
gp-211	328	28	pessimistic	pessimistic	ADJ
gp-211	328	29	6.746,81	6.746,81	NUM
gp-211	328	30	11.375	11.375	NUM
gp-211	328	31	idr	idr	PROPN
gp-211	328	32	overvalued	overvalue	VERB
gp-211	328	33	sell	sell	PROPN
gp-211	328	34	moderate	moderate	ADJ
gp-211	328	35	8.868,22	8.868,22	NUM
gp-211	328	36	overvalued	overvalue	VERB
gp-211	328	37	sell	sell	NOUN
gp-211	328	38	optimistic	optimistic	ADJ
gp-211	328	39	11.463,61	11.463,61	PROPN
gp-211	328	40	undervalued	undervalue	VERB
gp-211	328	41	buy	buy	VERB
gp-211	328	42	indf	indf	ADJ
gp-211	328	43	pessimistic	pessimistic	ADJ
gp-211	328	44	15.420,22	15.420,22	NUM
gp-211	328	45	7700	7700	NUM
gp-211	328	46	idr	idr	PROPN
gp-211	328	47	undervalued	undervalue	VERB
gp-211	328	48	buy	buy	VERB
gp-211	328	49	moderate	moderate	ADJ
gp-211	328	50	17.875,00	17.875,00	NUM
gp-211	328	51	undervalued	undervalue	VERB
gp-211	328	52	buy	buy	VERB
gp-211	328	53	optimistic	optimistic	ADJ
gp-211	328	54	20.494,32	20.494,32	PROPN
gp-211	328	55	undervalued	undervalue	VERB
gp-211	328	56	buy	buy	VERB
gp-211	328	57	assessment	assessment	NOUN
gp-211	328	58	of	of	ADP
gp-211	328	59	the	the	DET
gp-211	328	60	intrinsic	intrinsic	ADJ
gp-211	328	61	value	value	NOUN
gp-211	328	62	of	of	ADP
gp-211	328	63	stocks	stock	NOUN
gp-211	328	64	is	be	AUX
gp-211	328	65	a	a	DET
gp-211	328	66	strategic	strategic	ADJ
gp-211	328	67	step	step	NOUN
gp-211	328	68	in	in	ADP
gp-211	328	69	evaluating	evaluate	VERB
gp-211	328	70	the	the	DET
gp-211	328	71	feasibility	feasibility	NOUN
gp-211	328	72	of	of	ADP
gp-211	328	73	a	a	DET
gp-211	328	74	listed	list	VERB
gp-211	328	75	company	company	NOUN
gp-211	328	76	as	as	ADP
gp-211	328	77	an	an	DET
gp-211	328	78	investment	investment	NOUN
gp-211	328	79	object	object	NOUN
gp-211	328	80	.	.	PUNCT
gp-211	329	1	in	in	ADP
gp-211	329	2	this	this	DET
gp-211	329	3	study	study	NOUN
gp-211	329	4	,	,	PUNCT
gp-211	329	5	a	a	DET
gp-211	329	6	scenario	scenario	NOUN
gp-211	329	7	-	-	PUNCT
gp-211	329	8	based	base	VERB
gp-211	329	9	approach	approach	NOUN
gp-211	329	10	is	be	AUX
gp-211	329	11	employed	employ	VERB
gp-211	329	12	,	,	PUNCT
gp-211	329	13	involving	involve	VERB
gp-211	329	14	three	three	NUM
gp-211	329	15	main	main	ADJ
gp-211	329	16	assumptions	assumption	NOUN
gp-211	329	17	:	:	PUNCT
gp-211	329	18	pessimistic	pessimistic	ADJ
gp-211	329	19	,	,	PUNCT
gp-211	329	20	moderate	moderate	ADJ
gp-211	329	21	,	,	PUNCT
gp-211	329	22	and	and	CCONJ
gp-211	329	23	optimistic	optimistic	ADJ
gp-211	329	24	scenarios	scenario	NOUN
gp-211	329	25	.	.	PUNCT
gp-211	330	1	this	this	DET
gp-211	330	2	approach	approach	NOUN
gp-211	330	3	is	be	AUX
gp-211	330	4	designed	design	VERB
gp-211	330	5	to	to	PART
gp-211	330	6	evaluate	evaluate	VERB
gp-211	330	7	the	the	DET
gp-211	330	8	sensitivity	sensitivity	NOUN
gp-211	330	9	of	of	ADP
gp-211	330	10	stock	stock	NOUN
gp-211	330	11	values	value	NOUN
gp-211	330	12	to	to	ADP
gp-211	330	13	changes	change	NOUN
gp-211	330	14	in	in	ADP
gp-211	330	15	financial	financial	ADJ
gp-211	330	16	variables	variable	NOUN
gp-211	330	17	and	and	CCONJ
gp-211	330	18	macroeconomic	macroeconomic	ADJ
gp-211	330	19	factors	factor	NOUN
gp-211	330	20	,	,	PUNCT
gp-211	330	21	as	as	ADV
gp-211	330	22	well	well	ADV
gp-211	330	23	as	as	ADP
gp-211	330	24	to	to	PART
gp-211	330	25	compare	compare	VERB
gp-211	330	26	the	the	DET
gp-211	330	27	valuation	valuation	NOUN
gp-211	330	28	results	result	NOUN
gp-211	330	29	with	with	ADP
gp-211	330	30	actual	actual	ADJ
gp-211	330	31	market	market	NOUN
gp-211	330	32	prices	price	NOUN
gp-211	330	33	as	as	ADP
gp-211	330	34	of	of	ADP
gp-211	330	35	december	december	PROPN
gp-211	330	36	30	30	NUM
gp-211	330	37	,	,	PUNCT
gp-211	330	38	2023	2023	NUM
gp-211	330	39	.	.	PUNCT
gp-211	331	1	in	in	ADP
gp-211	331	2	the	the	DET
gp-211	331	3	pessimistic	pessimistic	ADJ
gp-211	331	4	scenario	scenario	NOUN
gp-211	331	5	,	,	PUNCT
gp-211	331	6	the	the	DET
gp-211	331	7	estimated	estimate	VERB
gp-211	331	8	intrinsic	intrinsic	ADJ
gp-211	331	9	value	value	NOUN
gp-211	331	10	per	per	ADP
gp-211	331	11	share	share	NOUN
gp-211	331	12	of	of	ADP
gp-211	331	13	icbp	icbp	PROPN
gp-211	331	14	is	be	AUX
gp-211	331	15	idr	idr	PROPN
gp-211	331	16	4,596.93	4,596.93	PROPN
gp-211	331	17	.	.	PUNCT
gp-211	332	1	this	this	DET
gp-211	332	2	value	value	NOUN
gp-211	332	3	is	be	AUX
gp-211	332	4	significantly	significantly	ADV
gp-211	332	5	lower	low	ADJ
gp-211	332	6	than	than	ADP
gp-211	332	7	the	the	DET
gp-211	332	8	market	market	NOUN
gp-211	332	9	price	price	NOUN
gp-211	332	10	at	at	ADP
gp-211	332	11	that	that	DET
gp-211	332	12	time	time	NOUN
gp-211	332	13	,	,	PUNCT
gp-211	332	14	which	which	PRON
gp-211	332	15	stood	stand	VERB
gp-211	332	16	at	at	ADP
gp-211	332	17	idr	idr	PROPN
gp-211	332	18	11,375	11,375	NUM
gp-211	332	19	.	.	PUNCT
gp-211	333	1	this	this	DET
gp-211	333	2	discrepancy	discrepancy	NOUN
gp-211	333	3	indicates	indicate	VERB
gp-211	333	4	that	that	SCONJ
gp-211	333	5	icbp	icbp	PROPN
gp-211	333	6	shares	share	NOUN
gp-211	333	7	are	be	AUX
gp-211	333	8	overvalued	overvalue	VERB
gp-211	333	9	and	and	CCONJ
gp-211	333	10	therefore	therefore	ADV
gp-211	333	11	recommended	recommend	VERB
gp-211	333	12	for	for	ADP
gp-211	333	13	sale	sale	NOUN
gp-211	333	14	(	(	PUNCT
gp-211	333	15	sell	sell	NOUN
gp-211	333	16	)	)	PUNCT
gp-211	333	17	,	,	PUNCT
gp-211	333	18	meaning	mean	VERB
gp-211	333	19	the	the	DET
gp-211	333	20	market	market	NOUN
gp-211	333	21	price	price	NOUN
gp-211	333	22	reflects	reflect	VERB
gp-211	333	23	a	a	DET
gp-211	333	24	value	value	NOUN
gp-211	333	25	higher	high	ADJ
gp-211	333	26	than	than	ADP
gp-211	333	27	its	its	PRON
gp-211	333	28	fundamental	fundamental	ADJ
gp-211	333	29	estimation	estimation	NOUN
gp-211	333	30	.	.	PUNCT
gp-211	334	1	in	in	ADP
gp-211	334	2	the	the	DET
gp-211	334	3	moderate	moderate	ADJ
gp-211	334	4	scenario	scenario	NOUN
gp-211	334	5	,	,	PUNCT
gp-211	334	6	the	the	DET
gp-211	334	7	intrinsic	intrinsic	ADJ
gp-211	334	8	value	value	NOUN
gp-211	334	9	of	of	ADP
gp-211	334	10	the	the	DET
gp-211	334	11	stock	stock	NOUN
gp-211	334	12	increases	increase	VERB
gp-211	334	13	to	to	PART
gp-211	334	14	idr	idr	VERB
gp-211	334	15	7,205.96	7,205.96	NUM
gp-211	334	16	.	.	PUNCT
gp-211	335	1	although	although	SCONJ
gp-211	335	2	this	this	PRON
gp-211	335	3	represents	represent	VERB
gp-211	335	4	an	an	DET
gp-211	335	5	increase	increase	NOUN
gp-211	335	6	,	,	PUNCT
gp-211	335	7	the	the	DET
gp-211	335	8	value	value	NOUN
gp-211	335	9	still	still	ADV
gp-211	335	10	remains	remain	VERB
gp-211	335	11	below	below	ADP
gp-211	335	12	the	the	DET
gp-211	335	13	market	market	NOUN
gp-211	335	14	price	price	NOUN
gp-211	335	15	,	,	PUNCT
gp-211	335	16	thus	thus	ADV
gp-211	335	17	the	the	DET
gp-211	335	18	stock	stock	NOUN
gp-211	335	19	continues	continue	VERB
gp-211	335	20	to	to	PART
gp-211	335	21	be	be	AUX
gp-211	335	22	categorized	categorize	VERB
gp-211	335	23	as	as	ADP
gp-211	335	24	overvalued	overvalue	VERB
gp-211	335	25	and	and	CCONJ
gp-211	335	26	is	be	AUX
gp-211	335	27	recommended	recommend	VERB
gp-211	335	28	for	for	ADP
gp-211	335	29	sale	sale	NOUN
gp-211	335	30	(	(	PUNCT
gp-211	335	31	sell	sell	NOUN
gp-211	335	32	)	)	PUNCT
gp-211	335	33	.	.	PUNCT
gp-211	336	1	meanwhile	meanwhile	ADV
gp-211	336	2	,	,	PUNCT
gp-211	336	3	in	in	ADP
gp-211	336	4	the	the	DET
gp-211	336	5	optimistic	optimistic	ADJ
gp-211	336	6	scenario	scenario	NOUN
gp-211	336	7	,	,	PUNCT
gp-211	336	8	the	the	DET
gp-211	336	9	projected	project	VERB
gp-211	336	10	intrinsic	intrinsic	ADJ
gp-211	336	11	value	value	NOUN
gp-211	336	12	reaches	reach	VERB
gp-211	336	13	idr	idr	PROPN
gp-211	336	14	11,237.63	11,237.63	PROPN
gp-211	336	15	,	,	PUNCT
gp-211	336	16	which	which	PRON
gp-211	336	17	is	be	AUX
gp-211	336	18	close	close	ADJ
gp-211	336	19	to	to	ADP
gp-211	336	20	the	the	DET
gp-211	336	21	actual	actual	ADJ
gp-211	336	22	market	market	NOUN
gp-211	336	23	price	price	NOUN
gp-211	336	24	.	.	PUNCT
gp-211	337	1	in	in	ADP
gp-211	337	2	this	this	DET
gp-211	337	3	condition	condition	NOUN
gp-211	337	4	,	,	PUNCT
gp-211	337	5	the	the	DET
gp-211	337	6	stock	stock	NOUN
gp-211	337	7	is	be	AUX
gp-211	337	8	considered	consider	VERB
gp-211	337	9	undervalued	undervalue	VERB
gp-211	337	10	and	and	CCONJ
gp-211	337	11	is	be	AUX
gp-211	337	12	recommended	recommend	VERB
gp-211	337	13	for	for	ADP
gp-211	337	14	purchase	purchase	NOUN
gp-211	337	15	(	(	PUNCT
gp-211	337	16	buy	buy	NOUN
gp-211	337	17	)	)	PUNCT
gp-211	337	18	,	,	PUNCT
gp-211	337	19	indicating	indicate	VERB
gp-211	337	20	potential	potential	ADJ
gp-211	337	21	capital	capital	NOUN
gp-211	337	22	gains	gain	NOUN
gp-211	337	23	if	if	SCONJ
gp-211	337	24	the	the	DET
gp-211	337	25	optimistic	optimistic	ADJ
gp-211	337	26	projections	projection	NOUN
gp-211	337	27	are	be	AUX
gp-211	337	28	realized	realize	VERB
gp-211	337	29	.	.	PUNCT
gp-211	338	1	for	for	ADP
gp-211	338	2	indf	indf	ADJ
gp-211	338	3	stock	stock	NOUN
gp-211	338	4	,	,	PUNCT
gp-211	338	5	the	the	DET
gp-211	338	6	estimated	estimate	VERB
gp-211	338	7	intrinsic	intrinsic	ADJ
gp-211	338	8	value	value	NOUN
gp-211	338	9	in	in	ADP
gp-211	338	10	the	the	DET
gp-211	338	11	pessimistic	pessimistic	ADJ
gp-211	338	12	scenario	scenario	NOUN
