ANALISIS PENGARUH PRICE EARNING RATIO (PER), RETURN ON EQUITY (ROE) DAN NET PROFIT MARGIN (NPM)...

7/31/2019 ANALISIS PENGARUH PRICE EARNING RATIO (PER), RETURN ON EQUITY (ROE) DAN NET PROFIT MARGIN (NPM) TE

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.JTO' VIPNMFMT NMPKM QMNMO TMFM GJFYQVPG

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Yjvyc Oiotipblin Kilmp Qmphmjm Icbjbog

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YQY Pitbqgvbpw 0447

M@QVPMC

Libjmpfb Kyjvyp N* Qglgvbjkm .0447'* Mjmlgqgq Tijkmpyn Tpgai Impjgjk Pmvgb.TIP', Pivypj bj I}ygvw .PBI' fmj Jiv Tpbegv Ompkgj .JTO' VipnmfmtNmpkm Qmnmo Tmfm Gjfyqvpg Pbcbc fg @ypqm Ieic Gjfbjiqgm, Fg`m{mn

@go`gjkmj Fp* Cnmgpm Momlgm E QI, O@M Mc, Tpbe* Fp* Pgvnm E*

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tipyqmnmmj yjvyc oiotipblin fmjm* Gjuiqvmqg wmjk momj oioiplycmj mjmlgqgqwmjk aipomv, vilgvg fmj fgfycyjk blin fmvm wmjk mcypmv qingjkkm fmtmv oijkypmjkg

piqgcb `mkg gjuiqvbp `mlmo ìpgjuiqvmqg* Mjmlgqgq eyjfmoijvml qi`mkmg qmlmn qmvyvicjgc mjmlgqgq wmjk fgkyjmcmj blin gjuiqvbp fmlmo oijampg gjebpomqg fmpg

lmtbpmj ciymjkmj tipyqmnmmj* ììpmtm cbotbjij wmjk tijvgjk fmlmooilmcycmj mjmlgqgq vipnmfmt eyjfmoijvml tipyqmnmmj fgmjvmpmjwm mfmlmn Tpgai

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tijvgjk lmgjjwm mfmlmn Jiv Tpbegv Ompkgj .JTO'* Gjfyqvpg Pbcbc oipytmcmj

qmlmn qmvy gjfyqvpg wmjk ìpcio`mjk aycyt `mgc fg Gjfbjiqgm* Tipkipmcmj Nmpkm

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tijkmpyn umpgmìl Tpgai Impjgjk Pmvgb .TIP', Pivypj bj I}ygvw .PBI'fmjJiv

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lgjgip ìpkmjfm, tijkyhgmj qgkjgegcmj qgoylvmj fmj tijkyhgmj qgkjgegcmj tmpqgmlNmqgl tijilgvgmj gjg oijyjhyccmj `mn{m qiampm qipiotmc umpgm`li Tpgai

Impjgjk Pmvgb .TIP', Pivypj Bj I}ygvw .PBI' fmj Jiv Tpbegv Ompkgj .JTO'

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qgkjgegcmj vipnmfmt nmpkm qmnmo, qifmjkcmj umpgmìl Pivypj Bj I}ygvw .PBI'

vgfmc oioglgcg tijkmpyn vipnmfmt nmpkm qmnmo Gjfyqvpg Pbcbc fg @ypqm Ieic

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YQY Pitbqgvbpw 0447

FMEVMP GQG

M@QVPMC

CMVM TIJKMJVMP********************************************************************************* g

FMEVMP GQG *********************************************************************************************** gu

FMEVMP VM@IL *************************************************************************************** ug

@M@ G TIJFMNYLYMJ **************************************************************************** =

M* Lmvmp @ilmcmjk Omqmlmn ************************************************************** =

@ * Tipyoyqmj Omqmlmn ********************************************************************* ;

A* Cipmjkcm Cbjqitvyml ******************************************************************** ;

F* Ngtbviqgq ************************************************************************************** >

I* Vyhymj fmj Omjemmv Tijilgvgmj ****************************************************** >

E* Oivbfi Tijilgvgmj************************************************************************** =4

=* @mvmqmj Btipmqgbjml *********************************************************** =4

0* Fiegjgqg Btipmqgbjml Umpgm`il ******************************************** =4

1* Viotmv fmj [mcvy Tijilgvgmj ******************************************** =1

6* Tbtylmqg fmj Qmotil ********************************************************** =1

9* Hijgq Fmvm ************************************************************************** =6

5* Vicjgc Tijkyotylmj Fmvm ************************************************* =9

;* Oivbfi Mjmlgqgq Fmvm ********************************************************* =9

@M@ GG YPMGMJ VIBPGVGQ ********************************************************************* 04

M* Tijilgvgmj Vipfmnyly ******************************************************************** 04

@* Tmqmp Obfml ********************************************************************************* 00

A* Qmnmo ***************************************************************************************** 01

F* Ny`yjkmj Umpgm`il Vipnmfmt Nmpkm Qmnmo ******************************** 14

@M@ GGG KMO@MPMJ YOYO TIJILGVGMJ ***************************************** 11

M* Kmo`mpmj Yoyo @ypqm Ieic Gjfbjiqgm *************************************** 11


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YQY Pitbqgvbpw 0447

@* Kmo`mpmj Yoyo Omqgjk/omqgjk Gjfyqvpg pbcbc ************************** 15

=* TV @MV Gjfbjiqgm V`c ****************************************************** 15

0* TV Kyfmjk Kmpmo V`c ****************************************************** 1;

1* TV NO Qmotbipjm V`c ***************************************************** 1>

6* TV @ijvbil Gjvipjmvgbjml Gju V`c *************************************** 17

@M@ GU MJMLGQGQ FMJ IUMLYMQG******************************************************* 61

M* Mjmlgqgq Fiqcpgtvge ************************************************************************ 61

=* Fiqcpgtqg Emcvbp/emcvbp wmjk Oiotijkmpyng Nmpkm Qmnmo 61

@* Pikpiqg Lgjimp @ipkmjfm *************************************************************** 67

A* Nmqgl Yhg Mqyoqg Fmqmp Pikpiqg **************************************************** 9=

=* Yhg Jbpomlgvmq ******************************************************************* 9=

0* Yhg Oylvgcblgjimpgvmq ********************************************************** 96

1* Yhg Nivipbcifmqvgqgvmq ******************************************************** 96

6* Yhg Myvbcbpilmqg***************************************************************** 95

F* Tijkyhgmj Ngtbviqgq ********************************************************************** 95

=* Yhg Klb`ml .Yhg/E' ************************************************************** 9;

0* Yhg qiampm Tmpqgml .Yhg/V' *************************************************** 9>

@M@ U CIQGOTYLMJ FMJ QMPMJ ******************************************************* 5=

M* Ciqgotylmj ********************************************************************************** 5=

@* Qmpmj ******************************************************************************************** 50

FMEVMP TYQVMCM ********************************************************************************** ugg

LMOTGPMJ


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YQY Pitbqgvbpw 0447

FMEVMP VM@IL

Vmìl =*= Tijhymlmj, Lm`m @ipqgn fmj Pmvm/pmvm Nmpkm Qmnmo Gjfyqvpg

Pbcbc Wmjk Vipfmevmp fg @IG Vmnyj 044= Qmotmg 044> **************

******************************************************************************************************* 6

Vmìl =*0 Tipyqmnmmj Pbcbc wmjk vipfmevmp fg @IG ************************************** =6

Vmìl 6*= Pmvm/ pmvm TIP, PBI, JTO fmj nmpkm qmnmo Gjfyqvpg Pbcbc

Fg @ypqm Ieic Hmcmpvm vmnyj 044=/044> ***************************************** 61

Vmìl 6*0 Tpgai Impjgjk Pmvgb .TIP ' *********************************************************** 66

Vmìl 6*1Pivypj bj I}ygvw .PBI' 65

Vmìl 6*6Jiv Tpbegv Ompkgj .JTO' ************************************************************** 6>

Vmìl 6*9 Obfil Qyoompw.`' ********************************************************************** 94

Vmìl 6*5 Abieegagijvq .m' ****************************************************************************** 94

Vmìl 6*; Bji / Qmotli Cblobkbpbu/ Qogpjbu Viqv ************************************ 91

Vmìl 6*> Yhg Oylvgcblgjimpgvmq ********************************************************************* 96

Vmìl 6*7 Yhg Myvbcbpilmqg **************************************************************************** 95

Vmìl 6*=4 Nmqgl Yhg Klb`ml .Yhg /E' ************************************************************** 9;

Vmìl 6* == Nmqgl Yhg Qiampm Qgoylvmj .Yhg /V' ********************************************** 97


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YQY Pitbqgvbpw 0447

@M@ G

TIJFMNYLYMJ

@* Lmvmp @ilmcmjk Omqmlmn

Tmqmp obfml oipytmcmj qmlmn qmvy mlvipjmvge wmjk fgkyjmcmj blin

tipyqmnmmj yjvyc oiotipblin fmjm* Cinmfgpmj tmqmp obfml oiotip`mjwmc

tglgnmj qyoìp fmjm `mkg gjuiqvbp qipvm oijmo`mn tglgnmj gjuiqvmqg, wmjk hykm

fmtmv fgmpvgcmj ciqiotmvmj yjvyc oiotipblin go`ml nmqgl* Gjuiqvmqg oipytmcmj

cbogvoij mvmq qihyolmn fmjm mvmy qyoìp fmjm lmgjjwm wmjk fglmcycmj tmfm qmmv

gjg fijkmj vyhymj oiotipblin qihyolmn ciyjvyjkmj fgomqm wmjk mcmj fmvmjk

.Vmjfilglgj, 044=8='

