id	sid	tid	token	lemma	pos
gp-346	1	1	american	american	PROPN
gp-346	1	2	journal	journal	PROPN
gp-346	1	3	of	of	ADP
gp-346	1	4	economic	economic	ADJ
gp-346	1	5	and	and	CCONJ
gp-346	1	6	management	management	NOUN
gp-346	1	7	business	business	NOUN
gp-346	1	8	e	e	NOUN
gp-346	1	9	-	-	NOUN
gp-346	1	10	issn	issn	ADJ
gp-346	1	11	:	:	PUNCT
gp-346	1	12	2835	2835	NUM
gp-346	1	13	-	-	SYM
gp-346	1	14	5199	5199	NUM
gp-346	1	15	vol	vol	NOUN
gp-346	1	16	.	.	PROPN
gp-346	1	17	4	4	NUM
gp-346	1	18	no	no	NOUN
gp-346	1	19	.	.	PUNCT
gp-346	2	1	10	10	NUM
gp-346	2	2	october	october	NOUN
gp-346	2	3	2025	2025	NUM
gp-346	2	4	1736	1736	NUM
gp-346	2	5	valuation	valuation	NOUN
gp-346	2	6	analysis	analysis	NOUN
gp-346	2	7	of	of	ADP
gp-346	2	8	lq45	lq45	PROPN
gp-346	2	9	consumer	consumer	NOUN
gp-346	2	10	goods	good	NOUN
gp-346	2	11	companies	company	NOUN
gp-346	2	12	before	before	ADP
gp-346	2	13	and	and	CCONJ
gp-346	2	14	after	after	ADP
gp-346	2	15	covid-19	covid-19	PROPN
gp-346	2	16	:	:	PUNCT
gp-346	2	17	free	free	ADJ
gp-346	2	18	cash	cash	NOUN
gp-346	2	19	flow	flow	NOUN
gp-346	2	20	,	,	PUNCT
gp-346	2	21	dividend	dividend	NOUN
gp-346	2	22	,	,	PUNCT
gp-346	2	23	and	and	CCONJ
gp-346	2	24	relative	relative	ADJ
gp-346	2	25	valuation	valuation	PROPN
gp-346	2	26	daniel	daniel	PROPN
gp-346	2	27	sadewa	sadewa	PROPN
gp-346	2	28	telkom	telkom	PROPN
gp-346	2	29	university	university	PROPN
gp-346	2	30	,	,	PUNCT
gp-346	2	31	indonesia	indonesia	PROPN
gp-346	2	32	email	email	NOUN
gp-346	2	33	:	:	PUNCT
gp-346	3	1	danielsadewa91@gmail.com	danielsadewa91@gmail.com	X
gp-346	3	2	abstract	abstract	ADJ
gp-346	3	3	this	this	DET
gp-346	3	4	study	study	NOUN
gp-346	3	5	analyzes	analyze	VERB
gp-346	3	6	changes	change	NOUN
gp-346	3	7	in	in	ADP
gp-346	3	8	the	the	DET
gp-346	3	9	fair	fair	ADJ
gp-346	3	10	value	value	NOUN
gp-346	3	11	of	of	ADP
gp-346	3	12	stocks	stock	NOUN
gp-346	3	13	in	in	ADP
gp-346	3	14	the	the	DET
gp-346	3	15	consumer	consumer	NOUN
gp-346	3	16	goods	good	NOUN
gp-346	3	17	sector	sector	NOUN
gp-346	3	18	listed	list	VERB
gp-346	3	19	in	in	ADP
gp-346	3	20	the	the	DET
gp-346	3	21	lq45	lq45	PROPN
gp-346	3	22	index	index	NOUN
gp-346	3	23	by	by	ADP
gp-346	3	24	comparing	compare	VERB
gp-346	3	25	periods	period	NOUN
gp-346	3	26	before	before	ADV
gp-346	3	27	and	and	CCONJ
gp-346	3	28	after	after	ADP
gp-346	3	29	the	the	DET
gp-346	3	30	peak	peak	NOUN
gp-346	3	31	of	of	ADP
gp-346	3	32	the	the	DET
gp-346	3	33	covid-19	covid-19	PROPN
gp-346	3	34	pandemic	pandemic	NOUN
gp-346	3	35	.	.	PUNCT
gp-346	4	1	the	the	DET
gp-346	4	2	sector	sector	NOUN
gp-346	4	3	was	be	AUX
gp-346	4	4	chosen	choose	VERB
gp-346	4	5	due	due	ADP
gp-346	4	6	to	to	ADP
gp-346	4	7	its	its	PRON
gp-346	4	8	significant	significant	ADJ
gp-346	4	9	contribution	contribution	NOUN
gp-346	4	10	to	to	ADP
gp-346	4	11	indonesia	indonesia	PROPN
gp-346	4	12	's	's	PART
gp-346	4	13	gdp	gdp	NOUN
gp-346	4	14	and	and	CCONJ
gp-346	4	15	its	its	PRON
gp-346	4	16	resilience	resilience	NOUN
gp-346	4	17	during	during	ADP
gp-346	4	18	global	global	ADJ
gp-346	4	19	economic	economic	ADJ
gp-346	4	20	disruptions	disruption	NOUN
gp-346	4	21	.	.	PUNCT
gp-346	5	1	the	the	DET
gp-346	5	2	research	research	NOUN
gp-346	5	3	focuses	focus	VERB
gp-346	5	4	on	on	ADP
gp-346	5	5	three	three	NUM
gp-346	5	6	companies	company	NOUN
gp-346	5	7	with	with	ADP
gp-346	5	8	the	the	DET
gp-346	5	9	largest	large	ADJ
gp-346	5	10	market	market	NOUN
gp-346	5	11	capitalization	capitalization	NOUN
gp-346	5	12	:	:	PUNCT
gp-346	5	13	pt	pt	PROPN
gp-346	5	14	indofood	indofood	PROPN
gp-346	5	15	cbp	cbp	PROPN
gp-346	5	16	sukses	sukse	VERB
gp-346	5	17	makmur	makmur	PROPN
gp-346	5	18	tbk	tbk	PROPN
gp-346	5	19	(	(	PUNCT
gp-346	5	20	icbp	icbp	PROPN
gp-346	5	21	)	)	PUNCT
gp-346	5	22	,	,	PUNCT
gp-346	5	23	pt	pt	PROPN
gp-346	5	24	h.m	h.m	PROPN
gp-346	5	25	.	.	PROPN
gp-346	5	26	sampoerna	sampoerna	PROPN
gp-346	5	27	tbk	tbk	PROPN
gp-346	5	28	(	(	PUNCT
gp-346	5	29	hmsp	hmsp	PROPN
gp-346	5	30	)	)	PUNCT
gp-346	5	31	,	,	PUNCT
gp-346	5	32	and	and	CCONJ
gp-346	5	33	pt	pt	PROPN
gp-346	5	34	unilever	unilever	PROPN
gp-346	5	35	indonesia	indonesia	PROPN
gp-346	5	36	tbk	tbk	PROPN
gp-346	5	37	(	(	PUNCT
gp-346	5	38	unvr	unvr	ADJ
gp-346	5	39	)	)	PUNCT
gp-346	5	40	.	.	PUNCT
gp-346	6	1	the	the	DET
gp-346	6	2	analysis	analysis	NOUN
gp-346	6	3	draws	draw	VERB
gp-346	6	4	on	on	ADP
gp-346	6	5	corporate	corporate	ADJ
gp-346	6	6	annual	annual	ADJ
gp-346	6	7	reports	report	NOUN
gp-346	6	8	,	,	PUNCT
gp-346	6	9	macroeconomic	macroeconomic	ADJ
gp-346	6	10	data	datum	NOUN
gp-346	6	11	,	,	PUNCT
gp-346	6	12	and	and	CCONJ
gp-346	6	13	stock	stock	NOUN
gp-346	6	14	prices	price	NOUN
gp-346	6	15	from	from	ADP
gp-346	6	16	2018	2018	NUM
gp-346	6	17	to	to	ADP
gp-346	6	18	2022	2022	NUM
gp-346	6	19	.	.	PUNCT
gp-346	7	1	the	the	DET
gp-346	7	2	study	study	NOUN
gp-346	7	3	evaluates	evaluate	VERB
gp-346	7	4	the	the	DET
gp-346	7	5	intrinsic	intrinsic	ADJ
gp-346	7	6	value	value	NOUN
gp-346	7	7	of	of	ADP
gp-346	7	8	each	each	DET
gp-346	7	9	stock	stock	NOUN
gp-346	7	10	and	and	CCONJ
gp-346	7	11	examines	examine	VERB
gp-346	7	12	shifts	shift	NOUN
gp-346	7	13	in	in	ADP
gp-346	7	14	valuation	valuation	NOUN
gp-346	7	15	status	status	NOUN
gp-346	7	16	(	(	PUNCT
gp-346	7	17	undervalued	undervalue	VERB
gp-346	7	18	,	,	PUNCT
gp-346	7	19	valued	value	VERB
gp-346	7	20	,	,	PUNCT
gp-346	7	21	or	or	CCONJ
gp-346	7	22	overvalued	overvalue	VERB
gp-346	7	23	)	)	PUNCT
gp-346	7	24	between	between	ADP
gp-346	7	25	preand	preand	VERB
gp-346	7	26	post	post	ADJ
gp-346	7	27	-	-	ADJ
gp-346	7	28	pandemic	pandemic	ADJ
gp-346	7	29	periods	period	NOUN
gp-346	7	30	.	.	PUNCT
gp-346	8	1	findings	finding	NOUN
gp-346	8	2	reveal	reveal	VERB
gp-346	8	3	notable	notable	ADJ
gp-346	8	4	differences	difference	NOUN
gp-346	8	5	in	in	ADP
gp-346	8	6	the	the	DET
gp-346	8	7	valuation	valuation	NOUN
gp-346	8	8	analysis	analysis	NOUN
gp-346	8	9	of	of	ADP
gp-346	8	10	lq45	lq45	PROPN
gp-346	8	11	consumer	consumer	NOUN
gp-346	8	12	goods	good	NOUN
gp-346	8	13	companies	company	NOUN
gp-346	8	14	before	before	ADP
gp-346	8	15	and	and	CCONJ
gp-346	8	16	after	after	ADP
gp-346	8	17	covid-19	covid-19	PROPN
gp-346	8	18	:	:	PUNCT
gp-346	8	19	free	free	ADJ
gp-346	8	20	cash	cash	NOUN
gp-346	8	21	flow	flow	NOUN
gp-346	8	22	,	,	PUNCT
gp-346	8	23	dividend	dividend	NOUN
gp-346	8	24	,	,	PUNCT
gp-346	8	25	and	and	CCONJ
gp-346	8	26	relative	relative	ADJ
gp-346	8	27	valuation	valuation	NOUN
gp-346	8	28	.	.	PUNCT
gp-346	9	1	icbp	icbp	PROPN
gp-346	9	2	showed	show	VERB
gp-346	9	3	reduced	reduce	VERB
gp-346	9	4	undervaluation	undervaluation	NOUN
gp-346	9	5	,	,	PUNCT
gp-346	9	6	reflecting	reflect	VERB
gp-346	9	7	stronger	strong	ADJ
gp-346	9	8	performance	performance	NOUN
gp-346	9	9	,	,	PUNCT
gp-346	9	10	while	while	SCONJ
gp-346	9	11	hmsp	hmsp	ADJ
gp-346	9	12	and	and	CCONJ
gp-346	9	13	unvr	unvr	ADJ
gp-346	9	14	experienced	experienced	ADJ
gp-346	9	15	stagnation	stagnation	NOUN
gp-346	9	16	or	or	CCONJ
gp-346	9	17	decline	decline	NOUN
gp-346	9	18	.	.	PUNCT
gp-346	10	1	these	these	DET
gp-346	10	2	outcomes	outcome	NOUN
gp-346	10	3	were	be	AUX
gp-346	10	4	shaped	shape	VERB
gp-346	10	5	by	by	ADP
gp-346	10	6	fundamental	fundamental	ADJ
gp-346	10	7	performance	performance	NOUN
gp-346	10	8	,	,	PUNCT
gp-346	10	9	supply	supply	NOUN
gp-346	10	10	chain	chain	NOUN
gp-346	10	11	responses	response	NOUN
gp-346	10	12	,	,	PUNCT
gp-346	10	13	dividend	dividend	NOUN
gp-346	10	14	policies	policy	NOUN
gp-346	10	15	,	,	PUNCT
gp-346	10	16	and	and	CCONJ
gp-346	10	17	investor	investor	NOUN
gp-346	10	18	expectations	expectation	NOUN
gp-346	10	19	regarding	regard	VERB
gp-346	10	20	recovery	recovery	NOUN
gp-346	10	21	in	in	ADP
gp-346	10	22	the	the	DET
gp-346	10	23	consumer	consumer	NOUN
gp-346	10	24	sector	sector	NOUN
gp-346	10	25	.	.	PUNCT
gp-346	11	1	this	this	DET
gp-346	11	2	study	study	NOUN
gp-346	11	3	provides	provide	VERB
gp-346	11	4	empirical	empirical	ADJ
gp-346	11	5	evidence	evidence	NOUN
gp-346	11	6	for	for	ADP
gp-346	11	7	stock	stock	NOUN
gp-346	11	8	valuation	valuation	NOUN
gp-346	11	9	in	in	ADP
gp-346	11	10	emerging	emerge	VERB
gp-346	11	11	markets	market	NOUN
gp-346	11	12	,	,	PUNCT
gp-346	11	13	especially	especially	ADV
gp-346	11	14	within	within	ADP
gp-346	11	15	defensive	defensive	ADJ
gp-346	11	16	industries	industry	NOUN
gp-346	11	17	.	.	PUNCT
gp-346	12	1	the	the	DET
gp-346	12	2	findings	finding	NOUN
gp-346	12	3	hold	hold	VERB
gp-346	12	4	practical	practical	ADJ
gp-346	12	5	implications	implication	NOUN
gp-346	12	6	for	for	ADP
gp-346	12	7	investors	investor	NOUN
gp-346	12	8	developing	develop	VERB
gp-346	12	9	long	long	ADJ
gp-346	12	10	-	-	PUNCT
gp-346	12	11	term	term	NOUN
gp-346	12	12	strategies	strategy	NOUN
gp-346	12	13	,	,	PUNCT
gp-346	12	14	for	for	ADP
gp-346	12	15	managers	manager	NOUN
gp-346	12	16	planning	plan	VERB
gp-346	12	17	adaptive	adaptive	ADJ
gp-346	12	18	financial	financial	ADJ
gp-346	12	19	policies	policy	NOUN
gp-346	12	20	,	,	PUNCT
gp-346	12	21	and	and	CCONJ
gp-346	12	22	emphasize	emphasize	VERB
gp-346	12	23	the	the	DET
gp-346	12	24	importance	importance	NOUN
gp-346	12	25	of	of	ADP
gp-346	12	26	multi	multi	ADJ
gp-346	12	27	-	-	ADJ
gp-346	12	28	method	method	ADJ
gp-346	12	29	valuation	valuation	NOUN
gp-346	12	30	approaches	approach	VERB
gp-346	12	31	for	for	ADP
gp-346	12	32	more	more	ADV
gp-346	12	33	accurate	accurate	ADJ
gp-346	12	34	assessments	assessment	NOUN
gp-346	12	35	.	.	PUNCT
gp-346	13	1	keywords	keyword	NOUN
gp-346	13	2	:	:	PUNCT
gp-346	13	3	stock	stock	NOUN
gp-346	13	4	valuation	valuation	NOUN
gp-346	13	5	,	,	PUNCT
gp-346	13	6	consumer	consumer	NOUN
gp-346	13	7	goods	good	NOUN
gp-346	13	8	,	,	PUNCT
gp-346	13	9	covid-19	covid-19	PROPN
gp-346	13	10	,	,	PUNCT
gp-346	13	11	lq45	lq45	PROPN
gp-346	13	12	index	index	NOUN
gp-346	13	13	,	,	PUNCT
gp-346	13	14	fcff	fcff	PROPN
gp-346	13	15	,	,	PUNCT
gp-346	13	16	ddm	ddm	PROPN
gp-346	13	17	,	,	PUNCT
gp-346	13	18	per	per	ADV
gp-346	13	19	,	,	PUNCT
gp-346	13	20	pbv	pbv	ADJ
gp-346	13	21	,	,	PUNCT
gp-346	13	22	fundamental	fundamental	ADJ
gp-346	13	23	performance	performance	NOUN
gp-346	13	24	introduction	introduction	NOUN
gp-346	13	25	company	company	NOUN
gp-346	13	26	valuation	valuation	NOUN
gp-346	13	27	is	be	AUX
gp-346	13	28	a	a	DET
gp-346	13	29	critical	critical	ADJ
gp-346	13	30	component	component	NOUN
gp-346	13	31	of	of	ADP
gp-346	13	32	financial	financial	ADJ
gp-346	13	33	decision	decision	NOUN
gp-346	13	34	-	-	PUNCT
gp-346	13	35	making	making	NOUN
gp-346	13	36	that	that	PRON
gp-346	13	37	directly	directly	ADV
gp-346	13	38	impacts	impact	VERB
gp-346	13	39	investor	investor	NOUN
gp-346	13	40	confidence	confidence	NOUN
gp-346	13	41	,	,	PUNCT
gp-346	13	42	corporate	corporate	ADJ
gp-346	13	43	strategic	strategic	ADJ
gp-346	13	44	planning	planning	NOUN
gp-346	13	45	,	,	PUNCT
gp-346	13	46	and	and	CCONJ
gp-346	13	47	capital	capital	NOUN
gp-346	13	48	market	market	NOUN
gp-346	13	49	stability	stability	NOUN
gp-346	13	50	(	(	PUNCT
gp-346	13	51	taylor	taylor	PROPN
gp-346	13	52	&	&	CCONJ
gp-346	13	53	clark	clark	PROPN
gp-346	13	54	,	,	PUNCT
gp-346	13	55	2021	2021	NUM
gp-346	13	56	)	)	PUNCT
gp-346	13	57	.	.	PUNCT
gp-346	14	1	accurate	accurate	ADJ
gp-346	14	2	valuation	valuation	NOUN
gp-346	14	3	enables	enable	VERB
gp-346	14	4	investors	investor	NOUN
gp-346	14	5	to	to	PART
gp-346	14	6	make	make	VERB
gp-346	14	7	informed	informed	ADJ
gp-346	14	8	decisions	decision	NOUN
gp-346	14	9	about	about	ADP
gp-346	14	10	portfolio	portfolio	NOUN
gp-346	14	11	allocation	allocation	NOUN
gp-346	14	12	,	,	PUNCT
gp-346	14	13	helps	help	VERB
gp-346	14	14	companies	company	NOUN
gp-346	14	15	determine	determine	VERB
gp-346	14	16	optimal	optimal	ADJ
gp-346	14	17	capital	capital	NOUN
gp-346	14	18	structures	structure	NOUN
gp-346	14	19	and	and	CCONJ
gp-346	14	20	dividend	dividend	NOUN
gp-346	14	21	policies	policy	NOUN
gp-346	14	22	,	,	PUNCT
gp-346	14	23	and	and	CCONJ
gp-346	14	24	provides	provide	VERB
gp-346	14	25	market	market	NOUN
gp-346	14	26	regulators	regulator	NOUN
gp-346	14	27	with	with	ADP
gp-346	14	28	insights	insight	NOUN
gp-346	14	29	into	into	ADP
gp-346	14	30	market	market	NOUN
gp-346	14	31	efficiency	efficiency	NOUN
gp-346	14	32	and	and	CCONJ
gp-346	14	33	potential	potential	ADJ
gp-346	14	34	systemic	systemic	ADJ
gp-346	14	35	risks	risk	NOUN
gp-346	14	36	(	(	PUNCT
gp-346	14	37	lopez	lopez	PROPN
gp-346	14	38	&	&	CCONJ
gp-346	14	39	kumar	kumar	PROPN
gp-346	14	40	,	,	PUNCT
gp-346	14	41	2023	2023	NUM
gp-346	14	42	)	)	PUNCT
gp-346	14	43	.	.	PUNCT
gp-346	15	1	the	the	DET
gp-346	15	2	importance	importance	NOUN
gp-346	15	3	of	of	ADP
gp-346	15	4	precise	precise	ADJ
gp-346	15	5	valuation	valuation	NOUN
gp-346	15	6	becomes	become	VERB
gp-346	15	7	even	even	ADV
gp-346	15	8	more	more	ADV
gp-346	15	9	pronounced	pronounced	ADJ
gp-346	15	10	during	during	ADP
gp-346	15	11	periods	period	NOUN
gp-346	15	12	of	of	ADP