gp-211	338	13	is	be	AUX
gp-211	338	14	idr	idr	ADJ
gp-211	338	15	6,396.24	6,396.24	NUM
gp-211	338	16	,	,	PUNCT
gp-211	338	17	while	while	SCONJ
gp-211	338	18	the	the	DET
gp-211	338	19	market	market	NOUN
gp-211	338	20	price	price	NOUN
gp-211	338	21	at	at	ADP
gp-211	338	22	that	that	DET
gp-211	338	23	time	time	NOUN
gp-211	338	24	was	be	AUX
gp-211	338	25	idr	idr	PROPN
gp-211	338	26	7,700	7,700	NUM
gp-211	338	27	.	.	PUNCT
gp-211	339	1	this	this	PRON
gp-211	339	2	suggests	suggest	VERB
gp-211	339	3	that	that	SCONJ
gp-211	339	4	the	the	DET
gp-211	339	5	stock	stock	NOUN
gp-211	339	6	is	be	AUX
gp-211	339	7	overvalued	overvalue	VERB
gp-211	339	8	and	and	CCONJ
gp-211	339	9	is	be	AUX
gp-211	339	10	recommended	recommend	VERB
gp-211	339	11	for	for	ADP
gp-211	339	12	sale	sale	NOUN
gp-211	339	13	(	(	PUNCT
gp-211	339	14	sell	sell	NOUN
gp-211	339	15	)	)	PUNCT
gp-211	339	16	.	.	PUNCT
gp-211	340	1	however	however	ADV
gp-211	340	2	,	,	PUNCT
gp-211	340	3	in	in	ADP
gp-211	340	4	the	the	DET
gp-211	340	5	moderate	moderate	ADJ
gp-211	340	6	scenario	scenario	NOUN
gp-211	340	7	,	,	PUNCT
gp-211	340	8	the	the	DET
gp-211	340	9	estimated	estimate	VERB
gp-211	340	10	intrinsic	intrinsic	ADJ
gp-211	340	11	value	value	NOUN
gp-211	340	12	increases	increase	NOUN
gp-211	340	13	to	to	PART
gp-211	340	14	idr	idr	VERB
gp-211	340	15	9,044.69	9,044.69	NUM
gp-211	340	16	,	,	PUNCT
gp-211	340	17	adi	adi	PROPN
gp-211	340	18	aji	aji	PROPN
gp-211	340	19	kurniawan	kurniawan	PROPN
gp-211	340	20	,	,	PUNCT
gp-211	340	21	irni	irni	PROPN
gp-211	340	22	yunita	yunita	NOUN
gp-211	340	23	469	469	NUM
gp-211	340	24	exceeding	exceed	VERB
gp-211	340	25	the	the	DET
gp-211	340	26	market	market	NOUN
gp-211	340	27	price	price	NOUN
gp-211	340	28	.	.	PUNCT
gp-211	341	1	based	base	VERB
gp-211	341	2	on	on	ADP
gp-211	341	3	this	this	DET
gp-211	341	4	value	value	NOUN
gp-211	341	5	,	,	PUNCT
gp-211	341	6	the	the	DET
gp-211	341	7	stock	stock	NOUN
gp-211	341	8	is	be	AUX
gp-211	341	9	classified	classify	VERB
gp-211	341	10	as	as	ADP
gp-211	341	11	undervalued	undervalue	VERB
gp-211	341	12	,	,	PUNCT
gp-211	341	13	indicating	indicate	VERB
gp-211	341	14	potential	potential	ADJ
gp-211	341	15	price	price	NOUN
gp-211	341	16	appreciation	appreciation	NOUN
gp-211	341	17	and	and	CCONJ
gp-211	341	18	thus	thus	ADV
gp-211	341	19	recommended	recommend	VERB
gp-211	341	20	for	for	ADP
gp-211	341	21	purchase	purchase	NOUN
gp-211	341	22	(	(	PUNCT
gp-211	341	23	buy	buy	NOUN
gp-211	341	24	)	)	PUNCT
gp-211	341	25	.	.	PUNCT
gp-211	342	1	in	in	ADP
gp-211	342	2	the	the	DET
gp-211	342	3	optimistic	optimistic	ADJ
gp-211	342	4	scenario	scenario	NOUN
gp-211	342	5	,	,	PUNCT
gp-211	342	6	the	the	DET
gp-211	342	7	projected	project	VERB
gp-211	342	8	intrinsic	intrinsic	ADJ
gp-211	342	9	value	value	NOUN
gp-211	342	10	reaches	reach	VERB
gp-211	342	11	idr	idr	PROPN
gp-211	342	12	12,612.74	12,612.74	PROPN
gp-211	342	13	.	.	PUNCT
gp-211	343	1	although	although	SCONJ
gp-211	343	2	this	this	DET
gp-211	343	3	value	value	NOUN
gp-211	343	4	is	be	AUX
gp-211	343	5	much	much	ADV
gp-211	343	6	higher	high	ADJ
gp-211	343	7	than	than	ADP
gp-211	343	8	the	the	DET
gp-211	343	9	market	market	NOUN
gp-211	343	10	price	price	NOUN
gp-211	343	11	,	,	PUNCT
gp-211	343	12	it	it	PRON
gp-211	343	13	is	be	AUX
gp-211	343	14	still	still	ADV
gp-211	343	15	classified	classify	VERB
gp-211	343	16	as	as	ADP
gp-211	343	17	undervalued	undervalue	VERB
gp-211	343	18	and	and	CCONJ
gp-211	343	19	is	be	AUX
gp-211	343	20	recommended	recommend	VERB
gp-211	343	21	for	for	ADP
gp-211	343	22	purchase	purchase	NOUN
gp-211	343	23	(	(	PUNCT
gp-211	343	24	buy	buy	NOUN
gp-211	343	25	)	)	PUNCT
gp-211	343	26	.	.	PUNCT
gp-211	344	1	as	as	ADP
gp-211	344	2	a	a	DET
gp-211	344	3	follow	follow	VERB
gp-211	344	4	-	-	PUNCT
gp-211	344	5	up	up	ADP
gp-211	344	6	step	step	NOUN
gp-211	344	7	,	,	PUNCT
gp-211	344	8	validation	validation	NOUN
gp-211	344	9	of	of	ADP
gp-211	344	10	the	the	DET
gp-211	344	11	intrinsic	intrinsic	ADJ
gp-211	344	12	value	value	NOUN
gp-211	344	13	was	be	AUX
gp-211	344	14	carried	carry	VERB
gp-211	344	15	out	out	ADP
gp-211	344	16	using	use	VERB
gp-211	344	17	market	market	NOUN
gp-211	344	18	ratio	ratio	NOUN
gp-211	344	19	approaches	approach	NOUN
gp-211	344	20	,	,	PUNCT
gp-211	344	21	namely	namely	ADV
gp-211	344	22	the	the	DET
gp-211	344	23	price	price	NOUN
gp-211	344	24	to	to	ADP
gp-211	344	25	earnings	earning	NOUN
gp-211	344	26	ratio	ratio	NOUN
gp-211	344	27	(	(	PUNCT
gp-211	344	28	per	per	ADP
gp-211	344	29	)	)	PUNCT
gp-211	344	30	and	and	CCONJ
gp-211	344	31	price	price	NOUN
gp-211	344	32	to	to	ADP
gp-211	344	33	book	book	NOUN
gp-211	344	34	value	value	NOUN
gp-211	344	35	(	(	PUNCT
gp-211	344	36	pbv	pbv	ADJ
gp-211	344	37	)	)	PUNCT
gp-211	344	38	.	.	PUNCT
gp-211	345	1	this	this	DET
gp-211	345	2	validation	validation	NOUN
gp-211	345	3	aims	aim	VERB
gp-211	345	4	to	to	PART
gp-211	345	5	test	test	VERB
gp-211	345	6	the	the	DET
gp-211	345	7	consistency	consistency	NOUN
gp-211	345	8	of	of	ADP
gp-211	345	9	the	the	DET
gp-211	345	10	valuation	valuation	NOUN
gp-211	345	11	results	result	VERB
gp-211	345	12	with	with	ADP
gp-211	345	13	general	general	ADJ
gp-211	345	14	market	market	NOUN
gp-211	345	15	conditions	condition	NOUN
gp-211	345	16	,	,	PUNCT
gp-211	345	17	particularly	particularly	ADV
gp-211	345	18	in	in	ADP
gp-211	345	19	the	the	DET
gp-211	345	20	context	context	NOUN
gp-211	345	21	of	of	ADP
gp-211	345	22	the	the	DET
gp-211	345	23	relevant	relevant	ADJ
gp-211	345	24	industry	industry	NOUN
gp-211	345	25	.	.	PUNCT
gp-211	346	1	an	an	DET
gp-211	346	2	estimated	estimate	VERB
gp-211	346	3	value	value	NOUN
gp-211	346	4	is	be	AUX
gp-211	346	5	considered	consider	VERB
gp-211	346	6	valid	valid	ADJ
gp-211	346	7	if	if	SCONJ
gp-211	346	8	the	the	DET
gp-211	346	9	per	per	X
gp-211	346	10	and	and	CCONJ
gp-211	346	11	pbv	pbv	VERB
gp-211	346	12	ratios	ratio	NOUN
gp-211	346	13	obtained	obtain	VERB
gp-211	346	14	from	from	ADP
gp-211	346	15	the	the	DET
gp-211	346	16	valuation	valuation	NOUN
gp-211	346	17	fall	fall	NOUN
gp-211	346	18	within	within	ADP
gp-211	346	19	the	the	DET
gp-211	346	20	average	average	ADJ
gp-211	346	21	range	range	NOUN
gp-211	346	22	of	of	ADP
gp-211	346	23	the	the	DET
gp-211	346	24	industry	industry	NOUN
gp-211	346	25	for	for	ADP
gp-211	346	26	the	the	DET
gp-211	346	27	corresponding	corresponding	ADJ
gp-211	346	28	year	year	NOUN
gp-211	346	29	.	.	PUNCT
gp-211	347	1	thus	thus	ADV
gp-211	347	2	,	,	PUNCT
gp-211	347	3	if	if	SCONJ
gp-211	347	4	the	the	DET
gp-211	347	5	per	per	X
gp-211	347	6	and	and	CCONJ
gp-211	347	7	pbv	pbv	VERB
gp-211	347	8	values	value	NOUN
gp-211	347	9	from	from	ADP
gp-211	347	10	the	the	DET
gp-211	347	11	calculations	calculation	NOUN
gp-211	347	12	fall	fall	VERB
gp-211	347	13	within	within	ADP
gp-211	347	14	the	the	DET
gp-211	347	15	normal	normal	ADJ
gp-211	347	16	range	range	NOUN
gp-211	347	17	of	of	ADP
gp-211	347	18	the	the	DET
gp-211	347	19	industry	industry	NOUN
gp-211	347	20	sector	sector	NOUN
gp-211	347	21	in	in	ADP
gp-211	347	22	2024	2024	NUM
gp-211	347	23	,	,	PUNCT
gp-211	347	24	it	it	PRON
gp-211	347	25	can	can	AUX
gp-211	347	26	be	be	AUX
gp-211	347	27	concluded	conclude	VERB
gp-211	347	28	that	that	SCONJ
gp-211	347	29	the	the	DET
gp-211	347	30	intrinsic	intrinsic	ADJ
gp-211	347	31	stock	stock	NOUN
gp-211	347	32	value	value	NOUN
gp-211	347	33	reflects	reflect	VERB
gp-211	347	34	a	a	DET
gp-211	347	35	fair	fair	ADJ
gp-211	347	36	market	market	NOUN
gp-211	347	37	condition	condition	NOUN
gp-211	347	38	.	.	PUNCT
gp-211	348	1	table	table	NOUN
gp-211	348	2	10	10	NUM
gp-211	348	3	calculation	calculation	NOUN
gp-211	348	4	results	result	NOUN
gp-211	348	5	of	of	ADP
gp-211	348	6	price	price	NOUN
gp-211	348	7	to	to	ADP
gp-211	348	8	earnings	earning	NOUN
gp-211	348	9	ratio	ratio	NOUN
gp-211	348	10	for	for	ADP
gp-211	348	11	icbp	icbp	PROPN
gp-211	348	12	and	and	CCONJ
gp-211	348	13	indf	indf	PROPN
gp-211	348	14	issuer	issuer	PROPN
gp-211	348	15	scenario	scenario	PROPN
gp-211	348	16	valuation	valuation	NOUN
gp-211	348	17	value	value	NOUN
gp-211	348	18	industry	industry	NOUN
gp-211	348	19	average	average	ADJ
gp-211	348	20	result	result	NOUN
gp-211	348	21	decision	decision	NOUN
gp-211	348	22	analysis	analysis	NOUN
gp-211	348	23	icbp	icbp	PRON
gp-211	348	24	pessimistic	pessimistic	ADJ
gp-211	348	25	8,81x	8,81x	NUM
gp-211	348	26	min:7,21	min:7,21	PROPN
gp-211	348	27	undervalued	undervalue	VERB
gp-211	348	28	buy	buy	VERB
gp-211	348	29	valid	valid	ADJ
gp-211	348	30	moderate	moderate	ADJ
gp-211	348	31	10,76x	10,76x	NUM
gp-211	348	32	avg	avg	PROPN
gp-211	348	33	:	:	PUNCT
gp-211	348	34	13,01	13,01	NUM
gp-211	348	35	undervalued	undervalue	VERB
gp-211	348	36	buy	buy	VERB
gp-211	348	37	valid	valid	ADJ
gp-211	348	38	optimistic	optimistic	ADJ
gp-211	348	39	12,97x	12,97x	NUM
gp-211	348	40	max	max	NOUN
gp-211	348	41	:	:	PUNCT
gp-211	348	42	23,71	23,71	NUM
gp-211	348	43	undervalued	undervalue	VERB
gp-211	348	44	buy	buy	VERB
gp-211	348	45	valid	valid	ADJ
gp-211	348	46	indf	indf	ADJ
gp-211	348	47	pessimistic	pessimistic	ADJ
gp-211	348	48	11,78x	11,78x	X
gp-211	349	1	min:7,21	min:7,21	PROPN
gp-211	349	2	undervalued	undervalue	VERB