Fym yjqyp wmjk oilicmv tmfm qivgmt obfml mvmy fmjm wmjk fggjuiqvmqgcmj

mfmlmn nmqgl .pivypj' fmj piqgcb .pgqc'* Cifym yjqyp gjg oioglgcg cbpilmqg wmjk

tbqgvge, yoyojwm qiomcgj ìqmp nmqgl wmjk fgtipblin omcm qiomcgj ìqmp piqgcb

wmjk fgoglgcjwm, qi`mlgcjwm qiomcgj ciagl nmqgl wmjk fgtipblin omcm qiomcgj

ciagl tylm piqgcb wmjk fgnmfmtg* Qibpmjk gjuiqvbp oioìlg qihyolmn qmnmo

fijkmj nmpmtmj oiotipblin ciyjvyjkmj fmpg cijmgcmj nmpkm qmnmo mvmy

tio`mwmpmj qihyolmn fiugfij blin tipyqmnmmj qi`mkmg go`mlmj mvmq {mcvy fmj

piqgcb fgfmlmo gjuiqvmqg vipqi`yv*

Gjuiqvmqg wmjk momj oioiplycmj mjmlgqgq wmjk aipomv, vilgvg fmj fgfycyjk

fijkmj fmvm wmjk mcypmv fmj viptipamwm, qingjkkm fmtmv oijkypmjkg piqgcb `mkg


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YQY Pitbqgvbpw 0447

gjuiqvbp wmjk ìpgjuiqvmqg* Qiampm yoyo mfm `mjwmc vicjgc mjmlgqgq fmlmo

oilmcycmj tijglmgmj gjuiqvmqg, vivmtg wmjk qipgjk fgkyjmcmj mfmlmn mjmlgqgq wmjk

ìpqgemv eyjfmoijvml, mjmlgqgq vicjgcml, mjmlgqgq icbjbog fmj mjmlgqgq pmqgb

ciymjkmj

.Mjbpmkm fmj Tmcmpvg, 04458=4>'* @mncmj mfm hykm omqwmpmcmv wmjk nmjwm

oilgnmv vpijf wmjk qiampm qitgjvmq fmlmo oilmcycmj gjuiqvmqg*

Gjfyqvpg pbcbc oipytmcmj gjfyqvpg wmjk oioglgcg tipmjmj tijvgjk fmlmo

cikgmvmj tipicbjbogmj jikmpm gjfbjiqgm* Fmlmo omhmlmn viotb wmjk vip`gv vmnyj

044>, Pbcbc oipytmcmj `mpmjk cbjqyoqg qi`mkgmj ìqmp omqwmpmcmv Gjfbjiqgm,

fijkmj qicgvmp =;; hyvm bpmjk fmpg 0;4 hyvm hyolmn tijfyfyc gjfbjiqgm mfmlmn

tijkngqmt pbcbc fgomjm hyolmn `mvmjk pbcbc wmjk viphyml fg vmnyj 044>

oijamtmg qicgvmp =77 oglgmp `mvmjk* Qingjkkm gjfyqvpg pbcbc oioglgcg tbvijqg

wmjk qmjkmv ìqmp yjvyc ìpcio`mjk* Jikmpm gjfbjiqgm wmjk qi`mkgmj ìqmp

tijfmtmvmj fmlmo jikipgjwm ìpmqml fmpg qicvbp fmj gjfyqvpg pbcbc, fgomjm

gjfyqvpg pbcbc oipytmcmj qmlmn qmvy tijwyo`mjk fmlmo tijfmtmvmj tmhmc jikmpm

vipqi`yv* Vmnyj 044; tijipgommmj aycmg wmjk ìpmqml fmpg gjfyqvpg pbcbc vipamvmv

qi`mjwmc Pt*90 vpglgyj* Vijmkm ciphm wmjk vipqipmt blin gjfyqvpg pbcbc wmjk

ìphyolmn qicgvmp 1444 tipyqmnmmj wmjk vipqi`mp fg Gjfbjiqgm oijamtmg

qifgcgvjwm 5 hyvm ticiphm*

Tijhymlmj wmjk aijfipyjk oijgjkcmv fmpg vmnyj 044= qmotmg 044> fg

ììpmtm tipyqmnmmj oioìpgcmj kmo`mpmj `mn{m gjfyqvpg pbcbc fg Gjfbjiqgm

ìpcio`mjk fijkmj `mgc* Tijgjkcmvmj wmjk `mgc gjg oipytmcmj kmo`mpmj `mn{m

gjfyqvpg pbcbc oioglgcg tpbqtic qi`mkmg viotmv `mkg tmpm gjuiqvbp yjvyc


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YQY Pitbqgvbpw 0447

oijmjmocmj obfmljwm Nml gjg wmjk fglgnmv blin gjuiqvbp wmjk gjkgj

oijkgjuiqvmgcmj obfml wmjk fgoglgcgjwm, gjfyqvpg pbcbc wmjk vipyq ìpcio`mjk*

Kipmcmj cmotmjwi mjvg pbcbc wmjk qipgjk fglmcycmj blin tioipgjvmn fmj

Lio`mkm Q{mfmwm Omqwmpmcmv .LQO' cmpijm pbcbc fgwmcgjg oioglgcg tijkmpyn

`ypyc vipnmfmt ciqinmvmj omjyqgm oioglgcg tijkmpyn wmjk jikmvge vipnmfmt

tipcio`mjkmj gjfyqvpg pbcbc* Kipmcmj cmotmjwi Vipqi`yv oio`mvmqg fmj

oijknmo`mv kipmcmj gjfyqvpg pbcbc yjvyc ìpcio`mjk* Nml gjg fgvmo`mn lmkg

fijkmj oyjayljwm ciqmfmpmj vijvmjk `mnmwm oipbcbc fg fmlmo omqwmpmcmv*

Nml lmgjjwm wmjk `gqm oijhmfg tijknmo`mv `mkg tipcio`mjkmj gjfyqvpg

pbcbc mfmlmn ìqmpjwm aycmg pbcbc wmjk fgìpgcmj blin tioipgjvmn* Vmpge aycmg

wmjk fgvivmtcmj tioipgjvmn wmjk vipyq oijkmlmog tijgjkcmvmj mcmj ìptbvijqg

oijicmj lm`m ìpqgn fmpg tipyqmnmmj* Tipmvypmj `mpy wmjk fgcilympcmj blin

tioipgjvmn vmnyj 044; oijivmtcmj vmpge aycmg yjvyc nmpkm hyml iaipmj qiìqmp ;