gp-346	15	13	economic	economic	ADJ
gp-346	15	14	uncertainty	uncertainty	NOUN
gp-346	15	15	,	,	PUNCT
gp-346	15	16	as	as	SCONJ
gp-346	15	17	misvaluation	misvaluation	NOUN
gp-346	15	18	can	can	AUX
gp-346	15	19	lead	lead	VERB
gp-346	15	20	to	to	ADP
gp-346	15	21	significant	significant	ADJ
gp-346	15	22	capital	capital	NOUN
gp-346	15	23	misallocation	misallocation	NOUN
gp-346	15	24	and	and	CCONJ
gp-346	15	25	market	market	NOUN
gp-346	15	26	volatility	volatility	NOUN
gp-346	15	27	(	(	PUNCT
gp-346	15	28	johnson	johnson	PROPN
gp-346	15	29	et	et	PROPN
gp-346	15	30	al	al	PROPN
gp-346	15	31	.	.	PROPN
gp-346	15	32	,	,	PUNCT
gp-346	15	33	2021	2021	NUM
gp-346	15	34	)	)	PUNCT
gp-346	15	35	.	.	PUNCT
gp-346	16	1	the	the	DET
gp-346	16	2	consumer	consumer	NOUN
gp-346	16	3	goods	good	NOUN
gp-346	16	4	industry	industry	NOUN
gp-346	16	5	is	be	AUX
gp-346	16	6	a	a	DET
gp-346	16	7	cornerstone	cornerstone	NOUN
gp-346	16	8	of	of	ADP
gp-346	16	9	the	the	DET
gp-346	16	10	indonesian	indonesian	ADJ
gp-346	16	11	economy	economy	NOUN
gp-346	16	12	,	,	PUNCT
gp-346	16	13	contributing	contribute	VERB
gp-346	16	14	significantly	significantly	ADV
gp-346	16	15	to	to	ADP
gp-346	16	16	the	the	DET
gp-346	16	17	national	national	PROPN
gp-346	16	18	gdp	gdp	NOUN
gp-346	16	19	and	and	CCONJ
gp-346	16	20	playing	play	VERB
gp-346	16	21	a	a	DET
gp-346	16	22	crucial	crucial	ADJ
gp-346	16	23	role	role	NOUN
gp-346	16	24	in	in	ADP
gp-346	16	25	maintaining	maintain	VERB
gp-346	16	26	household	household	NOUN
gp-346	16	27	consumption	consumption	NOUN
gp-346	16	28	(	(	PUNCT
gp-346	16	29	sugiarto	sugiarto	PROPN
gp-346	16	30	&	&	CCONJ
gp-346	16	31	maulana	maulana	PROPN
gp-346	16	32	,	,	PUNCT
gp-346	16	33	2021	2021	NUM
gp-346	16	34	)	)	PUNCT
gp-346	16	35	.	.	PUNCT
gp-346	17	1	despite	despite	SCONJ
gp-346	17	2	economic	economic	ADJ
gp-346	17	3	volatility	volatility	NOUN
gp-346	17	4	,	,	PUNCT
gp-346	17	5	this	this	DET
gp-346	17	6	sector	sector	NOUN
gp-346	17	7	has	have	AUX
gp-346	17	8	shown	show	VERB
gp-346	17	9	resilience	resilience	NOUN
gp-346	17	10	,	,	PUNCT
gp-346	17	11	especially	especially	ADV
gp-346	17	12	during	during	ADP
gp-346	17	13	crises	crisis	NOUN
gp-346	17	14	like	like	ADP
gp-346	17	15	the	the	DET
gp-346	17	16	covid-19	covid-19	PROPN
gp-346	17	17	pandemic	pandemic	NOUN
gp-346	17	18	(	(	PUNCT
gp-346	17	19	richards	richard	NOUN
gp-346	17	20	&	&	CCONJ
gp-346	17	21	ahmad	ahmad	PROPN
gp-346	17	22	,	,	PUNCT
gp-346	17	23	2022	2022	NUM
gp-346	17	24	)	)	PUNCT
gp-346	17	25	.	.	PUNCT
gp-346	18	1	understanding	understand	VERB
gp-346	18	2	valuation	valuation	NOUN
gp-346	18	3	analysis	analysis	NOUN
gp-346	18	4	of	of	ADP
gp-346	18	5	lq45	lq45	PROPN
gp-346	18	6	consumer	consumer	NOUN
gp-346	18	7	goods	good	NOUN
gp-346	18	8	companies	company	NOUN
gp-346	18	9	before	before	ADP
gp-346	18	10	and	and	CCONJ
gp-346	18	11	after	after	ADP
gp-346	18	12	covid-19	covid-19	PROPN
gp-346	18	13	:	:	PUNCT
gp-346	18	14	free	free	ADJ
gp-346	18	15	cash	cash	NOUN
gp-346	18	16	flow	flow	NOUN
gp-346	18	17	,	,	PUNCT
gp-346	18	18	dividend	dividend	NOUN
gp-346	18	19	,	,	PUNCT
gp-346	18	20	and	and	CCONJ
gp-346	18	21	relative	relative	ADJ
gp-346	18	22	valuation	valuation	NOUN
gp-346	18	23	1737	1737	NUM
gp-346	18	24	how	how	SCONJ
gp-346	18	25	the	the	DET
gp-346	18	26	pandemic	pandemic	ADJ
gp-346	18	27	impacted	impact	VERB
gp-346	18	28	company	company	NOUN
gp-346	18	29	valuations	valuation	NOUN
gp-346	18	30	is	be	AUX
gp-346	18	31	essential	essential	ADJ
gp-346	18	32	for	for	ADP
gp-346	18	33	stakeholders	stakeholder	NOUN
gp-346	18	34	,	,	PUNCT
gp-346	18	35	including	include	VERB
gp-346	18	36	investors	investor	NOUN
gp-346	18	37	,	,	PUNCT
gp-346	18	38	policymakers	policymaker	NOUN
gp-346	18	39	,	,	PUNCT
gp-346	18	40	and	and	CCONJ
gp-346	18	41	corporate	corporate	ADJ
gp-346	18	42	managers	manager	NOUN
gp-346	18	43	(	(	PUNCT
gp-346	18	44	peterson	peterson	PROPN
gp-346	18	45	&	&	CCONJ
gp-346	18	46	lee	lee	PROPN
gp-346	18	47	,	,	PUNCT
gp-346	18	48	2020	2020	NUM
gp-346	18	49	)	)	PUNCT
gp-346	18	50	.	.	PUNCT
gp-346	19	1	brealey	brealey	PROPN
gp-346	19	2	et	et	PROPN
gp-346	19	3	al	al	PROPN
gp-346	19	4	.	.	PROPN
gp-346	20	1	(	(	PUNCT
gp-346	20	2	2020	2020	NUM
gp-346	20	3	)	)	PUNCT
gp-346	20	4	emphasized	emphasize	VERB
gp-346	20	5	the	the	DET
gp-346	20	6	importance	importance	NOUN
gp-346	20	7	of	of	ADP
gp-346	20	8	dcf	dcf	PROPN
gp-346	20	9	models	model	NOUN
gp-346	20	10	in	in	ADP
gp-346	20	11	volatile	volatile	ADJ
gp-346	20	12	markets	market	NOUN
gp-346	20	13	while	while	SCONJ
gp-346	20	14	demonstrating	demonstrate	VERB
gp-346	20	15	that	that	SCONJ
gp-346	20	16	traditional	traditional	ADJ
gp-346	20	17	assumptions	assumption	NOUN
gp-346	20	18	may	may	AUX
gp-346	20	19	require	require	VERB
gp-346	20	20	adjustment	adjustment	NOUN
gp-346	20	21	during	during	ADP
gp-346	20	22	crisis	crisis	NOUN
gp-346	20	23	periods	period	NOUN
gp-346	20	24	.	.	PUNCT
gp-346	21	1	liu	liu	PROPN
gp-346	21	2	and	and	CCONJ
gp-346	21	3	zhang	zhang	PROPN
gp-346	21	4	(	(	PUNCT
gp-346	21	5	2021	2021	NUM
gp-346	21	6	)	)	PUNCT
gp-346	21	7	conducted	conduct	VERB
gp-346	21	8	a	a	DET
gp-346	21	9	comprehensive	comprehensive	ADJ
gp-346	21	10	analysis	analysis	NOUN
gp-346	21	11	of	of	ADP
gp-346	21	12	dividend	dividend	NOUN
gp-346	21	13	discount	discount	NOUN
gp-346	21	14	models	model	NOUN
gp-346	21	15	in	in	ADP
gp-346	21	16	emerging	emerge	VERB
gp-346	21	17	markets	market	NOUN
gp-346	21	18	,	,	PUNCT
gp-346	21	19	finding	find	VERB
gp-346	21	20	that	that	SCONJ
gp-346	21	21	ddm	ddm	PROPN
gp-346	21	22	approaches	approach	NOUN
gp-346	21	23	provide	provide	VERB
gp-346	21	24	higher	high	ADJ
gp-346	21	25	accuracy	accuracy	NOUN
gp-346	21	26	for	for	ADP
gp-346	21	27	mature	mature	ADJ
gp-346	21	28	companies	company	NOUN
gp-346	21	29	with	with	ADP
gp-346	21	30	stable	stable	ADJ
gp-346	21	31	payout	payout	NOUN
gp-346	21	32	policies	policy	NOUN
gp-346	21	33	.	.	PUNCT
gp-346	22	1	in	in	ADP
gp-346	22	2	the	the	DET
gp-346	22	3	context	context	NOUN
gp-346	22	4	of	of	ADP
gp-346	22	5	relative	relative	ADJ
gp-346	22	6	valuation	valuation	NOUN
gp-346	22	7	,	,	PUNCT
gp-346	22	8	penman	penman	NOUN
gp-346	22	9	and	and	CCONJ
gp-346	22	10	reggiani	reggiani	PROPN
gp-346	22	11	(	(	PUNCT
gp-346	22	12	2022	2022	NUM
gp-346	22	13	)	)	PUNCT
gp-346	22	14	highlighted	highlight	VERB
gp-346	22	15	the	the	DET
gp-346	22	16	challenges	challenge	NOUN
gp-346	22	17	of	of	ADP
gp-346	22	18	finding	find	VERB
gp-346	22	19	appropriate	appropriate	ADJ
gp-346	22	20	comparables	comparable	NOUN
gp-346	22	21	during	during	ADP
gp-346	22	22	market	market	NOUN
gp-346	22	23	disruptions	disruption	NOUN
gp-346	22	24	,	,	PUNCT
gp-346	22	25	suggesting	suggest	VERB
gp-346	22	26	that	that	SCONJ
gp-346	22	27	industryspecific	industryspecific	ADJ
gp-346	22	28	adjustments	adjustment	NOUN
gp-346	22	29	are	be	AUX
gp-346	22	30	crucial	crucial	ADJ
gp-346	22	31	for	for	ADP
gp-346	22	32	accuracy	accuracy	NOUN
gp-346	22	33	.	.	PUNCT
gp-346	23	1	related	relate	VERB
gp-346	23	2	to	to	ADP
gp-346	23	3	crisis	crisis	NOUN
gp-346	23	4	-	-	PUNCT
gp-346	23	5	period	period	NOUN
gp-346	23	6	valuations	valuation	NOUN
gp-346	23	7	,	,	PUNCT
gp-346	23	8	kumar	kumar	PROPN
gp-346	23	9	et	et	PROPN
gp-346	23	10	al	al	PROPN
gp-346	23	11	.	.	PROPN
gp-346	24	1	(	(	PUNCT
gp-346	24	2	2021	2021	NUM
gp-346	24	3	)	)	PUNCT
gp-346	24	4	analyzed	analyze	VERB
gp-346	24	5	valuation	valuation	NOUN
gp-346	24	6	model	model	NOUN
gp-346	24	7	performance	performance	NOUN
gp-346	24	8	during	during	ADP
gp-346	24	9	covid-19	covid-19	PROPN
gp-346	24	10	across	across	ADP
gp-346	24	11	multiple	multiple	ADJ
gp-346	24	12	markets	market	NOUN
gp-346	24	13	,	,	PUNCT
gp-346	24	14	concluding	conclude	VERB
gp-346	24	15	that	that	PRON
gp-346	24	16	combination	combination	NOUN
gp-346	24	17	approaches	approach	NOUN
gp-346	24	18	yield	yield	VERB
gp-346	24	19	more	more	ADV
gp-346	24	20	reliable	reliable	ADJ
gp-346	24	21	results	result	NOUN
gp-346	24	22	than	than	ADP
gp-346	24	23	single	single	ADJ
gp-346	24	24	-	-	PUNCT
gp-346	24	25	method	method	NOUN
gp-346	24	26	analyses	analysis	NOUN
gp-346	24	27	.	.	PUNCT
gp-346	25	1	their	their	PRON
gp-346	25	2	findings	finding	NOUN
gp-346	25	3	align	align	VERB
gp-346	25	4	with	with	ADP
gp-346	25	5	earlier	early	ADJ
gp-346	25	6	work	work	NOUN
gp-346	25	7	by	by	ADP
gp-346	25	8	koller	koller	PROPN
gp-346	25	9	et	et	PROPN
gp-346	25	10	al	al	PROPN
gp-346	25	11	.	.	PROPN
gp-346	26	1	(	(	PUNCT
gp-346	26	2	2020	2020	NUM
gp-346	26	3	)	)	PUNCT
gp-346	26	4	,	,	PUNCT
gp-346	26	5	who	who	PRON
gp-346	26	6	demonstrated	demonstrate	VERB
gp-346	26	7	that	that	SCONJ
gp-346	26	8	integrated	integrate	VERB
gp-346	26	9	valuation	valuation	NOUN
gp-346	26	10	frameworks	framework	NOUN
gp-346	26	11	provide	provide	VERB
gp-346	26	12	better	well	ADV
gp-346	26	13	riskadjusted	riskadjuste	VERB
gp-346	26	14	returns	return	NOUN
gp-346	26	15	for	for	ADP
gp-346	26	16	investors	investor	NOUN
gp-346	26	17	.	.	PUNCT
gp-346	27	1	however	however	ADV
gp-346	27	2	,	,	PUNCT
gp-346	27	3	most	most	ADJ
gp-346	27	4	of	of	ADP
gp-346	27	5	these	these	DET
gp-346	27	6	studies	study	NOUN
gp-346	27	7	focused	focus	VERB
gp-346	27	8	on	on	ADP
gp-346	27	9	developed	develop	VERB
gp-346	27	10	markets	market	NOUN
gp-346	27	11	or	or	CCONJ
gp-346	27	12	specific	specific	ADJ
gp-346	27	13	sectors	sector	NOUN
gp-346	27	14	,	,	PUNCT
gp-346	27	15	leaving	leave	VERB
gp-346	27	16	a	a	DET
gp-346	27	17	gap	gap	NOUN
gp-346	27	18	in	in	ADP
gp-346	27	19	understanding	understanding	NOUN
gp-346	27	20	how	how	SCONJ
gp-346	27	21	these	these	DET
gp-346	27	22	methodologies	methodology	NOUN
gp-346	27	23	perform	perform	VERB
gp-346	27	24	in	in	ADP
gp-346	27	25	indonesian	indonesian	ADJ
gp-346	27	26	consumer	consumer	NOUN
gp-346	27	27	goods	good	NOUN
gp-346	27	28	companies	company	NOUN
gp-346	27	29	.	.	PUNCT
gp-346	28	1	damodaran	damodaran	VERB
gp-346	28	2	(	(	PUNCT
gp-346	28	3	2020	2020	NUM
gp-346	28	4	)	)	PUNCT
gp-346	28	5	and	and	CCONJ
gp-346	28	6	tan	tan	PROPN
gp-346	28	7	&	&	CCONJ
gp-346	28	8	wang	wang	PROPN
gp-346	28	9	(	(	PUNCT
gp-346	28	10	2023	2023	NUM
gp-346	28	11	)	)	PUNCT
gp-346	28	12	have	have	AUX
gp-346	28	13	highlighted	highlight	VERB
gp-346	28	14	the	the	DET
gp-346	28	15	importance	importance	NOUN
gp-346	28	16	of	of	ADP
gp-346	28	17	selecting	select	VERB
gp-346	28	18	appropriate	appropriate	ADJ
gp-346	28	19	valuation	valuation	NOUN
gp-346	28	20	methods	method	NOUN
gp-346	28	21	,	,	PUNCT
gp-346	28	22	particularly	particularly	ADV
gp-346	28	23	during	during	ADP
gp-346	28	24	volatile	volatile	ADJ
gp-346	28	25	market	market	NOUN
gp-346	28	26	conditions	condition	NOUN
gp-346	28	27	.	.	PUNCT
gp-346	29	1	while	while	SCONJ
gp-346	29	2	combining	combine	VERB
gp-346	29	3	dcf	dcf	PROPN
gp-346	29	4	and	and	CCONJ
gp-346	29	5	rv	rv	PROPN
gp-346	29	6	approaches	approach	NOUN
gp-346	29	7	enhances	enhance	VERB
gp-346	29	8	the	the	DET
gp-346	29	9	robustness	robustness	NOUN
gp-346	29	10	of	of	ADP
gp-346	29	11	the	the	DET
gp-346	29	12	analysis	analysis	NOUN
gp-346	29	13	,	,	PUNCT
gp-346	29	14	limited	limited	ADJ
gp-346	29	15	research	research	NOUN
gp-346	29	16	has	have	AUX
gp-346	29	17	applied	apply	VERB
gp-346	29	18	this	this	DET
gp-346	29	19	integrated	integrate	VERB
gp-346	29	20	approach	approach	NOUN
gp-346	29	21	to	to	ADP
gp-346	29	22	indonesia	indonesia	PROPN
gp-346	29	23	's	's	PART
gp-346	29	24	consumer	consumer	NOUN
gp-346	29	25	goods	good	NOUN
gp-346	29	26	sector	sector	NOUN
gp-346	29	27	,	,	PUNCT
gp-346	29	28	particularly	particularly	ADV
gp-346	29	29	in	in	ADP
gp-346	29	30	the	the	DET
gp-346	29	31	context	context	NOUN
gp-346	29	32	of	of	ADP
gp-346	29	33	the	the	DET
gp-346	29	34	covid-19	covid-19	PROPN
gp-346	29	35	pandemic	pandemic	NOUN
gp-346	29	36	.	.	PUNCT
gp-346	30	1	several	several	ADJ
gp-346	30	2	previous	previous	ADJ
gp-346	30	3	studies	study	NOUN
gp-346	30	4	have	have	AUX
gp-346	30	5	examined	examine	VERB
gp-346	30	6	company	company	NOUN
gp-346	30	7	valuation	valuation	NOUN
gp-346	30	8	using	use	VERB
gp-346	30	9	various	various	ADJ
gp-346	30	10	methodological	methodological	ADJ
gp-346	30	11	approaches	approach	NOUN
gp-346	30	12	.	.	PUNCT
gp-346	31	1	fernandez	fernandez	PROPN
gp-346	31	2	(	(	PUNCT
gp-346	31	3	2019	2019	NUM
gp-346	31	4	)	)	PUNCT
gp-346	31	5	conducted	conduct	VERB
gp-346	31	6	a	a	DET
gp-346	31	7	comprehensive	comprehensive	ADJ
gp-346	31	8	analysis	analysis	NOUN
gp-346	31	9	of	of	ADP
gp-346	31	10	valuation	valuation	NOUN
gp-346	31	11	methods	method	NOUN
gp-346	31	12	in	in	ADP
gp-346	31	13	emerging	emerge	VERB
gp-346	31	14	markets	market	NOUN
gp-346	31	15	,	,	PUNCT
gp-346	31	16	finding	find	VERB
gp-346	31	17	that	that	SCONJ
gp-346	31	18	single	single	ADJ
gp-346	31	19	-	-	PUNCT
gp-346	31	20	method	method	NOUN
gp-346	31	21	approaches	approach	NOUN
gp-346	31	22	often	often	ADV
gp-346	31	23	fail	fail	VERB
gp-346	31	24	to	to	PART
gp-346	31	25	capture	capture	VERB