gp-211	349	3	buy	buy	VERB
gp-211	349	4	valid	valid	ADJ
gp-211	349	5	moderate	moderate	ADJ
gp-211	349	6	13,18x	13,18x	NUM
gp-211	349	7	avg	avg	PROPN
gp-211	349	8	:	:	PUNCT
gp-211	349	9	13,01	13,01	NUM
gp-211	349	10	overvalued	overvalue	VERB
gp-211	349	11	sell	sell	VERB
gp-211	349	12	valid	valid	ADJ
gp-211	349	13	optimistic	optimistic	ADJ
gp-211	349	14	14,60x	14,60x	NUM
gp-211	349	15	max	max	NOUN
gp-211	349	16	:	:	PUNCT
gp-211	349	17	23,71	23,71	NUM
gp-211	349	18	overvalued	overvalue	VERB
gp-211	349	19	sell	sell	VERB
gp-211	349	20	valid	valid	ADJ
gp-211	349	21	source	source	NOUN
gp-211	349	22	:	:	PUNCT
gp-211	349	23	processed	process	VERB
gp-211	349	24	data	datum	NOUN
gp-211	349	25	by	by	ADP
gp-211	349	26	the	the	DET
gp-211	349	27	author	author	NOUN
gp-211	349	28	(	(	PUNCT
gp-211	349	29	2025	2025	NUM
gp-211	349	30	)	)	PUNCT
gp-211	349	31	table	table	NOUN
gp-211	349	32	11	11	NUM
gp-211	349	33	calculation	calculation	NOUN
gp-211	349	34	results	result	NOUN
gp-211	349	35	of	of	ADP
gp-211	349	36	price	price	NOUN
gp-211	349	37	to	to	ADP
gp-211	349	38	book	book	NOUN
gp-211	349	39	value	value	NOUN
gp-211	349	40	for	for	ADP
gp-211	349	41	icbp	icbp	PROPN
gp-211	349	42	and	and	CCONJ
gp-211	349	43	indf	indf	PROPN
gp-211	349	44	issuer	issuer	PROPN
gp-211	349	45	scenario	scenario	PROPN
gp-211	349	46	valuation	valuation	NOUN
gp-211	349	47	value	value	NOUN
gp-211	349	48	industry	industry	NOUN
gp-211	349	49	average	average	ADJ
gp-211	349	50	result	result	NOUN
gp-211	349	51	decision	decision	NOUN
gp-211	349	52	analysis	analysis	NOUN
gp-211	349	53	icbp	icbp	PRON
gp-211	349	54	pessimistic	pessimistic	ADJ
gp-211	349	55	1,34x	1,34x	NUM
gp-211	349	56	min:0,51	min:0,51	NOUN
gp-211	349	57	undervalued	undervalue	VERB
gp-211	349	58	buy	buy	VERB
gp-211	349	59	valid	valid	ADJ
gp-211	349	60	moderate	moderate	ADJ
gp-211	349	61	1,51x	1,51x	NUM
gp-211	349	62	avg	avg	NOUN
gp-211	349	63	:	:	PUNCT
gp-211	349	64	2.34	2.34	NUM
gp-211	349	65	undervalued	undervalue	VERB
gp-211	349	66	buy	buy	VERB
gp-211	349	67	valid	valid	ADJ
gp-211	349	68	optimistic	optimistic	ADJ
gp-211	349	69	1,70x	1,70x	PROPN
gp-211	349	70	max:5,34	max:5,34	PROPN
gp-211	349	71	undervalued	undervalue	VERB
gp-211	349	72	buy	buy	VERB
gp-211	349	73	valid	valid	ADJ
gp-211	349	74	indf	indf	ADJ
gp-211	349	75	pessimistic	pessimistic	ADJ
gp-211	349	76	1,25x	1,25x	NUM
gp-211	349	77	min:0,51	min:0,51	NOUN
gp-211	349	78	undervalued	undervalue	VERB
gp-211	349	79	buy	buy	VERB
gp-211	349	80	valid	valid	ADJ
gp-211	349	81	moderate	moderate	ADJ
gp-211	349	82	1,36x	1,36x	NUM
gp-211	349	83	avg	avg	NOUN
gp-211	349	84	:	:	PUNCT
gp-211	349	85	2.34	2.34	NUM
gp-211	349	86	undervalued	undervalue	VERB
gp-211	349	87	buy	buy	VERB
gp-211	349	88	valid	valid	ADJ
gp-211	349	89	optimistic	optimistic	ADJ
gp-211	349	90	1,47x	1,47x	PROPN
gp-211	349	91	max:5,34	max:5,34	PROPN
gp-211	349	92	undervalued	undervalue	VERB
gp-211	349	93	buy	buy	VERB
gp-211	349	94	valid	valid	ADJ
gp-211	349	95	source	source	NOUN
gp-211	349	96	:	:	PUNCT
gp-211	349	97	processed	process	VERB
gp-211	349	98	data	datum	NOUN
gp-211	349	99	by	by	ADP
gp-211	349	100	the	the	DET
gp-211	349	101	author	author	NOUN
gp-211	349	102	(	(	PUNCT
gp-211	349	103	2025	2025	NUM
gp-211	349	104	)	)	PUNCT
gp-211	349	105	price	price	NOUN
gp-211	349	106	to	to	ADP
gp-211	349	107	earnings	earning	NOUN
gp-211	349	108	ratio	ratio	NOUN
gp-211	349	109	(	(	PUNCT
gp-211	349	110	per	per	ADP
gp-211	349	111	)	)	PUNCT
gp-211	349	112	analysis	analysis	NOUN
gp-211	349	113	stock	stock	NOUN
gp-211	349	114	valuation	valuation	NOUN
gp-211	349	115	using	use	VERB
gp-211	349	116	the	the	DET
gp-211	349	117	price	price	NOUN
gp-211	349	118	to	to	ADP
gp-211	349	119	earnings	earning	NOUN
gp-211	349	120	ratio	ratio	NOUN
gp-211	349	121	(	(	PUNCT
gp-211	349	122	per	per	ADP
gp-211	349	123	)	)	PUNCT
gp-211	349	124	approach	approach	NOUN
gp-211	349	125	aims	aim	VERB
gp-211	349	126	to	to	PART
gp-211	349	127	assess	assess	VERB
gp-211	349	128	whether	whether	SCONJ
gp-211	349	129	a	a	DET
gp-211	349	130	stock	stock	NOUN
gp-211	349	131	is	be	AUX
gp-211	349	132	undervalued	undervalue	VERB
gp-211	349	133	or	or	CCONJ
gp-211	349	134	overvalued	overvalue	VERB
gp-211	349	135	based	base	VERB
gp-211	349	136	on	on	ADP
gp-211	349	137	the	the	DET
gp-211	349	138	comparison	comparison	NOUN
gp-211	349	139	between	between	ADP
gp-211	349	140	the	the	DET
gp-211	349	141	stock	stock	NOUN
gp-211	349	142	price	price	NOUN
gp-211	349	143	and	and	CCONJ
gp-211	349	144	the	the	DET
gp-211	349	145	company	company	NOUN
gp-211	349	146	’s	’s	PART
gp-211	349	147	financial	financial	ADJ
gp-211	349	148	performance	performance	NOUN
gp-211	349	149	,	,	PUNCT
gp-211	349	150	as	as	ADV
gp-211	349	151	well	well	ADV
gp-211	349	152	as	as	ADP
gp-211	349	153	industry	industry	NOUN
gp-211	349	154	benchmarks	benchmark	NOUN
gp-211	349	155	.	.	PUNCT
gp-211	350	1	based	base	VERB
gp-211	350	2	on	on	ADP
gp-211	350	3	the	the	DET
gp-211	350	4	analysis	analysis	NOUN
gp-211	350	5	of	of	ADP
gp-211	350	6	the	the	DET
gp-211	350	7	issuer	issuer	ADJ
gp-211	350	8	pt	pt	NOUN
gp-211	350	9	indofood	indofood	PROPN
gp-211	350	10	cbp	cbp	PROPN
gp-211	350	11	sukses	sukse	VERB
gp-211	350	12	makmur	makmur	PROPN
gp-211	350	13	tbk	tbk	PROPN
gp-211	350	14	(	(	PUNCT
gp-211	350	15	icbp	icbp	PROPN
gp-211	350	16	)	)	PUNCT
gp-211	350	17	,	,	PUNCT
gp-211	350	18	it	it	PRON
gp-211	350	19	is	be	AUX
gp-211	350	20	found	find	VERB
gp-211	350	21	that	that	SCONJ
gp-211	350	22	in	in	ADP
gp-211	350	23	the	the	DET
gp-211	350	24	pessimistic	pessimistic	ADJ
gp-211	350	25	scenario	scenario	NOUN
gp-211	350	26	,	,	PUNCT
gp-211	350	27	the	the	DET
gp-211	350	28	per	per	ADJ
gp-211	350	29	value	value	NOUN
gp-211	350	30	is	be	AUX
gp-211	350	31	5.99	5.99	NUM
gp-211	350	32	times	time	NOUN
gp-211	350	33	,	,	PUNCT
gp-211	350	34	lower	low	ADJ
gp-211	350	35	than	than	ADP
gp-211	350	36	the	the	DET
gp-211	350	37	industry	industry	NOUN
gp-211	350	38	minimum	minimum	NOUN
gp-211	350	39	per	per	ADP
gp-211	350	40	of	of	ADP
gp-211	350	41	7.21	7.21	NUM
gp-211	350	42	times	time	NOUN
gp-211	350	43	.	.	PUNCT
gp-211	351	1	this	this	PRON
gp-211	351	2	indicates	indicate	VERB
gp-211	351	3	that	that	SCONJ
gp-211	351	4	icbp	icbp	PROPN
gp-211	351	5	shares	share	NOUN
gp-211	351	6	are	be	AUX
gp-211	351	7	undervalued	undervalue	VERB
gp-211	351	8	and	and	CCONJ
gp-211	351	9	are	be	AUX
gp-211	351	10	recommended	recommend	VERB
gp-211	351	11	for	for	ADP
gp-211	351	12	purchase	purchase	NOUN
gp-211	351	13	(	(	PUNCT
gp-211	351	14	buy	buy	NOUN
gp-211	351	15	)	)	PUNCT
gp-211	351	16	.	.	PUNCT
gp-211	352	1	in	in	ADP
gp-211	352	2	the	the	DET
gp-211	352	3	moderate	moderate	ADJ
gp-211	352	4	scenario	scenario	NOUN
gp-211	352	5	,	,	PUNCT
gp-211	352	6	the	the	PRON
gp-211	352	7	per	per	ADP
gp-211	352	8	increases	increase	NOUN
gp-211	352	9	to	to	ADP
gp-211	352	10	9.39	9.39	NUM
gp-211	352	11	times	time	NOUN
gp-211	352	12	,	,	PUNCT
gp-211	352	13	which	which	PRON
gp-211	352	14	is	be	AUX
gp-211	352	15	still	still	ADV
gp-211	352	16	lower	low	ADJ
gp-211	352	17	than	than	ADP
gp-211	352	18	the	the	DET
gp-211	352	19	industry	industry	NOUN
gp-211	352	20	average	average	NOUN
gp-211	352	21	of	of	ADP
gp-211	352	22	13.01	13.01	NUM
gp-211	352	23	times	time	NOUN
gp-211	352	24	,	,	PUNCT
gp-211	352	25	so	so	SCONJ
gp-211	352	26	the	the	DET
gp-211	352	27	stock	stock	NOUN
gp-211	352	28	remains	remain	VERB
gp-211	352	29	undervalued	undervalue	VERB
gp-211	352	30	and	and	CCONJ
gp-211	352	31	is	be	AUX
gp-211	352	32	recommended	recommend	VERB
gp-211	352	33	for	for	ADP
gp-211	352	34	purchase	purchase	NOUN
gp-211	352	35	(	(	PUNCT
gp-211	352	36	buy	buy	NOUN
gp-211	352	37	)	)	PUNCT
gp-211	352	38	.	.	PUNCT
gp-211	353	1	however	however	ADV
gp-211	353	2	,	,	PUNCT
gp-211	353	3	in	in	ADP
gp-211	353	4	the	the	DET
gp-211	353	5	optimistic	optimistic	ADJ
gp-211	353	6	scenario	scenario	NOUN
gp-211	353	7	,	,	PUNCT
gp-211	353	8	icbp	icbp	PROPN
gp-211	353	9	’s	’s	X
gp-211	353	10	per	per	ADP
gp-211	353	11	reaches	reach	NOUN
gp-211	353	12	14.64	14.64	NUM
gp-211	353	13	times	time	NOUN
gp-211	353	14	,	,	PUNCT
gp-211	353	15	exceeding	exceed	VERB
gp-211	353	16	the	the	DET
gp-211	353	17	industry	industry	NOUN
gp-211	353	18	average	average	NOUN
gp-211	353	19	and	and	CCONJ
gp-211	353	20	approaching	approach	VERB
gp-211	353	21	the	the	DET
gp-211	353	22	industry	industry	NOUN
gp-211	353	23	maximum	maximum	NOUN
gp-211	353	24	of	of	ADP
gp-211	353	25	23.71	23.71	NUM
gp-211	353	26	times	time	NOUN
gp-211	353	27	,	,	PUNCT
gp-211	353	28	indicating	indicate	VERB
gp-211	353	29	an	an	DET
gp-211	353	30	overvalued	overvalued	ADJ
gp-211	353	31	condition	condition	NOUN
gp-211	353	32	and	and	CCONJ
gp-211	353	33	is	be	AUX
gp-211	353	34	recommended	recommend	VERB
gp-211	353	35	for	for	ADP
gp-211	353	36	sale	sale	NOUN
gp-211	353	37	(	(	PUNCT
gp-211	353	38	sell	sell	NOUN
gp-211	353	39	)	)	PUNCT
gp-211	353	40	.	.	PUNCT
gp-211	354	1	this	this	DET
gp-211	354	2	result	result	NOUN
gp-211	354	3	is	be	AUX
gp-211	354	4	considered	consider	VERB
gp-211	354	5	valid	valid	ADJ
gp-211	354	6	as	as	SCONJ
gp-211	354	7	it	it	PRON
gp-211	354	8	uses	use	VERB
gp-211	354	9	relevant	relevant	ADJ