tipqij fgvmo`mn vmpge aycmg tip `mvmjk wmjk ìpcgqmp mjvmp Pt*1,/ qmotmg Pt*;,/

tip `mvmjk* Tijkmpyn icqvipjml wmjk hykm ìpcio`mjk wmjk fmtmv oiotijkmpyng

gjfyqvpg pbcbc fgmjvmpmjwm ci`ghmcmj vijvmjk tilmpmjkmj oipbcbc fg viotmv

yoyo wmjk fglmcycmj blin cbvm vipvijvy*

Lm`m ìpqgn gjfyqvpg pbcbc vmnyj 044; oijyjhyccmj mpmn wmjk tbqgvge

fgomjm qioym tipyqmnmmj pbcbc wmjk vipfmevmp fg @ypqm Ieic Gjfbjiqgm

oijkmlmog tijgjkcmvmj lm`m fmpg vmnyj 0445* Tmfm vmnyj/vmnyj qiìlyojwm lm`m

ìpqgn wmjk fgamtmg blin tipyqmnmmj pbcbc wmjk vipfmevmp fg @ypqm Ieic Gjfbjiqgm

hykm aijfipyjk oijkmlmog tijgjkcmvmj {mlmytyj mfm wmjk oijkmlmog

tijypyjmj qitipvg wmjk viplgnmj tmfm vmìl =*0 tmfm vmnyj 0445 TV @MV

Gjfbjiqgm, V`c oijkmlmog tijypyjmj lm`m fmpg vmnyj 0449 wmjk oio`ycycmj


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YQY Pitbqgvbpw 0447

lm`m Pt*=7,4>0 oglgmp oijhmfg pykg qiìqmp Pt*50,=01 oglgmp tmfm vmnyj 0445*

Tijypyjmj hykm viphmfg tmfm TV* Kyfmjk Kmpmo, V`c tmfm vmnyj 0445 fgmomjm

lm`m ìpqgn wmjk fgtipblin qiìqmp Pt*=,44; oglgmp oijypyj qicgvmp 65,9) fmpg

Pt*=,>>7 oglgmp* Tivyo`ynmj lm`m wmjk aijfipyjk tbqgvge qitipvg wmjk viplgnmv

fmlmo Vmìl =*= oioglgcg tijkmpyn wmjk ìpmkmo vipnmfmt nmpkm qmnmo* Qitipvg

tmfm TV @MV Gjfbjiqgm,V`c tmfm vmnyj 0445 civgcm viphmfg tijypyjmj lm`m nml

gjg oiotijkmpyng vipnmfmt nmpkm qmnmo* Fgomjm nmpkm qmnmo vipyq oijypyj

ngjkkm tmfm qmmv tijyvytmj fg mcngp vmnyj pmvm/pmvm nmpkm qmnmo TV @MV

Gjfbjiqgm,V`c Pt*9;79 tip lio`mp qmnmo* Vivmtg cijmgcmj lm`m tmfm tipyqmnmmj

TV Kyfmjk Kmpmo,V`c tmfm vmnyj 044; qicgvmp 61,0) vgfmc oiotijkmpyng

vipnmfmt nmpkm qmnmo ngjkkm tijyvytmj vmnyj 044;, fgomjm pmvm/pmvm nmpkm

qmnmojwm vypyj oijhmfg Pt*70;7 fmpg vmnyj 0445 fijkmj pmvm/pmvm nmpkm qiìqmp

Pt*=4=1; tip lio`mp* Tijypyjmj nmpkm qmnmo hykm viphmfg tmfm tipyqmnmmj

NOQT tmfm vmnyj 0445 fmpg pmvm/pmvm nmpkm qmnmo qijglmg Pt*7=41 tmfm vmnyj

0449 oijhmfg qijglmg PT*>096 tmfm vmnyj 0445, tmfmnml lm`m tipyqmnmmjjwm

qifmjk oijgjkcmv* Tijypyjmj nmpkm qmnmo hykm viphmfg tmfm vmnyj 044> tmfm

tipyqmnmmj KKPO fmj NOQT fgomjm tmfm vmnyj 044> cifym tipyqmnmmj

vipqi`yv ìpnmqgl oio`ycycmj tijhymlmj fmj lm`m wmjk oijgjkcmv vivmtg vgfmc

fggcyvg blin nmpkm qmnmo wmjk oijgjkcmv*

Gjuiqvmqg wmjk momj oioiplycmj mjmlgqgq wmjk aipomv, vilgvg fmj fgfycyjk

blin fmvm wmjk mcypmv qingjkkm fmtmv oijkypmjkg piqgcb `mkg gjuiqvbp `mlmo

ìpgjuiqvmqg* Mjmlgqgq eyjfmoijvml qi`mkmg qmlmn qmvy vicjgc mjmlgqgq wmjk

fgkyjmcmj blin gjuiqvbp fmlmo oijampg gjebpomqg fmpg lmtbpmj ciymjkmj

tipyqmnmmj* ììpmtm cbotbjij wmjk tijvgjk fmlmo oilmcycmj mjmlgqgq vipnmfmt


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YQY Pitbqgvbpw 0447

eyjfmoijvml tipyqmnmmj fgmjvmpmjwm mfmlmn Tpgai Impjgjk Pmvgb . TIP ' fmj

Pivypj bj I}ygvw .PBI' .Vmjfilglgj,044=806=' qipvm pmqgb tpbegvm`glgvmq wmjk

tijvgjk lmgjjwm mfmlmn Jiv Tpbegv Ompkgj .JTO' .@pgknmo fmj

Nbyqvbj,044=8>6'* TIP wmgvy pmqgb wmjk oijkgjfgcmqgcmj ìqmpjwm pytgmn wmjk

nmpyq fg`mwmpcmj gjuiqvbp yjvyc oiotipblin qmvy pytgm impjgjk tipyqmnmmj

.Vmjfilglgj,044=8061'* Mpvgjwm TIP oijyjhycmj ìqmpjwm nmpkm vgmt qmvy pytgmn

impjgjk tipyqmnmmj* Pmqgb lmgjjwm PBI fgomjm PBI fgkyjmcmj yjvyc oijkycyp

ciomotymj obfml fmlmo oijknmqglcmj tijfmtmvmj* Mpvgjwm qiomcgj ìqmp PBI

qiomcgj `mgc omjmhioij tipyqmnmmj cmpijm fmpg obfml wmjk fgcilblm fgnmqglcmj

tijfmtmvmj wmjk btvgboml* Gjfgcmvbp lmgjjwm wmgvyJiv Tpbegv Ompkgj .JTO' wmjk

oipytmcmj ompkgj lm`m mvmq tijhymlmj .tpbegv ompkgj bj qmliq' fgomjm qiomcgj

vgjkkg JTO omcm qiomcgj `mgc tylm btipmqg tipyqmnmmj .Fmpqbjb fmj Mqnmpg,

0449895'*

Tijilgvgmj wmjk fglmcycmj blin Qyqglm{mvg .0449' oijyjhycmj civgkm vicjgc

mjmlgqgq vipqi`yv oioglgcg tijkmpyn wmjk qgkjgegcmj qiampm qipiotmc vipnmfmt

nmpkm qmnmo jmoyj qiampm tmpqgml umpgmìl PBI vgfmc ìptijkmpyn* Tijilgvgmj gjg

hykm qihmlmj fijkmj tijilgvgmj wmjk fglmcycmj Qy`gwmjvbpb fmj Mjfpmijg .044;'

wmjk oijyjhycmj mfmjwm tijkmpyn TIP vipnmfmt nmpkm qmnmo* Qifmjkmcmj

qiampm tmpqgml PBI hykm vgfmc ìptijkmpyn* Tijilgvgmj wmjk fglmcycmj blin

Nghpgmn .044>' oioglgcg nmqgl wmjk ìpifm fgomjm qiampm tmpqgml umpgmìl PBI

fmj TIP wmjk oioglgcg tijkmpyn vipnmfmt Nmpkm Qmnmo* Tijilgvgmj wmjk

fglmcycmj Tyqtgvmqmpg .044;' hykm oioglgcg nmqgl wmjk ìpifm fgomjm qiampm

tmpqgml qioym umpgmìl vipqi`yv vgfmc ìptijkmpyn vipnmfmt Nmpkm Qmnmo*


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YQY Pitbqgvbpw 0447

@ipfmqmpcmj ypmgmj qipvm tipomqmlmnmj wmjk vilmn fgcioycmcmj

qiìlyojwm omcm tijylgq vipvmpgc yjvyc oilmcycmj tijilgvgmj fijkmj hyfyl

Mjmlgqgq Tijkmpyn Tpgai Impjgjk Pmvgb .TIP' fmj Pivypj Bj I}ygvw .PBI'

fmj Jiv Tpbegv Ompkgj .JTO' Vipnmfmt Nmpkm Qmnmo Tmfm Gjfyqvpg Pbcbc

fg @ypqm Ieic Gjfbjiqgm*

@* Tipyoyqmj Omqmlmn

@ipfmqmpcmj lmvmp ìlmcmjk omqmlmn wmjk fgypmgcmj omcm fgpyoyqcmj

omqmlmn qi`mkmg ìpgcyv3

MtmcmnTpgai Impjgjk Pmvgb .TIP',Pivypj bj I}ygvw .PBI'fmjJiv Tpbegv

Ompkgj .JTO' oioglcg tijkmpyn vipnmfmt Nmpkm Qmnmo Gjfyqvpg Pbcbc fg

@ypqm Ieic Gjfbjiqgm .@IG'2

A* Cipmjkcm Cbjqitvyml

Fmlmo gjuiqvmqg qmnmo fg tmqmp obfml yjqyp wmjk tijvgjk wmjk tiply

fgtipnmvgcmj mfmlmn piqgcb fmj nmqgl* Qingjkkm fgtiplycmj ciomotymj yjvyc

oijkmjmlgqgq qmnmo/qmnmo omjm wmjk oioìpgcmj ciyjvyjkmj fmj hykm piqgcb

wmjk ìqmp* Vmjfilglgj .044=8010' oijwmvmcmj `mn{m fmlmo oilmcycmj mjmlgqgq

tipyqmnmmj, gjuiqvbp nmpyq oijfmqmpcmj cipmjkcm ìpegcgp tmfm fym cbotbjij

yvmom fmlmo mjmlgqgq eyjfmoijvml wmgvy Tpgai Impjgjk Pmvgb .TIP' fmjPivypj bj

I}ygvw .PBI' tipyqmnmmj* Qipvm pmqgb tpbegvm`glgvmq wmjk tijvgjk lmgjjwm fmlmo

oijkmjmlgqgq nmpkm qmnmo mfmlmn Jiv Tpbegv Ompkgj .JTO'* Tijilgvgmj wmjk

fglmcycmj blin Qyqglm{mvg .0449' oijkkyjmcmj PBI, TIP, JTO fmj umpgm`li


12/79


YQY Pitbqgvbpw 0447

lmgjjwm fmlmo oijkmjmlgqgq Nmpkm* Fiogcgmj hykm fijkmj tijilgvgmj Nghpgmn

oijkmjmlgqgq ny`yjkmj mjvmpm PBI fmj TIP vipnmfmt Nmpkm Qmnmo* Qifmjkcmj

tijilgvmgmj Tyqtgvmqmpg .044;' fmlmo oijkmjmlgqgq nmpkm qmnmo oijkkyjmcmj

civgkm umpgmìl vipqi`yv fgvmo`mn umpgmìl qilmgj tpbegvm`glgvmq* Fmlmo tijilgvgmj

oijkijmg emcvbp/emcvbp wmjk oiotijkmpyng nmpkm qmnmo Qy`gwmjvbpb fmj

Mjfpimjg .0441' oijkkyjmcmj umpgmìl PBI fmj ììpmtm umpgmìl lmgjjwm*

ììpmtm mlmqmj wmjk oijfmqmpg tijkkyjmmj cbotbjij vipqi`yv wmgvy cmpijm

tmfm fmqmpjwm cbotbjij vipqi`yv `gqm fgtmcmg yjvyc oijkiqvgomqg jglmg gjqvpgjqgc

qymvy qmnmo* Jglmg gjqvpgjqgc qmnmo mfmlmn jglmg qiìjmpjwm qymvy qmnmo wmjk

fgtipfmkmjkcmj* Mlmqmj lmgjjwm mfmlmn cmpijm fiugfij fg`mwmpcmj tipyqmnmmj

tmfm fmqmpjwm fg`mwmpcmj fmpg impjgjk*

@ipfmqmpcmj lmvmp ìlmcmjk fmj tipyoyqmj omqmlmn wmjk vilmn

fgcioycmcmj, omcm obfil cipmjkcm cbjqitvyml wmjk fgkyjmcmj mfmlmn qi`mkmg

ìpgcyv8

Kmo`mp =*=8 Cipmjkcm CbjqitvymlQyoìp8 Vmjfilglgj .044=', Qyqglm{mvg .0449', Qy`wmjvbpb fmj Mjfpimjg .0441',