gp-346	31	26	the	the	DET
gp-346	31	27	complexity	complexity	NOUN
gp-346	31	28	of	of	ADP
gp-346	31	29	market	market	NOUN
gp-346	31	30	dynamics	dynamic	NOUN
gp-346	31	31	during	during	ADP
gp-346	31	32	crisis	crisis	NOUN
gp-346	31	33	periods	period	NOUN
gp-346	31	34	.	.	PUNCT
gp-346	32	1	similarly	similarly	ADV
gp-346	32	2	,	,	PUNCT
gp-346	32	3	chen	chen	PROPN
gp-346	32	4	et	et	PROPN
gp-346	32	5	al	al	PROPN
gp-346	32	6	.	.	PROPN
gp-346	32	7	(	(	PUNCT
gp-346	32	8	2020	2020	NUM
gp-346	32	9	)	)	PUNCT
gp-346	32	10	analyzed	analyze	VERB
gp-346	32	11	the	the	DET
gp-346	32	12	impact	impact	NOUN
gp-346	32	13	of	of	ADP
gp-346	32	14	covid-19	covid-19	PROPN
gp-346	32	15	on	on	ADP
gp-346	32	16	stock	stock	NOUN
gp-346	32	17	valuations	valuation	NOUN
gp-346	32	18	in	in	ADP
gp-346	32	19	asian	asian	ADJ
gp-346	32	20	markets	market	NOUN
gp-346	32	21	,	,	PUNCT
gp-346	32	22	revealing	reveal	VERB
gp-346	32	23	significant	significant	ADJ
gp-346	32	24	sectoral	sectoral	ADJ
gp-346	32	25	variations	variation	NOUN
gp-346	32	26	in	in	ADP
gp-346	32	27	valuation	valuation	NOUN
gp-346	32	28	changes	change	NOUN
gp-346	32	29	.	.	PUNCT
gp-346	33	1	in	in	ADP
gp-346	33	2	the	the	DET
gp-346	33	3	indonesian	indonesian	ADJ
gp-346	33	4	context	context	NOUN
gp-346	33	5	,	,	PUNCT
gp-346	33	6	sari	sari	NOUN
gp-346	33	7	and	and	CCONJ
gp-346	33	8	wahyudi	wahyudi	ADJ
gp-346	33	9	(	(	PUNCT
gp-346	33	10	2021	2021	NUM
gp-346	33	11	)	)	PUNCT
gp-346	33	12	examined	examine	VERB
gp-346	33	13	post	post	ADJ
gp-346	33	14	-	-	ADJ
gp-346	33	15	crisis	crisis	ADJ
gp-346	33	16	valuation	valuation	NOUN
gp-346	33	17	patterns	pattern	NOUN
gp-346	33	18	but	but	CCONJ
gp-346	33	19	focused	focus	VERB
gp-346	33	20	primarily	primarily	ADV
gp-346	33	21	on	on	ADP
gp-346	33	22	financial	financial	ADJ
gp-346	33	23	sector	sector	NOUN
gp-346	33	24	companies	company	NOUN
gp-346	33	25	using	use	VERB
gp-346	33	26	only	only	ADV
gp-346	33	27	relative	relative	ADJ
gp-346	33	28	valuation	valuation	NOUN
gp-346	33	29	methods	method	NOUN
gp-346	33	30	.	.	PUNCT
gp-346	34	1	meanwhile	meanwhile	ADV
gp-346	34	2	,	,	PUNCT
gp-346	34	3	international	international	ADJ
gp-346	34	4	studies	study	NOUN
gp-346	34	5	by	by	ADP
gp-346	34	6	rodriguez	rodriguez	NOUN
gp-346	34	7	and	and	CCONJ
gp-346	34	8	kim	kim	PROPN
gp-346	34	9	(	(	PUNCT
gp-346	34	10	2022	2022	NUM
gp-346	34	11	)	)	PUNCT
gp-346	34	12	demonstrated	demonstrate	VERB
gp-346	34	13	the	the	DET
gp-346	34	14	superiority	superiority	NOUN
gp-346	34	15	of	of	ADP
gp-346	34	16	multi	multi	ADJ
gp-346	34	17	-	-	ADJ
gp-346	34	18	method	method	ADJ
gp-346	34	19	valuation	valuation	NOUN
gp-346	34	20	approaches	approach	NOUN
gp-346	34	21	during	during	ADP
gp-346	34	22	economic	economic	ADJ
gp-346	34	23	disruptions	disruption	NOUN
gp-346	34	24	,	,	PUNCT
gp-346	34	25	though	though	SCONJ
gp-346	34	26	their	their	PRON
gp-346	34	27	analysis	analysis	NOUN
gp-346	34	28	was	be	AUX
gp-346	34	29	limited	limit	VERB
gp-346	34	30	to	to	ADP
gp-346	34	31	developed	develop	VERB
gp-346	34	32	markets	market	NOUN
gp-346	34	33	.	.	PUNCT
gp-346	35	1	a	a	DET
gp-346	35	2	notable	notable	ADJ
gp-346	35	3	gap	gap	NOUN
gp-346	35	4	exists	exist	VERB
gp-346	35	5	in	in	ADP
gp-346	35	6	the	the	DET
gp-346	35	7	literature	literature	NOUN
gp-346	35	8	regarding	regard	VERB
gp-346	35	9	comprehensive	comprehensive	ADJ
gp-346	35	10	multi	multi	ADJ
gp-346	35	11	-	-	ADJ
gp-346	35	12	method	method	ADJ
gp-346	35	13	valuation	valuation	NOUN
gp-346	35	14	analysis	analysis	NOUN
gp-346	35	15	of	of	ADP
gp-346	35	16	indonesian	indonesian	ADJ
gp-346	35	17	consumer	consumer	NOUN
gp-346	35	18	goods	good	NOUN
gp-346	35	19	companies	company	NOUN
gp-346	35	20	during	during	ADP
gp-346	35	21	the	the	DET
gp-346	35	22	covid-19	covid-19	PROPN
gp-346	35	23	pandemic	pandemic	NOUN
gp-346	35	24	,	,	PUNCT
gp-346	35	25	particularly	particularly	ADV
gp-346	35	26	studies	study	NOUN
gp-346	35	27	that	that	PRON
gp-346	35	28	combine	combine	VERB
gp-346	35	29	dcf	dcf	PROPN
gp-346	35	30	,	,	PUNCT
gp-346	35	31	ddm	ddm	PROPN
gp-346	35	32	,	,	PUNCT
gp-346	35	33	and	and	CCONJ
gp-346	35	34	relative	relative	ADJ
gp-346	35	35	valuation	valuation	NOUN
gp-346	35	36	approaches	approach	NOUN
gp-346	35	37	to	to	PART
gp-346	35	38	assess	assess	VERB
gp-346	35	39	valuation	valuation	NOUN
gp-346	35	40	changes	change	NOUN
gp-346	35	41	across	across	ADP
gp-346	35	42	different	different	ADJ
gp-346	35	43	time	time	NOUN
gp-346	35	44	periods	period	NOUN
gp-346	35	45	.	.	PUNCT
gp-346	36	1	real	real	ADJ
gp-346	36	2	market	market	NOUN
gp-346	36	3	phenomena	phenomenon	NOUN
gp-346	36	4	demonstrate	demonstrate	VERB
gp-346	36	5	the	the	DET
gp-346	36	6	urgency	urgency	NOUN
gp-346	36	7	of	of	ADP
gp-346	36	8	this	this	DET
gp-346	36	9	research	research	NOUN
gp-346	36	10	.	.	PUNCT
gp-346	37	1	during	during	ADP
gp-346	37	2	the	the	DET
gp-346	37	3	early	early	ADJ
gp-346	37	4	pandemic	pandemic	ADJ
gp-346	37	5	period	period	NOUN
gp-346	37	6	(	(	PUNCT
gp-346	37	7	march	march	PROPN
gp-346	37	8	2020	2020	NUM
gp-346	37	9	)	)	PUNCT
gp-346	37	10	,	,	PUNCT
gp-346	37	11	the	the	DET
gp-346	37	12	lq45	lq45	PROPN
gp-346	37	13	index	index	NOUN
gp-346	37	14	experienced	experience	VERB
gp-346	37	15	a	a	DET
gp-346	37	16	37	37	NUM
gp-346	37	17	%	%	NOUN
gp-346	37	18	decline	decline	NOUN
gp-346	37	19	,	,	PUNCT
gp-346	37	20	with	with	ADP
gp-346	37	21	consumer	consumer	NOUN
gp-346	37	22	goods	good	NOUN
gp-346	37	23	companies	company	NOUN
gp-346	37	24	showing	show	VERB
gp-346	37	25	varied	varied	ADJ
gp-346	37	26	responses	response	NOUN
gp-346	37	27	.	.	PUNCT
gp-346	38	1	for	for	ADP
gp-346	38	2	instance	instance	NOUN
gp-346	38	3	,	,	PUNCT
gp-346	38	4	while	while	SCONJ
gp-346	38	5	icbp	icbp	PROPN
gp-346	38	6	's	's	PART
gp-346	38	7	stock	stock	NOUN
gp-346	38	8	price	price	NOUN
gp-346	38	9	recovered	recover	VERB
gp-346	38	10	to	to	ADP
gp-346	38	11	pre	pre	ADJ
gp-346	38	12	-	-	ADJ
gp-346	38	13	pandemic	pandemic	ADJ
gp-346	38	14	levels	level	NOUN
gp-346	38	15	by	by	ADP
gp-346	38	16	late	late	ADJ
gp-346	38	17	2020	2020	NUM
gp-346	38	18	,	,	PUNCT
gp-346	38	19	hmsp	hmsp	PROPN
gp-346	38	20	remained	remain	VERB
gp-346	38	21	25	25	NUM
gp-346	38	22	%	%	NOUN
gp-346	38	23	below	below	ADP
gp-346	38	24	its	its	PRON
gp-346	38	25	2019	2019	NUM
gp-346	38	26	peak	peak	NOUN
gp-346	38	27	through	through	ADP
gp-346	38	28	2022	2022	NUM
gp-346	38	29	.	.	PUNCT
gp-346	39	1	this	this	DET
gp-346	39	2	divergence	divergence	NOUN
gp-346	39	3	in	in	ADP
gp-346	39	4	market	market	NOUN
gp-346	39	5	performance	performance	NOUN
gp-346	39	6	,	,	PUNCT
gp-346	39	7	despite	despite	SCONJ
gp-346	39	8	operating	operate	VERB
gp-346	39	9	in	in	ADP
gp-346	39	10	the	the	DET
gp-346	39	11	same	same	ADJ
gp-346	39	12	sector	sector	NOUN
gp-346	39	13	,	,	PUNCT
gp-346	39	14	suggests	suggest	VERB
gp-346	39	15	fundamental	fundamental	ADJ
gp-346	39	16	differences	difference	NOUN
gp-346	39	17	in	in	ADP
gp-346	39	18	how	how	SCONJ
gp-346	39	19	investors	investor	NOUN
gp-346	39	20	perceive	perceive	ADJ
gp-346	39	21	company	company	NOUN
gp-346	39	22	value	value	NOUN
gp-346	39	23	during	during	ADP
gp-346	39	24	crisis	crisis	NOUN
gp-346	39	25	recovery	recovery	NOUN
gp-346	39	26	periods	period	NOUN
gp-346	39	27	.	.	PUNCT
gp-346	40	1	furthermore	furthermore	ADV
gp-346	40	2	,	,	PUNCT
gp-346	40	3	the	the	DET
gp-346	40	4	significant	significant	ADJ
gp-346	40	5	shifts	shift	NOUN
gp-346	40	6	in	in	ADP
gp-346	40	7	investor	investor	NOUN
gp-346	40	8	sentiment	sentiment	NOUN
gp-346	40	9	,	,	PUNCT
gp-346	40	10	evidenced	evidence	VERB
gp-346	40	11	by	by	ADP
gp-346	40	12	trading	trading	NOUN
gp-346	40	13	volume	volume	NOUN
gp-346	40	14	spikes	spike	NOUN
gp-346	40	15	of	of	ADP
gp-346	40	16	over	over	ADP
gp-346	40	17	200	200	NUM
gp-346	40	18	%	%	NOUN
gp-346	40	19	during	during	ADP
gp-346	40	20	2020–2021	2020–2021	NUM
gp-346	40	21	valuation	valuation	NOUN
gp-346	40	22	analysis	analysis	NOUN
gp-346	40	23	of	of	ADP
gp-346	40	24	lq45	lq45	PROPN
gp-346	40	25	consumer	consumer	NOUN
gp-346	40	26	goods	good	NOUN
gp-346	40	27	companies	company	NOUN
gp-346	40	28	before	before	ADP
gp-346	40	29	and	and	CCONJ
gp-346	40	30	after	after	ADP
gp-346	40	31	covid-19	covid-19	PROPN
gp-346	40	32	:	:	PUNCT
gp-346	40	33	free	free	ADJ
gp-346	40	34	cash	cash	NOUN
gp-346	40	35	flow	flow	NOUN
gp-346	40	36	,	,	PUNCT
gp-346	40	37	dividend	dividend	NOUN
gp-346	40	38	,	,	PUNCT
gp-346	40	39	and	and	CCONJ
gp-346	40	40	relative	relative	ADJ
gp-346	40	41	valuation	valuation	NOUN
gp-346	40	42	1738	1738	NUM
gp-346	40	43	compared	compare	VERB
gp-346	40	44	to	to	ADP
gp-346	40	45	pre	pre	ADJ
gp-346	40	46	-	-	ADJ
gp-346	40	47	pandemic	pandemic	ADJ
gp-346	40	48	levels	level	NOUN
gp-346	40	49	,	,	PUNCT
gp-346	40	50	highlight	highlight	VERB
gp-346	40	51	the	the	DET
gp-346	40	52	need	need	NOUN
gp-346	40	53	for	for	ADP
gp-346	40	54	robust	robust	ADJ
gp-346	40	55	valuation	valuation	NOUN
gp-346	40	56	frameworks	framework	NOUN
gp-346	40	57	that	that	PRON
gp-346	40	58	can	can	AUX
gp-346	40	59	capture	capture	VERB
gp-346	40	60	these	these	DET
gp-346	40	61	dynamic	dynamic	ADJ
gp-346	40	62	changes	change	NOUN
gp-346	40	63	.	.	PUNCT
gp-346	41	1	the	the	DET
gp-346	41	2	practical	practical	ADJ
gp-346	41	3	implications	implication	NOUN
gp-346	41	4	of	of	ADP
gp-346	41	5	valuation	valuation	NOUN
gp-346	41	6	fluctuations	fluctuation	NOUN
gp-346	41	7	during	during	ADP
gp-346	41	8	the	the	DET
gp-346	41	9	pandemic	pandemic	ADJ
gp-346	41	10	extend	extend	NOUN
gp-346	41	11	beyond	beyond	ADP
gp-346	41	12	academic	academic	ADJ
gp-346	41	13	interest	interest	NOUN
gp-346	41	14	.	.	PUNCT
gp-346	42	1	investment	investment	NOUN
gp-346	42	2	decisions	decision	NOUN
gp-346	42	3	totaling	total	VERB
gp-346	42	4	billions	billion	NOUN
gp-346	42	5	of	of	ADP
gp-346	42	6	rupiah	rupiah	NOUN
gp-346	42	7	were	be	AUX
gp-346	42	8	influenced	influence	VERB
gp-346	42	9	by	by	ADP
gp-346	42	10	perceived	perceive	VERB
gp-346	42	11	valuation	valuation	NOUN
gp-346	42	12	gaps	gap	NOUN
gp-346	42	13	,	,	PUNCT
gp-346	42	14	with	with	ADP
gp-346	42	15	institutional	institutional	ADJ
gp-346	42	16	investors	investor	NOUN
gp-346	42	17	reallocating	reallocate	VERB
gp-346	42	18	portfolios	portfolio	NOUN
gp-346	42	19	based	base	VERB
gp-346	42	20	on	on	ADP
gp-346	42	21	relative	relative	ADJ
gp-346	42	22	value	value	NOUN
gp-346	42	23	assessments	assessment	NOUN
gp-346	42	24	(	(	PUNCT
gp-346	42	25	williams	williams	PROPN
gp-346	42	26	&	&	CCONJ
gp-346	42	27	cooper	cooper	PROPN
gp-346	42	28	,	,	PUNCT
gp-346	42	29	2020	2020	NUM
gp-346	42	30	)	)	PUNCT
gp-346	42	31	.	.	PUNCT
gp-346	43	1	corporate	corporate	ADJ
gp-346	43	2	strategies	strategy	NOUN
gp-346	43	3	also	also	ADV
gp-346	43	4	shifted	shift	VERB
gp-346	43	5	,	,	PUNCT
gp-346	43	6	with	with	ADP
gp-346	43	7	companies	company	NOUN
gp-346	43	8	like	like	ADP
gp-346	43	9	unvr	unvr	ADJ
gp-346	43	10	adjusting	adjust	VERB
gp-346	43	11	their	their	PRON
gp-346	43	12	dividend	dividend	NOUN
gp-346	43	13	policies	policy	NOUN
gp-346	43	14	in	in	ADP
gp-346	43	15	response	response	NOUN
gp-346	43	16	to	to	ADP
gp-346	43	17	market	market	NOUN
gp-346	43	18	valuations	valuation	NOUN
gp-346	43	19	,	,	PUNCT
gp-346	43	20	while	while	SCONJ
gp-346	43	21	others	other	NOUN
gp-346	43	22	like	like	ADP
gp-346	43	23	icbp	icbp	PRON
gp-346	43	24	increased	increase	VERB
gp-346	43	25	capital	capital	NOUN
gp-346	43	26	expenditure	expenditure	NOUN
gp-346	43	27	to	to	PART
gp-346	43	28	capitalize	capitalize	VERB
gp-346	43	29	on	on	ADP
gp-346	43	30	perceived	perceive	VERB
gp-346	43	31	undervaluation	undervaluation	NOUN
gp-346	43	32	.	.	PUNCT
gp-346	44	1	these	these	DET
gp-346	44	2	real	real	ADJ
gp-346	44	3	-	-	PUNCT
gp-346	44	4	world	world	NOUN
gp-346	44	5	applications	application	NOUN
gp-346	44	6	underscore	underscore	VERB
gp-346	44	7	the	the	DET
gp-346	44	8	critical	critical	ADJ
gp-346	44	9	need	need	NOUN
gp-346	44	10	for	for	ADP
gp-346	44	11	accurate	accurate	ADJ
gp-346	44	12	,	,	PUNCT
gp-346	44	13	multi	multi	ADJ
gp-346	44	14	-	-	ADJ
gp-346	44	15	faceted	faceted	ADJ
gp-346	44	16	valuation	valuation	NOUN
gp-346	44	17	analysis	analysis	NOUN
gp-346	44	18	during	during	ADP
gp-346	44	19	periods	period	NOUN
gp-346	44	20	of	of	ADP
gp-346	44	21	economic	economic	ADJ
gp-346	44	22	uncertainty	uncertainty	NOUN
gp-346	44	23	.	.	PUNCT
gp-346	45	1	this	this	DET
gp-346	45	2	research	research	NOUN
gp-346	45	3	addresses	address	VERB
gp-346	45	4	a	a	DET
gp-346	45	5	significant	significant	ADJ
gp-346	45	6	gap	gap	NOUN
gp-346	45	7	by	by	ADP
gp-346	45	8	being	be	AUX
gp-346	45	9	the	the	DET
gp-346	45	10	first	first	ADJ
gp-346	45	11	comprehensive	comprehensive	ADJ
gp-346	45	12	study	study	NOUN
gp-346	45	13	to	to	PART
gp-346	45	14	apply	apply	VERB
gp-346	45	15	an	an	DET
gp-346	45	16	integrated	integrate	VERB
gp-346	45	17	tri	tri	ADJ
gp-346	45	18	-	-	ADJ
gp-346	45	19	method	method	ADJ
gp-346	45	20	valuation	valuation	NOUN