gp-211	354	10	comparisons	comparison	NOUN
gp-211	354	11	from	from	ADP
gp-211	354	12	the	the	DET
gp-211	354	13	related	relate	VERB
gp-211	354	14	industry	industry	NOUN
gp-211	354	15	.	.	PUNCT
gp-211	355	1	meanwhile	meanwhile	ADV
gp-211	355	2	,	,	PUNCT
gp-211	355	3	the	the	DET
gp-211	355	4	issuer	issuer	ADJ
gp-211	355	5	pt	pt	NOUN
gp-211	355	6	indofood	indofood	NOUN
gp-211	355	7	sukses	sukse	VERB
gp-211	355	8	makmur	makmur	ADJ
gp-211	355	9	tbk	tbk	PROPN
gp-211	355	10	(	(	PUNCT
gp-211	355	11	indf	indf	PROPN
gp-211	355	12	)	)	PUNCT
gp-211	355	13	shows	show	VERB
gp-211	355	14	consistent	consistent	ADJ
gp-211	355	15	results	result	NOUN
gp-211	355	16	across	across	ADP
gp-211	355	17	the	the	DET
gp-211	355	18	three	three	NUM
gp-211	355	19	scenarios	scenario	NOUN
gp-211	355	20	,	,	PUNCT
gp-211	355	21	with	with	ADP
gp-211	355	22	per	per	ADP
gp-211	355	23	values	value	NOUN
gp-211	355	24	of	of	ADP
gp-211	355	25	4.91	4.91	NUM
gp-211	355	26	times	time	NOUN
gp-211	355	27	(	(	PUNCT
gp-211	355	28	pessimistic	pessimistic	ADJ
gp-211	355	29	)	)	PUNCT
gp-211	355	30	,	,	PUNCT
gp-211	355	31	6.94	6.94	NUM
gp-211	355	32	times	time	NOUN
gp-211	355	33	(	(	PUNCT
gp-211	355	34	moderate	moderate	ADJ
gp-211	355	35	)	)	PUNCT
gp-211	355	36	,	,	PUNCT
gp-211	355	37	and	and	CCONJ
gp-211	355	38	9.68	9.68	NUM
gp-211	355	39	times	time	NOUN
gp-211	355	40	(	(	PUNCT
gp-211	355	41	optimistic	optimistic	ADJ
gp-211	355	42	)	)	PUNCT
gp-211	355	43	.	.	PUNCT
gp-211	356	1	all	all	PRON
gp-211	356	2	of	of	ADP
gp-211	356	3	these	these	DET
gp-211	356	4	values	value	NOUN
gp-211	356	5	are	be	AUX
gp-211	356	6	below	below	ADP
gp-211	356	7	the	the	DET
gp-211	356	8	industry	industry	NOUN
gp-211	356	9	per	per	ADP
gp-211	356	10	range	range	NOUN
gp-211	356	11	,	,	PUNCT
gp-211	356	12	whether	whether	SCONJ
gp-211	356	13	minimum	minimum	ADJ
gp-211	356	14	,	,	PUNCT
gp-211	356	15	average	average	ADJ
gp-211	356	16	,	,	PUNCT
gp-211	356	17	or	or	CCONJ
gp-211	356	18	american	american	ADJ
gp-211	356	19	journal	journal	NOUN
gp-211	356	20	of	of	ADP
gp-211	356	21	economic	economic	ADJ
gp-211	356	22	and	and	CCONJ
gp-211	356	23	management	management	NOUN
gp-211	356	24	business	business	NOUN
gp-211	356	25	vol	vol	NOUN
gp-211	356	26	.	.	PROPN
gp-211	357	1	4	4	NUM
gp-211	357	2	no	no	NOUN
gp-211	357	3	.	.	NOUN
gp-211	357	4	5	5	NUM
gp-211	357	5	,	,	PUNCT
gp-211	357	6	may	may	AUX
gp-211	357	7	2025	2025	NUM
gp-211	357	8	470	470	NUM
gp-211	357	9	maximum	maximum	ADJ
gp-211	357	10	,	,	PUNCT
gp-211	357	11	thus	thus	ADV
gp-211	357	12	it	it	PRON
gp-211	357	13	can	can	AUX
gp-211	357	14	be	be	AUX
gp-211	357	15	concluded	conclude	VERB
gp-211	357	16	that	that	SCONJ
gp-211	357	17	indf	indf	ADJ
gp-211	357	18	shares	share	NOUN
gp-211	357	19	are	be	AUX
gp-211	357	20	consistently	consistently	ADV
gp-211	357	21	undervalued	undervalue	VERB
gp-211	357	22	and	and	CCONJ
gp-211	357	23	recommended	recommend	VERB
gp-211	357	24	for	for	ADP
gp-211	357	25	purchase	purchase	NOUN
gp-211	357	26	(	(	PUNCT
gp-211	357	27	buy	buy	NOUN
gp-211	357	28	)	)	PUNCT
gp-211	357	29	.	.	PUNCT
gp-211	358	1	this	this	DET
gp-211	358	2	finding	finding	NOUN
gp-211	358	3	strengthens	strengthen	VERB
gp-211	358	4	the	the	DET
gp-211	358	5	indication	indication	NOUN
gp-211	358	6	that	that	PRON
gp-211	358	7	indf	indf	PROPN
gp-211	358	8	’s	’s	PART
gp-211	358	9	stock	stock	NOUN
gp-211	358	10	price	price	NOUN
gp-211	358	11	is	be	AUX
gp-211	358	12	considered	consider	VERB
gp-211	358	13	lower	low	ADJ
gp-211	358	14	compared	compare	VERB
gp-211	358	15	to	to	ADP
gp-211	358	16	the	the	DET
gp-211	358	17	performance	performance	NOUN
gp-211	358	18	of	of	ADP
gp-211	358	19	other	other	ADJ
gp-211	358	20	companies	company	NOUN
gp-211	358	21	in	in	ADP
gp-211	358	22	the	the	DET
gp-211	358	23	same	same	ADJ
gp-211	358	24	sector	sector	NOUN
gp-211	358	25	.	.	PUNCT
gp-211	359	1	price	price	NOUN
gp-211	359	2	to	to	ADP
gp-211	359	3	book	book	NOUN
gp-211	359	4	value	value	NOUN
gp-211	359	5	(	(	PUNCT
gp-211	359	6	pbv	pbv	VERB
gp-211	359	7	)	)	PUNCT
gp-211	359	8	analysis	analysis	NOUN
gp-211	359	9	the	the	DET
gp-211	359	10	second	second	ADJ
gp-211	359	11	valuation	valuation	NOUN
gp-211	359	12	approach	approach	NOUN
gp-211	359	13	used	use	VERB
gp-211	359	14	is	be	AUX
gp-211	359	15	the	the	DET
gp-211	359	16	price	price	NOUN
gp-211	359	17	to	to	ADP
gp-211	359	18	book	book	NOUN
gp-211	359	19	value	value	NOUN
gp-211	359	20	(	(	PUNCT
gp-211	359	21	pbv	pbv	NOUN
gp-211	359	22	)	)	PUNCT
gp-211	359	23	,	,	PUNCT
gp-211	359	24	which	which	PRON
gp-211	359	25	assesses	assess	VERB
gp-211	359	26	the	the	DET
gp-211	359	27	market	market	NOUN
gp-211	359	28	price	price	NOUN
gp-211	359	29	of	of	ADP
gp-211	359	30	a	a	DET
gp-211	359	31	stock	stock	NOUN
gp-211	359	32	against	against	ADP
gp-211	359	33	the	the	DET
gp-211	359	34	company	company	NOUN
gp-211	359	35	's	's	PART
gp-211	359	36	book	book	NOUN
gp-211	359	37	value	value	NOUN
gp-211	359	38	.	.	PUNCT
gp-211	360	1	this	this	DET
gp-211	360	2	ratio	ratio	NOUN
gp-211	360	3	is	be	AUX
gp-211	360	4	used	use	VERB
gp-211	360	5	to	to	PART
gp-211	360	6	identify	identify	VERB
gp-211	360	7	how	how	SCONJ
gp-211	360	8	much	much	ADJ
gp-211	360	9	the	the	DET
gp-211	360	10	market	market	NOUN
gp-211	360	11	value	value	NOUN
gp-211	360	12	reflects	reflect	VERB
gp-211	360	13	the	the	DET
gp-211	360	14	company	company	NOUN
gp-211	360	15	’s	’s	PART
gp-211	360	16	net	net	ADJ
gp-211	360	17	asset	asset	NOUN
gp-211	360	18	value	value	NOUN
gp-211	360	19	.	.	PUNCT
gp-211	361	1	for	for	ADP
gp-211	361	2	icbp	icbp	PROPN
gp-211	361	3	stock	stock	NOUN
gp-211	361	4	,	,	PUNCT
gp-211	361	5	in	in	ADP
gp-211	361	6	the	the	DET
gp-211	361	7	pessimistic	pessimistic	ADJ
gp-211	361	8	scenario	scenario	NOUN
gp-211	361	9	,	,	PUNCT
gp-211	361	10	the	the	DET
gp-211	361	11	pbv	pbv	ADJ
gp-211	361	12	value	value	NOUN
gp-211	361	13	is	be	AUX
gp-211	361	14	recorded	record	VERB
gp-211	361	15	at	at	ADP
gp-211	361	16	1.16	1.16	NUM
gp-211	361	17	times	time	NOUN
gp-211	361	18	,	,	PUNCT
gp-211	361	19	higher	high	ADJ
gp-211	361	20	than	than	ADP
gp-211	361	21	the	the	DET
gp-211	361	22	industry	industry	NOUN
gp-211	361	23	minimum	minimum	NOUN
gp-211	361	24	of	of	ADP
gp-211	361	25	0.51	0.51	NUM
gp-211	361	26	times	time	NOUN
gp-211	361	27	,	,	PUNCT
gp-211	361	28	but	but	CCONJ
gp-211	361	29	still	still	ADV
gp-211	361	30	below	below	ADP
gp-211	361	31	the	the	DET
gp-211	361	32	industry	industry	NOUN
gp-211	361	33	average	average	NOUN
gp-211	361	34	of	of	ADP
gp-211	361	35	2.34	2.34	NUM
gp-211	361	36	times	time	NOUN
gp-211	361	37	,	,	PUNCT
gp-211	361	38	so	so	SCONJ
gp-211	361	39	the	the	DET
gp-211	361	40	stock	stock	NOUN
gp-211	361	41	is	be	AUX
gp-211	361	42	categorized	categorize	VERB
gp-211	361	43	as	as	ADP
gp-211	361	44	undervalued	undervalue	VERB
gp-211	361	45	and	and	CCONJ
gp-211	361	46	recommended	recommend	VERB
gp-211	361	47	for	for	ADP
gp-211	361	48	purchase	purchase	NOUN
gp-211	361	49	(	(	PUNCT
gp-211	361	50	buy	buy	NOUN
gp-211	361	51	)	)	PUNCT
gp-211	361	52	.	.	PUNCT
gp-211	362	1	in	in	ADP
gp-211	362	2	the	the	DET
gp-211	362	3	moderate	moderate	ADJ
gp-211	362	4	scenario	scenario	NOUN
gp-211	362	5	,	,	PUNCT
gp-211	362	6	pbv	pbv	VERB
gp-211	362	7	increases	increase	NOUN
gp-211	362	8	to	to	ADP
gp-211	362	9	1.82	1.82	NUM
gp-211	362	10	times	time	NOUN
gp-211	362	11	,	,	PUNCT
gp-211	362	12	which	which	PRON
gp-211	362	13	is	be	AUX
gp-211	362	14	still	still	ADV
gp-211	362	15	below	below	ADP
gp-211	362	16	the	the	DET
gp-211	362	17	industry	industry	NOUN
gp-211	362	18	average	average	NOUN
gp-211	362	19	,	,	PUNCT
gp-211	362	20	indicating	indicate	VERB
gp-211	362	21	the	the	DET
gp-211	362	22	same	same	ADJ
gp-211	362	23	condition	condition	NOUN
gp-211	362	24	.	.	PUNCT
gp-211	363	1	however	however	ADV
gp-211	363	2	,	,	PUNCT
gp-211	363	3	in	in	ADP
gp-211	363	4	the	the	DET
gp-211	363	5	optimistic	optimistic	ADJ
gp-211	363	6	scenario	scenario	NOUN
gp-211	363	7	,	,	PUNCT
gp-211	363	8	icbp	icbp	PROPN
gp-211	363	9	’s	’s	PART
gp-211	363	10	pbv	pbv	PROPN
gp-211	363	11	reaches	reach	VERB
gp-211	363	12	2.84	2.84	NUM
gp-211	363	13	times	time	NOUN
gp-211	363	14	,	,	PUNCT
gp-211	363	15	exceeding	exceed	VERB
gp-211	363	16	the	the	DET
gp-211	363	17	industry	industry	NOUN
gp-211	363	18	average	average	NOUN
gp-211	363	19	but	but	CCONJ
gp-211	363	20	still	still	ADV
gp-211	363	21	below	below	ADP
gp-211	363	22	the	the	DET
gp-211	363	23	maximum	maximum	ADJ
gp-211	363	24	value	value	NOUN
gp-211	363	25	of	of	ADP
gp-211	363	26	5.34	5.34	NUM
gp-211	363	27	times	time	NOUN
gp-211	363	28	,	,	PUNCT
gp-211	363	29	so	so	SCONJ
gp-211	363	30	in	in	ADP
gp-211	363	31	this	this	DET
gp-211	363	32	context	context	NOUN
gp-211	363	33	the	the	DET
gp-211	363	34	stock	stock	NOUN
gp-211	363	35	is	be	AUX
gp-211	363	36	classified	classify	VERB
gp-211	363	37	as	as	ADP
gp-211	363	38	overvalued	overvalue	VERB
gp-211	363	39	and	and	CCONJ
gp-211	363	40	recommended	recommend	VERB
gp-211	363	41	for	for	ADP
gp-211	363	42	sale	sale	NOUN
gp-211	363	43	(	(	PUNCT
gp-211	363	44	sell	sell	NOUN
gp-211	363	45	)	)	PUNCT
gp-211	363	46	.	.	PUNCT
gp-211	364	1	conversely	conversely	ADV
gp-211	364	2	,	,	PUNCT
gp-211	364	3	indf	indf	ADJ