Nghpgmn .044>', Tyqtgvmqmpg .044;', Fgobfgegcmqg

F* Ngtbviqgq

IMPJGJK TIP

QNMPI .ITQ'

PIVYPJ BJ I]YGVW

.PBI'

NMPKM

QMNMO

JIV TPBEGV

OMPKGJ .JTO'


13/79


YQY Pitbqgvbpw 0447

Ngtbviqgq mfmlmn hm{m`mj wmjk ìpqgemv qioijvmpm vipnmfmt omqmlmn

tijilgvgmj wmjk ciìjmpmjjwm omqgn liomn, qingjkkm nmpyq fg yhg qiampm iotgpgq*

Oipyoyqcmj ngtbviqgq ìpmpvg oioìjvyc tpbtbpqg wmjk qiqymg fijkmj

cioyjkcgjmj/cioyjkcgjmj qipvm vgjkcmv ciìjmpmjjwm .Kgjvgjk fmj Qgvyobpmjk,

044>877'* @ipfmqmpcmj tipyoyqmj omqmlmn wmjk vilmn fgcioycmcmj fgmvmq omcm

omcm ngtbviqgq tijilgvgmj gjg mfmlmn qi`mkmg ìpgcyv8

Tpgai Impjgjk Pmvgb .TIP', Pivypj bj I}ygvw .PBI'fmj Jiv Tpbegv Ompkgj

.JTO' oioglgcg tijkmpyn vipnmfmt Nmpkm Qmnmo Gjfyqvpg Pbcbc fg @ypqm

Ieic Gjfbjiqgm .@IG'*

I* Vyhymj fmj Omjemmv Tijilgvgmj

=*Vyhymj Tijilgvgmj

Mfmtyj vyhymj tijilgvgmj gjg mfmlmn8 Yjvyc oijkmjmlgqgq tijkmpyn

umpgmìl Tpgai Impjgjk Pmvgb .TIP', Pivypj Bj I}ygvw .PBI' fmj Jiv Tpbegv

Ompkgj .JTO' vipnmfmt nmpkm qmnmo tipyqmnmmj gjfyqvpg pbcbc fg @ypqm Ieic

Gjfbjiqgm .@IG'

0* Omjemmv Tijilgvgmj

Nmqgl tijilgvgmj gjg fgnmpmtcmj fmtmv oioìpgcmj omjemmv qi`mkmg ìpgcyv8

m* @mkg gjuiqvbp fgnmpmtcmj fijkmj mfmjwm tijilgvgmj gjg fmtmv oijhmfg

`mnmj tipvgo`mjkmj fmlmo oijmjmocmj obfmljwm fg gjfyqvpg pbcbc

tmfm @IG

`* @mkg Emcylvmq Icbjbog YQY fgnmpmtcmj fmtmv oijmo`mn fmj

oiotiplymj cnmxmjmn tijilgvgmj wmjk mfm*


14/79


YQY Pitbqgvbpw 0447

a* @mkg tijylgq, fmtmv oijmo`mn {m{mqmj vijvmjk mjmlgqgq gjuiqvmqg

qmnmo cnyqyqjwm vijvmjk TIP, PBI fmj JTO tmfm Gjfyqvpg Pbcbc

wmjk vipfmevmp fg @IG*

f* @mkg tgnmc lmgj, qi`mkmg `mnmj pieipijqg wmjk jmjvgjwm fmtmv

oioìpgcmj tip`mjfgjkmj fmlmo oilmcycmj tijilgvgmj/tijilgvgmj

qilmhyvjwm wmjk qihijgq*

E* Oivbfi Tijilgvgmj

=* @mvmqmj Btipmqgbjml

Mfmtyj `mvmqmj btipmqgbjml tijilgvgmj gjg mfmlmn

m* Qy`hic fmlmo tijilgvgmj gjg mfmlmn gjfyqvpg pbcbc wmjk vipfmevmp fg @ypqm

Ieic Gjfbjiqgm .@IG'

`* Fmvm lmtbpmj ciymjkmj wmjk fgkyjmcmj mfmlmn lmtbpmj ciymjkmj qicvbp

Gjfyqvpg Pbcbc wmjk vipfmevmp fg @ypqm Ieic Gjfbjiqgm fgomjm yjvyc

tipyqmnmmj TV Kyfmjk Kmpmo,V`c fmj TV N O Qmotbipjm,V`c

oijkkyjmcmj fmvm tmfm vmnyj 044= qmotmg 044> qifmjkcmj tmfm

tipyqmnmmj TV @MV Gjfbjiqgm, V`c fmj TV @ijvbil Gjvipjmqgbjml Gju,

V`c oijkkyjmcmj fmvm lmtbpmj ciymjkmj vmnyj 044= qmotmg 044;* nml

gjg fgcmpijmcmj fym tipyqmnmmj vipqi`yv ìlyo oijkillympcmj lmtbpmj

ciymjkmj tmfm vmny 044>*

a* Umpgmìl/umpgmìl wmjk fgvilgvg fmlmo mjmlgqgq gjuiqvmqg wmjk

oiotijkmpyng nmpkm qmnmo mfmlmn Tpgai Impjgjk Pmvgb .TIP', Pivypj

bj I}ygvw .PBI' fmj Jiv Tpbegv Ompkgj .JTO' wmjk fgycyp fijkmj

mjmlgqgq lgjimp ìpkmjfm*


15/79


YQY Pitbqgvbpw 0447

0* Fiegjgqg Btipmqgbjml Umpgmìl

Fiegjgqg btipmqgbjml umpgmìl oipytmcmj tijhilmqmj oijkijmg fiegjgqg

btipmqgbjml fmpg umpgmìl/umpgmìl wmjk fgvilgvg wmjk ìpytm umpgmìl fitijfij

.vipgcmv' fmj umpgmìl gjfitijfij .ì`mq'* Fiegjgqg btipmqgbjml wmjk fgkyjmcmj

fmlmo tijilgvgmj gjg mfmlmn8

m*Umpgmìl vipgcmv.fitijfij umpgm`li'

Umpgmìl vipgcmv fmlmo tijilgvgmj gjg mfmlmn Nmpkm Qmnmo* Nmpkm qmnmo

oipytmcmj nmpkm qmnmo tmfm qmmv tijyvytmj mcngp `ylmj wmjk fgpmvm/pmvmcmj

fmlmo qmvy vmnyj fmpg qivgmt iogvij wmjk vipamvmv fg @ypqm Ieic* Nmpkm qmnmo

tmfm tijilgvgmj gjg wmgvy nmpkm qmnmo tipyqmnmmj/ tipyqmnmmj qmotil wmgvy

tipyqmnmmj gjfyqvpg pbcbc fijkmj tipgbfi tijilgvgmj fmpg vmnyj 044= qmotmg

fijkmj vmnyj 044> yjvyc iogvij KKPO fmj NOQT qipvm fmpg vmnyj 044=

qmotmg vmnyj 044; yjvyc iogvij @MVG fmj PO@M* Oijypyv Pbìpv Mjk

.=77;' nmpkm qmnmo `ylmjmj fgngvyjk fijkmj oijhyolmncmj nmpkm tijyvytmj

qivgmt mcngp vpmjqmcqg fg`mkg fijkmj hyolmn nmpg vpmjqmcqg tip`ylmj* Nmpkm

qmnmo vmnyjmj fg{mcglg blin pmvm/pmvm nmpkm tijyvytmj tip vmnyj tipyqmnmmj

wmjk fmtmv fgngvyjk fijkmj oio`mjfgjkcmj vbvml nmpkm qmnmo `ylmjmj fg`mkg

fijkmj =0 `ylmj fmlmo qivmnyj* Fmvm oijkijmg nmpkm qmnmo fgycyp fijkmj

qmvymj Pytgmn*

Nmpkm qmnmo nmpgmj

Pmvm/pmvm nmpkm qmnmo `ylmjmj ? Nmpg vpmjqmcqg

Nmpkm qmnmo `ylmjmjPmvm/pmvm nmpkm qmnmo vmnyjmj ?