gp-346	45	21	approach	approach	NOUN
gp-346	45	22	(	(	PUNCT
gp-346	45	23	fcff	fcff	PROPN
gp-346	45	24	,	,	PUNCT
gp-346	45	25	ddm	ddm	PROPN
gp-346	45	26	,	,	PUNCT
gp-346	45	27	and	and	CCONJ
gp-346	45	28	relative	relative	ADJ
gp-346	45	29	valuation	valuation	NOUN
gp-346	45	30	)	)	PUNCT
gp-346	45	31	specifically	specifically	ADV
gp-346	45	32	to	to	ADP
gp-346	45	33	indonesian	indonesian	ADJ
gp-346	45	34	consumer	consumer	NOUN
gp-346	45	35	goods	good	NOUN
gp-346	45	36	companies	company	NOUN
gp-346	45	37	during	during	ADP
gp-346	45	38	the	the	DET
gp-346	45	39	covid-19	covid-19	PROPN
gp-346	45	40	pandemic	pandemic	NOUN
gp-346	45	41	.	.	PUNCT
gp-346	46	1	this	this	DET
gp-346	46	2	study	study	NOUN
gp-346	46	3	aims	aim	VERB
gp-346	46	4	to	to	PART
gp-346	46	5	analyze	analyze	VERB
gp-346	46	6	the	the	DET
gp-346	46	7	changes	change	NOUN
gp-346	46	8	in	in	ADP
gp-346	46	9	the	the	DET
gp-346	46	10	fair	fair	ADJ
gp-346	46	11	value	value	NOUN
gp-346	46	12	of	of	ADP
gp-346	46	13	stocks	stock	NOUN
gp-346	46	14	in	in	ADP
gp-346	46	15	the	the	DET
gp-346	46	16	consumer	consumer	NOUN
gp-346	46	17	goods	good	NOUN
gp-346	46	18	sector	sector	NOUN
gp-346	46	19	listed	list	VERB
gp-346	46	20	in	in	ADP
gp-346	46	21	the	the	DET
gp-346	46	22	lq45	lq45	PROPN
gp-346	46	23	index	index	NOUN
gp-346	46	24	by	by	ADP
gp-346	46	25	comparing	compare	VERB
gp-346	46	26	periods	period	NOUN
gp-346	46	27	before	before	ADV
gp-346	46	28	and	and	CCONJ
gp-346	46	29	after	after	ADP
gp-346	46	30	the	the	DET
gp-346	46	31	peak	peak	NOUN
gp-346	46	32	of	of	ADP
gp-346	46	33	the	the	DET
gp-346	46	34	covid-19	covid-19	PROPN
gp-346	46	35	pandemic	pandemic	NOUN
gp-346	46	36	.	.	PUNCT
gp-346	47	1	by	by	ADP
gp-346	47	2	focusing	focus	VERB
gp-346	47	3	on	on	ADP
gp-346	47	4	firms	firm	NOUN
gp-346	47	5	listed	list	VERB
gp-346	47	6	in	in	ADP
gp-346	47	7	the	the	DET
gp-346	47	8	lq45	lq45	PROPN
gp-346	47	9	index	index	NOUN
gp-346	47	10	—	—	PUNCT
gp-346	47	11	an	an	DET
gp-346	47	12	index	index	NOUN
gp-346	47	13	representing	represent	VERB
gp-346	47	14	the	the	DET
gp-346	47	15	most	most	ADV
gp-346	47	16	liquid	liquid	ADJ
gp-346	47	17	and	and	CCONJ
gp-346	47	18	fundamentally	fundamentally	ADV
gp-346	47	19	strong	strong	ADJ
gp-346	47	20	companies	company	NOUN
gp-346	47	21	—	—	PUNCT
gp-346	47	22	this	this	DET
gp-346	47	23	research	research	NOUN
gp-346	47	24	assesses	assess	VERB
gp-346	47	25	how	how	SCONJ
gp-346	47	26	valuations	valuation	NOUN
gp-346	47	27	evolved	evolve	VERB
gp-346	47	28	during	during	ADP
gp-346	47	29	the	the	DET
gp-346	47	30	pandemic	pandemic	ADJ
gp-346	47	31	crisis	crisis	NOUN
gp-346	47	32	,	,	PUNCT
gp-346	47	33	providing	provide	VERB
gp-346	47	34	valuable	valuable	ADJ
gp-346	47	35	insights	insight	NOUN
gp-346	47	36	into	into	ADP
gp-346	47	37	the	the	DET
gp-346	47	38	dynamics	dynamic	NOUN
gp-346	47	39	of	of	ADP
gp-346	47	40	market	market	NOUN
gp-346	47	41	confidence	confidence	NOUN
gp-346	47	42	and	and	CCONJ
gp-346	47	43	intrinsic	intrinsic	ADJ
gp-346	47	44	value	value	NOUN
gp-346	47	45	changes	change	NOUN
gp-346	47	46	.	.	PUNCT
gp-346	48	1	method	method	VERB
gp-346	48	2	this	this	DET
gp-346	48	3	study	study	NOUN
gp-346	48	4	employed	employ	VERB
gp-346	48	5	a	a	DET
gp-346	48	6	quantitative	quantitative	ADJ
gp-346	48	7	and	and	CCONJ
gp-346	48	8	descriptive	descriptive	ADJ
gp-346	48	9	research	research	NOUN
gp-346	48	10	design	design	NOUN
gp-346	48	11	using	use	VERB
gp-346	48	12	a	a	DET
gp-346	48	13	comprehensive	comprehensive	ADJ
gp-346	48	14	analytical	analytical	ADJ
gp-346	48	15	framework	framework	NOUN
gp-346	48	16	.	.	PUNCT
gp-346	49	1	the	the	DET
gp-346	49	2	research	research	NOUN
gp-346	49	3	population	population	NOUN
gp-346	49	4	consisted	consist	VERB
gp-346	49	5	of	of	ADP
gp-346	49	6	consumer	consumer	NOUN
gp-346	49	7	goods	good	NOUN
gp-346	49	8	companies	company	NOUN
gp-346	49	9	listed	list	VERB
gp-346	49	10	in	in	ADP
gp-346	49	11	the	the	DET
gp-346	49	12	lq45	lq45	PROPN
gp-346	49	13	index	index	NOUN
gp-346	49	14	during	during	ADP
gp-346	49	15	the	the	DET
gp-346	49	16	study	study	NOUN
gp-346	49	17	period	period	NOUN
gp-346	49	18	.	.	PUNCT
gp-346	50	1	a	a	DET
gp-346	50	2	purposive	purposive	ADJ
gp-346	50	3	sampling	sampling	NOUN
gp-346	50	4	technique	technique	NOUN
gp-346	50	5	was	be	AUX
gp-346	50	6	applied	apply	VERB
gp-346	50	7	,	,	PUNCT
gp-346	50	8	focusing	focus	VERB
gp-346	50	9	on	on	ADP
gp-346	50	10	three	three	NUM
gp-346	50	11	companies	company	NOUN
gp-346	50	12	with	with	ADP
gp-346	50	13	the	the	DET
gp-346	50	14	largest	large	ADJ
gp-346	50	15	market	market	NOUN
gp-346	50	16	capitalization	capitalization	NOUN
gp-346	50	17	and	and	CCONJ
gp-346	50	18	strongest	strong	ADJ
gp-346	50	19	sector	sector	NOUN
gp-346	50	20	representation	representation	NOUN
gp-346	50	21	:	:	PUNCT
gp-346	50	22	icbp	icbp	PROPN
gp-346	50	23	,	,	PUNCT
gp-346	50	24	hmsp	hmsp	NOUN
gp-346	50	25	,	,	PUNCT
gp-346	50	26	and	and	CCONJ
gp-346	50	27	unvr	unvr	ADJ
gp-346	50	28	.	.	PUNCT
gp-346	51	1	the	the	DET
gp-346	51	2	study	study	NOUN
gp-346	51	3	relied	rely	VERB
gp-346	51	4	on	on	ADP
gp-346	51	5	secondary	secondary	ADJ
gp-346	51	6	data	datum	NOUN
gp-346	51	7	sourced	source	VERB
gp-346	51	8	from	from	ADP
gp-346	51	9	audited	audit	VERB
gp-346	51	10	financial	financial	ADJ
gp-346	51	11	reports	report	NOUN
gp-346	51	12	,	,	PUNCT
gp-346	51	13	annual	annual	ADJ
gp-346	51	14	statements	statement	NOUN
gp-346	51	15	,	,	PUNCT
gp-346	51	16	daily	daily	ADJ
gp-346	51	17	stock	stock	NOUN
gp-346	51	18	price	price	NOUN
gp-346	51	19	data	datum	NOUN
gp-346	51	20	from	from	ADP
gp-346	51	21	the	the	DET
gp-346	51	22	indonesia	indonesia	PROPN
gp-346	51	23	stock	stock	PROPN
gp-346	51	24	exchange	exchange	PROPN
gp-346	51	25	(	(	PUNCT
gp-346	51	26	idx	idx	PROPN
gp-346	51	27	)	)	PUNCT
gp-346	51	28	,	,	PUNCT
gp-346	51	29	macroeconomic	macroeconomic	ADJ
gp-346	51	30	indicators	indicator	NOUN
gp-346	51	31	from	from	ADP
gp-346	51	32	bank	bank	PROPN
gp-346	51	33	indonesia	indonesia	PROPN
gp-346	51	34	,	,	PUNCT
gp-346	51	35	and	and	CCONJ
gp-346	51	36	industry	industry	NOUN
gp-346	51	37	data	datum	NOUN
gp-346	51	38	from	from	ADP
gp-346	51	39	bloomberg	bloomberg	PROPN
gp-346	51	40	.	.	PUNCT
gp-346	52	1	the	the	DET
gp-346	52	2	observation	observation	NOUN
gp-346	52	3	period	period	NOUN
gp-346	52	4	covered	cover	VERB
gp-346	52	5	2018–2022	2018–2022	NUM
gp-346	52	6	,	,	PUNCT
gp-346	52	7	divided	divide	VERB
gp-346	52	8	into	into	ADP
gp-346	52	9	pre	pre	ADJ
gp-346	52	10	-	-	ADJ
gp-346	52	11	pandemic	pandemic	ADJ
gp-346	52	12	(	(	PUNCT
gp-346	52	13	2018–2019	2018–2019	NUM
gp-346	52	14	)	)	PUNCT
gp-346	52	15	and	and	CCONJ
gp-346	52	16	post	post	ADJ
gp-346	52	17	-	-	ADJ
gp-346	52	18	pandemic	pandemic	ADJ
gp-346	52	19	peak	peak	NOUN
gp-346	52	20	(	(	PUNCT
gp-346	52	21	2021–2022	2021–2022	NOUN
gp-346	52	22	)	)	PUNCT
gp-346	52	23	phases	phase	NOUN
gp-346	52	24	.	.	PUNCT
gp-346	53	1	the	the	DET
gp-346	53	2	analytical	analytical	ADJ
gp-346	53	3	process	process	NOUN
gp-346	53	4	included	include	VERB
gp-346	53	5	financial	financial	ADJ
gp-346	53	6	ratio	ratio	NOUN
gp-346	53	7	analysis	analysis	NOUN
gp-346	53	8	,	,	PUNCT
gp-346	53	9	time	time	NOUN
gp-346	53	10	-	-	PUNCT
gp-346	53	11	series	series	NOUN
gp-346	53	12	trend	trend	NOUN
gp-346	53	13	analysis	analysis	NOUN
gp-346	53	14	,	,	PUNCT
gp-346	53	15	and	and	CCONJ
gp-346	53	16	comparative	comparative	ADJ
gp-346	53	17	valuation	valuation	NOUN
gp-346	53	18	assessment	assessment	NOUN
gp-346	53	19	.	.	PUNCT
gp-346	54	1	data	datum	NOUN
gp-346	54	2	validation	validation	NOUN
gp-346	54	3	,	,	PUNCT
gp-346	54	4	normalization	normalization	NOUN
gp-346	54	5	for	for	ADP
gp-346	54	6	inflation	inflation	NOUN
gp-346	54	7	,	,	PUNCT
gp-346	54	8	and	and	CCONJ
gp-346	54	9	statistical	statistical	ADJ
gp-346	54	10	testing	testing	NOUN
gp-346	54	11	were	be	AUX
gp-346	54	12	conducted	conduct	VERB
gp-346	54	13	to	to	PART
gp-346	54	14	ensure	ensure	VERB
gp-346	54	15	the	the	DET
gp-346	54	16	robustness	robustness	NOUN
gp-346	54	17	of	of	ADP
gp-346	54	18	results	result	NOUN
gp-346	54	19	.	.	PUNCT
gp-346	55	1	valuation	valuation	NOUN
gp-346	55	2	methods	method	NOUN
gp-346	55	3	applied	apply	VERB
gp-346	55	4	were	be	AUX
gp-346	55	5	:	:	PUNCT
gp-346	55	6	a.	a.	NOUN
gp-346	55	7	free	free	ADJ
gp-346	55	8	cash	cash	NOUN
gp-346	55	9	flow	flow	NOUN
gp-346	55	10	to	to	ADP
gp-346	55	11	firm	firm	ADJ
gp-346	55	12	(	(	PUNCT
gp-346	55	13	fcff	fcff	PROPN
gp-346	55	14	)	)	PUNCT
gp-346	55	15	b.	b.	PROPN
gp-346	55	16	dividend	dividend	PROPN
gp-346	55	17	discount	discount	PROPN
gp-346	55	18	model	model	NOUN
gp-346	55	19	(	(	PUNCT
gp-346	55	20	ddm	ddm	PROPN
gp-346	55	21	)	)	PUNCT
gp-346	55	22	c.	c.	PROPN
gp-346	55	23	relative	relative	PROPN
gp-346	55	24	valuation	valuation	NOUN
gp-346	55	25	(	(	PUNCT
gp-346	55	26	per	per	X
gp-346	55	27	and	and	CCONJ
gp-346	55	28	pbv	pbv	VERB
gp-346	55	29	ratios	ratio	NOUN
gp-346	55	30	compared	compare	VERB
gp-346	55	31	with	with	ADP
gp-346	55	32	industry	industry	NOUN
gp-346	55	33	benchmarks	benchmark	NOUN
gp-346	55	34	)	)	PUNCT
gp-346	55	35	this	this	DET
gp-346	55	36	combination	combination	NOUN
gp-346	55	37	of	of	ADP
gp-346	55	38	approaches	approach	NOUN
gp-346	55	39	enabled	enable	VERB
gp-346	55	40	a	a	DET
gp-346	55	41	comprehensive	comprehensive	ADJ
gp-346	55	42	examination	examination	NOUN
gp-346	55	43	of	of	ADP
gp-346	55	44	changes	change	NOUN
gp-346	55	45	in	in	ADP
gp-346	55	46	stock	stock	NOUN
gp-346	55	47	valuations	valuation	NOUN
gp-346	55	48	of	of	ADP
gp-346	55	49	selected	select	VERB
gp-346	55	50	lq45	lq45	PROPN
gp-346	55	51	consumer	consumer	NOUN
gp-346	55	52	goods	good	NOUN
gp-346	55	53	companies	company	NOUN
gp-346	55	54	before	before	ADP
gp-346	55	55	and	and	CCONJ
gp-346	55	56	after	after	ADP
gp-346	55	57	the	the	DET
gp-346	55	58	covid-19	covid-19	PROPN
gp-346	55	59	pandemic	pandemic	NOUN
gp-346	55	60	.	.	PUNCT
gp-346	56	1	valuation	valuation	NOUN
gp-346	56	2	analysis	analysis	NOUN
gp-346	56	3	of	of	ADP
gp-346	56	4	lq45	lq45	PROPN
gp-346	56	5	consumer	consumer	NOUN
gp-346	56	6	goods	good	NOUN
gp-346	56	7	companies	company	NOUN
gp-346	56	8	before	before	ADP
gp-346	56	9	and	and	CCONJ
gp-346	56	10	after	after	ADP
gp-346	56	11	covid-19	covid-19	PROPN
gp-346	56	12	:	:	PUNCT
gp-346	56	13	free	free	ADJ
gp-346	56	14	cash	cash	NOUN
gp-346	56	15	flow	flow	NOUN
gp-346	56	16	,	,	PUNCT
gp-346	56	17	dividend	dividend	NOUN
gp-346	56	18	,	,	PUNCT
gp-346	56	19	and	and	CCONJ
gp-346	56	20	relative	relative	ADJ
gp-346	56	21	valuation	valuation	NOUN
gp-346	56	22	1739	1739	NUM
gp-346	56	23	result	result	NOUN
gp-346	56	24	and	and	CCONJ
gp-346	56	25	discussion	discussion	NOUN
gp-346	56	26	the	the	DET
gp-346	56	27	analysis	analysis	NOUN
gp-346	56	28	reveals	reveal	VERB
gp-346	56	29	significant	significant	ADJ
gp-346	56	30	variations	variation	NOUN
gp-346	56	31	in	in	ADP
gp-346	56	32	valuation	valuation	NOUN
gp-346	56	33	outcomes	outcome	NOUN
gp-346	56	34	across	across	ADP
gp-346	56	35	the	the	DET
gp-346	56	36	three	three	NUM
gp-346	56	37	selected	select	VERB
gp-346	56	38	companies	company	NOUN
gp-346	56	39	,	,	PUNCT
gp-346	56	40	with	with	ADP
gp-346	56	41	each	each	DET
gp-346	56	42	method	method	NOUN
gp-346	56	43	providing	provide	VERB
gp-346	56	44	unique	unique	ADJ
gp-346	56	45	insights	insight	NOUN
gp-346	56	46	into	into	ADP
gp-346	56	47	their	their	PRON
gp-346	56	48	fundamental	fundamental	ADJ
gp-346	56	49	value	value	NOUN
gp-346	56	50	changes	change	NOUN
gp-346	56	51	during	during	ADP
gp-346	56	52	the	the	DET
gp-346	56	53	pandemic	pandemic	ADJ
gp-346	56	54	period	period	NOUN
gp-346	56	55	.	.	PUNCT
gp-346	57	1	fcff	fcff	ADJ
gp-346	57	2	valuation	valuation	NOUN
gp-346	57	3	analysis	analysis	NOUN
gp-346	57	4	for	for	ADP
gp-346	57	5	icbp	icbp	PRON
gp-346	57	6	,	,	PUNCT
gp-346	57	7	fcff	fcff	ADJ
gp-346	57	8	projections	projection	NOUN
gp-346	57	9	showed	show	VERB
gp-346	57	10	a	a	DET
gp-346	57	11	clear	clear	ADJ
gp-346	57	12	upward	upward	ADJ
gp-346	57	13	trend	trend	NOUN
gp-346	57	14	after	after	ADP
gp-346	57	15	the	the	DET
gp-346	57	16	pandemic	pandemic	ADJ
gp-346	57	17	,	,	PUNCT
gp-346	57	18	driven	drive	VERB
gp-346	57	19	by	by	ADP
gp-346	57	20	stable	stable	ADJ
gp-346	57	21	revenue	revenue	NOUN
gp-346	57	22	growth	growth	NOUN
gp-346	57	23	and	and	CCONJ
gp-346	57	24	margin	margin	NOUN
gp-346	57	25	recovery	recovery	NOUN
gp-346	57	26	.	.	PUNCT
gp-346	58	1	the	the	DET
gp-346	58	2	company	company	NOUN
gp-346	58	3	's	's	PART
gp-346	58	4	enterprise	enterprise	NOUN
gp-346	58	5	value	value	NOUN
gp-346	58	6	increased	increase	VERB
gp-346	58	7	from	from	ADP
gp-346	58	8	idr	idr	PROPN
gp-346	58	9	89.2	89.2	NUM
gp-346	58	10	trillion	trillion	NUM
gp-346	58	11	in	in	ADP
gp-346	58	12	2019	2019	NUM
gp-346	58	13	to	to	PART
gp-346	58	14	idr	idr	VERB
gp-346	58	15	106.8	106.8	NUM
gp-346	58	16	trillion	trillion	NUM
gp-346	58	17	in	in	ADP
gp-346	58	18	2022	2022	NUM