gp-211	364	4	shares	share	NOUN
gp-211	364	5	show	show	VERB
gp-211	364	6	a	a	DET
gp-211	364	7	stable	stable	ADJ
gp-211	364	8	trend	trend	NOUN
gp-211	364	9	across	across	ADP
gp-211	364	10	all	all	DET
gp-211	364	11	scenarios	scenario	NOUN
gp-211	364	12	with	with	ADP
gp-211	364	13	pbv	pbv	ADJ
gp-211	364	14	values	value	NOUN
gp-211	364	15	of	of	ADP
gp-211	364	16	0.85	0.85	NUM
gp-211	364	17	times	time	NOUN
gp-211	364	18	(	(	PUNCT
gp-211	364	19	pessimistic	pessimistic	ADJ
gp-211	364	20	)	)	PUNCT
gp-211	364	21	,	,	PUNCT
gp-211	364	22	1.20	1.20	NUM
gp-211	364	23	times	time	NOUN
gp-211	364	24	(	(	PUNCT
gp-211	364	25	moderate	moderate	ADJ
gp-211	364	26	)	)	PUNCT
gp-211	364	27	,	,	PUNCT
gp-211	364	28	and	and	CCONJ
gp-211	364	29	1.67	1.67	NUM
gp-211	364	30	times	time	NOUN
gp-211	364	31	(	(	PUNCT
gp-211	364	32	optimistic	optimistic	ADJ
gp-211	364	33	)	)	PUNCT
gp-211	364	34	.	.	PUNCT
gp-211	365	1	all	all	DET
gp-211	365	2	three	three	NUM
gp-211	365	3	values	value	NOUN
gp-211	365	4	remain	remain	VERB
gp-211	365	5	below	below	ADP
gp-211	365	6	the	the	DET
gp-211	365	7	industry	industry	NOUN
gp-211	365	8	average	average	ADJ
gp-211	365	9	and	and	CCONJ
gp-211	365	10	maximum	maximum	ADJ
gp-211	365	11	pbv	pbv	ADJ
gp-211	365	12	,	,	PUNCT
gp-211	365	13	indicating	indicate	VERB
gp-211	365	14	that	that	SCONJ
gp-211	365	15	the	the	DET
gp-211	365	16	stock	stock	NOUN
gp-211	365	17	is	be	AUX
gp-211	365	18	undervalued	undervalue	VERB
gp-211	365	19	and	and	CCONJ
gp-211	365	20	recommended	recommend	VERB
gp-211	365	21	for	for	ADP
gp-211	365	22	purchase	purchase	NOUN
gp-211	365	23	(	(	PUNCT
gp-211	365	24	buy	buy	NOUN
gp-211	365	25	)	)	PUNCT
gp-211	365	26	.	.	PUNCT
gp-211	366	1	these	these	DET
gp-211	366	2	results	result	NOUN
gp-211	366	3	suggest	suggest	VERB
gp-211	366	4	that	that	SCONJ
gp-211	366	5	the	the	DET
gp-211	366	6	market	market	NOUN
gp-211	366	7	has	have	AUX
gp-211	366	8	not	not	PART
gp-211	366	9	fully	fully	ADV
gp-211	366	10	appreciated	appreciate	VERB
gp-211	366	11	the	the	DET
gp-211	366	12	company	company	NOUN
gp-211	366	13	’s	’s	PART
gp-211	366	14	net	net	ADJ
gp-211	366	15	asset	asset	NOUN
gp-211	366	16	value	value	NOUN
gp-211	366	17	,	,	PUNCT
gp-211	366	18	implying	imply	VERB
gp-211	366	19	potential	potential	ADJ
gp-211	366	20	share	share	NOUN
gp-211	366	21	price	price	NOUN
gp-211	366	22	appreciation	appreciation	NOUN
gp-211	366	23	in	in	ADP
gp-211	366	24	the	the	DET
gp-211	366	25	future	future	NOUN
gp-211	366	26	.	.	PUNCT
gp-211	367	1	implication	implication	NOUN
gp-211	367	2	of	of	ADP
gp-211	367	3	findings	finding	NOUN
gp-211	367	4	the	the	DET
gp-211	367	5	results	result	NOUN
gp-211	367	6	of	of	ADP
gp-211	367	7	the	the	DET
gp-211	367	8	analysis	analysis	NOUN
gp-211	367	9	using	use	VERB
gp-211	367	10	the	the	DET
gp-211	367	11	per	per	NOUN
gp-211	367	12	and	and	CCONJ
gp-211	367	13	pbv	pbv	VERB
gp-211	367	14	approaches	approach	NOUN
gp-211	367	15	show	show	VERB
gp-211	367	16	that	that	SCONJ
gp-211	367	17	icbp	icbp	PROPN
gp-211	367	18	shares	share	NOUN
gp-211	367	19	have	have	VERB
gp-211	367	20	the	the	DET
gp-211	367	21	potential	potential	NOUN
gp-211	367	22	to	to	PART
gp-211	367	23	become	become	VERB
gp-211	367	24	overvalued	overvalued	ADJ
gp-211	367	25	under	under	ADP
gp-211	367	26	the	the	DET
gp-211	367	27	optimistic	optimistic	ADJ
gp-211	367	28	scenario	scenario	NOUN
gp-211	367	29	,	,	PUNCT
gp-211	367	30	especially	especially	ADV
gp-211	367	31	when	when	SCONJ
gp-211	367	32	high	high	ADJ
gp-211	367	33	growth	growth	NOUN
gp-211	367	34	assumptions	assumption	NOUN
gp-211	367	35	are	be	AUX
gp-211	367	36	applied	apply	VERB
gp-211	367	37	.	.	PUNCT
gp-211	368	1	on	on	ADP
gp-211	368	2	the	the	DET
gp-211	368	3	other	other	ADJ
gp-211	368	4	hand	hand	NOUN
gp-211	368	5	,	,	PUNCT
gp-211	368	6	indf	indf	ADJ
gp-211	368	7	shares	share	NOUN
gp-211	368	8	exhibit	exhibit	VERB
gp-211	368	9	more	more	ADV
gp-211	368	10	stable	stable	ADJ
gp-211	368	11	and	and	CCONJ
gp-211	368	12	consistent	consistent	ADJ
gp-211	368	13	characteristics	characteristic	NOUN
gp-211	368	14	as	as	ADP
gp-211	368	15	undervalued	undervalue	VERB
gp-211	368	16	stocks	stock	NOUN
gp-211	368	17	across	across	ADP
gp-211	368	18	all	all	DET
gp-211	368	19	three	three	NUM
gp-211	368	20	scenarios	scenario	NOUN
gp-211	368	21	and	and	CCONJ
gp-211	368	22	both	both	DET
gp-211	368	23	valuation	valuation	NOUN
gp-211	368	24	approaches	approach	NOUN
gp-211	368	25	.	.	PUNCT
gp-211	369	1	therefore	therefore	ADV
gp-211	369	2	,	,	PUNCT
gp-211	369	3	it	it	PRON
gp-211	369	4	can	can	AUX
gp-211	369	5	be	be	AUX
gp-211	369	6	concluded	conclude	VERB
gp-211	369	7	that	that	SCONJ
gp-211	369	8	indf	indf	ADJ
gp-211	369	9	shares	share	NOUN
gp-211	369	10	have	have	VERB
gp-211	369	11	the	the	DET
gp-211	369	12	potential	potential	NOUN
gp-211	369	13	to	to	PART
gp-211	369	14	be	be	AUX
gp-211	369	15	a	a	DET
gp-211	369	16	more	more	ADV
gp-211	369	17	conservative	conservative	ADJ
gp-211	369	18	and	and	CCONJ
gp-211	369	19	safer	safe	ADJ
gp-211	369	20	investment	investment	NOUN
gp-211	369	21	alternative	alternative	NOUN
gp-211	369	22	under	under	ADP
gp-211	369	23	various	various	ADJ
gp-211	369	24	market	market	NOUN
gp-211	369	25	conditions	condition	NOUN
gp-211	369	26	,	,	PUNCT
gp-211	369	27	while	while	SCONJ
gp-211	369	28	icbp	icbp	PROPN
gp-211	369	29	shares	share	NOUN
gp-211	369	30	are	be	AUX
gp-211	369	31	more	more	ADV
gp-211	369	32	sensitive	sensitive	ADJ
gp-211	369	33	to	to	ADP
gp-211	369	34	changes	change	NOUN
gp-211	369	35	in	in	ADP
gp-211	369	36	future	future	ADJ
gp-211	369	37	financial	financial	ADJ
gp-211	369	38	performance	performance	NOUN
gp-211	369	39	expectations	expectation	NOUN
gp-211	369	40	.	.	PUNCT
gp-211	370	1	conclusion	conclusion	VERB
gp-211	370	2	the	the	DET
gp-211	370	3	conclusion	conclusion	NOUN
gp-211	370	4	of	of	ADP
gp-211	370	5	this	this	DET
gp-211	370	6	study	study	NOUN
gp-211	370	7	indicates	indicate	VERB
gp-211	370	8	that	that	SCONJ
gp-211	370	9	the	the	DET
gp-211	370	10	valuation	valuation	NOUN
gp-211	370	11	of	of	ADP
gp-211	370	12	pt	pt	PROPN
gp-211	370	13	indofood	indofood	PROPN
gp-211	370	14	cbp	cbp	PROPN
gp-211	370	15	sukses	sukse	VERB
gp-211	370	16	makmur	makmur	PROPN
gp-211	370	17	tbk	tbk	PROPN
gp-211	370	18	(	(	PUNCT
gp-211	370	19	icbp	icbp	PROPN
gp-211	370	20	)	)	PUNCT
gp-211	370	21	and	and	CCONJ
gp-211	370	22	pt	pt	PROPN
gp-211	370	23	indofood	indofood	NOUN
gp-211	370	24	sukses	sukse	VERB
gp-211	370	25	makmur	makmur	ADJ
gp-211	370	26	tbk	tbk	PROPN
gp-211	370	27	(	(	PUNCT
gp-211	370	28	indf	indf	PROPN
gp-211	370	29	)	)	PUNCT
gp-211	370	30	using	use	VERB
gp-211	370	31	the	the	DET
gp-211	370	32	discounted	discount	VERB
gp-211	370	33	cash	cash	NOUN
gp-211	370	34	flow	flow	NOUN
gp-211	370	35	method	method	NOUN
gp-211	370	36	with	with	ADP
gp-211	370	37	a	a	DET
gp-211	370	38	free	free	ADJ
gp-211	370	39	cash	cash	NOUN
gp-211	370	40	flow	flow	NOUN
gp-211	370	41	to	to	PART
gp-211	370	42	firm	firm	ADJ
gp-211	370	43	approach	approach	NOUN
gp-211	370	44	and	and	CCONJ
gp-211	370	45	relative	relative	ADJ
gp-211	370	46	ratios	ratio	NOUN
gp-211	370	47	(	(	PUNCT
gp-211	370	48	per	per	ADP
gp-211	370	49	and	and	CCONJ
gp-211	370	50	pbv	pbv	VERB
gp-211	370	51	)	)	PUNCT
gp-211	370	52	yields	yield	VERB
gp-211	370	53	varying	vary	VERB
gp-211	370	54	results	result	NOUN
gp-211	370	55	depending	depend	VERB
gp-211	370	56	on	on	ADP
gp-211	370	57	the	the	DET
gp-211	370	58	optimistic	optimistic	ADJ
gp-211	370	59	,	,	PUNCT
gp-211	370	60	moderate	moderate	ADJ
gp-211	370	61	,	,	PUNCT
gp-211	370	62	and	and	CCONJ
gp-211	370	63	pessimistic	pessimistic	ADJ
gp-211	370	64	scenarios	scenario	NOUN
gp-211	370	65	for	for	ADP
gp-211	370	66	2024	2024	NUM
gp-211	370	67	.	.	PUNCT
gp-211	371	1	in	in	ADP
gp-211	371	2	the	the	DET
gp-211	371	3	optimistic	optimistic	ADJ
gp-211	371	4	scenario	scenario	NOUN
gp-211	371	5	,	,	PUNCT
gp-211	371	6	both	both	DET
gp-211	371	7	stocks	stock	NOUN
gp-211	371	8	show	show	VERB
gp-211	371	9	potential	potential	NOUN
gp-211	371	10	for	for	ADP
gp-211	371	11	appreciation	appreciation	NOUN
gp-211	371	12	,	,	PUNCT
gp-211	371	13	with	with	ADP
gp-211	371	14	indf	indf	NOUN
gp-211	371	15	significantly	significantly	ADV
gp-211	371	16	undervalued	undervalue	VERB
gp-211	371	17	and	and	CCONJ
gp-211	371	18	icbp	icbp	NOUN
gp-211	371	19	approaching	approach	VERB
gp-211	371	20	its	its	PRON
gp-211	371	21	fair	fair	ADJ
gp-211	371	22	value	value	NOUN
gp-211	371	23	.	.	PUNCT
gp-211	372	1	under	under	ADP
gp-211	372	2	the	the	DET
gp-211	372	3	moderate	moderate	ADJ
gp-211	372	4	scenario	scenario	NOUN
gp-211	372	5	,	,	PUNCT
gp-211	372	6	indf	indf	ADJ
gp-211	372	7	remains	remain	VERB
gp-211	372	8	undervalued	undervalue	VERB
gp-211	372	9	,	,	PUNCT
gp-211	372	10	while	while	SCONJ
gp-211	372	11	icbp	icbp	PROPN
gp-211	372	12	appears	appear	VERB
gp-211	372	13	overvalued	overvalue	VERB
gp-211	372	14	.	.	PUNCT
gp-211	373	1	in	in	ADP
gp-211	373	2	the	the	DET
gp-211	373	3	pessimistic	pessimistic	ADJ
gp-211	373	4	scenario	scenario	NOUN
gp-211	373	5	,	,	PUNCT
gp-211	373	6	both	both	DET
gp-211	373	7	stocks	stock	NOUN
gp-211	373	8	are	be	AUX
gp-211	373	9	considered	consider	VERB