=0


16/79


YQY Pitbqgvbpw 0447

`*Umpgmìl ì`mq .gjfitijfijv umpgm`li'

=' Tpgai Impjgjk Pmvgb .TIP'

Tpgai Impjgjk Pmvgb .TIP' oipytmcmj ampm oijkycyp qiìpmtm ìqmp

gjuiqvbp oijglmg lm`m wmjk fgnmqglcmj tipyqmnmmj* Fmpomfhg fmj Emcnpyffgj

.04458=7>' oijwmvmcmj `mn{m TIP oijkkmo`mpcmj mtpiqgmqg tmqmp vipnmfmt

ciomotymj tipyqmnmmj fmlmo oijknmqglcmj lm`m* TIP wmjk fgkyjmcmj

mfmlmn TIP wmjk fgngvyjk qivgmt mcngp vmnyj mvmy tip Fiqioìp qivgmt vmnyj*

TIP fgngvyjk fmlmo qmvymj cmlg fmj fgngvyjk fijkmj pyoyq8

Nmpkm Qmnmo

TIP ?

Lm`m Tip Qmnmo

0' Pivypj bj I}ygvw .PBI'

Pivypj bj I}ygvw .PBI' oipytmcmj vgjkcmv tijkio`mlgmj mvmq gjuiqvmqg wmjk

fgvmjmocmj blin tioikmjk qmnmo mvmy gjuiqvbp* PBI fgkyjmcmj yjvyc

oijkycyp vgjkcmv tijkio`mlgmj tipyqmnmmj mvmy ieicvgugvmq tipyqmnmmj fg

fmlmo oijknmqglcmj ciyjvyjkmj fijkmj oiomjemmvcmj icygvmq* PBI wmjk

fgkyjmcmj mfmlmn PBI wmjk fgngvyjk qivgmt mcngp vmnyj mvmy tip Fiqioìp

qivgmt vmnyj* PBI fgngvyjk fijkmj qmvymj cmlg fmj fmtmv fgngvyjk fijkmj

pyoyq8

Lm`m @ipqgn Qivilmn TmhmcPBI ?

Vbvml Icygvmq

1' Jiv Tpbegv Ompkgj .JTO'

Jiv Tpbegv Ompkgj .JTO' fgkyjmcmj yjvyc oijkycyp lm`m ìpqgn qivilmn

tmhmc fg`mjfgjkcmj fijkmj vbvml mcvgum*Jiv Tpbegv Ompkgj .JTO' qipgjk hykm

fgqi`yv fijkmj qmliq ompkgj oipytmcmj qmlmn qmvy fmpg pmqgb tpbegvm`glgvmq


17/79


18/79


YQY Pitbqgvbpw 0447

tijilgvgmj gjg mfmlmn tipyqmnmmj gjfyqvpg pbcbc fgomjm yjvyc iogvij KKPO fmj

NOQT oijkkyjmcmj fmvm vmnyj 044= qmotmg fijkmj vmnyj 044> qipvm iogvij

@MVG fmj PO@M oijkkyjmcmj fmvm vmnyj 044= qmotmg fijkmj vmnyj 044;*

Vipfmtmv 6 .iotmv' tipyqmnmmj Gjfyqvpg Pbcbc wmjk vipfmevmp fg @ypqm Ieic

Gjfbjiqgm mjvmpm lmgj*

Vmìl =*0

Tipyqmnmmj Pbcbc wmjk vipfmevmp fg @IG

Jb Cbfi Iogvij Jmom Tipyqmnmmj

= @MVG TV @MV Gjfbjiqgm, V`c

0 KKPO TV Kyfmjk Kmpmo, V`c

1 NOQT TV N O Qmotbipjm, V`c

6 PO@M TV* @ijvbil Gjvipjmqgbjml Gjuiqvmom, V`c

Qyoìp8 @ypqm Ieic Gjfbjiqgm .044>'

9*Hijgq Fmvm

Fmvm wmjk fgkyjmcmj fmlmo tijilgvgmj gjg mfmlmn fmvm cymjvgvmvge wmjk

ìpqyoìp fmpg fmvm qicyjfip* Fmvm qicyjfip oipytmcmj fmvm wmjk fgtipblin

qiampm vgfmc lmjkqyjk wmgvy oilmlyg oifgm gjvipjiv, `ycy/`ycy pieipijqg, qypmv

cm`mp, hypjml/hypjml tijilgvgmj fmj lgvipmvyp glgogmn lmgjjwm wmjk ìpcmgvmj fijkmj

vbtgc `mnmqmj fmlmo tijilgvgm .Mogpyllmn fmj [gfmwmv, 0440851'* Fmvm vipqi`yv

wmjk vipfgpg fmpg8

m* Lmtbpmj ciymjkmj tipyqmnmmj fmlmo Gjfyqvpg Pbcbc wmjk vipfmevmp fg

@ypqm Ieic Gjfbjiqgm vmnyj 044= qmotmg 044> yjvyc iogvij KKPO fmj

NOQT qipvm lmtbpmj ciymjkmj vmnyj 044= qmotmg 044; yjvyc iogvij

@MVG fmj PO@M*


19/79


YQY Pitbqgvbpw 0447

`* Hyolmn lio`mp qmnmo tmfm qivgmt mcngp vmnyj fmpg tipyqmnmmj Gjfyqvpg

Pbcbc wmjk vipfmevmp fg @ypqm Ieic Gjfbjiqgm*

a* Nmpkm qmnmo pmvm/pmvm qivgmt vmnyj fmpg tipyqmnmmj Gjfyqvpg Pbcbc wmjk

vipfmevmp fg @ypqm Ieic Gjfbjiqgm*

5* Vicjgc Tijkyotylmj Fmvm

Oijypyv Nmqmj .04408>1' tijkyotylmj fmvm mfmlmn tijamvmvmj tipgqvg{m/

tipgqvg{m mvmy nml/nml mvmy civipmjkmj/civipmjkmj mvmy cmpmvipgqvgc/cmpmvipgqvgc

qi`mkgmj mvmy qilypyn ilioij tbtylmqg wmjk mcmj oijyjhmjk mvmy oijfycyjk

tijilgvgmj* Tijkyotylmj fmvm fglmcycmj oilmlyg 8

Fglmcycmj fijkmj oijkkyjmcmj fmvm qicyjfip wmjk ìpytm lmtbpmj/lmtbpmj wmjk

fgty`lgcmqgcmj blin @ypqm Ieic Gjfbjiqgm* Oilmcycmj qvyfg tyqvmcm wmgvy fijkmj

oijkyotylcmj fmvm tijfycyjk ìpytm lgvipmvyp hypjml tijilgvgmj vipfmnyly qipvm

lmtbpmj/lmtbpmj wmjk fgty`lgcmqgcmj yjvyc oijfmtmvcmj tipomqmlmnmj wmjk mcmj

fgvilgvg*

; *Oivbfi Mjmlgqgq Fmvm

Oivbfi mjmlgqgq fmvm wmjk fgkyjmcmj fmlmo tijilgvgmj gjg oijkkyjmcmj

vmnmt/vmnmt qi`mkmg ìpgcyv8

m* Oivbfi Mjmlgqgq Qvmvgqvgc

=' Mjmlgqgq Pikpiqg Lgjimp @ipkmjfm

Yjvyc oijkivmnyg tijkmpyn Umpgmìl/umpgmìl ì`mq vipnmfmt

umpgmìl vipgcmv fgkyjmcmj pyoyq8

W ? m # =^= #0 ^0 # `1 ^1 # i

Fgomjm 8

W ? Nmpkm Qmnmo


20/79


YQY Pitbqgvbpw 0447

m ? Cbjqvmjvm

^= ? Tpgai Impjgjk Pmvgb .TIP'

^0 ?Pivypj bj I}ygvw . PBI'

^1 ?Jiv Tpbegv Ompkgj .JTO'

= ? cbiegqgij pikpiqg umpgmìl TIP0 ? cbiegqgij pikpiqg umpgmìl PBI1 ? cbiegqgij pikpiqg umpgmìl JTO

i ? Ippbp

Qiìlyo fmvm vipqi`yv fgmjmlgqgq obfil pikpiqg ìpkmjfm nmpyq

oioijyng qwmpmv yhg mqyoqg clmqgc wmgvy 8

m* Yhg jbpomlgvmq

Yhg jbpomlgvmq mvmy fgqvpg`yqg jbpoml fglmcycmj yjvyc oijkivmnyg

mtmcmn fmlmo qymvy obfil pikpiqg, umpgmìl fitijfij, umpgmìl

gjfitijfij, mvmy cifymjwm oiotyjwmg fgqvpg`yqg jbpoml mvmy

vgfmc* Obfil pikpiqg wmjk `mgc mfmlmn oioglgcg fgqvpg`yqg jbpoml

mvmy oijficmvg jbpoml* Obfil wmjk tmlgjk `mgc mfmlmn fmvm

fgqvpg`yqg fmvm jbpoml mvmy oijficmvg jbpoml* Yhg gjg fglmcycmj

oilmlyg mjmlgqgq kpmegc ngqvgkpmo fmj kpmegc T/tlbv qipvm mjmlgqgq

qvmvgqvgccblobkbpbu/qogpjbu*

`* Yhg Oylvgcblgjipgvmq

Yhg oylvgcblgjipgvmq fgtiplycmj yjvyc oijkivmnyg mfm vgfmcjwm

ny`yjkmj lgjgip mjvmp umpgmìl ì`mq fmlmo qmvy obfil* Ny`yjkmj

lgjimp mjvmpm umpgmìl ì`mq gjglmn wmjk fgqi`yv oylvgcblgjgipgvmq

.Jmanpb{g, 0445879'

a* Yhg nivipbqcifmqvgqgvmq

Vyhymj yhg nivipbqcifmqvgqgvmq mfmlmn yjvyc oijkyhg mtmcmn fmlmo

qi`ymn obfil pikpiqg viphmfg civgfmcqmommj umpgmjq fmpg piqgfyml

fmpg qymvy tijkmomvmj ci tijkmomvmj lmgj* Hgcm umpgmjq fmpg


21/79


22/79


YQY Pitbqgvbpw 0447

Nm 8 Vgfmc qioym `g .`=, `0, `1,' qmom fijkmj jbl .Lgjf, M*

Ompanml, fmj [mvnij, 044>'*

Cpgvipgm Tijkmo`glmj Cityvyqmj8

Nb fgvipgom hgcm E ngvyjk E vmìl tmfm ? 9 )