gp-346	58	19	,	,	PUNCT
gp-346	58	20	representing	represent	VERB
gp-346	58	21	a	a	DET
gp-346	58	22	19.7	19.7	NUM
gp-346	58	23	%	%	NOUN
gp-346	58	24	improvement	improvement	NOUN
gp-346	58	25	.	.	PUNCT
gp-346	59	1	this	this	DET
gp-346	59	2	growth	growth	NOUN
gp-346	59	3	was	be	AUX
gp-346	59	4	primarily	primarily	ADV
gp-346	59	5	attributed	attribute	VERB
gp-346	59	6	to	to	ADP
gp-346	59	7	enhanced	enhanced	ADJ
gp-346	59	8	operational	operational	ADJ
gp-346	59	9	efficiency	efficiency	NOUN
gp-346	59	10	and	and	CCONJ
gp-346	59	11	strategic	strategic	ADJ
gp-346	59	12	cost	cost	NOUN
gp-346	59	13	management	management	NOUN
gp-346	59	14	during	during	ADP
gp-346	59	15	the	the	DET
gp-346	59	16	pandemic	pandemic	ADJ
gp-346	59	17	period	period	NOUN
gp-346	59	18	.	.	PUNCT
gp-346	60	1	the	the	DET
gp-346	60	2	company	company	NOUN
gp-346	60	3	's	's	PART
gp-346	60	4	disciplined	discipline	VERB
gp-346	60	5	capital	capital	NOUN
gp-346	60	6	expenditure	expenditure	NOUN
gp-346	60	7	and	and	CCONJ
gp-346	60	8	strong	strong	ADJ
gp-346	60	9	operating	operating	NOUN
gp-346	60	10	profits	profit	NOUN
gp-346	60	11	led	lead	VERB
gp-346	60	12	to	to	ADP
gp-346	60	13	an	an	DET
gp-346	60	14	improved	improved	ADJ
gp-346	60	15	enterprise	enterprise	NOUN
gp-346	60	16	and	and	CCONJ
gp-346	60	17	equity	equity	NOUN
gp-346	60	18	value	value	NOUN
gp-346	60	19	.	.	PUNCT
gp-346	61	1	in	in	ADP
gp-346	61	2	contrast	contrast	NOUN
gp-346	61	3	,	,	PUNCT
gp-346	61	4	hmsp	hmsp	PROPN
gp-346	61	5	experienced	experience	VERB
gp-346	61	6	stagnating	stagnate	VERB
gp-346	61	7	free	free	ADJ
gp-346	61	8	cash	cash	NOUN
gp-346	61	9	flows	flow	NOUN
gp-346	61	10	,	,	PUNCT
gp-346	61	11	leading	lead	VERB
gp-346	61	12	to	to	ADP
gp-346	61	13	flat	flat	ADJ
gp-346	61	14	valuation	valuation	NOUN
gp-346	61	15	,	,	PUNCT
gp-346	61	16	with	with	ADP
gp-346	61	17	enterprise	enterprise	NOUN
gp-346	61	18	value	value	NOUN
gp-346	61	19	declining	decline	VERB
gp-346	61	20	from	from	ADP
gp-346	61	21	idr	idr	PROPN
gp-346	61	22	156.4	156.4	NUM
gp-346	61	23	trillion	trillion	NUM
gp-346	61	24	to	to	PART
gp-346	61	25	idr	idr	VERB
gp-346	61	26	142.1	142.1	NUM
gp-346	61	27	trillion	trillion	NUM
gp-346	61	28	over	over	ADP
gp-346	61	29	the	the	DET
gp-346	61	30	same	same	ADJ
gp-346	61	31	period	period	NOUN
gp-346	61	32	,	,	PUNCT
gp-346	61	33	reflecting	reflect	VERB
gp-346	61	34	a	a	DET
gp-346	61	35	9.1	9.1	NUM
gp-346	61	36	%	%	NOUN
gp-346	61	37	decrease	decrease	NOUN
gp-346	61	38	.	.	PUNCT
gp-346	62	1	this	this	DET
gp-346	62	2	decline	decline	NOUN
gp-346	62	3	was	be	AUX
gp-346	62	4	primarily	primarily	ADV
gp-346	62	5	due	due	ADJ
gp-346	62	6	to	to	ADP
gp-346	62	7	reduced	reduce	VERB
gp-346	62	8	cigarette	cigarette	NOUN
gp-346	62	9	consumption	consumption	NOUN
gp-346	62	10	patterns	pattern	NOUN
gp-346	62	11	and	and	CCONJ
gp-346	62	12	increased	increase	VERB
gp-346	62	13	regulatory	regulatory	ADJ
gp-346	62	14	pressures	pressure	NOUN
gp-346	62	15	during	during	ADP
gp-346	62	16	the	the	DET
gp-346	62	17	pandemic	pandemic	ADJ
gp-346	62	18	.	.	PUNCT
gp-346	63	1	unvr	unvr	PROPN
gp-346	63	2	's	's	PART
gp-346	63	3	fcff	fcff	NOUN
gp-346	63	4	showed	show	VERB
gp-346	63	5	a	a	DET
gp-346	63	6	decline	decline	NOUN
gp-346	63	7	due	due	ADP
gp-346	63	8	to	to	ADP
gp-346	63	9	reduced	reduce	VERB
gp-346	63	10	profitability	profitability	NOUN
gp-346	63	11	,	,	PUNCT
gp-346	63	12	with	with	ADP
gp-346	63	13	the	the	DET
gp-346	63	14	company	company	NOUN
gp-346	63	15	's	's	PART
gp-346	63	16	enterprise	enterprise	NOUN
gp-346	63	17	value	value	NOUN
gp-346	63	18	dropping	drop	VERB
gp-346	63	19	from	from	ADP
gp-346	63	20	idr	idr	PROPN
gp-346	63	21	78.9	78.9	NUM
gp-346	63	22	trillion	trillion	NUM
gp-346	63	23	to	to	PART
gp-346	63	24	idr	idr	VERB
gp-346	63	25	71.2	71.2	NUM
gp-346	63	26	trillion	trillion	NUM
gp-346	63	27	,	,	PUNCT
gp-346	63	28	representing	represent	VERB
gp-346	63	29	a	a	DET
gp-346	63	30	9.8	9.8	NUM
gp-346	63	31	%	%	NOUN
gp-346	63	32	decrease	decrease	NOUN
gp-346	63	33	.	.	PUNCT
gp-346	64	1	the	the	DET
gp-346	64	2	decline	decline	NOUN
gp-346	64	3	was	be	AUX
gp-346	64	4	attributed	attribute	VERB
gp-346	64	5	to	to	ADP
gp-346	64	6	supply	supply	VERB
gp-346	64	7	chain	chain	NOUN
gp-346	64	8	disruptions	disruption	NOUN
gp-346	64	9	and	and	CCONJ
gp-346	64	10	changing	change	VERB
gp-346	64	11	consumer	consumer	NOUN
gp-346	64	12	preferences	preference	NOUN
gp-346	64	13	toward	toward	ADP
gp-346	64	14	local	local	ADJ
gp-346	64	15	brands	brand	NOUN
gp-346	64	16	during	during	ADP
gp-346	64	17	the	the	DET
gp-346	64	18	pandemic	pandemic	ADJ
gp-346	64	19	period	period	NOUN
gp-346	64	20	.	.	PUNCT
gp-346	65	1	ddm	ddm	PROPN
gp-346	65	2	valuation	valuation	PROPN
gp-346	65	3	analysis	analysis	NOUN
gp-346	65	4	the	the	DET
gp-346	65	5	dividend	dividend	NOUN
gp-346	65	6	discount	discount	NOUN
gp-346	65	7	model	model	NOUN
gp-346	65	8	analysis	analysis	NOUN
gp-346	65	9	reveals	reveal	VERB
gp-346	65	10	divergent	divergent	ADJ
gp-346	65	11	patterns	pattern	NOUN
gp-346	65	12	in	in	ADP
gp-346	65	13	dividend	dividend	NOUN
gp-346	65	14	sustainability	sustainability	NOUN
gp-346	65	15	and	and	CCONJ
gp-346	65	16	growth	growth	NOUN
gp-346	65	17	prospects	prospect	NOUN
gp-346	65	18	across	across	ADP
gp-346	65	19	the	the	DET
gp-346	65	20	three	three	NUM
gp-346	65	21	companies	company	NOUN
gp-346	65	22	.	.	PUNCT
gp-346	66	1	icbp	icbp	PROPN
gp-346	66	2	's	's	PART
gp-346	66	3	dividend	dividend	NOUN
gp-346	66	4	policy	policy	NOUN
gp-346	66	5	remained	remain	VERB
gp-346	66	6	stable	stable	ADJ
gp-346	66	7	,	,	PUNCT
gp-346	66	8	and	and	CCONJ
gp-346	66	9	its	its	PRON
gp-346	66	10	post	post	ADJ
gp-346	66	11	-	-	ADJ
gp-346	66	12	pandemic	pandemic	ADJ
gp-346	66	13	dividend	dividend	NOUN
gp-346	66	14	payouts	payout	NOUN
gp-346	66	15	showed	show	VERB
gp-346	66	16	growth	growth	NOUN
gp-346	66	17	,	,	PUNCT
gp-346	66	18	which	which	PRON
gp-346	66	19	contributed	contribute	VERB
gp-346	66	20	to	to	ADP
gp-346	66	21	an	an	DET
gp-346	66	22	increase	increase	NOUN
gp-346	66	23	in	in	ADP
gp-346	66	24	its	its	PRON
gp-346	66	25	valuation	valuation	NOUN
gp-346	66	26	.	.	PUNCT
gp-346	67	1	the	the	DET
gp-346	67	2	company	company	NOUN
gp-346	67	3	's	's	PART
gp-346	67	4	dividend	dividend	NOUN
gp-346	67	5	yield	yield	NOUN
gp-346	67	6	improved	improve	VERB
gp-346	67	7	from	from	ADP
gp-346	67	8	2.8	2.8	NUM
gp-346	67	9	%	%	NOUN
gp-346	67	10	in	in	ADP
gp-346	67	11	2019	2019	NUM
gp-346	67	12	to	to	PART
gp-346	67	13	3.4	3.4	NUM
gp-346	67	14	%	%	NOUN
gp-346	67	15	in	in	ADP
gp-346	67	16	2022	2022	NUM
gp-346	67	17	,	,	PUNCT
gp-346	67	18	with	with	ADP
gp-346	67	19	consistent	consistent	ADJ
gp-346	67	20	payout	payout	NOUN
gp-346	67	21	ratios	ratio	NOUN
gp-346	67	22	averaging	average	VERB
gp-346	67	23	35	35	NUM
gp-346	67	24	%	%	NOUN
gp-346	67	25	throughout	throughout	ADP
gp-346	67	26	the	the	DET
gp-346	67	27	period	period	NOUN
gp-346	67	28	,	,	PUNCT
gp-346	67	29	indicating	indicate	VERB
gp-346	67	30	strong	strong	ADJ
gp-346	67	31	cash	cash	NOUN
gp-346	67	32	generation	generation	NOUN
gp-346	67	33	capabilities	capability	NOUN
gp-346	67	34	.	.	PUNCT
gp-346	68	1	hmsp	hmsp	VERB
gp-346	68	2	,	,	PUNCT
gp-346	68	3	with	with	ADP
gp-346	68	4	its	its	PRON
gp-346	68	5	historically	historically	ADV
gp-346	68	6	high	high	ADJ
gp-346	68	7	payout	payout	NOUN
gp-346	68	8	ratio	ratio	NOUN
gp-346	68	9	,	,	PUNCT
gp-346	68	10	experienced	experience	VERB
gp-346	68	11	a	a	DET
gp-346	68	12	decline	decline	NOUN
gp-346	68	13	in	in	ADP
gp-346	68	14	net	net	ADJ
gp-346	68	15	income	income	NOUN
gp-346	68	16	,	,	PUNCT
gp-346	68	17	leading	lead	VERB
gp-346	68	18	to	to	ADP
gp-346	68	19	a	a	DET
gp-346	68	20	decrease	decrease	NOUN
gp-346	68	21	in	in	ADP
gp-346	68	22	its	its	PRON
gp-346	68	23	dividend	dividend	NOUN
gp-346	68	24	-	-	PUNCT
gp-346	68	25	based	base	VERB
gp-346	68	26	valuation	valuation	NOUN
gp-346	68	27	.	.	PUNCT
gp-346	69	1	despite	despite	SCONJ
gp-346	69	2	maintaining	maintain	VERB
gp-346	69	3	high	high	ADJ
gp-346	69	4	dividend	dividend	NOUN
gp-346	69	5	yields	yield	NOUN
gp-346	69	6	averaging	average	VERB
gp-346	69	7	8.2	8.2	NUM
gp-346	69	8	%	%	NOUN
gp-346	69	9	,	,	PUNCT
gp-346	69	10	the	the	DET
gp-346	69	11	sustainability	sustainability	NOUN
gp-346	69	12	concerns	concern	NOUN
gp-346	69	13	arose	arise	VERB
gp-346	69	14	as	as	SCONJ
gp-346	69	15	the	the	DET
gp-346	69	16	payout	payout	ADJ
gp-346	69	17	ratio	ratio	NOUN
gp-346	69	18	increased	increase	VERB
gp-346	69	19	from	from	ADP
gp-346	69	20	89	89	NUM
gp-346	69	21	%	%	NOUN
gp-346	69	22	to	to	PART
gp-346	69	23	97	97	NUM
gp-346	69	24	%	%	NOUN
gp-346	69	25	,	,	PUNCT
gp-346	69	26	suggesting	suggest	VERB
gp-346	69	27	potential	potential	ADJ
gp-346	69	28	pressure	pressure	NOUN
gp-346	69	29	on	on	ADP
gp-346	69	30	future	future	ADJ
gp-346	69	31	dividend	dividend	NOUN
gp-346	69	32	growth	growth	NOUN
gp-346	69	33	.	.	PUNCT
gp-346	70	1	unvr	unvr	PROPN
gp-346	70	2	showed	show	VERB
gp-346	70	3	flat	flat	ADJ
gp-346	70	4	dividend	dividend	NOUN
gp-346	70	5	growth	growth	NOUN
gp-346	70	6	,	,	PUNCT
gp-346	70	7	reflecting	reflect	VERB
gp-346	70	8	stagnation	stagnation	NOUN
gp-346	70	9	in	in	ADP
gp-346	70	10	its	its	PRON
gp-346	70	11	market	market	NOUN
gp-346	70	12	performance	performance	NOUN
gp-346	70	13	.	.	PUNCT
gp-346	71	1	the	the	DET
gp-346	71	2	company	company	NOUN
gp-346	71	3	maintained	maintain	VERB
gp-346	71	4	a	a	DET
gp-346	71	5	conservative	conservative	ADJ
gp-346	71	6	approach	approach	NOUN
gp-346	71	7	with	with	ADP
gp-346	71	8	dividend	dividend	NOUN
gp-346	71	9	yields	yield	NOUN
gp-346	71	10	stable	stable	ADJ
gp-346	71	11	at	at	ADP
gp-346	71	12	2.1	2.1	NUM
gp-346	71	13	-	-	SYM
gp-346	71	14	2.3	2.3	NUM
gp-346	71	15	%	%	NOUN
gp-346	71	16	,	,	PUNCT
gp-346	71	17	but	but	CCONJ
gp-346	71	18	the	the	DET
gp-346	71	19	lack	lack	NOUN
gp-346	71	20	of	of	ADP
gp-346	71	21	growth	growth	NOUN
gp-346	71	22	in	in	ADP
gp-346	71	23	absolute	absolute	ADJ
gp-346	71	24	dividend	dividend	NOUN
gp-346	71	25	amounts	amount	NOUN
gp-346	71	26	indicated	indicate	VERB
gp-346	71	27	underlying	underlie	VERB
gp-346	71	28	business	business	NOUN
gp-346	71	29	challenges	challenge	NOUN
gp-346	71	30	.	.	PUNCT
gp-346	72	1	relative	relative	ADJ
gp-346	72	2	valuation	valuation	NOUN
gp-346	72	3	(	(	PUNCT
gp-346	72	4	per	per	ADP
gp-346	72	5	and	and	CCONJ
gp-346	72	6	pbv	pbv	VERB
gp-346	72	7	)	)	PUNCT
gp-346	72	8	the	the	DET
gp-346	72	9	relative	relative	ADJ
gp-346	72	10	valuation	valuation	NOUN
gp-346	72	11	analysis	analysis	NOUN
gp-346	72	12	provides	provide	VERB
gp-346	72	13	insights	insight	NOUN
gp-346	72	14	into	into	ADP
gp-346	72	15	market	market	NOUN
gp-346	72	16	perception	perception	NOUN
gp-346	72	17	and	and	CCONJ
gp-346	72	18	comparative	comparative	ADJ
gp-346	72	19	positioning	positioning	NOUN
gp-346	72	20	within	within	ADP
gp-346	72	21	the	the	DET
gp-346	72	22	industry	industry	NOUN
gp-346	72	23	.	.	PUNCT
gp-346	73	1	icbp	icbp	PROPN
gp-346	73	2	's	's	PART
gp-346	73	3	per	per	ADV
gp-346	73	4	and	and	CCONJ
gp-346	73	5	pbv	pbv	VERB
gp-346	73	6	moved	move	VERB
gp-346	73	7	closer	close	ADV
gp-346	73	8	to	to	ADP
gp-346	73	9	the	the	DET
gp-346	73	10	industry	industry	NOUN
gp-346	73	11	benchmark	benchmark	NOUN
gp-346	73	12	,	,	PUNCT
gp-346	73	13	signaling	signal	VERB
gp-346	73	14	market	market	NOUN
gp-346	73	15	confidence	confidence	NOUN
gp-346	73	16	.	.	PUNCT
gp-346	74	1	the	the	DET
gp-346	74	2	company	company	NOUN
gp-346	74	3	's	's	PART
gp-346	74	4	per	per	ADP
gp-346	74	5	improved	improve	VERB
gp-346	74	6	from	from	ADP
gp-346	74	7	18.5x	18.5x	NUM
gp-346	74	8	to	to	ADP
gp-346	74	9	16.2x	16.2x	NUM
gp-346	74	10	,	,	PUNCT
gp-346	74	11	converging	converge	VERB
gp-346	74	12	valuation	valuation	NOUN
gp-346	74	13	analysis	analysis	NOUN
gp-346	74	14	of	of	ADP
gp-346	74	15	lq45	lq45	PROPN
gp-346	74	16	consumer	consumer	NOUN
gp-346	74	17	goods	good	NOUN
gp-346	74	18	companies	company	NOUN
gp-346	74	19	before	before	ADP
gp-346	74	20	and	and	CCONJ
gp-346	74	21	after	after	ADP
gp-346	74	22	covid-19	covid-19	PROPN
gp-346	74	23	:	:	PUNCT
gp-346	74	24	free	free	ADJ
gp-346	74	25	cash	cash	NOUN
gp-346	74	26	flow	flow	NOUN
gp-346	74	27	,	,	PUNCT
gp-346	74	28	dividend	dividend	NOUN
gp-346	74	29	,	,	PUNCT
gp-346	74	30	and	and	CCONJ
gp-346	74	31	relative	relative	ADJ
gp-346	74	32	valuation	valuation	NOUN
gp-346	74	33	1740	1740	NUM
gp-346	74	34	toward	toward	ADP
gp-346	74	35	the	the	DET
gp-346	74	36	industry	industry	NOUN
gp-346	74	37	average	average	NOUN
gp-346	74	38	of	of	ADP
gp-346	74	39	15.8x	15.8x	NOUN
gp-346	74	40	,	,	PUNCT
gp-346	74	41	while	while	SCONJ
gp-346	74	42	pbv	pbv	AUX
gp-346	74	43	increased	increase	VERB
gp-346	74	44	from	from	ADP
gp-346	74	45	1.8x	1.8x	NUM
gp-346	74	46	to	to	ADP
gp-346	74	47	2.1x	2.1x	NUM
gp-346	74	48	,	,	PUNCT
gp-346	74	49	indicating	indicate	VERB
gp-346	74	50	improved	improved	ADJ
gp-346	74	51	market	market	NOUN
gp-346	74	52	confidence	confidence	NOUN