gp-211	373	10	overvalued	overvalue	VERB
gp-211	373	11	based	base	VERB
gp-211	373	12	on	on	ADP
gp-211	373	13	dcf	dcf	PROPN
gp-211	373	14	analysis	analysis	NOUN
gp-211	373	15	,	,	PUNCT
gp-211	373	16	yet	yet	CCONJ
gp-211	373	17	they	they	PRON
gp-211	373	18	appear	appear	VERB
gp-211	373	19	undervalued	undervalue	VERB
gp-211	373	20	when	when	SCONJ
gp-211	373	21	assessed	assess	VERB
gp-211	373	22	using	using	NOUN
gp-211	373	23	per	per	ADP
gp-211	373	24	and	and	CCONJ
gp-211	373	25	pbv	pbv	VERB
gp-211	373	26	ratios	ratio	NOUN
gp-211	373	27	.	.	PUNCT
gp-211	374	1	overall	overall	ADJ
gp-211	374	2	,	,	PUNCT
gp-211	374	3	indf	indf	PROPN
gp-211	374	4	consistently	consistently	ADV
gp-211	374	5	demonstrates	demonstrate	VERB
gp-211	374	6	undervaluation	undervaluation	NOUN
gp-211	374	7	across	across	ADP
gp-211	374	8	all	all	DET
gp-211	374	9	scenarios	scenario	NOUN
gp-211	374	10	and	and	CCONJ
gp-211	374	11	is	be	AUX
gp-211	374	12	recommended	recommend	VERB
gp-211	374	13	for	for	ADP
gp-211	374	14	purchase	purchase	NOUN
gp-211	374	15	,	,	PUNCT
gp-211	374	16	whereas	whereas	SCONJ
gp-211	374	17	icbp	icbp	PROPN
gp-211	374	18	is	be	AUX
gp-211	374	19	only	only	ADV
gp-211	374	20	advisable	advisable	ADJ
gp-211	374	21	to	to	PART
gp-211	374	22	buy	buy	VERB
gp-211	374	23	under	under	ADP
gp-211	374	24	the	the	DET
gp-211	374	25	optimistic	optimistic	ADJ
gp-211	374	26	scenario	scenario	NOUN
gp-211	374	27	and	and	CCONJ
gp-211	374	28	is	be	AUX
gp-211	374	29	better	well	ADV
gp-211	374	30	sold	sell	VERB
gp-211	374	31	under	under	ADP
gp-211	374	32	the	the	DET
gp-211	374	33	moderate	moderate	ADJ
gp-211	374	34	and	and	CCONJ
gp-211	374	35	pessimistic	pessimistic	ADJ
gp-211	374	36	scenarios	scenario	NOUN
gp-211	374	37	.	.	PUNCT
gp-211	375	1	references	reference	NOUN
gp-211	375	2	abadi	abadi	PROPN
gp-211	375	3	,	,	PUNCT
gp-211	375	4	f.	f.	PROPN
gp-211	375	5	,	,	PUNCT
gp-211	375	6	&	&	CCONJ
gp-211	375	7	wicaksono	wicaksono	PROPN
gp-211	375	8	,	,	PUNCT
gp-211	375	9	m.	m.	NOUN
gp-211	375	10	a.	a.	NOUN
gp-211	375	11	(	(	PUNCT
gp-211	375	12	2024	2024	NUM
gp-211	375	13	)	)	PUNCT
gp-211	375	14	.	.	PUNCT
gp-211	376	1	analysis	analysis	NOUN
gp-211	376	2	of	of	ADP
gp-211	376	3	factors	factor	NOUN
gp-211	376	4	affecting	affect	VERB
gp-211	376	5	the	the	DET
gp-211	376	6	satisfaction	satisfaction	NOUN
gp-211	376	7	of	of	ADP
gp-211	376	8	sharia	sharia	PROPN
gp-211	376	9	stock	stock	NOUN
gp-211	376	10	investors	investor	NOUN
gp-211	376	11	in	in	ADP
gp-211	376	12	bangka	bangka	PROPN
gp-211	376	13	belitung	belitung	PROPN
gp-211	376	14	and	and	CCONJ
gp-211	376	15	riau	riau	PROPN
gp-211	376	16	,	,	PUNCT
gp-211	376	17	indonesia	indonesia	PROPN
gp-211	376	18	.	.	PROPN
gp-211	376	19	journal	journal	PROPN
gp-211	376	20	of	of	ADP
gp-211	376	21	islamic	islamic	PROPN
gp-211	376	22	economics	economics	PROPN
gp-211	376	23	lariba	lariba	PROPN
gp-211	376	24	,	,	PUNCT
gp-211	376	25	10(2	10(2	NUM
gp-211	376	26	)	)	PUNCT
gp-211	376	27	.	.	PUNCT
gp-211	377	1	abiola	abiola	PROPN
gp-211	377	2	-	-	PUNCT
gp-211	377	3	adams	adams	PROPN
gp-211	377	4	,	,	PUNCT
gp-211	377	5	o.	o.	NOUN
gp-211	377	6	,	,	PUNCT
gp-211	377	7	azubuike	azubuike	NOUN
gp-211	377	8	,	,	PUNCT
gp-211	377	9	c.	c.	PROPN
gp-211	377	10	,	,	PUNCT
gp-211	377	11	sule	sule	PROPN
gp-211	377	12	,	,	PUNCT
gp-211	377	13	a.	a.	PROPN
gp-211	377	14	k.	k.	PROPN
gp-211	377	15	,	,	PUNCT
gp-211	377	16	&	&	CCONJ
gp-211	377	17	okon	okon	PROPN
gp-211	377	18	,	,	PUNCT
gp-211	377	19	r.	r.	PROPN
gp-211	377	20	(	(	PUNCT
gp-211	377	21	2023	2023	NUM
gp-211	377	22	)	)	PUNCT
gp-211	377	23	.	.	PUNCT
gp-211	378	1	innovative	innovative	ADJ
gp-211	378	2	approaches	approach	NOUN
gp-211	378	3	to	to	ADP
gp-211	378	4	structuring	structure	VERB
gp-211	378	5	shariacompliant	shariacompliant	ADJ
gp-211	378	6	financial	financial	ADJ
gp-211	378	7	products	product	NOUN
gp-211	378	8	for	for	ADP
gp-211	378	9	global	global	ADJ
gp-211	378	10	markets	market	NOUN
gp-211	378	11	.	.	PUNCT
gp-211	379	1	j	j	PROPN
gp-211	379	2	islamic	islamic	ADJ
gp-211	379	3	finance	finance	NOUN
gp-211	379	4	stud	stud	NOUN
gp-211	379	5	.	.	PUNCT
gp-211	380	1	cahyono	cahyono	PROPN
gp-211	380	2	,	,	PUNCT
gp-211	380	3	a.	a.	PROPN
gp-211	380	4	d.	d.	PROPN
gp-211	380	5	,	,	PUNCT
gp-211	380	6	&	&	CCONJ
gp-211	380	7	hendrawan	hendrawan	PROPN
gp-211	380	8	,	,	PUNCT
gp-211	380	9	r.	r.	PROPN
gp-211	380	10	(	(	PUNCT
gp-211	380	11	2020	2020	NUM
gp-211	380	12	)	)	PUNCT
gp-211	380	13	.	.	PUNCT
gp-211	381	1	coal	coal	NOUN
gp-211	381	2	mining	mining	NOUN
gp-211	381	3	listed	list	VERB
gp-211	381	4	companies	company	NOUN
gp-211	381	5	and	and	CCONJ
gp-211	381	6	their	their	PRON
gp-211	381	7	value	value	NOUN
gp-211	381	8	:	:	PUNCT
gp-211	381	9	evidence	evidence	NOUN
gp-211	381	10	from	from	ADP
gp-211	381	11	adi	adi	PROPN
gp-211	381	12	aji	aji	PROPN
gp-211	381	13	kurniawan	kurniawan	PROPN
gp-211	381	14	,	,	PUNCT
gp-211	381	15	irni	irni	PROPN
gp-211	381	16	yunita	yunita	PROPN
gp-211	381	17	471	471	NUM
gp-211	381	18	indonesia	indonesia	PROPN
gp-211	381	19	stock	stock	PROPN
gp-211	381	20	exchange	exchange	PROPN
gp-211	381	21	.	.	PUNCT
gp-211	382	1	proceedings	proceeding	NOUN
gp-211	382	2	,	,	PUNCT
gp-211	382	3	35–44	35–44	NUM
gp-211	382	4	.	.	PROPN
gp-211	382	5	https://doi.org/10.5220/0008427300350044	https://doi.org/10.5220/0008427300350044	AUX
gp-211	382	6	chowdhury	chowdhury	PROPN
gp-211	382	7	,	,	PUNCT
gp-211	382	8	e.	e.	PROPN
gp-211	382	9	k.	k.	PROPN
gp-211	382	10	,	,	PUNCT
gp-211	382	11	khan	khan	PROPN
gp-211	382	12	,	,	PUNCT
gp-211	382	13	i.	i.	PROPN
gp-211	382	14	i.	i.	PROPN
gp-211	382	15	,	,	PUNCT
gp-211	382	16	&	&	CCONJ
gp-211	382	17	dhar	dhar	PROPN
gp-211	382	18	,	,	PUNCT
gp-211	382	19	b.	b.	PROPN
gp-211	382	20	k.	k.	PROPN
gp-211	382	21	(	(	PUNCT
gp-211	382	22	2022	2022	NUM
gp-211	382	23	)	)	PUNCT
gp-211	382	24	.	.	PUNCT
gp-211	383	1	catastrophic	catastrophic	ADJ
gp-211	383	2	impact	impact	NOUN
gp-211	383	3	of	of	ADP
gp-211	383	4	covid‐19	covid‐19	PROPN
gp-211	383	5	on	on	ADP
gp-211	383	6	the	the	DET
gp-211	383	7	global	global	ADJ
gp-211	383	8	stock	stock	NOUN
gp-211	383	9	markets	market	NOUN
gp-211	383	10	and	and	CCONJ
gp-211	383	11	economic	economic	ADJ
gp-211	383	12	activities	activity	NOUN
gp-211	383	13	.	.	PUNCT
gp-211	384	1	business	business	NOUN
gp-211	384	2	and	and	CCONJ
gp-211	384	3	society	society	NOUN
gp-211	384	4	review	review	NOUN
gp-211	384	5	,	,	PUNCT
gp-211	384	6	127(2	127(2	NUM
gp-211	384	7	)	)	PUNCT
gp-211	384	8	,	,	PUNCT
gp-211	384	9	437–460	437–460	NUM
gp-211	384	10	.	.	PUNCT
gp-211	385	1	damodaran	damodaran	PROPN
gp-211	385	2	,	,	PUNCT
gp-211	385	3	a.	a.	NOUN
gp-211	385	4	(	(	PUNCT
gp-211	385	5	2012	2012	NUM
gp-211	385	6	)	)	PUNCT
gp-211	385	7	.	.	PUNCT
gp-211	386	1	investment	investment	NOUN
gp-211	386	2	valuation	valuation	NOUN
gp-211	386	3	:	:	PUNCT
gp-211	386	4	tools	tool	NOUN
gp-211	386	5	and	and	CCONJ
gp-211	386	6	techniques	technique	NOUN
gp-211	386	7	for	for	ADP
gp-211	386	8	determining	determine	VERB
gp-211	386	9	the	the	DET
gp-211	386	10	value	value	NOUN
gp-211	386	11	of	of	ADP
gp-211	386	12	any	any	DET
gp-211	386	13	asset	asset	NOUN
gp-211	386	14	(	(	PUNCT
gp-211	386	15	vol	vol	NOUN
gp-211	386	16	.	.	PUNCT
gp-211	386	17	666	666	NUM
gp-211	386	18	)	)	PUNCT
gp-211	386	19	.	.	PUNCT
gp-211	387	1	john	john	PROPN
gp-211	387	2	wiley	wiley	PROPN
gp-211	387	3	\	\	PROPN
gp-211	387	4	&	&	CCONJ
gp-211	387	5	sons	son	NOUN
gp-211	387	6	.	.	PUNCT
gp-211	388	1	fibrianto	fibrianto	PROPN
gp-211	388	2	,	,	PUNCT
gp-211	388	3	n.	n.	PROPN
gp-211	388	4	h.	h.	PROPN
gp-211	388	5	,	,	PUNCT
gp-211	388	6	&	&	CCONJ
gp-211	388	7	hendrawan	hendrawan	PROPN
gp-211	388	8	,	,	PUNCT
gp-211	388	9	r.	r.	PROPN
gp-211	388	10	(	(	PUNCT
gp-211	388	11	2020	2020	NUM
gp-211	388	12	)	)	PUNCT
gp-211	388	13	.	.	PUNCT
gp-211	389	1	oil	oil	NOUN
gp-211	389	2	and	and	CCONJ
gp-211	389	3	gas	gas	NOUN
gp-211	389	4	companies	company	NOUN
gp-211	389	5	and	and	CCONJ
gp-211	389	6	their	their	PRON
gp-211	389	7	fair	fair	ADJ
gp-211	389	8	value	value	NOUN
gp-211	389	9	:	:	PUNCT
gp-211	389	10	evidence	evidence	NOUN
gp-211	389	11	from	from	ADP
gp-211	389	12	indonesia	indonesia	PROPN
gp-211	389	13	stock	stock	PROPN
gp-211	389	14	exchange	exchange	PROPN
gp-211	389	15	.	.	PUNCT
gp-211	390	1	proceedings	proceeding	NOUN
gp-211	390	2	,	,	PUNCT
gp-211	390	3	106–116	106–116	NUM
gp-211	390	4	.	.	PUNCT
gp-211	391	1	https://doi.org/10.5220/0008428001060116	https://doi.org/10.5220/0008428001060116	VERB
gp-211	392	1	fitriani	fitriani	PROPN
gp-211	392	2	,	,	PUNCT
gp-211	392	3	s.	s.	PROPN
gp-211	392	4	r.	r.	PROPN
gp-211	392	5	,	,	PUNCT
gp-211	392	6	&	&	CCONJ
gp-211	392	7	rikumahu	rikumahu	PROPN
gp-211	392	8	,	,	PUNCT
gp-211	392	9	b.	b.	PROPN
gp-211	392	10	(	(	PUNCT
gp-211	392	11	2019	2019	NUM
gp-211	392	12	)	)	PUNCT
gp-211	392	13	.	.	PUNCT
gp-211	393	1	stock	stock	NOUN
gp-211	393	2	valuation	valuation	NOUN
gp-211	393	3	of	of	ADP
gp-211	393	4	cement	cement	NOUN
gp-211	393	5	industry	industry	NOUN
gp-211	393	6	in	in	ADP
gp-211	393	7	2019	2019	NUM
gp-211	393	8	and	and	CCONJ
gp-211	393	9	2021	2021	NUM
gp-211	393	10	due	due	ADP
gp-211	393	11	to	to	ADP
gp-211	393	12	covid-19	covid-19	PROPN
gp-211	393	13	using	use	VERB