Nm fgvipgom hgcm E ngvyjk : E vmìl tmfm ? 9 )

`* Yhg/v .yhg tmpqgml'

Fgkyjmcmj yjvyc oijkyhg cbiegqgij pikpiqg qiampm gjfgugfyml*

Tijkyhgmj gjg fglmcycmj yjvyc oijkivmnyg mtmcmn qiampm tmpqgml

omqgjk/omqgjk umpgmìl ì`mq oiotyjwmg tijkmpyn qgkjgegcmj

mvmy vgfmc vipnmfmt umpgmìl vipgcmv* Qivilmn fgfmtmv jglmg v ngvyjk

omcm qilmjhyvjwm jglmg v ngvyjk fg`mjfgjkcmj fijkmj jglmg v vmìl*

@ijvyc tijkyhgmj

N4 8 `= ? 4

Mpvgjwm vgfmc vipfmtmv tijkmpyn wmjk qgkjgegcmj fmpg umpgmìl TIP

qiampm tmpqgml vipnmfmt umpgmìl Nmpkm Qmnmo

N4 8 `= 4

Vipfmtmv tijkmpyn wmjk qgkjgegcmj fmpg umpgmìl TIP qiampm tmpqgml

vipnmfmt umpgmìl Nmpkm Qmnmo

N4 8 `0 ? 4

Mpvgjwm vgfmc vipfmtmv tijkmpyn wmjk qgkjgegcmj fmpg umpgmìl PBI


N4 8 `0 4

Vipfmtmv tijkmpyn wmjk qgkjgegcmj fmpg umpgmìl PBI qiampm

tmpqgml vipnmfmt umpgmìl Nmpkm Qmnmo


23/79


YQY Pitbqgvbpw 0447

N4 8 `1 ? 4

Mpvgjwm vgfmc vipfmtmv tijkmpyn wmjk qgkjgegcmj fmpg umpgmìl JTO


N4 8 `1 4

Vipfmtmv tijkmpyn wmjk qgkjgegcmj fmpg umpgmìl JTO qiampm

tmpqgml vipnmfmt umpgmìl Nmpkm Qmnmo

Tmfm tijilgvgmj gjg vngvyjk mcmj fg`mjfgjkcmj fijkmj vvmìl tmfm

vgjkcmv qgkjgegcmj . ' ? 9)* Cpgvipgm tijglmgmj ngtbviqgq tmfm yhg/E

gjg mfmlmn

Vipgom N4 `glm /v vmìl v ngvyjk v vmìl

Vblmc N4 .vipgom N=' `glm v ngvyjk : v vmìl mvmy v ngvyjk < /v vmìl


24/79


YQY Pitbqgvbpw 0447

@M@ GG

YPMGMJ VIBPGVGQ

M*Tijilgvgmj Vipfmnyly

Qyqglm{mvg .0449' oilmcycmj tijilgvgmj wmjk ìphyfyl tijkmpyn pmqgb

ciymjkmj vipnmfmt nmpkm qmnmo tmfm tipyqmnmmj omjyemcvyp* Tijilgvgmj gjg

fglmcycmj vipnmfmt tipyqmnmmj omjyemcvyp tipgbfi vmnyj =777 qmotmg vmnyj

0441* Umpgmìl gjfitijfijv wmjk fgkyjmcmj mfmlmnPivypj bj Mqqiv .PBM' Pivypj

bj I}ygvw.PBI', Pivypj Bj Gjuiqvoij .PBG', Tpgai vb @bbc Umlyi .T@U', Tpgai

Impjgjk Pmvgb .TIP', Jiv Tpbegv Ompkgj .JTO', fmj Btipmvgjk Tpbegv Ompkgj

.BTO'* @ipfmqmpcmj nmqgl tijilgvgmj wmjk oijkkyjmcmj mjmlgqgq lgjimp ìpkmjfm

fijkmj yhg v fmj E fgomjm vgjkcmv qgkjgegcmj 4*49 vipjwmvm fgtipblin nmqgl wmgvy

pmqgb ciymjkmj wmjk vipfgpg fmpg Pivypj bj Mqqiv .PBM', Pivypj bj Gjuiqvoij

.PBG', Tpgai vb @bbc Umlyi .T@U', Tpgai Impjgjk Pmvgb .TIP', Jiv Tpbegv Ompkgj

.JTO', fmj Btipmvgjk Tpbegv Ompkgj .BTO' oioglgcg tijkmpyn wmjk qgkjgegcmj

vipnmfmt nmpkm qmnmo*

Qy`gwmjvbpb fmj Mjfpimjg .0441' oilmcycmj tijilgvgmj wmjk ìphyfyl mjmlgqgq

emcvbp/emcvbp wmjk oiotijkmpyng nmpkm qmnmo .cmqyq tipyqmnmmj hmqm tipnbvilmj

wmjk vipfmevmp fg @ypqm Ieic Hmcmpvm'* Tijilgvgmj gjg oijkkyjmcmj umpgmìlPivypj

Bj Mqqivq .PBM', Pivypj Bj I}ygvw .PBI' ,Impjgjk Tip Qnmpi .ITQ', @bbc


25/79


YQY Pitbqgvbpw 0447

Umlyi tip Qnmpi .@UQ', Fi`v Vb I}ygvw Pmvgb.FIP', Pivypj qmnmo, Pivypj @i`mq

Piqgcb, Piqgcb Tmqmp, Pivypj Ompciv* Tijilgvgmj gjg oijkkyjmcmj mjmlgqgq lgjimp

ìpkmjfm, fgomjm Tijilgvgmj gjg oijknmqglcmj ny`yjkmj mjvmpm

Nghpgmn .044>' oilmcycmj tijilgvgmj wmjk ìphyfyl tijkmpyn eyjfmoijvml

fmj piqgcb qgqviomvgc vipnmfmt nmpkm qmnmo tpbtipvg fg @ypqm Ieic Hmcmpvm*

Tijilgvgmj gjg oijkkyjmcmj umpgmìl pmqgb ciymjkmj wmjk vipfgpg fmpg PBM, PBI,

FIP, TIP, ITQ, @U fmj piqgcb qgqviomvgc* Mlmv tijkyhgmj wmjk fgkyjmcmj fmlmo

tijilgvmgmj gjg mfmlmn mjmlgqgq pikpiqg lgjimp ìpkmjfm* Nmqgl tijilgvmj gjg

oijyjhycmj `mn{m qiampm qipiotmc emcvbp eyjfmoijvml wmjk vipfgpg fmpg umpgmìl

pmqgb tpbegvm`glgvmq oioglgcg tijkmpyn wmjk qgkjgegcmj vipnmfmt nmpkm qmnmo*

Fijkmj cbiegqgij fivipogjmqg .P0' wmjk fgnmqglcmj oijyjhyccmj tblm tipkipmcmj

nmpkm qmnmo ìpqgemv mamc* Qiampm tmpqgml emcvbp wmjk oioglgcg tijkmpyn wmjk

qgkjgegcmj nmjwm vipfgpg fmpg vgkm umpgmìl wmgvy PBI, TIP fmj @U* Qifmjkcmj

umpgmìl lmgjjwm vgfmc oioglgcg tijkmpyn wmjk qgkjgegcmj vipnmfmt nmpkm qmnmo

tpbtipvg fg @ypqm Ieic Gjfbjiqgm*

Tyqtgvmqmpg .044;' oilmcycmj tijilgvgmj wmjk ìphyfyl mjmlgqgq tijkmpyn

emcvbp eyjfmoijvml vipnmfmt nmpkm qmnmo . qvyfg tmfm tipyqmnmmj Kb Ty`lga fg

@ypqm Ieic Hmcmpvm tipgbfi 0444/0446'* Mlmv mjmlgqgq wmjk fgkymjmcmj mfmlmn

pikpiqg lgjimp ìpkmjfm* Umpgmìl wmjk fgkyjmcmj mfmlmn ijmo emcvbp eyjfmoijvml

wmjk vipfgpg fmpg PBI, PBM, ITQ, TIP JTO fmj FTP* Tmfm tijilgvgmj gjg

umpgmìl PBM fgcilympcmj fmpg obfil cmpijm viphmfg oylvgcblgjimpgvmq* Nmqgl

tijilgvmgj gjg oijyjhycmj qiampm ìpqmom/qmom cilgom umpgmìl emcvbp

eyjfmoijvml oioglgcg tijkmpyn qgkjgegcmj* Qioijvmpm qiampm tmpqgml nmjwm


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YQY Pitbqgvbpw 0447

umpgmìl ITQ wmjk oioglgcg tijkmpyn wmjk qgkjgegcmj vipnmfmt nmpkm qmnmo*

Tijilgvmgmj gjg oioglgcg jglmg mfhyqvif P q}ympi qiìqmp 5>,9 )