gp-346	74	53	in	in	ADP
gp-346	74	54	the	the	DET
gp-346	74	55	company	company	NOUN
gp-346	74	56	's	's	PART
gp-346	74	57	asset	asset	NOUN
gp-346	74	58	utilization	utilization	NOUN
gp-346	74	59	.	.	PUNCT
gp-346	75	1	hmsp	hmsp	PROPN
gp-346	75	2	's	's	PART
gp-346	75	3	declining	decline	VERB
gp-346	75	4	per	per	ADV
gp-346	75	5	and	and	CCONJ
gp-346	75	6	pbv	pbv	VERB
gp-346	75	7	indicated	indicate	VERB
gp-346	75	8	investor	investor	NOUN
gp-346	75	9	skepticism	skepticism	NOUN
gp-346	75	10	,	,	PUNCT
gp-346	75	11	with	with	ADP
gp-346	75	12	per	per	ADP
gp-346	75	13	falling	fall	VERB
gp-346	75	14	from	from	ADP
gp-346	75	15	12.4x	12.4x	NUM
gp-346	75	16	to	to	ADP
gp-346	75	17	9.8x	9.8x	NUM
gp-346	75	18	and	and	CCONJ
gp-346	75	19	pbv	pbv	VERB
gp-346	75	20	declining	decline	VERB
gp-346	75	21	from	from	ADP
gp-346	75	22	3.2x	3.2x	NUM
gp-346	75	23	to	to	ADP
gp-346	75	24	2.6x	2.6x	NUM
gp-346	75	25	,	,	PUNCT
gp-346	75	26	both	both	PRON
gp-346	75	27	significantly	significantly	ADV
gp-346	75	28	below	below	ADP
gp-346	75	29	industry	industry	NOUN
gp-346	75	30	averages	average	NOUN
gp-346	75	31	,	,	PUNCT
gp-346	75	32	reflecting	reflect	VERB
gp-346	75	33	concerns	concern	NOUN
gp-346	75	34	about	about	ADP
gp-346	75	35	the	the	DET
gp-346	75	36	company	company	NOUN
gp-346	75	37	's	's	PART
gp-346	75	38	long	long	ADJ
gp-346	75	39	-	-	PUNCT
gp-346	75	40	term	term	NOUN
gp-346	75	41	growth	growth	NOUN
gp-346	75	42	prospects	prospect	NOUN
gp-346	75	43	in	in	ADP
gp-346	75	44	a	a	DET
gp-346	75	45	challenging	challenging	ADJ
gp-346	75	46	regulatory	regulatory	ADJ
gp-346	75	47	environment	environment	NOUN
gp-346	75	48	.	.	PUNCT
gp-346	76	1	unvr	unvr	PROPN
gp-346	76	2	's	's	PART
gp-346	76	3	asset	asset	NOUN
gp-346	76	4	devaluation	devaluation	NOUN
gp-346	76	5	was	be	AUX
gp-346	76	6	evident	evident	ADJ
gp-346	76	7	from	from	ADP
gp-346	76	8	its	its	PRON
gp-346	76	9	declining	decline	VERB
gp-346	76	10	pbv	pbv	NOUN
gp-346	76	11	despite	despite	SCONJ
gp-346	76	12	a	a	DET
gp-346	76	13	stable	stable	ADJ
gp-346	76	14	per	per	ADP
gp-346	76	15	.	.	PUNCT
gp-346	77	1	the	the	DET
gp-346	77	2	company	company	NOUN
gp-346	77	3	's	's	PART
gp-346	77	4	pbv	pbv	NOUN
gp-346	77	5	decreased	decrease	VERB
gp-346	77	6	from	from	ADP
gp-346	77	7	12.8x	12.8x	NUM
gp-346	77	8	to	to	ADP
gp-346	77	9	10.4x	10.4x	NUM
gp-346	77	10	while	while	NOUN
gp-346	77	11	per	per	ADV
gp-346	77	12	remained	remain	VERB
gp-346	77	13	relatively	relatively	ADV
gp-346	77	14	stable	stable	ADJ
gp-346	77	15	at	at	ADP
gp-346	77	16	22	22	NUM
gp-346	77	17	-	-	SYM
gp-346	77	18	24x	24x	NOUN
gp-346	77	19	,	,	PUNCT
gp-346	77	20	suggesting	suggest	VERB
gp-346	77	21	that	that	SCONJ
gp-346	77	22	while	while	SCONJ
gp-346	77	23	earnings	earning	NOUN
gp-346	77	24	multiples	multiple	NOUN
gp-346	77	25	remained	remain	VERB
gp-346	77	26	high	high	ADJ
gp-346	77	27	,	,	PUNCT
gp-346	77	28	investors	investor	NOUN
gp-346	77	29	were	be	AUX
gp-346	77	30	less	less	ADV
gp-346	77	31	confident	confident	ADJ
gp-346	77	32	about	about	ADP
gp-346	77	33	the	the	DET
gp-346	77	34	company	company	NOUN
gp-346	77	35	's	's	PART
gp-346	77	36	asset	asset	NOUN
gp-346	77	37	base	base	NOUN
gp-346	77	38	and	and	CCONJ
gp-346	77	39	future	future	ADJ
gp-346	77	40	growth	growth	NOUN
gp-346	77	41	potential	potential	NOUN
gp-346	77	42	.	.	PUNCT
gp-346	78	1	comparative	comparative	ADJ
gp-346	78	2	insights	insight	NOUN
gp-346	78	3	the	the	DET
gp-346	78	4	integrated	integrated	ADJ
gp-346	78	5	analysis	analysis	NOUN
gp-346	78	6	across	across	ADP
gp-346	78	7	all	all	DET
gp-346	78	8	three	three	NUM
gp-346	78	9	valuation	valuation	NOUN
gp-346	78	10	methods	method	NOUN
gp-346	78	11	reveals	reveal	VERB
gp-346	78	12	distinct	distinct	ADJ
gp-346	78	13	performance	performance	NOUN
gp-346	78	14	patterns	pattern	NOUN
gp-346	78	15	that	that	PRON
gp-346	78	16	align	align	VERB
gp-346	78	17	with	with	ADP
gp-346	78	18	each	each	DET
gp-346	78	19	company	company	NOUN
gp-346	78	20	's	's	PART
gp-346	78	21	strategic	strategic	ADJ
gp-346	78	22	positioning	positioning	NOUN
gp-346	78	23	and	and	CCONJ
gp-346	78	24	operational	operational	ADJ
gp-346	78	25	resilience	resilience	NOUN
gp-346	78	26	during	during	ADP
gp-346	78	27	the	the	DET
gp-346	78	28	pandemic	pandemic	NOUN
gp-346	78	29	.	.	PUNCT
gp-346	79	1	icbp	icbp	PROPN
gp-346	79	2	consistently	consistently	ADV
gp-346	79	3	showed	show	VERB
gp-346	79	4	stronger	strong	ADJ
gp-346	79	5	fundamentals	fundamental	NOUN
gp-346	79	6	across	across	ADP
gp-346	79	7	all	all	DET
gp-346	79	8	valuation	valuation	NOUN
gp-346	79	9	methods	method	NOUN
gp-346	79	10	,	,	PUNCT
gp-346	79	11	proving	prove	VERB
gp-346	79	12	its	its	PRON
gp-346	79	13	resilience	resilience	NOUN
gp-346	79	14	post	post	NOUN
gp-346	79	15	-	-	ADJ
gp-346	79	16	pandemic	pandemic	ADJ
gp-346	79	17	.	.	PUNCT
gp-346	80	1	this	this	DET
gp-346	80	2	performance	performance	NOUN
gp-346	80	3	can	can	AUX
gp-346	80	4	be	be	AUX
gp-346	80	5	attributed	attribute	VERB
gp-346	80	6	to	to	ADP
gp-346	80	7	the	the	DET
gp-346	80	8	company	company	NOUN
gp-346	80	9	's	's	PART
gp-346	80	10	diversified	diversified	ADJ
gp-346	80	11	product	product	NOUN
gp-346	80	12	portfolio	portfolio	NOUN
gp-346	80	13	,	,	PUNCT
gp-346	80	14	strong	strong	ADJ
gp-346	80	15	distribution	distribution	NOUN
gp-346	80	16	network	network	NOUN
gp-346	80	17	,	,	PUNCT
gp-346	80	18	and	and	CCONJ
gp-346	80	19	effective	effective	ADJ
gp-346	80	20	cost	cost	NOUN
gp-346	80	21	management	management	NOUN
gp-346	80	22	strategies	strategy	NOUN
gp-346	80	23	,	,	PUNCT
gp-346	80	24	which	which	PRON
gp-346	80	25	are	be	AUX
gp-346	80	26	supported	support	VERB
gp-346	80	27	by	by	ADP
gp-346	80	28	theories	theory	NOUN
gp-346	80	29	of	of	ADP
gp-346	80	30	operational	operational	ADJ
gp-346	80	31	flexibility	flexibility	NOUN
gp-346	80	32	during	during	ADP
gp-346	80	33	crisis	crisis	NOUN
gp-346	80	34	periods	period	NOUN
gp-346	80	35	(	(	PUNCT
gp-346	80	36	grant	grant	NOUN
gp-346	80	37	,	,	PUNCT
gp-346	80	38	2021	2021	NUM
gp-346	80	39	)	)	PUNCT
gp-346	80	40	.	.	PUNCT
gp-346	81	1	hmsp	hmsp	PROPN
gp-346	81	2	faced	face	VERB
gp-346	81	3	challenges	challenge	NOUN
gp-346	81	4	due	due	ADJ
gp-346	81	5	to	to	ADP
gp-346	81	6	operational	operational	ADJ
gp-346	81	7	inefficiencies	inefficiency	NOUN
gp-346	81	8	,	,	PUNCT
gp-346	81	9	which	which	PRON
gp-346	81	10	aligns	align	VERB
gp-346	81	11	with	with	ADP
gp-346	81	12	research	research	NOUN
gp-346	81	13	by	by	ADP
gp-346	81	14	thompson	thompson	PROPN
gp-346	81	15	and	and	CCONJ
gp-346	81	16	martinez	martinez	PROPN
gp-346	81	17	(	(	PUNCT
gp-346	81	18	2021	2021	NUM
gp-346	81	19	)	)	PUNCT
gp-346	81	20	on	on	ADP
gp-346	81	21	the	the	DET
gp-346	81	22	impact	impact	NOUN
gp-346	81	23	of	of	ADP
gp-346	81	24	regulatory	regulatory	ADJ
gp-346	81	25	changes	change	NOUN
gp-346	81	26	and	and	CCONJ
gp-346	81	27	social	social	ADJ
gp-346	81	28	behavioral	behavioral	ADJ
gp-346	81	29	shifts	shift	NOUN
gp-346	81	30	on	on	ADP
gp-346	81	31	traditional	traditional	ADJ
gp-346	81	32	industries	industry	NOUN
gp-346	81	33	during	during	ADP
gp-346	81	34	health	health	NOUN
gp-346	81	35	crises	crisis	NOUN
gp-346	81	36	.	.	PUNCT
gp-346	82	1	unvr	unvr	PROPN
gp-346	82	2	struggled	struggle	VERB
gp-346	82	3	with	with	ADP
gp-346	82	4	stagnant	stagnant	ADJ
gp-346	82	5	earnings	earning	NOUN
gp-346	82	6	growth	growth	NOUN
gp-346	82	7	.	.	PUNCT
gp-346	83	1	this	this	DET
gp-346	83	2	finding	finding	NOUN
gp-346	83	3	is	be	AUX
gp-346	83	4	consistent	consistent	ADJ
gp-346	83	5	with	with	ADP
gp-346	83	6	studies	study	NOUN
gp-346	83	7	by	by	ADP
gp-346	83	8	anderson	anderson	PROPN
gp-346	83	9	et	et	PROPN
gp-346	83	10	al	al	PROPN
gp-346	83	11	.	.	PROPN
gp-346	83	12	(	(	PUNCT
gp-346	83	13	2022	2022	NUM
gp-346	83	14	)	)	PUNCT
gp-346	83	15	that	that	PRON
gp-346	83	16	demonstrate	demonstrate	VERB
gp-346	83	17	how	how	SCONJ
gp-346	83	18	multinational	multinational	ADJ
gp-346	83	19	subsidiaries	subsidiary	NOUN
gp-346	83	20	in	in	ADP
gp-346	83	21	emerging	emerge	VERB
gp-346	83	22	markets	market	NOUN
gp-346	83	23	face	face	VERB
gp-346	83	24	particular	particular	ADJ
gp-346	83	25	challenges	challenge	NOUN
gp-346	83	26	during	during	ADP
gp-346	83	27	global	global	ADJ
gp-346	83	28	disruptions	disruption	NOUN
gp-346	83	29	due	due	ADJ
gp-346	83	30	to	to	PART
gp-346	83	31	supply	supply	VERB
gp-346	83	32	chain	chain	NOUN
gp-346	83	33	complexities	complexity	NOUN
gp-346	83	34	and	and	CCONJ
gp-346	83	35	changing	change	VERB
gp-346	83	36	local	local	ADJ
gp-346	83	37	market	market	NOUN
gp-346	83	38	dynamics	dynamic	NOUN
gp-346	83	39	.	.	PUNCT
gp-346	84	1	this	this	DET
gp-346	84	2	analysis	analysis	NOUN
gp-346	84	3	highlights	highlight	VERB
gp-346	84	4	the	the	DET
gp-346	84	5	importance	importance	NOUN
gp-346	84	6	of	of	ADP
gp-346	84	7	financial	financial	ADJ
gp-346	84	8	adaptability	adaptability	NOUN
gp-346	84	9	in	in	ADP
gp-346	84	10	sustaining	sustain	VERB
gp-346	84	11	firm	firm	ADJ
gp-346	84	12	value	value	NOUN
gp-346	84	13	amidst	amidst	ADP
gp-346	84	14	economic	economic	ADJ
gp-346	84	15	crises	crisis	NOUN
gp-346	84	16	,	,	PUNCT
gp-346	84	17	supporting	support	VERB
gp-346	84	18	the	the	DET
gp-346	84	19	theoretical	theoretical	ADJ
gp-346	84	20	framework	framework	NOUN
gp-346	84	21	proposed	propose	VERB
gp-346	84	22	by	by	ADP
gp-346	84	23	davis	davis	PROPN
gp-346	84	24	and	and	CCONJ
gp-346	84	25	wilson	wilson	PROPN
gp-346	84	26	(	(	PUNCT
gp-346	84	27	2021	2021	NUM
gp-346	84	28	)	)	PUNCT
gp-346	84	29	regarding	regard	VERB
gp-346	84	30	corporate	corporate	ADJ
gp-346	84	31	resilience	resilience	NOUN
gp-346	84	32	and	and	CCONJ
gp-346	84	33	value	value	NOUN
gp-346	84	34	preservation	preservation	NOUN
gp-346	84	35	strategies	strategy	NOUN
gp-346	84	36	during	during	ADP
gp-346	84	37	unprecedented	unprecedented	ADJ
gp-346	84	38	market	market	NOUN
gp-346	84	39	conditions	condition	NOUN
gp-346	84	40	.	.	PUNCT
gp-346	85	1	conclusion	conclusion	NOUN
gp-346	85	2	this	this	DET
gp-346	85	3	study	study	NOUN
gp-346	85	4	demonstrates	demonstrate	VERB
gp-346	85	5	significant	significant	ADJ
gp-346	85	6	shifts	shift	NOUN
gp-346	85	7	in	in	ADP
gp-346	85	8	the	the	DET
gp-346	85	9	valuation	valuation	NOUN
gp-346	85	10	of	of	ADP
gp-346	85	11	major	major	ADJ
gp-346	85	12	consumer	consumer	NOUN
gp-346	85	13	goods	good	NOUN
gp-346	85	14	companies	company	NOUN
gp-346	85	15	in	in	ADP
gp-346	85	16	indonesia	indonesia	PROPN
gp-346	85	17	’s	’s	PART
gp-346	85	18	lq45	lq45	PROPN
gp-346	85	19	index	index	NOUN
gp-346	85	20	before	before	ADP
gp-346	85	21	and	and	CCONJ
gp-346	85	22	after	after	ADP
gp-346	85	23	the	the	DET
gp-346	85	24	covid-19	covid-19	PROPN
gp-346	85	25	pandemic	pandemic	NOUN
gp-346	85	26	.	.	PUNCT
gp-346	86	1	icbp	icbp	PROPN
gp-346	86	2	exhibited	exhibit	VERB
gp-346	86	3	a	a	DET
gp-346	86	4	post	post	ADJ
gp-346	86	5	-	-	ADJ
gp-346	86	6	pandemic	pandemic	ADJ
gp-346	86	7	recovery	recovery	NOUN
gp-346	86	8	in	in	ADP
gp-346	86	9	all	all	DET
gp-346	86	10	valuation	valuation	NOUN
gp-346	86	11	methods	method	NOUN
gp-346	86	12	,	,	PUNCT
gp-346	86	13	while	while	SCONJ
gp-346	86	14	hmsp	hmsp	ADJ
gp-346	86	15	and	and	CCONJ
gp-346	86	16	unvr	unvr	ADJ
gp-346	86	17	faced	faced	ADJ
gp-346	86	18	difficulties	difficulty	NOUN
gp-346	86	19	,	,	PUNCT
gp-346	86	20	illustrating	illustrate	VERB
gp-346	86	21	the	the	DET
gp-346	86	22	varying	vary	VERB
gp-346	86	23	impacts	impact	NOUN
gp-346	86	24	of	of	ADP
gp-346	86	25	the	the	DET
gp-346	86	26	pandemic	pandemic	ADJ
gp-346	86	27	on	on	ADP
gp-346	86	28	company	company	NOUN
gp-346	86	29	performance	performance	NOUN
gp-346	86	30	and	and	CCONJ
gp-346	86	31	investor	investor	NOUN
gp-346	86	32	sentiment	sentiment	NOUN
gp-346	86	33	.	.	PUNCT
gp-346	87	1	the	the	DET
gp-346	87	2	findings	finding	NOUN
gp-346	87	3	emphasize	emphasize	VERB
gp-346	87	4	the	the	DET
gp-346	87	5	importance	importance	NOUN
gp-346	87	6	of	of	ADP
gp-346	87	7	using	use	VERB
gp-346	87	8	a	a	DET
gp-346	87	9	multi	multi	ADJ
gp-346	87	10	-	-	ADJ
gp-346	87	11	method	method	ADJ
gp-346	87	12	approach	approach	NOUN
gp-346	87	13	to	to	PART
gp-346	87	14	obtain	obtain	VERB
gp-346	87	15	a	a	DET
gp-346	87	16	comprehensive	comprehensive	ADJ
gp-346	87	17	understanding	understanding	NOUN
gp-346	87	18	of	of	ADP
gp-346	87	19	a	a	DET
gp-346	87	20	company	company	NOUN
gp-346	87	21	’s	’s	PART
gp-346	87	22	intrinsic	intrinsic	ADJ
gp-346	87	23	value	value	NOUN
gp-346	87	24	,	,	PUNCT
gp-346	87	25	especially	especially	ADV
gp-346	87	26	during	during	ADP
gp-346	87	27	times	time	NOUN
gp-346	87	28	of	of	ADP
gp-346	87	29	economic	economic	ADJ
gp-346	87	30	uncertainty	uncertainty	NOUN
gp-346	87	31	.	.	PUNCT
gp-346	88	1	for	for	ADP
gp-346	88	2	future	future	ADJ
gp-346	88	3	research	research	NOUN
gp-346	88	4	,	,	PUNCT
gp-346	88	5	longitudinal	longitudinal	ADJ
gp-346	88	6	studies	study	NOUN
gp-346	88	7	extending	extend	VERB
gp-346	88	8	beyond	beyond	ADP
gp-346	88	9	2022	2022	NUM