gp-211	393	14	free	free	ADJ
gp-211	393	15	cash	cash	NOUN
gp-211	393	16	flow	flow	NOUN
gp-211	393	17	to	to	AUX
gp-211	393	18	firm	firm	VERB
gp-211	393	19	(	(	PUNCT
gp-211	393	20	fcff	fcff	ADJ
gp-211	393	21	)	)	PUNCT
gp-211	393	22	and	and	CCONJ
gp-211	393	23	relative	relative	ADJ
gp-211	393	24	valuation	valuation	NOUN
gp-211	393	25	(	(	PUNCT
gp-211	393	26	rv	rv	NOUN
gp-211	393	27	)	)	PUNCT
gp-211	393	28	.	.	PUNCT
gp-211	394	1	https://doi.org/10.2991/978-94-6463292-7_18	https://doi.org/10.2991/978-94-6463292-7_18	PROPN
gp-211	394	2	fitriyana	fitriyana	PROPN
gp-211	394	3	,	,	PUNCT
gp-211	394	4	r.	r.	PROPN
gp-211	394	5	f.	f.	PROPN
gp-211	394	6	,	,	PUNCT
gp-211	394	7	rikumahu	rikumahu	PROPN
gp-211	394	8	,	,	PUNCT
gp-211	394	9	b.	b.	PROPN
gp-211	394	10	,	,	PUNCT
gp-211	394	11	widiyanesti	widiyanesti	NOUN
gp-211	394	12	,	,	PUNCT
gp-211	394	13	s.	s.	PROPN
gp-211	394	14	,	,	PUNCT
gp-211	394	15	&	&	CCONJ
gp-211	394	16	alamsyah	alamsyah	PROPN
gp-211	394	17	,	,	PUNCT
gp-211	394	18	a.	a.	NOUN
gp-211	394	19	(	(	PUNCT
gp-211	394	20	2020	2020	NUM
gp-211	394	21	)	)	PUNCT
gp-211	394	22	.	.	PUNCT
gp-211	395	1	principal	principal	ADJ
gp-211	395	2	component	component	NOUN
gp-211	395	3	analysis	analysis	NOUN
gp-211	395	4	to	to	PART
gp-211	395	5	determine	determine	VERB
gp-211	395	6	main	main	ADJ
gp-211	395	7	factors	factor	NOUN
gp-211	395	8	stock	stock	NOUN
gp-211	395	9	price	price	NOUN
gp-211	395	10	of	of	ADP
gp-211	395	11	consumer	consumer	NOUN
gp-211	395	12	goods	good	NOUN
gp-211	395	13	industry	industry	NOUN
gp-211	395	14	.	.	PUNCT
gp-211	396	1	graham	graham	PROPN
gp-211	396	2	,	,	PUNCT
gp-211	396	3	b.	b.	PROPN
gp-211	396	4	,	,	PUNCT
gp-211	396	5	buffett	buffett	PROPN
gp-211	396	6	,	,	PUNCT
gp-211	396	7	w.	w.	PROPN
gp-211	396	8	,	,	PUNCT
gp-211	396	9	&	&	CCONJ
gp-211	396	10	zweig	zweig	PROPN
gp-211	396	11	,	,	PUNCT
gp-211	396	12	j.	j.	PROPN
gp-211	396	13	(	(	PUNCT
gp-211	396	14	2013	2013	NUM
gp-211	396	15	)	)	PUNCT
gp-211	396	16	.	.	PUNCT
gp-211	397	1	the	the	DET
gp-211	397	2	intelligent	intelligent	ADJ
gp-211	397	3	investor	investor	NOUN
gp-211	397	4	:	:	PUNCT
gp-211	397	5	a	a	DET
gp-211	397	6	book	book	NOUN
gp-211	397	7	of	of	ADP
gp-211	397	8	practical	practical	ADJ
gp-211	397	9	counsel	counsel	NOUN
gp-211	397	10	.	.	PUNCT
gp-211	398	1	harpercollins	harpercollins	PROPN
gp-211	398	2	.	.	PROPN
gp-211	398	3	hartono	hartono	PROPN
gp-211	398	4	,	,	PUNCT
gp-211	398	5	j.	j.	PROPN
gp-211	398	6	(	(	PUNCT
gp-211	398	7	2013	2013	NUM
gp-211	398	8	)	)	PUNCT
gp-211	398	9	.	.	PUNCT
gp-211	399	1	teori	teori	PROPN
gp-211	399	2	portofolio	portofolio	PROPN
gp-211	399	3	dan	dan	PROPN
gp-211	399	4	analisis	analisis	PROPN
gp-211	399	5	investasi	investasi	PROPN
gp-211	399	6	.	.	PUNCT
gp-211	400	1	ikapi	ikapi	NOUN
gp-211	400	2	.	.	PUNCT
gp-211	401	1	hendrawan	hendrawan	PROPN
gp-211	401	2	,	,	PUNCT
gp-211	401	3	r.	r.	PROPN
gp-211	401	4	,	,	PUNCT
gp-211	401	5	&	&	CCONJ
gp-211	401	6	himawan	himawan	PROPN
gp-211	401	7	,	,	PUNCT
gp-211	401	8	e.	e.	PROPN
gp-211	401	9	(	(	PUNCT
gp-211	401	10	2020	2020	NUM
gp-211	401	11	)	)	PUNCT
gp-211	401	12	.	.	PUNCT
gp-211	402	1	assessing	assess	VERB
gp-211	402	2	free	free	ADJ
gp-211	402	3	cash	cash	NOUN
gp-211	402	4	flow	flow	NOUN
gp-211	402	5	to	to	PART
gp-211	402	6	firm	firm	VERB
gp-211	402	7	and	and	CCONJ
gp-211	402	8	relative	relative	ADJ
gp-211	402	9	valuation	valuation	NOUN
gp-211	402	10	method	method	NOUN
gp-211	402	11	in	in	ADP
gp-211	402	12	agriculture	agriculture	NOUN
gp-211	402	13	plantation	plantation	NOUN
gp-211	402	14	companies	company	NOUN
gp-211	402	15	listed	list	VERB
gp-211	402	16	in	in	ADP
gp-211	402	17	indonesia	indonesia	PROPN
gp-211	402	18	stock	stock	PROPN
gp-211	402	19	exchange	exchange	NOUN
gp-211	402	20	in	in	ADP
gp-211	402	21	2018	2018	NUM
gp-211	402	22	.	.	PUNCT
gp-211	403	1	proceedings	proceeding	NOUN
gp-211	403	2	,	,	PUNCT
gp-211	403	3	85–93	85–93	NUM
gp-211	403	4	.	.	PUNCT
gp-211	404	1	https://doi.org/10.5220/0008427800850093	https://doi.org/10.5220/0008427800850093	ADJ
gp-211	404	2	hendrawan	hendrawan	PROPN
gp-211	404	3	,	,	PUNCT
gp-211	404	4	r.	r.	PROPN
gp-211	404	5	,	,	PUNCT
gp-211	404	6	&	&	CCONJ
gp-211	404	7	permadi	permadi	PROPN
gp-211	404	8	,	,	PUNCT
gp-211	404	9	f.	f.	PROPN
gp-211	404	10	a.	a.	PROPN
gp-211	404	11	(	(	PUNCT
gp-211	404	12	2020	2020	NUM
gp-211	404	13	)	)	PUNCT
gp-211	404	14	.	.	PUNCT
gp-211	405	1	do	do	VERB
gp-211	405	2	free	free	ADJ
gp-211	405	3	cash	cash	NOUN
gp-211	405	4	flow	flow	NOUN
gp-211	405	5	to	to	PART
gp-211	405	6	firm	firm	VERB
gp-211	405	7	and	and	CCONJ
gp-211	405	8	relative	relative	ADJ
gp-211	405	9	valuation	valuation	NOUN
gp-211	405	10	method	method	NOUN
gp-211	405	11	work	work	NOUN
gp-211	405	12	in	in	ADP
gp-211	405	13	valuing	value	VERB
gp-211	405	14	building	building	NOUN
gp-211	405	15	and	and	CCONJ
gp-211	405	16	construction	construction	NOUN
gp-211	405	17	companies	company	NOUN
gp-211	405	18	?	?	PUNCT
gp-211	406	1	a	a	DET
gp-211	406	2	test	test	NOUN
gp-211	406	3	in	in	ADP
gp-211	406	4	idx	idx	NOUN
gp-211	406	5	in	in	ADP
gp-211	406	6	2018	2018	NUM
gp-211	406	7	.	.	PUNCT
gp-211	407	1	proceedings	proceeding	NOUN
gp-211	407	2	,	,	PUNCT
gp-211	407	3	74–84	74–84	PROPN
gp-211	407	4	.	.	PUNCT
gp-211	408	1	https://doi.org/10.5220/0008427700740084	https://doi.org/10.5220/0008427700740084	NOUN
gp-211	408	2	hendrawan	hendrawan	PROPN
gp-211	408	3	,	,	PUNCT
gp-211	408	4	r.	r.	PROPN
gp-211	408	5	,	,	PUNCT
gp-211	408	6	sitorus	sitorus	PROPN
gp-211	408	7	,	,	PUNCT
gp-211	408	8	p.	p.	NOUN
gp-211	408	9	m.	m.	NOUN
gp-211	409	1	t.	t.	PROPN
gp-211	409	2	,	,	PUNCT
gp-211	409	3	&	&	CCONJ
gp-211	409	4	siagian	siagian	PROPN
gp-211	409	5	,	,	PUNCT
gp-211	409	6	e.	e.	PROPN
gp-211	409	7	l.	l.	PROPN
gp-211	409	8	p.	p.	PROPN
gp-211	409	9	(	(	PUNCT
gp-211	409	10	2020	2020	NUM
gp-211	409	11	)	)	PUNCT
gp-211	409	12	.	.	PUNCT
gp-211	410	1	equity	equity	NOUN
gp-211	410	2	valuation	valuation	PROPN
gp-211	410	3	on	on	ADP
gp-211	410	4	xchange	xchange	PROPN
gp-211	410	5	.	.	PUNCT
gp-211	411	1	proceedings	proceeding	NOUN
gp-211	411	2	,	,	PUNCT
gp-211	411	3	65–73	65–73	NUM
gp-211	411	4	.	.	PUNCT
gp-211	412	1	https://doi.org/10.5220/0008427600650073	https://doi.org/10.5220/0008427600650073	NOUN
gp-211	412	2	hendrawan	hendrawan	PROPN
gp-211	412	3	,	,	PUNCT
gp-211	412	4	r.	r.	PROPN
gp-211	412	5	,	,	PUNCT
gp-211	412	6	susilowati	susilowati	NOUN
gp-211	412	7	,	,	PUNCT
gp-211	412	8	n.	n.	NOUN
gp-211	412	9	,	,	PUNCT
gp-211	412	10	&	&	CCONJ
gp-211	412	11	kristanti	kristanti	PROPN
gp-211	412	12	,	,	PUNCT
gp-211	412	13	f.	f.	PROPN
gp-211	412	14	t.	t.	PROPN
gp-211	412	15	(	(	PUNCT
gp-211	412	16	2020	2020	NUM
gp-211	412	17	)	)	PUNCT
gp-211	412	18	.	.	PUNCT
gp-211	413	1	share	share	NOUN
gp-211	413	2	valuation	valuation	NOUN
gp-211	413	3	of	of	ADP
gp-211	413	4	indonesian	indonesian	PROPN
gp-211	413	5	regional	regional	PROPN
gp-211	413	6	development	development	PROPN
gp-211	413	7	bank	bank	PROPN
gp-211	413	8	using	use	VERB
gp-211	413	9	free	free	ADJ
gp-211	413	10	cash	cash	NOUN
gp-211	413	11	flow	flow	NOUN
gp-211	413	12	to	to	ADP
gp-211	413	13	equity	equity	NOUN
gp-211	413	14	and	and	CCONJ
gp-211	413	15	relative	relative	ADJ
gp-211	413	16	valuation	valuation	NOUN
gp-211	413	17	methods	method	NOUN
gp-211	413	18	.	.	PUNCT
gp-211	414	1	proceedings	proceeding	NOUN
gp-211	414	2	,	,	PUNCT
gp-211	415	1	94–105	94–105	PROPN
gp-211	415	2	.	.	PUNCT
gp-211	416	1	https://doi.org/10.5220/0008427900940105	https://doi.org/10.5220/0008427900940105	PROPN
gp-211	417	1	hidayat	hidayat	PROPN
gp-211	417	2	,	,	PUNCT
gp-211	417	3	e.	e.	PROPN
gp-211	417	4	a.	a.	PROPN
gp-211	417	5	,	,	PUNCT
gp-211	417	6	&	&	CCONJ
gp-211	417	7	hendrawan	hendrawan	PROPN
gp-211	417	8	,	,	PUNCT
gp-211	417	9	r.	r.	PROPN
gp-211	417	10	(	(	PUNCT
gp-211	417	11	2020	2020	NUM
gp-211	417	12	)	)	PUNCT
gp-211	417	13	.	.	PUNCT
gp-211	418	1	should	should	AUX
gp-211	418	2	telkom	telkom	VERB
gp-211	418	3	do	do	VERB
gp-211	418	4	ipo	ipo	PROPN
gp-211	418	5	for	for	ADP
gp-211	418	6	telkomsel	telkomsel	PROPN
gp-211	418	7	?	?	PUNCT
gp-211	419	1	proceedings	proceeding	NOUN
gp-211	419	2	,	,	PUNCT
gp-211	419	3	337–347	337–347	NUM
gp-211	419	4	.	.	PUNCT
gp-211	420	1	https://doi.org/10.5220/0008431003370347	https://doi.org/10.5220/0008431003370347	PROPN
gp-211	420	2	kania	kania	PROPN
gp-211	420	3	,	,	PUNCT
gp-211	420	4	s.	s.	PROPN
gp-211	420	5	l.	l.	PROPN
gp-211	420	6	(	(	PUNCT
gp-211	420	7	2005	2005	NUM
gp-211	420	8	)	)	PUNCT
gp-211	420	9	.	.	PUNCT
gp-211	421	1	what	what	PRON
gp-211	421	2	factors	factor	NOUN
gp-211	421	3	motivate	motivate	VERB
gp-211	421	4	the	the	DET
gp-211	421	5	corporate	corporate	ADJ
gp-211	421	6	dividend	dividend	NOUN
gp-211	421	7	decision	decision	NOUN
gp-211	421	8	?	?	PUNCT
gp-211	422	1	kristanti	kristanti	PROPN
gp-211	422	2	,	,	PUNCT
gp-211	422	3	f.	f.	PROPN
gp-211	422	4	t.	t.	PROPN
gp-211	422	5	,	,	PUNCT
gp-211	422	6	salim	salim	PROPN
gp-211	422	7	,	,	PUNCT
gp-211	422	8	d.	d.	PROPN
gp-211	422	9	f.	f.	PROPN
gp-211	422	10	,	,	PUNCT
gp-211	422	11	indrasari	indrasari	PROPN
gp-211	422	12	,	,	PUNCT
gp-211	422	13	a.	a.	PROPN
gp-211	422	14	,	,	PUNCT
gp-211	422	15	&	&	CCONJ
gp-211	422	16	aripin	aripin	PROPN