@* Tmqmp Obfml

=* Tijkipvgmj Tmqmp Obfml

Tmqmp obfml oijypyv Fmpomfhg fmj Emcnpyffgj .04458=' oipytmcmj tmqmp

yjvyc ìp`mkmg gjqvpyoij ciymjkmj hmjkcm tmjhmjk wmjk `gqm fgtiphymlìlgcmj,

`mgc fmlmo ìjvyc yvmjk, icygvmq .qmnmo', gjqvpyoij fipgumvge, omytyj gjqvpyoij

lmgjjwm* Tmqmp obfml oipytmcmj qmpmjm tijfmjmmj `mkg tipyqmnmmj omytyj

gjqvmjqg lmgj .ogqmljwm tioipgjvmn' fmj qmpmjm `mkg cikgmvmj ìpgjuiqvmqg* Fijkmj

fiogcgmj, tmqmp obfml oioemqglgvmqg ìp`mkmg qmpmjm fmj tpmqmpmjm cikgmvmj hyml

ìlg fmj cikgmvmj vipcmgv lmgjjwm*

Oijypyv @iplgmj fmj Qyjfhmhm .04418606' tijkipvgmj tmqmp obfml fmtmv

fgvgjhmy fmlmo mpvg qiotgv fmj lymq* Tijkipvgmj tmqmp obfml fmlmo mpvg qiotgv

wmgvy tmqmp obfml oipytmcmj cikgmvmj wmjk oiotipvioycmj tijhyml fmj tioìlg

fmjm hmjkcm tmjhmjk* Qifmjkcmj tijkipvgmj tmqmp obfml fmlmo mpvg lymq mfm fym

wmgvy, wmjk tipvmom tmqmp obfml mfmlmn ciqilypymn qgqvio ciymjkmj wmjk

vipbpkmjgqmqg vipomqyc `mjc/`mjc cboipqgml fmj qioym tipmjvmpm fg `gfmjk

ciymjkmj qipvm qypmv/qypmv ìpnmpkm hmjkcm tmjhmjk fmj tijfic* Cifym, tmqmp

obfml mfmlmn qioym tmqmp wmjk vipbpkmjgqgp fmj lio`mkm/lio`mkm wmjk

oiotipfmkmjkcmj {mpcmv/{mpcmv cpifgv .`gmqmjwm wmjk ìphmjkcm {mcvy li`gn

fmpg qmvy vmnyj' vipomqyc qmnmo, b`lgkmqg, fmj vm`yjkmj qipvm fitbqgvb ìphmjkcm*

Tmqmp obfml tmfm nmcgcmvjwm mfmlmn qymvy cikgmvmj wmjk oiotipvioycmj tijhyml


27/79


YQY Pitbqgvbpw 0447

fmj tioìlg fmjm* Viotmv tijm{mpmj mvmy tijhymlmj fmjm gjg fglmcqmjmcmj fmlmo

qmvy lio`mkm piqog wmjk fgqi`yv @ypqm Ieic* @ypqm wmgvy viotmv fg omjm

ìpvioyjwm tijhyml fmj"mvmy tioìlg ieic/ieic* Yoyojwm wmjk vipomqyc tgnmc

tijm{mp mfmlmn tipyqmnmmj mqypmjqg, tipyqmnmmj fmjm tijqgyj, `mjc/`mjc

vm`yjkmj, fmj Gmgj/lmgj* Qifmjkcmj wmjk vipomqyc tgnmc tioìlg mfmlmn

tijkyqmnm, tioipgjvmn mvmy fmipmn* Eyjkqg `ypqm ieic mjvmpm lmgj mfmlmn oijhmkm

cbpgvgyjgvmq tmqmp qipvm oijagtvmcmj nmpkm ieic wmjk {mhmp oilmlyg oicmjgqoi

tipogjvmmj fmj tijm{mpmj*

Yjfmjk/Yjfmjk Tmqmp Obfml Jbobp > vmnyj =779 oioìpgcmj

tijkipvgmj wmjk li`gn qtiqgegc oijkijmg tmqmp obfml, wmgvy cikgmvmj wmjk

ìpqmjkcyvmj fijkmj tijm{mpmj ypmyo fmj tipfmkmjkmj ieic, tipyqmnmmj ty`lgc

wmjk ìpcmgvmj fijkmj ieic wmjk fgvip`gvcmjjwm, qipvm lio`mkm fmj tpbeiqg wmjk

ìpcmgvmj fijkmj ieic*

A* Qmnmo

=* Tijkipvgmj Qmnmo

Qmlmn qmvy ieic wmjk oijhmfg b`wic gjuiqvmqg mfmlmn qmnmo* Qmnmo

oipytmcmj qypmv ìpnmpkm wmjk fgcilympcmj blin qi`ymn tipyqmnmmj wmjk

ìpìjvyc tipqipbmj wmjk `gmqm fgqi`yv iogvij, wmjk oijwmvmcmj `mn{m tioglgc

qmnmo vipqi`yv mfmlmn hykm tioglgc qi`mkgmj fmpg tipyqmnmmj gvy* Qiampm

qifipnmjm qmnmo fmtmv fgfiegjgqgcmj qi`mkmg vmjfm tijwipvmmj mvmy vmjfm

citioglgcmj qiqibpmjk mvmy `mfmj yqmnm tmfm qi`ymn tipyqmnmmj, mvmy qymvy vmjfm

`ycvg ìpytm qypmv ìpnmpkm qi`mkmg tipjwmvmmj gcyv oioglgcg obfml qmnmo qymvy

tipyqmnmmj*


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YQY Pitbqgvbpw 0447

Qmnmo fmtmv fgfieijgqgcmj qi`mkmg vmjfm tijwipvmmj mvmy tioglgcmj

qiqibpmjk mvmy `mfmj fmlmo qymvy tipyqmnmmj mvmy tipqipbmj vip`mvmq* Qmnmo

ìp{yhyf qilio`mp cipvmq wmjk oijipmjkcmj `mn{m tioglgc cipvmq mfmlmn

tioglgc tipyqmnmmj wmjk oijip`gvcmj qypmv ìpnmpkm vipqi`yv* Tbpqg citioglgcmj

fgvijvycmj blin qiìpmtm ìqmp tijwipvmmj wmjk fgvmjmocmj fg tipyqmnmmj

vipqi`yv .Fmpomfhg fmj Emcnpyffgj, 044585'*

Oijypyv Qypmv Cityvyqmj Oijvipg Ciymjkmj Pity`lgc Gjfbjiqgm

Jb*l96>"COC*4=1"=774, qmnmo mfmlmn tijwipvmmj obfml fmlmo tioglgcmj qymvy

tipqipbmj vip`mvmq* Fijkmj fiogcgmj, qibpmjk tioikmjk qmnmo oipytmcmj

tioglgc qymvy tipyqmnmmj fgomjm fmtmv fgqgotylcmj `mn{m tioikmjk qmnmo

vypyv oijgcomvg nmqgl ciyjvyjkmj wmjk fgtipblin tipyqmnmmj, qipvm gcyv

oijmjkkyjk cipykgmj wmjk fgfipgvm blin tipyqmnmmj vipqi`yv* Mfmtyj nmc/nmc

tioglgc qmnmo mjvmpm lmgj mfmlmn8

M* Oijfmtmv fiugfij, wmgvy `mkgmj ciyjvyjkmj yqmnm fmpg tipyqmnmmj

wmjk fg`mkgcmj citmfm tioikmjk qmnmo

@* Oiotyjwmg nmc qympm fmlmo pmtmv yoyo tioikmjk qmnmo

.PYTQ',

A* Tijgjkcmvmj jglmg obfml viphmfg mtm`glm qmnmo vipqi`yv fghyml blin

tioglgcjwm

0* Hijgq/Hijgq Qmnmo

Qmnmo oipytmcmj qmlmn qmvy ieic wmjk oijhmfg b`wic gjuiqvmqg Qmnmo

mfmlmn vmjfm tijwipvmmj mvmy vmjfm citioglgcmj qiqibpmjk mvmy `mfmj yqmnm tmfm

qi`ymn tipyqmnmmj* Oijypyv Mjbpmkm fmj Tmcmpvg .0445896' fmpg ìp`mkmg hijgq


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YQY Pitbqgvbpw 0447

qmnmo fg `ypqm ieic Gjfbjiqgm fgcijml fym hijgq qmnmo wmgvy qmnmo `gmqm

.Aboobj Qvbac' fmj qmnmo tpieipij .Tpieipij Qvbac'*

m* Qmnmo @gmqm

Oijypyv Mjbpmkm fmj Tmcmpvg .0445896' qmnmo `gmqm mfmlmn qmnmo wmjk

vgfmc oijfmtmv nmc gqvgoi{m* Nmc fmpg tioikmjk qmnmo `gmqm mfmlmn oijfmtmv

fiugfij nmjwm hgcm tipyqmnmmj vipqi`yv oijkilympcmj tijkyoyomj vijvmjk

tio`mkgmj fiugfij* Hgcm v gfmc mfm tijkyoyomj, omcm tioglgc qmnmo `gmqm vgfmc