gp-346	88	10	could	could	AUX
gp-346	88	11	examine	examine	VERB
gp-346	88	12	the	the	DET
gp-346	88	13	sustainability	sustainability	NOUN
gp-346	88	14	of	of	ADP
gp-346	88	15	identified	identify	VERB
gp-346	88	16	valuation	valuation	NOUN
gp-346	88	17	trend	trend	NOUN
gp-346	88	18	and	and	CCONJ
gp-346	88	19	could	could	AUX
gp-346	88	20	expand	expand	VERB
gp-346	88	21	to	to	PART
gp-346	88	22	include	include	VERB
gp-346	88	23	additional	additional	ADJ
gp-346	88	24	sectors	sector	NOUN
gp-346	88	25	within	within	ADP
gp-346	88	26	the	the	DET
gp-346	88	27	lq45	lq45	PROPN
gp-346	88	28	index	index	NOUN
gp-346	88	29	to	to	PART
gp-346	88	30	test	test	VERB
gp-346	88	31	the	the	DET
gp-346	88	32	generalizability	generalizability	NOUN
gp-346	88	33	of	of	ADP
gp-346	88	34	these	these	DET
gp-346	88	35	findings	finding	NOUN
gp-346	88	36	valuation	valuation	NOUN
gp-346	88	37	analysis	analysis	NOUN
gp-346	88	38	of	of	ADP
gp-346	88	39	lq45	lq45	PROPN
gp-346	88	40	consumer	consumer	NOUN
gp-346	88	41	goods	good	NOUN
gp-346	88	42	companies	company	NOUN
gp-346	88	43	before	before	ADP
gp-346	88	44	and	and	CCONJ
gp-346	88	45	after	after	ADP
gp-346	88	46	covid-19	covid-19	PROPN
gp-346	88	47	:	:	PUNCT
gp-346	88	48	free	free	ADJ
gp-346	88	49	cash	cash	NOUN
gp-346	88	50	flow	flow	NOUN
gp-346	88	51	,	,	PUNCT
gp-346	88	52	dividend	dividend	NOUN
gp-346	88	53	,	,	PUNCT
gp-346	88	54	and	and	CCONJ
gp-346	88	55	relative	relative	ADJ
gp-346	88	56	valuation	valuation	NOUN
gp-346	88	57	1741	1741	NUM
gp-346	88	58	references	reference	NOUN
gp-346	88	59	anderson	anderson	PROPN
gp-346	88	60	,	,	PUNCT
gp-346	88	61	k.	k.	PROPN
gp-346	88	62	,	,	PUNCT
gp-346	88	63	smith	smith	PROPN
gp-346	88	64	,	,	PUNCT
gp-346	88	65	j.	j.	PROPN
gp-346	88	66	,	,	PUNCT
gp-346	88	67	&	&	CCONJ
gp-346	88	68	brown	brown	PROPN
gp-346	88	69	,	,	PUNCT
gp-346	88	70	l.	l.	PROPN
gp-346	88	71	(	(	PUNCT
gp-346	88	72	2022	2022	NUM
gp-346	88	73	)	)	PUNCT
gp-346	88	74	.	.	PUNCT
gp-346	89	1	multinational	multinational	ADJ
gp-346	89	2	subsidiary	subsidiary	NOUN
gp-346	89	3	performance	performance	NOUN
gp-346	89	4	during	during	ADP
gp-346	89	5	global	global	ADJ
gp-346	89	6	supply	supply	NOUN
gp-346	89	7	chain	chain	NOUN
gp-346	89	8	disruptions	disruption	NOUN
gp-346	89	9	:	:	PUNCT
gp-346	89	10	evidence	evidence	NOUN
gp-346	89	11	from	from	ADP
gp-346	89	12	emerging	emerge	VERB
gp-346	89	13	markets	market	NOUN
gp-346	89	14	.	.	PUNCT
gp-346	90	1	journal	journal	PROPN
gp-346	90	2	of	of	ADP
gp-346	90	3	international	international	ADJ
gp-346	90	4	business	business	NOUN
gp-346	90	5	studies	study	NOUN
gp-346	90	6	,	,	PUNCT
gp-346	90	7	53(4	53(4	NOUN
gp-346	90	8	)	)	PUNCT
gp-346	90	9	,	,	PUNCT
gp-346	90	10	812	812	NUM
gp-346	90	11	-	-	SYM
gp-346	90	12	834	834	NUM
gp-346	90	13	.	.	PUNCT
gp-346	91	1	https://doi.org/10.1057/s41267-021-00467-3	https://doi.org/10.1057/s41267-021-00467-3	NUM
gp-346	91	2	brealey	brealey	NOUN
gp-346	91	3	,	,	PUNCT
gp-346	91	4	r.	r.	PROPN
gp-346	91	5	a.	a.	PROPN
gp-346	91	6	,	,	PUNCT
gp-346	91	7	myers	myers	PROPN
gp-346	91	8	,	,	PUNCT
gp-346	91	9	s.	s.	PROPN
gp-346	91	10	c.	c.	PROPN
gp-346	91	11	,	,	PUNCT
gp-346	91	12	&	&	CCONJ
gp-346	91	13	allen	allen	PROPN
gp-346	91	14	,	,	PUNCT
gp-346	91	15	f.	f.	PROPN
gp-346	91	16	(	(	PUNCT
gp-346	91	17	2020	2020	NUM
gp-346	91	18	)	)	PUNCT
gp-346	91	19	.	.	PUNCT
gp-346	92	1	principles	principle	NOUN
gp-346	92	2	of	of	ADP
gp-346	92	3	corporate	corporate	ADJ
gp-346	92	4	finance	finance	NOUN
gp-346	92	5	(	(	PUNCT
gp-346	92	6	13th	13th	NOUN
gp-346	92	7	ed	ed	NOUN
gp-346	92	8	.	.	PUNCT
gp-346	92	9	)	)	PUNCT
gp-346	92	10	.	.	PUNCT
gp-346	93	1	mcgraw	mcgraw	PROPN
gp-346	93	2	-	-	PUNCT
gp-346	93	3	hill	hill	NOUN
gp-346	93	4	education	education	NOUN
gp-346	93	5	.	.	PUNCT
gp-346	94	1	chen	chen	PROPN
gp-346	94	2	,	,	PUNCT
gp-346	94	3	l.	l.	PROPN
gp-346	94	4	,	,	PUNCT
gp-346	94	5	wang	wang	PROPN
gp-346	94	6	,	,	PUNCT
gp-346	94	7	h.	h.	PROPN
gp-346	94	8	,	,	PUNCT
gp-346	94	9	&	&	CCONJ
gp-346	94	10	liu	liu	PROPN
gp-346	94	11	,	,	PUNCT
gp-346	94	12	x.	x.	NOUN
gp-346	94	13	(	(	PUNCT
gp-346	94	14	2020	2020	NUM
gp-346	94	15	)	)	PUNCT
gp-346	94	16	.	.	PUNCT
gp-346	95	1	covid-19	covid-19	PROPN
gp-346	95	2	impact	impact	NOUN
gp-346	95	3	on	on	ADP
gp-346	95	4	stock	stock	NOUN
gp-346	95	5	market	market	NOUN
gp-346	95	6	valuations	valuation	NOUN
gp-346	95	7	:	:	PUNCT
gp-346	95	8	a	a	DET
gp-346	95	9	sectoral	sectoral	ADJ
gp-346	95	10	analysis	analysis	NOUN
gp-346	95	11	of	of	ADP
gp-346	95	12	asian	asian	ADJ
gp-346	95	13	emerging	emerge	VERB
gp-346	95	14	markets	market	NOUN
gp-346	95	15	.	.	PUNCT
gp-346	96	1	pacific	pacific	ADJ
gp-346	96	2	-	-	PUNCT
gp-346	96	3	basin	basin	NOUN
gp-346	96	4	finance	finance	NOUN
gp-346	96	5	journal	journal	NOUN
gp-346	96	6	,	,	PUNCT
gp-346	96	7	64	64	NUM
gp-346	96	8	,	,	PUNCT
gp-346	96	9	101410	101410	NUM
gp-346	96	10	.	.	PUNCT
gp-346	97	1	https://doi.org/10.1016/j.pacfin.2020.101410	https://doi.org/10.1016/j.pacfin.2020.101410	PROPN
gp-346	97	2	damodaran	damodaran	VERB
gp-346	97	3	,	,	PUNCT
gp-346	97	4	a.	a.	NOUN
gp-346	97	5	(	(	PUNCT
gp-346	97	6	2020	2020	NUM
gp-346	97	7	)	)	PUNCT
gp-346	97	8	.	.	PUNCT
gp-346	98	1	investment	investment	NOUN
gp-346	98	2	valuation	valuation	NOUN
gp-346	98	3	:	:	PUNCT
gp-346	98	4	tools	tool	NOUN
gp-346	98	5	and	and	CCONJ
gp-346	98	6	techniques	technique	NOUN
gp-346	98	7	for	for	ADP
gp-346	98	8	determining	determine	VERB
gp-346	98	9	the	the	DET
gp-346	98	10	value	value	NOUN
gp-346	98	11	of	of	ADP
gp-346	98	12	any	any	DET
gp-346	98	13	asset	asset	NOUN
gp-346	98	14	(	(	PUNCT
gp-346	98	15	4th	4th	ADJ
gp-346	98	16	ed	ed	NOUN
gp-346	98	17	.	.	PUNCT
gp-346	98	18	)	)	PUNCT
gp-346	98	19	.	.	PUNCT
gp-346	99	1	john	john	PROPN
gp-346	99	2	wiley	wiley	PROPN
gp-346	99	3	&	&	CCONJ
gp-346	99	4	sons	son	NOUN
gp-346	99	5	.	.	PUNCT
gp-346	100	1	davis	davis	PROPN
gp-346	100	2	,	,	PUNCT
gp-346	100	3	m.	m.	NOUN
gp-346	100	4	,	,	PUNCT
gp-346	100	5	&	&	CCONJ
gp-346	100	6	wilson	wilson	PROPN
gp-346	100	7	,	,	PUNCT
gp-346	100	8	r.	r.	PROPN
gp-346	100	9	(	(	PUNCT
gp-346	100	10	2021	2021	NUM
gp-346	100	11	)	)	PUNCT
gp-346	100	12	.	.	PUNCT
gp-346	101	1	corporate	corporate	ADJ
gp-346	101	2	resilience	resilience	NOUN
gp-346	101	3	and	and	CCONJ
gp-346	101	4	value	value	NOUN
gp-346	101	5	preservation	preservation	NOUN
gp-346	101	6	during	during	ADP
gp-346	101	7	unprecedented	unprecedented	ADJ
gp-346	101	8	market	market	NOUN
gp-346	101	9	conditions	condition	NOUN
gp-346	101	10	.	.	PUNCT
gp-346	102	1	strategic	strategic	ADJ
gp-346	102	2	management	management	NOUN
gp-346	102	3	journal	journal	NOUN
gp-346	102	4	,	,	PUNCT
gp-346	102	5	42(8	42(8	NUM
gp-346	102	6	)	)	PUNCT
gp-346	102	7	,	,	PUNCT
gp-346	102	8	1456	1456	NUM
gp-346	102	9	-	-	SYM
gp-346	102	10	1478	1478	NUM
gp-346	102	11	.	.	PUNCT
gp-346	103	1	https://doi.org/10.1002/smj.3267	https://doi.org/10.1002/smj.3267	PROPN
gp-346	103	2	fernandez	fernandez	PROPN
gp-346	103	3	,	,	PUNCT
gp-346	103	4	p.	p.	NOUN
gp-346	103	5	(	(	PUNCT
gp-346	103	6	2019	2019	NUM
gp-346	103	7	)	)	PUNCT
gp-346	103	8	.	.	PUNCT
gp-346	104	1	valuation	valuation	NOUN
gp-346	104	2	methods	method	NOUN
gp-346	104	3	and	and	CCONJ
gp-346	104	4	shareholder	shareholder	NOUN
gp-346	104	5	value	value	NOUN
gp-346	104	6	creation	creation	NOUN
gp-346	104	7	in	in	ADP
gp-346	104	8	emerging	emerge	VERB
gp-346	104	9	markets	market	NOUN
gp-346	104	10	.	.	PUNCT
gp-346	105	1	emerging	emerge	VERB
gp-346	105	2	markets	market	NOUN
gp-346	105	3	review	review	NOUN
gp-346	105	4	,	,	PUNCT
gp-346	105	5	38	38	NUM
gp-346	105	6	,	,	PUNCT
gp-346	105	7	457	457	NUM
gp-346	105	8	-	-	SYM
gp-346	105	9	472	472	NUM
gp-346	105	10	.	.	PUNCT
gp-346	106	1	https://doi.org/10.1016/j.ememar.2018.12.003	https://doi.org/10.1016/j.ememar.2018.12.003	ADJ
gp-346	106	2	grant	grant	PROPN
gp-346	106	3	,	,	PUNCT
gp-346	106	4	r.	r.	PROPN
gp-346	106	5	m.	m.	PROPN
gp-346	106	6	(	(	PUNCT
gp-346	106	7	2021	2021	NUM
gp-346	106	8	)	)	PUNCT
gp-346	106	9	.	.	PUNCT
gp-346	107	1	contemporary	contemporary	ADJ
gp-346	107	2	strategy	strategy	NOUN
gp-346	107	3	analysis	analysis	NOUN
gp-346	107	4	(	(	PUNCT
gp-346	107	5	10th	10th	ADJ
gp-346	107	6	ed	ed	NOUN
gp-346	107	7	.	.	PUNCT
gp-346	107	8	)	)	PUNCT
gp-346	107	9	.	.	PUNCT
gp-346	108	1	john	john	PROPN
gp-346	108	2	wiley	wiley	PROPN
gp-346	108	3	&	&	CCONJ
gp-346	108	4	sons	son	NOUN
gp-346	108	5	.	.	PUNCT
gp-346	109	1	johnson	johnson	PROPN
gp-346	109	2	,	,	PUNCT
gp-346	109	3	a.	a.	PROPN
gp-346	109	4	,	,	PUNCT
gp-346	109	5	martinez	martinez	PROPN
gp-346	109	6	,	,	PUNCT
gp-346	109	7	c.	c.	PROPN
gp-346	109	8	,	,	PUNCT
gp-346	109	9	&	&	CCONJ
gp-346	109	10	thompson	thompson	PROPN
gp-346	109	11	,	,	PUNCT
gp-346	109	12	k.	k.	PROPN
gp-346	109	13	(	(	PUNCT
gp-346	109	14	2021	2021	NUM
gp-346	109	15	)	)	PUNCT
gp-346	109	16	.	.	PUNCT
gp-346	110	1	impact	impact	NOUN
gp-346	110	2	of	of	ADP
gp-346	110	3	health	health	NOUN
gp-346	110	4	crises	crisis	NOUN
gp-346	110	5	on	on	ADP
gp-346	110	6	traditional	traditional	ADJ
gp-346	110	7	industries	industry	NOUN
gp-346	110	8	:	:	PUNCT
gp-346	110	9	a	a	DET
gp-346	110	10	comprehensive	comprehensive	ADJ
gp-346	110	11	analysis	analysis	NOUN
gp-346	110	12	.	.	PUNCT
gp-346	111	1	business	business	NOUN
gp-346	111	2	strategy	strategy	NOUN
gp-346	111	3	and	and	CCONJ
gp-346	111	4	the	the	DET
gp-346	111	5	environment	environment	NOUN
gp-346	111	6	,	,	PUNCT
gp-346	111	7	30(4	30(4	NUM
gp-346	111	8	)	)	PUNCT
gp-346	111	9	,	,	PUNCT
gp-346	111	10	18231839	18231839	NUM
gp-346	111	11	.	.	PUNCT
gp-346	112	1	https://doi.org/10.1002/bse.2745	https://doi.org/10.1002/bse.2745	PROPN
gp-346	112	2	koller	koller	PROPN
gp-346	112	3	,	,	PUNCT
gp-346	112	4	t.	t.	PROPN
gp-346	112	5	,	,	PUNCT
gp-346	112	6	goedhart	goedhart	NOUN
gp-346	112	7	,	,	PUNCT
gp-346	112	8	m.	m.	NOUN
gp-346	112	9	,	,	PUNCT
gp-346	112	10	&	&	CCONJ
gp-346	112	11	wessels	wessels	PROPN
gp-346	112	12	,	,	PUNCT
gp-346	112	13	d.	d.	PROPN
gp-346	112	14	(	(	PUNCT
gp-346	112	15	2020	2020	NUM
gp-346	112	16	)	)	PUNCT
gp-346	112	17	.	.	PUNCT
gp-346	113	1	valuation	valuation	NOUN
gp-346	113	2	:	:	PUNCT
gp-346	113	3	measuring	measure	VERB
gp-346	113	4	and	and	CCONJ
gp-346	113	5	managing	manage	VERB
gp-346	113	6	the	the	DET
gp-346	113	7	value	value	NOUN
gp-346	113	8	of	of	ADP
gp-346	113	9	companies	company	NOUN
gp-346	113	10	(	(	PUNCT
gp-346	113	11	7th	7th	ADJ
gp-346	113	12	ed	ed	NOUN
gp-346	113	13	.	.	PUNCT
gp-346	113	14	)	)	PUNCT
gp-346	113	15	.	.	PUNCT
gp-346	114	1	john	john	PROPN
gp-346	114	2	wiley	wiley	PROPN
gp-346	114	3	&	&	CCONJ
gp-346	114	4	sons	son	NOUN
gp-346	114	5	.	.	PUNCT
gp-346	115	1	kumar	kumar	PROPN
gp-346	115	2	,	,	PUNCT
gp-346	115	3	s.	s.	PROPN
gp-346	115	4	,	,	PUNCT
gp-346	115	5	patel	patel	PROPN
gp-346	115	6	,	,	PUNCT
gp-346	115	7	n.	n.	NOUN
gp-346	115	8	,	,	PUNCT
gp-346	115	9	&	&	CCONJ
gp-346	115	10	singh	singh	PROPN
gp-346	115	11	,	,	PUNCT
gp-346	115	12	r.	r.	PROPN
gp-346	115	13	(	(	PUNCT
gp-346	115	14	2021	2021	NUM
gp-346	115	15	)	)	PUNCT
gp-346	115	16	.	.	PUNCT
gp-346	116	1	valuation	valuation	NOUN
gp-346	116	2	model	model	NOUN
gp-346	116	3	performance	performance	NOUN
gp-346	116	4	during	during	ADP
gp-346	116	5	covid-19	covid-19	PROPN
gp-346	116	6	:	:	PUNCT
gp-346	116	7	a	a	DET
gp-346	116	8	multi	multi	ADJ
gp-346	116	9	-	-	ADJ
gp-346	116	10	market	market	ADJ
gp-346	116	11	analysis	analysis	NOUN
gp-346	116	12	.	.	PUNCT
gp-346	117	1	international	international	ADJ
gp-346	117	2	review	review	NOUN
gp-346	117	3	of	of	ADP
gp-346	117	4	financial	financial	ADJ
gp-346	117	5	analysis	analysis	NOUN
gp-346	117	6	,	,	PUNCT
gp-346	117	7	78	78	NUM
gp-346	117	8	,	,	PUNCT
gp-346	117	9	101892	101892	NUM
gp-346	117	10	.	.	PUNCT
gp-346	118	1	https://doi.org/10.1016/j.irfa.2021.101892	https://doi.org/10.1016/j.irfa.2021.101892	PROPN
gp-346	118	2	liu	liu	PROPN
gp-346	118	3	,	,	PUNCT
gp-346	118	4	y.	y.	PROPN
gp-346	118	5	,	,	PUNCT
gp-346	118	6	&	&	CCONJ
gp-346	118	7	zhang	zhang	PROPN
gp-346	118	8	,	,	PUNCT
gp-346	118	9	m.	m.	NOUN
gp-346	118	10	(	(	PUNCT
gp-346	118	11	2021	2021	NUM
gp-346	118	12	)	)	PUNCT
gp-346	118	13	.	.	PUNCT
gp-346	119	1	dividend	dividend	NOUN
gp-346	119	2	discount	discount	NOUN
gp-346	119	3	models	model	NOUN
gp-346	119	4	in	in	ADP
gp-346	119	5	emerging	emerge	VERB
gp-346	119	6	markets	market	NOUN
gp-346	119	7	:	:	PUNCT
gp-346	119	8	accuracy	accuracy	NOUN
gp-346	119	9	and	and	CCONJ
gp-346	119	10	applicability	applicability	NOUN
gp-346	119	11	.	.	PUNCT
gp-346	120	1	journal	journal	PROPN
gp-346	120	2	of	of	ADP
gp-346	120	3	corporate	corporate	ADJ
gp-346	120	4	finance	finance	NOUN
gp-346	120	5	,	,	PUNCT
gp-346	120	6	67	67	NUM
gp-346	120	7	,	,	PUNCT
gp-346	120	8	101876	101876	NUM
gp-346	120	9	.	.	PUNCT
gp-346	121	1	https://doi.org/10.1016/j.jcorpfin.2020.101876	https://doi.org/10.1016/j.jcorpfin.2020.101876	NOUN
gp-346	121	2	lopez	lopez	NOUN
gp-346	121	3	,	,	PUNCT
gp-346	121	4	m.	m.	NOUN
gp-346	121	5	,	,	PUNCT