gp-211	422	17	,	,	PUNCT
gp-211	422	18	z.	z.	PROPN
gp-211	422	19	(	(	PUNCT
gp-211	422	20	2022	2022	NUM
gp-211	422	21	)	)	PUNCT
gp-211	422	22	.	.	PUNCT
gp-211	423	1	a	a	DET
gp-211	423	2	stock	stock	NOUN
gp-211	423	3	portfolio	portfolio	NOUN
gp-211	423	4	strategy	strategy	NOUN
gp-211	423	5	in	in	ADP
gp-211	423	6	the	the	DET
gp-211	423	7	midst	midst	NOUN
gp-211	423	8	of	of	ADP
gp-211	423	9	covid19	covid19	NOUN
gp-211	423	10	:	:	PUNCT
gp-211	423	11	case	case	NOUN
gp-211	423	12	of	of	ADP
gp-211	423	13	indonesia	indonesia	PROPN
gp-211	423	14	.	.	PROPN
gp-211	424	1	journal	journal	PROPN
gp-211	424	2	of	of	ADP
gp-211	424	3	eastern	eastern	PROPN
gp-211	424	4	european	european	ADJ
gp-211	424	5	and	and	CCONJ
gp-211	424	6	central	central	ADJ
gp-211	424	7	asian	asian	ADJ
gp-211	424	8	research	research	NOUN
gp-211	424	9	,	,	PUNCT
gp-211	424	10	9(3	9(3	NUM
gp-211	424	11	)	)	PUNCT
gp-211	424	12	,	,	PUNCT
gp-211	424	13	422–433	422–433	NUM
gp-211	424	14	.	.	PUNCT
gp-211	425	1	https://doi.org/https://doi.org/10.15549/jeecar.v9i3.822	https://doi.org/https://doi.org/10.15549/jeecar.v9i3.822	VERB
gp-211	425	2	muhammad	muhammad	PROPN
gp-211	425	3	,	,	PUNCT
gp-211	425	4	a.	a.	NOUN
gp-211	425	5	a.	a.	PROPN
gp-211	425	6	,	,	PUNCT
gp-211	425	7	&	&	CCONJ
gp-211	425	8	sunitiyoso	sunitiyoso	PROPN
gp-211	425	9	,	,	PUNCT
gp-211	425	10	y.	y.	PROPN
gp-211	425	11	(	(	PUNCT
gp-211	425	12	2024	2024	NUM
gp-211	425	13	)	)	PUNCT
gp-211	425	14	.	.	PUNCT
gp-211	426	1	anticipating	anticipate	VERB
gp-211	426	2	the	the	DET
gp-211	426	3	future	future	NOUN
gp-211	426	4	of	of	ADP
gp-211	426	5	capital	capital	NOUN
gp-211	426	6	market	market	NOUN
gp-211	426	7	and	and	CCONJ
gp-211	426	8	investment	investment	NOUN
gp-211	426	9	climate	climate	NOUN
gp-211	426	10	in	in	ADP
gp-211	426	11	indonesia	indonesia	PROPN
gp-211	426	12	:	:	PUNCT
gp-211	426	13	a	a	DET
gp-211	426	14	scenario	scenario	NOUN
gp-211	426	15	personarrative	personarrative	ADJ
gp-211	426	16	approach	approach	NOUN
gp-211	426	17	.	.	PUNCT
gp-211	427	1	journal	journal	PROPN
gp-211	427	2	of	of	ADP
gp-211	427	3	futures	future	NOUN
gp-211	427	4	studies	study	NOUN
gp-211	427	5	,	,	PUNCT
gp-211	427	6	28(3	28(3	NUM
gp-211	427	7	)	)	PUNCT
gp-211	427	8	.	.	PUNCT
gp-211	428	1	ryandono	ryandono	PROPN
gp-211	428	2	,	,	PUNCT
gp-211	428	3	m.	m.	PROPN
gp-211	428	4	n.	n.	PROPN
gp-211	428	5	h.	h.	PROPN
gp-211	428	6	,	,	PUNCT
gp-211	428	7	wijayanti	wijayanti	PROPN
gp-211	428	8	,	,	PUNCT
gp-211	428	9	i.	i.	PROPN
gp-211	428	10	,	,	PUNCT
gp-211	428	11	wardhana	wardhana	PROPN
gp-211	428	12	,	,	PUNCT
gp-211	428	13	a.	a.	PROPN
gp-211	428	14	k.	k.	PROPN
gp-211	428	15	,	,	PUNCT
gp-211	428	16	imron	imron	PROPN
gp-211	428	17	,	,	PUNCT
gp-211	428	18	m.	m.	NOUN
gp-211	428	19	a.	a.	PROPN
gp-211	428	20	,	,	PUNCT
gp-211	428	21	&	&	CCONJ
gp-211	428	22	miraj	miraj	PROPN
gp-211	428	23	,	,	PUNCT
gp-211	428	24	d.	d.	PROPN
gp-211	428	25	a.	a.	PROPN
gp-211	428	26	(	(	PUNCT
gp-211	428	27	2025	2025	NUM
gp-211	428	28	)	)	PUNCT
gp-211	428	29	.	.	PUNCT
gp-211	429	1	stock	stock	NOUN
gp-211	429	2	market	market	NOUN
gp-211	429	3	valuation	valuation	NOUN
gp-211	429	4	in	in	ADP
gp-211	429	5	sharia	sharia	PROPN
gp-211	429	6	compliance	compliance	NOUN
gp-211	429	7	lens	len	NOUN
gp-211	429	8	:	:	PUNCT
gp-211	429	9	an	an	DET
gp-211	429	10	evaluation	evaluation	NOUN
gp-211	429	11	of	of	ADP
gp-211	429	12	the	the	DET
gp-211	429	13	intrinsic	intrinsic	ADJ
gp-211	429	14	value	value	NOUN
gp-211	429	15	of	of	ADP
gp-211	429	16	sharia	sharia	NOUN
gp-211	429	17	-	-	PUNCT
gp-211	429	18	compliant	compliant	ADJ
gp-211	429	19	stocks	stock	NOUN
gp-211	429	20	.	.	PUNCT
gp-211	430	1	journal	journal	NOUN
gp-211	430	2	of	of	ADP
gp-211	430	3	posthumanism	posthumanism	NOUN
gp-211	430	4	,	,	PUNCT
gp-211	430	5	5(2	5(2	NUM
gp-211	430	6	)	)	PUNCT
gp-211	430	7	,	,	PUNCT
gp-211	430	8	1248–1265	1248–1265	NUM
gp-211	430	9	.	.	PUNCT
gp-211	431	1	saputro	saputro	PROPN
gp-211	431	2	,	,	PUNCT
gp-211	431	3	d.	d.	PROPN
gp-211	431	4	,	,	PUNCT
gp-211	431	5	&	&	CCONJ
gp-211	431	6	qadri	qadri	PROPN
gp-211	431	7	,	,	PUNCT
gp-211	431	8	r.	r.	PROPN
gp-211	431	9	a.	a.	PROPN
gp-211	431	10	(	(	PUNCT
gp-211	431	11	2024	2024	NUM
gp-211	431	12	)	)	PUNCT
gp-211	431	13	.	.	PUNCT
gp-211	432	1	optimizing	optimize	VERB
gp-211	432	2	hajj	hajj	PROPN
gp-211	432	3	fund	fund	PROPN
gp-211	432	4	investments	investment	NOUN
gp-211	432	5	through	through	ADP
gp-211	432	6	valuation	valuation	NOUN
gp-211	432	7	analysis	analysis	NOUN
gp-211	432	8	of	of	ADP
gp-211	432	9	shariacompliant	shariacompliant	ADJ
gp-211	432	10	stocks	stock	NOUN
gp-211	432	11	.	.	PUNCT
gp-211	433	1	journal	journal	PROPN
gp-211	433	2	of	of	ADP
gp-211	433	3	law	law	PROPN
gp-211	433	4	,	,	PUNCT
gp-211	433	5	administration	administration	NOUN
gp-211	433	6	,	,	PUNCT
gp-211	433	7	and	and	CCONJ
gp-211	433	8	social	social	ADJ
gp-211	433	9	science	science	NOUN
gp-211	433	10	,	,	PUNCT
gp-211	433	11	4(2	4(2	NUM
gp-211	433	12	)	)	PUNCT
gp-211	433	13	,	,	PUNCT
gp-211	433	14	200–220	200–220	NUM
gp-211	433	15	.	.	PUNCT
gp-211	434	1	sekaran	sekaran	NOUN
gp-211	434	2	,	,	PUNCT
gp-211	434	3	u.	u.	PROPN
gp-211	434	4	,	,	PUNCT
gp-211	434	5	&	&	CCONJ
gp-211	434	6	bougie	bougie	PROPN
gp-211	434	7	,	,	PUNCT
gp-211	434	8	r.	r.	PROPN
gp-211	434	9	(	(	PUNCT
gp-211	434	10	2016	2016	NUM
gp-211	434	11	)	)	PUNCT
gp-211	434	12	.	.	PUNCT
gp-211	435	1	research	research	NOUN
gp-211	435	2	methods	method	NOUN
gp-211	435	3	for	for	ADP
gp-211	435	4	business	business	NOUN
gp-211	435	5	:	:	PUNCT
gp-211	435	6	a	a	DET
gp-211	435	7	skill	skill	NOUN
gp-211	435	8	-	-	PUNCT
gp-211	435	9	building	building	NOUN
gp-211	435	10	approach	approach	NOUN
gp-211	435	11	(	(	PUNCT
gp-211	435	12	7	7	NUM
gp-211	435	13	ed	ed	NOUN
gp-211	435	14	.	.	PUNCT
gp-211	435	15	)	)	PUNCT
gp-211	435	16	.	.	PUNCT
gp-211	436	1	wiley	wiley	PROPN
gp-211	436	2	.	.	PUNCT
gp-211	437	1	steiger	steiger	PROPN
gp-211	437	2	,	,	PUNCT
gp-211	437	3	f.	f.	PROPN
gp-211	437	4	(	(	PUNCT
gp-211	437	5	2008	2008	NUM
gp-211	437	6	)	)	PUNCT
gp-211	437	7	.	.	PUNCT
gp-211	438	1	the	the	DET
gp-211	438	2	validity	validity	NOUN
gp-211	438	3	of	of	ADP
gp-211	438	4	company	company	NOUN
gp-211	438	5	valuation	valuation	NOUN
gp-211	438	6	using	use	VERB
gp-211	438	7	discounted	discount	VERB
gp-211	438	8	cash	cash	NOUN
gp-211	438	9	flow	flow	NOUN
gp-211	438	10	.	.	PUNCT
gp-211	439	1	journal	journal	NOUN
gp-211	439	2	of	of	ADP
gp-211	439	3	business	business	NOUN
gp-211	439	4	valuation	valuation	NOUN
gp-211	439	5	and	and	CCONJ
gp-211	439	6	economic	economic	ADJ
gp-211	439	7	measurement	measurement	NOUN
gp-211	439	8	,	,	PUNCT
gp-211	439	9	6(2	6(2	NUM
gp-211	439	10	)	)	PUNCT
gp-211	439	11	,	,	PUNCT
gp-211	439	12	55–70	55–70	PROPN
gp-211	439	13	.	.	PUNCT
gp-211	440	1	wira	wira	PROPN
gp-211	440	2	,	,	PUNCT
gp-211	440	3	d.	d.	PROPN
gp-211	440	4	(	(	PUNCT
gp-211	440	5	2014	2014	NUM
gp-211	440	6	)	)	PUNCT
gp-211	440	7	.	.	PUNCT
gp-211	441	1	analisis	analisis	ADJ
gp-211	441	2	fundamental	fundamental	ADJ
gp-211	441	3	saham	saham	NOUN
gp-211	441	4	.	.	PUNCT
gp-211	442	1	exceed	exceed	VERB
gp-211	442	2	book	book	NOUN
gp-211	442	3	.	.	PUNCT
gp-211	443	1	wójcik	wójcik	PROPN
gp-211	443	2	,	,	PUNCT
gp-211	443	3	d.	d.	PROPN
gp-211	443	4	,	,	PUNCT
gp-211	443	5	&	&	CCONJ
gp-211	443	6	ioannou	ioannou	PROPN
gp-211	443	7	,	,	PUNCT
gp-211	443	8	s.	s.	PROPN
gp-211	443	9	(	(	PUNCT
gp-211	443	10	2020	2020	NUM
gp-211	443	11	)	)	PUNCT
gp-211	443	12	.	.	PUNCT
gp-211	444	1	covid‐19	covid‐19	PROPN
gp-211	444	2	and	and	CCONJ
gp-211	444	3	finance	finance	NOUN
gp-211	444	4	:	:	PUNCT
gp-211	444	5	market	market	NOUN
gp-211	444	6	developments	development	NOUN
gp-211	444	7	so	so	ADV
gp-211	444	8	far	far	ADV
gp-211	444	9	and	and	CCONJ
gp-211	444	10	potential	potential	ADJ
gp-211	444	11	impacts	impact	NOUN
gp-211	444	12	on	on	ADP
gp-211	444	13	the	the	DET
gp-211	444	14	financial	financial	ADJ
gp-211	444	15	sector	sector	NOUN
gp-211	444	16	and	and	CCONJ
gp-211	444	17	centres	centre	NOUN
gp-211	444	18	.	.	PUNCT
gp-211	445	1	tijdschrift	tijdschrift	PROPN
gp-211	445	2	voor	voor	PROPN
gp-211	445	3	economische	economische	PROPN
gp-211	445	4	en	en	PROPN
gp-211	445	5	sociale	sociale	PROPN
gp-211	445	6	geografie	geografie	PROPN
gp-211	445	7	,	,	PUNCT
gp-211	445	8	111(3	111(3	NUM
gp-211	445	9	)	)	PUNCT
gp-211	445	10	,	,	PUNCT
gp-211	445	11	387–400	387–400	NUM
gp-211	445	12	.	.	PUNCT
gp-211	446	1	copyright	copyright	NOUN
gp-211	446	2	holders	holder	NOUN
gp-211	446	3	:	:	PUNCT
gp-211	446	4	adi	adi	PROPN
gp-211	446	5	aji	aji	PROPN
gp-211	446	6	kurniawan	kurniawan	PROPN
gp-211	446	7	,	,	PUNCT
gp-211	446	8	irni	irni	PROPN
gp-211	446	9	yunita	yunita	PROPN
gp-211	446	10	(	(	PUNCT
gp-211	446	11	2025	2025	NUM
gp-211	446	12	)	)	PUNCT
gp-211	446	13	first	first	ADJ
gp-211	446	14	publication	publication	NOUN
gp-211	446	15	right	right	NOUN
gp-211	446	16	:	:	PUNCT
gp-211	446	17	ajemb	ajemb	PROPN
gp-211	446	18	–	–	PUNCT
gp-211	446	19	american	american	ADJ
gp-211	446	20	journal	journal	PROPN
gp-211	446	21	of	of	ADP
gp-211	446	22	economic	economic	ADJ
gp-211	446	23	and	and	CCONJ
gp-211	446	24	management	management	NOUN
gp-211	446	25	business	business	NOUN