gp-346	121	6	&	&	CCONJ
gp-346	121	7	kumar	kumar	PROPN
gp-346	121	8	,	,	PUNCT
gp-346	121	9	r.	r.	PROPN
gp-346	121	10	(	(	PUNCT
gp-346	121	11	2023	2023	NUM
gp-346	121	12	)	)	PUNCT
gp-346	121	13	.	.	PUNCT
gp-346	122	1	valuation	valuation	NOUN
gp-346	122	2	biases	bias	NOUN
gp-346	122	3	in	in	ADP
gp-346	122	4	post	post	ADJ
gp-346	122	5	-	-	ADJ
gp-346	122	6	crisis	crisis	ADJ
gp-346	122	7	markets	market	NOUN
gp-346	122	8	.	.	PUNCT
gp-346	123	1	financial	financial	ADJ
gp-346	123	2	analysts	analyst	NOUN
gp-346	123	3	journal	journal	NOUN
gp-346	123	4	,	,	PUNCT
gp-346	123	5	79(2	79(2	NUM
gp-346	123	6	)	)	PUNCT
gp-346	123	7	,	,	PUNCT
gp-346	123	8	45	45	NUM
gp-346	123	9	-	-	SYM
gp-346	123	10	62	62	NUM
gp-346	123	11	.	.	PUNCT
gp-346	124	1	https://doi.org/10.1080/0015198x.2022.2134762	https://doi.org/10.1080/0015198x.2022.2134762	PROPN
gp-346	124	2	penman	penman	PROPN
gp-346	124	3	,	,	PUNCT
gp-346	124	4	s.	s.	PROPN
gp-346	124	5	h.	h.	PROPN
gp-346	124	6	,	,	PUNCT
gp-346	124	7	&	&	CCONJ
gp-346	124	8	reggiani	reggiani	PROPN
gp-346	124	9	,	,	PUNCT
gp-346	124	10	f.	f.	PROPN
gp-346	124	11	(	(	PUNCT
gp-346	124	12	2022	2022	NUM
gp-346	124	13	)	)	PUNCT
gp-346	124	14	.	.	PUNCT
gp-346	125	1	fundamentals	fundamental	NOUN
gp-346	125	2	of	of	ADP
gp-346	125	3	value	value	NOUN
gp-346	125	4	versus	versus	ADP
gp-346	125	5	growth	growth	NOUN
gp-346	125	6	investing	investing	NOUN
gp-346	125	7	and	and	CCONJ
gp-346	125	8	an	an	DET
gp-346	125	9	explanation	explanation	NOUN
gp-346	125	10	for	for	ADP
gp-346	125	11	the	the	DET
gp-346	125	12	value	value	NOUN
gp-346	125	13	trap	trap	NOUN
gp-346	125	14	.	.	PUNCT
gp-346	126	1	financial	financial	ADJ
gp-346	126	2	analysts	analyst	NOUN
gp-346	126	3	journal	journal	NOUN
gp-346	126	4	,	,	PUNCT
gp-346	126	5	78(2	78(2	PROPN
gp-346	126	6	)	)	PUNCT
gp-346	126	7	,	,	PUNCT
gp-346	126	8	5	5	NUM
gp-346	126	9	-	-	SYM
gp-346	126	10	19	19	NUM
gp-346	126	11	.	.	PUNCT
gp-346	126	12	https://doi.org/10.1080/0015198x.2021.2015387	https://doi.org/10.1080/0015198x.2021.2015387	PROPN
gp-346	126	13	peterson	peterson	PROPN
gp-346	126	14	,	,	PUNCT
gp-346	126	15	d.	d.	PROPN
gp-346	126	16	,	,	PUNCT
gp-346	126	17	&	&	CCONJ
gp-346	126	18	lee	lee	PROPN
gp-346	126	19	,	,	PUNCT
gp-346	126	20	s.	s.	PROPN
gp-346	126	21	(	(	PUNCT
gp-346	126	22	2020	2020	NUM
gp-346	126	23	)	)	PUNCT
gp-346	126	24	.	.	PUNCT
gp-346	127	1	crisis	crisis	NOUN
gp-346	127	2	valuation	valuation	NOUN
gp-346	127	3	methodologies	methodology	NOUN
gp-346	127	4	:	:	PUNCT
gp-346	127	5	lessons	lesson	NOUN
gp-346	127	6	from	from	ADP
gp-346	127	7	emerging	emerge	VERB
gp-346	127	8	market	market	NOUN
gp-346	127	9	disruptions	disruption	NOUN
gp-346	127	10	.	.	PUNCT
gp-346	128	1	journal	journal	NOUN
gp-346	128	2	of	of	ADP
gp-346	128	3	banking	banking	NOUN
gp-346	128	4	&	&	CCONJ
gp-346	128	5	finance	finance	PROPN
gp-346	128	6	,	,	PUNCT
gp-346	128	7	118	118	NUM
gp-346	128	8	,	,	PUNCT
gp-346	128	9	105879	105879	NUM
gp-346	128	10	.	.	PUNCT
gp-346	129	1	https://doi.org/10.1016/j.jbankfin.2020.105879	https://doi.org/10.1016/j.jbankfin.2020.105879	ADJ
gp-346	129	2	richards	richard	NOUN
gp-346	129	3	,	,	PUNCT
gp-346	129	4	t.	t.	PROPN
gp-346	129	5	,	,	PUNCT
gp-346	129	6	&	&	CCONJ
gp-346	129	7	ahmad	ahmad	PROPN
gp-346	129	8	,	,	PUNCT
gp-346	129	9	h.	h.	PROPN
gp-346	129	10	(	(	PUNCT
gp-346	129	11	2022	2022	NUM
gp-346	129	12	)	)	PUNCT
gp-346	129	13	.	.	PUNCT
gp-346	130	1	consumer	consumer	NOUN
gp-346	130	2	goods	good	NOUN
gp-346	130	3	sector	sector	NOUN
gp-346	130	4	resilience	resilience	NOUN
gp-346	130	5	during	during	ADP
gp-346	130	6	pandemic	pandemic	ADJ
gp-346	130	7	periods	period	NOUN
gp-346	130	8	.	.	PUNCT
gp-346	131	1	international	international	ADJ
gp-346	131	2	journal	journal	PROPN
gp-346	131	3	of	of	ADP
gp-346	131	4	production	production	NOUN
gp-346	131	5	economics	economic	NOUN
gp-346	131	6	,	,	PUNCT
gp-346	131	7	248	248	NUM
gp-346	131	8	,	,	PUNCT
gp-346	131	9	108463	108463	NUM
gp-346	131	10	.	.	PUNCT
gp-346	132	1	https://doi.org/10.1016/j.ijpe.2022.108463	https://doi.org/10.1016/j.ijpe.2022.108463	ADJ
gp-346	132	2	valuation	valuation	NOUN
gp-346	132	3	analysis	analysis	NOUN
gp-346	132	4	of	of	ADP
gp-346	132	5	lq45	lq45	PROPN
gp-346	132	6	consumer	consumer	NOUN
gp-346	132	7	goods	good	NOUN
gp-346	132	8	companies	company	NOUN
gp-346	132	9	before	before	ADP
gp-346	132	10	and	and	CCONJ
gp-346	132	11	after	after	ADP
gp-346	132	12	covid-19	covid-19	PROPN
gp-346	132	13	:	:	PUNCT
gp-346	132	14	free	free	ADJ
gp-346	132	15	cash	cash	NOUN
gp-346	132	16	flow	flow	NOUN
gp-346	132	17	,	,	PUNCT
gp-346	132	18	dividend	dividend	NOUN
gp-346	132	19	,	,	PUNCT
gp-346	132	20	and	and	CCONJ
gp-346	132	21	relative	relative	ADJ
gp-346	132	22	valuation	valuation	PROPN
gp-346	132	23	1742	1742	NUM
gp-346	132	24	rodriguez	rodriguez	PROPN
gp-346	132	25	,	,	PUNCT
gp-346	132	26	c.	c.	PROPN
gp-346	132	27	,	,	PUNCT
gp-346	132	28	&	&	CCONJ
gp-346	132	29	kim	kim	PROPN
gp-346	132	30	,	,	PUNCT
gp-346	132	31	j.	j.	PROPN
gp-346	132	32	(	(	PUNCT
gp-346	132	33	2022	2022	NUM
gp-346	132	34	)	)	PUNCT
gp-346	132	35	.	.	PUNCT
gp-346	133	1	multi	multi	ADJ
gp-346	133	2	-	-	ADJ
gp-346	133	3	method	method	ADJ
gp-346	133	4	valuation	valuation	NOUN
gp-346	133	5	approaches	approach	NOUN
gp-346	133	6	during	during	ADP
gp-346	133	7	economic	economic	ADJ
gp-346	133	8	disruptions	disruption	NOUN
gp-346	133	9	:	:	PUNCT
gp-346	133	10	evidence	evidence	NOUN
gp-346	133	11	from	from	ADP
gp-346	133	12	developed	develop	VERB
gp-346	133	13	markets	market	NOUN
gp-346	133	14	.	.	PUNCT
gp-346	134	1	review	review	NOUN
gp-346	134	2	of	of	ADP
gp-346	134	3	financial	financial	ADJ
gp-346	134	4	studies	study	NOUN
gp-346	134	5	,	,	PUNCT
gp-346	134	6	35(8	35(8	NUM
gp-346	134	7	)	)	PUNCT
gp-346	134	8	,	,	PUNCT
gp-346	134	9	38473891	38473891	NUM
gp-346	134	10	.	.	PUNCT
gp-346	135	1	https://doi.org/10.1093/rfs/hhab098	https://doi.org/10.1093/rfs/hhab098	PROPN
gp-346	135	2	sari	sari	NOUN
gp-346	135	3	,	,	PUNCT
gp-346	135	4	n.	n.	NOUN
gp-346	135	5	,	,	PUNCT
gp-346	135	6	&	&	CCONJ
gp-346	135	7	wahyudi	wahyudi	PROPN
gp-346	135	8	,	,	PUNCT
gp-346	135	9	s.	s.	PROPN
gp-346	135	10	(	(	PUNCT
gp-346	135	11	2021	2021	NUM
gp-346	135	12	)	)	PUNCT
gp-346	135	13	.	.	PUNCT
gp-346	136	1	post	post	ADJ
gp-346	136	2	-	-	ADJ
gp-346	136	3	crisis	crisis	ADJ
gp-346	136	4	valuation	valuation	NOUN
gp-346	136	5	patterns	pattern	NOUN
gp-346	136	6	in	in	ADP
gp-346	136	7	indonesian	indonesian	ADJ
gp-346	136	8	financial	financial	ADJ
gp-346	136	9	sector	sector	NOUN
gp-346	136	10	companies	company	NOUN
gp-346	136	11	.	.	PUNCT
gp-346	137	1	asian	asian	ADJ
gp-346	137	2	journal	journal	PROPN
gp-346	137	3	of	of	ADP
gp-346	137	4	business	business	NOUN
gp-346	137	5	and	and	CCONJ
gp-346	137	6	accounting	accounting	NOUN
gp-346	137	7	,	,	PUNCT
gp-346	137	8	14(1	14(1	NUM
gp-346	137	9	)	)	PUNCT
gp-346	137	10	,	,	PUNCT
gp-346	137	11	123	123	NUM
gp-346	137	12	-	-	SYM
gp-346	137	13	147	147	NUM
gp-346	137	14	.	.	PUNCT
gp-346	138	1	https://doi.org/10.22452/ajba.vol14no1.5	https://doi.org/10.22452/ajba.vol14no1.5	PROPN
gp-346	138	2	sugiarto	sugiarto	PROPN
gp-346	138	3	,	,	PUNCT
gp-346	138	4	e.	e.	PROPN
gp-346	138	5	,	,	PUNCT
gp-346	138	6	&	&	CCONJ
gp-346	138	7	maulana	maulana	PROPN
gp-346	138	8	,	,	PUNCT
gp-346	138	9	f.	f.	PROPN
gp-346	138	10	(	(	PUNCT
gp-346	138	11	2021	2021	NUM
gp-346	138	12	)	)	PUNCT
gp-346	138	13	.	.	PUNCT
gp-346	139	1	fcff	fcff	ADJ
gp-346	139	2	and	and	CCONJ
gp-346	139	3	relative	relative	ADJ
gp-346	139	4	valuation	valuation	NOUN
gp-346	139	5	in	in	ADP
gp-346	139	6	volatile	volatile	ADJ
gp-346	139	7	industries	industry	NOUN
gp-346	139	8	:	:	PUNCT
gp-346	139	9	indonesian	indonesian	ADJ
gp-346	139	10	evidence	evidence	NOUN
gp-346	139	11	.	.	PUNCT
gp-346	140	1	indonesian	indonesian	ADJ
gp-346	140	2	capital	capital	PROPN
gp-346	140	3	market	market	PROPN
gp-346	140	4	review	review	NOUN
gp-346	140	5	,	,	PUNCT
gp-346	140	6	13(2	13(2	PROPN
gp-346	140	7	)	)	PUNCT
gp-346	140	8	,	,	PUNCT
gp-346	140	9	89	89	NUM
gp-346	140	10	-	-	SYM
gp-346	140	11	104	104	NUM
gp-346	140	12	.	.	PUNCT
gp-346	141	1	https://doi.org/10.21002/icmr.v13i2.12456	https://doi.org/10.21002/icmr.v13i2.12456	X
gp-346	141	2	tan	tan	PROPN
gp-346	141	3	,	,	PUNCT
gp-346	141	4	h.	h.	PROPN
gp-346	141	5	,	,	PUNCT
gp-346	141	6	&	&	CCONJ
gp-346	141	7	wang	wang	PROPN
gp-346	141	8	,	,	PUNCT
gp-346	141	9	l.	l.	PROPN
gp-346	141	10	(	(	PUNCT
gp-346	141	11	2023	2023	NUM
gp-346	141	12	)	)	PUNCT
gp-346	141	13	.	.	PUNCT
gp-346	142	1	valuation	valuation	NOUN
gp-346	142	2	accuracy	accuracy	NOUN
gp-346	142	3	under	under	ADP
gp-346	142	4	market	market	NOUN
gp-346	142	5	uncertainty	uncertainty	NOUN
gp-346	142	6	:	:	PUNCT
gp-346	142	7	a	a	DET
gp-346	142	8	methodological	methodological	ADJ
gp-346	142	9	comparison	comparison	NOUN
gp-346	142	10	.	.	PUNCT
gp-346	143	1	journal	journal	NOUN
gp-346	143	2	of	of	ADP
gp-346	143	3	financial	financial	ADJ
gp-346	143	4	economics	economic	NOUN
gp-346	143	5	,	,	PUNCT
gp-346	143	6	147(2	147(2	NUM
gp-346	143	7	)	)	PUNCT
gp-346	143	8	,	,	PUNCT
gp-346	143	9	234	234	NUM
gp-346	143	10	-	-	SYM
gp-346	143	11	251	251	NUM
gp-346	143	12	.	.	PUNCT
gp-346	144	1	https://doi.org/10.1016/j.jfineco.2022.11.008	https://doi.org/10.1016/j.jfineco.2022.11.008	PROPN
gp-346	144	2	taylor	taylor	PROPN
gp-346	144	3	,	,	PUNCT
gp-346	144	4	m.	m.	NOUN
gp-346	144	5	,	,	PUNCT
gp-346	144	6	&	&	CCONJ
gp-346	144	7	clark	clark	PROPN
gp-346	144	8	,	,	PUNCT
gp-346	144	9	p.	p.	NOUN
gp-346	144	10	(	(	PUNCT
gp-346	144	11	2021	2021	NUM
gp-346	144	12	)	)	PUNCT
gp-346	144	13	.	.	PUNCT
gp-346	145	1	sectoral	sectoral	ADJ
gp-346	145	2	valuation	valuation	NOUN
gp-346	145	3	dynamics	dynamic	NOUN
gp-346	145	4	during	during	ADP
gp-346	145	5	global	global	ADJ
gp-346	145	6	health	health	NOUN
gp-346	145	7	emergencies	emergency	NOUN
gp-346	145	8	.	.	PUNCT
gp-346	146	1	global	global	ADJ
gp-346	146	2	finance	finance	PROPN
gp-346	146	3	journal	journal	NOUN
gp-346	146	4	,	,	PUNCT
gp-346	146	5	48	48	NUM
gp-346	146	6	,	,	PUNCT
gp-346	146	7	100567	100567	NUM
gp-346	146	8	.	.	PUNCT
gp-346	147	1	https://doi.org/10.1016/j.gfj.2020.100567	https://doi.org/10.1016/j.gfj.2020.100567	PROPN
gp-346	147	2	thompson	thompson	PROPN
gp-346	147	3	,	,	PUNCT
gp-346	147	4	r.	r.	PROPN
gp-346	147	5	,	,	PUNCT
gp-346	147	6	&	&	CCONJ
gp-346	147	7	martinez	martinez	PROPN
gp-346	147	8	,	,	PUNCT
gp-346	147	9	a.	a.	NOUN
gp-346	147	10	(	(	PUNCT
gp-346	147	11	2021	2021	NUM
gp-346	147	12	)	)	PUNCT
gp-346	147	13	.	.	PUNCT
gp-346	148	1	regulatory	regulatory	ADJ
gp-346	148	2	impact	impact	NOUN
gp-346	148	3	on	on	ADP
gp-346	148	4	traditional	traditional	ADJ
gp-346	148	5	industries	industry	NOUN
gp-346	148	6	during	during	ADP
gp-346	148	7	health	health	NOUN
gp-346	148	8	crises	crisis	NOUN
gp-346	148	9	.	.	PUNCT
gp-346	149	1	regulation	regulation	NOUN
gp-346	149	2	&	&	CCONJ
gp-346	149	3	governance	governance	NOUN
gp-346	149	4	,	,	PUNCT
gp-346	149	5	15(3	15(3	NUM
gp-346	149	6	)	)	PUNCT
gp-346	149	7	,	,	PUNCT
gp-346	149	8	678	678	NUM
gp-346	149	9	-	-	SYM
gp-346	149	10	694	694	NUM
gp-346	149	11	.	.	PUNCT
gp-346	150	1	https://doi.org/10.1111/rego.12345	https://doi.org/10.1111/rego.12345	PROPN
gp-346	150	2	williams	williams	PROPN
gp-346	150	3	,	,	PUNCT
gp-346	150	4	j.	j.	PROPN
gp-346	150	5	,	,	PUNCT
gp-346	150	6	&	&	CCONJ
gp-346	150	7	cooper	cooper	PROPN
gp-346	150	8	,	,	PUNCT
gp-346	150	9	e.	e.	PROPN
gp-346	150	10	(	(	PUNCT
gp-346	150	11	2020	2020	NUM
gp-346	150	12	)	)	PUNCT
gp-346	150	13	.	.	PUNCT
gp-346	151	1	emerging	emerge	VERB
gp-346	151	2	market	market	NOUN
gp-346	151	3	valuation	valuation	NOUN
gp-346	151	4	challenges	challenge	NOUN
gp-346	151	5	during	during	ADP
gp-346	151	6	crisis	crisis	NOUN
gp-346	151	7	periods	period	NOUN
gp-346	151	8	.	.	PUNCT
gp-346	152	1	international	international	ADJ
gp-346	152	2	financial	financial	ADJ
gp-346	152	3	management	management	PROPN
gp-346	152	4	review	review	NOUN
gp-346	152	5	,	,	PUNCT
gp-346	152	6	28(3	28(3	NUM
gp-346	152	7	)	)	PUNCT
gp-346	152	8	,	,	PUNCT
gp-346	152	9	412	412	NUM
gp-346	152	10	-	-	SYM
gp-346	152	11	435	435	NUM
gp-346	152	12	.	.	PUNCT
gp-346	153	1	https://doi.org/10.1080/17447890.2020.1756789	https://doi.org/10.1080/17447890.2020.1756789	NOUN
gp-346	153	2	copyright	copyright	NOUN
gp-346	153	3	holders	holder	NOUN
gp-346	153	4	:	:	PUNCT
gp-346	153	5	daniel	daniel	PROPN
gp-346	153	6	sadewa	sadewa	PROPN
gp-346	153	7	(	(	PUNCT
gp-346	153	8	2025	2025	NUM
gp-346	153	9	)	)	PUNCT
gp-346	153	10	first	first	ADJ
gp-346	153	11	publication	publication	NOUN
gp-346	153	12	right	right	NOUN
gp-346	153	13	:	:	PUNCT
gp-346	153	14	ajemb	ajemb	PROPN
gp-346	153	15	–	–	PUNCT
gp-346	153	16	american	american	ADJ
gp-346	153	17	journal	journal	PROPN
gp-346	153	18	of	of	ADP
gp-346	153	19	economic	economic	ADJ
gp-346	153	20	and	and	CCONJ
gp-346	153	21	management	management	NOUN
gp-346	153	22	business	business	NOUN