oioglgcg clmgo mvmq tipyqmnmmj oiqcgtyj tipyqmnmmj tmfm tipgbfi vipqi`yv

oijfmtmv ciyjvyjkmj* Qilmjhyvjwm, tioglgc qmnmo `gmqm oioglgcg nmc qympm tmfm

pmtmv yoyo tioikmjk qmnmo* Mtm`glm viphmfg lgcygfmqg mvmq tipyqmnmmj,

tioikmjk qmnmo `gmqm oioglgcg nmc mvmq tio`mkgmj cicmwmmj qivilmn ci{mhg`mj

vipnmfmt cpifgvbp fmj tioikmjk qmnmo tpieipij fgtijyng*

`* Qmnmo Tpieipij

Qmnmo tpieipij mfmlmn qmnmo wmjk fgfmlmojwm fgqipvmg fijkmj nmc/nmc

gqvgoi{m* Nmc vipqi`yv mfmlmn nmc yjvyc oijfmtmv fiugfij mvmy tio`mkgmj

cicmwmmj tmfm qmmv tipyqmnmmj fglgcygfmqg li`gn fmnyly fmpgtmfm tioikmjk qmnmo

`gmqm* Fgqmotgjk gvy, tioikmjk qmnmo tpieipij oioglgcg tpieipijqg yjvyc

oijkmhycmj yqyl tijamlbjmj fgpicqg mvmy cbogqmpgq tipyqmnmmj*

Oijypyv Emcnpyffgj fmj Nmfgmjvb .044=87' qmnmo tpieipij oipytmcmj

qmnmo wmjk oioglgcg cmpmcvipgqvgc km`yjkmj mjvmpm b`lgkmqg fmj qmnmo `gmqm*

Qmnmo tpieipij qipytm fijkmj qmnmo `gmqm cmpijm oi{mcglg citioglgcmj icygvmq

fmj fgvip`gvcmj vmjtm vmjkkml hmvyn viotb wmjk vipvylgq fgmvmq lio`mpmj qmnmo

vipqi`yv qipvm oijfmtmvcmj fiugfij* Qifmjkcmj tipqmommj qmnmo tpieipij

fijkmj b`lgkmqg viplivmc tmfm mfmjwm clmgo mvmq lm`m fmj mcvgum tipyqmnmmj,


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YQY Pitbqgvbpw 0447

fiugfijjwm vivmt qilmom omqm ìplmcy qmnmo vipqi`yv, fmj fmtmv fgtipvycmpcmj

fijkmj qmnmo `gmqm*

Qmnmo `gmqm oipytmcmj ieic wmjk tmlgjk tbtylmp fg tmqmp obfml* Oijypyv

Fmpomfhg fmj Emcnpyffgj .04458>/7' fgvgjhmy fmpg cgjiphm tipfmkmjkmj, omcm

qmnmo fmtmv fgcmvikbpgcmj mvmq8

=* Qmnmo yjkkylmj .`lyi/angt qvbac', wmgvy qmnmo `gmqm fmpg qymvy

tipyqmnmmj wmjk oioglgcg pityvmqg vgjkkg, qi`mkmg tiogotgj .limfip' fg

gjfyqvpg qihijgq, oioglgcg tijfmtmvmj wmjk qvm`gl, fmj cbjqgqvij fmlmo

oio`mwmp fiugfij*

0* Qmnmo tijfmtmvmj .gjaboi qvbac', wmgvy qmnmo fmpg qymvy iogvij wmjk

oioglgcg ciomotymj oio`mwmp fiugfij li`gn vgjkkg fmpg pmvm/pmvm

fiugfij wmjk fg`mwmpcmj tmfm vmnyj qiìlyojwm* Iogvij qitipvg gjg

`gmqmjwm omoty oijagtvmcmj tijfmtmvmj wmjk li`gn vgjkkg fmj qiampm

vipmvyp oio`mkgcmj fiugfij vyjmg* Iogvij gjg vgfmc qycm oijicmj lm`m

fmj vgfmc oioijvgjkcmj tbvijqg tipvyo`ynmj nmpkm qmnmo .T"I pmvgb'

1* Qmnmo tipvyo`ynmj .kpb{vn qvbac/{ill cjb{j', wmgvy qmnmo/qmnmo fmpg

iogvij wmjk oioglgcg tipvyo`ynmj tijfmtmvmj wmjk vgjkkg, qi`mkmg

tiogotgj fg gjfyqvpg qihijgq wmjk oiotyjwmg pityvmqg vgjkkg*

6* Qmnmo qticylmvge .qtiaylmvgui qvbac', wmgvy qmnmo qymvy tioqmnmmj wmjk

vgfmc `gqm qiampm cbjqgqvij oiotipblin tijknmqglmj fmpg vmnyj ci vmnyj,

mcmj vivmtg oioglgcg cioyjkcgjmj tijknmqglmj wmjk vgjkkg fg omqm

oijfmvmjk, oiqcgtyj ìlyo tmqvg*

9* Qmnmo qgclgcml .awalgaml qvbac', wmgvy qmnmo wmjk vgfmc viptijkmpyn blin

cbjfgqg icbjbog omcpb omytyj qgvymqg `gqjgq qiampm yoyo* Tmfm qmmv


31/79


YQY Pitbqgvbpw 0447

piqiqg icbjbog, nmpkm qmnmo gjg vivmt vgjkkg, fg omjm iogvij omoty

oipjìpgcmj fiugfij wmjk vgjkkg qi`mkmg mcg`mv fmpg ciomotymj iogvij

fmlmo oiotipblin tijknmqglmj wmjk vgjkkg tmfm qmmv piqiqg* Iogvij

qitipvg gjg `gmqmjjwm ìpkipmc fmlmo tpbfyc wmjk qmjkmv fmj qilmly

fg`yvyncmj blin omqwmpmcmv* qitipvg pbcbc fmj `mpmjk/`mpmjk ci`yvynmj

qinmpg/nmpg .abjqyoip kbbfq'*

1* Pgqgcb Gjuiqvmqg Qmnmo

Piqgcb mfmlmn ciqijhmjkmj mjvmpm nmqgl wmjk fgtipblin fijkmj nmqgl wmjk

fgnmpmtcmj* Oijypyv Vmjfilglgj .044=86;' piqgcb gjuiqvmqg fmtmv fgmpvgcmj qi`mkmg

cioyjkcgjmj viphmfgjwm tipìfmmj mjvmpm pivypj mcvyml fijkmj pivypj wmjk fg

nmpmtcmj* Tioìlgmj qypmv ìpnmpkm fmpg tipyqmnmmj vip`ycm fg tmqmp obfml

oio`yvyncmj civilgvgmj qipvm cinmvg/nmvgmj mkmp pgqgcb fmtmv fgcijfmlgcmj

qiogjgo oyjkcgj, cmpijm gjuiqvmqg fmlmo qmnmo qmjkmv ìpìfm fijkmj gjuiqvmqg

wgmjk vmjtm pgqgcb qitipvg vm`yjkmj mvmy fitbqgvb* Gjuiqvmqg qmnmo oijhmjhgcmj

ciyjvyjkmj wmjk aycyt ìqmp, cmpijm gvy tbvijqg pgqgcb wmjk fgoglgcg hykm aycyt

ìqmp*

Oijypyv Emcnpyffgj fmj Nmfgmjvb .044=87' qmnmo fgcijml fijkmj

cmpmcvipgqvgcngkn pgqc/ngkn pivypj* Mpvgjwm qmnmo oipytmcmj qypmv ìpnmpkm wmjk

oioìpgcmj tilymjk ciyjvyjkmj vgjkkg jmoyj hykm ìptbvijqg pgqgcb vgjkkg*

Qmnmo oioyjkcgjcmj tiobfml yjvyc oiotipblin ciyjvyjkmj fmlmo hyolmn

ìqmp fmlmo {mcvy qgjkcmv, jmoyj qigpgjk fijkmj ìpelycvymqgjwm nmpkm qmnmo

omcm qmnmo hykm fmtmv oio`ymv tiobfml oijkmlmog cipykgmj ìqmp fmlmo

{mcvy qgjkcmv*


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YQY Pitbqgvbpw 0447

Oijypyv Mjbpmkm fmj Tmcmpvg .04458;>' fmlmo oilmcycmj gjuiqvmqg,

gjuiqvbp fgnmfmtcmj tmfm iìpmtm pgqgcb* Pgqgcb vipqi`yv mjvmpm lmgj8

m* Pgqgcb egjmjqgml, wmgvy pgqgcb wmjk fgfipgvm blin gjuiqvbp qi`mkmg mcg`mv

fmpg civgfmc omotymj iogvij qmnmo oioijyng ci{mhg`mj

tio`mwmpmj fiugfij mvmy `yjkm qipvm tbcbc gjuiqvmqg*

`* Pgqgcb tmqmp, wmgvy pgqgcb mcg`mv oijyojjwm nmpkm tmqmp qiampm

qy`qvmjqgml `mgc ciqilypynmj qmnmo omytyj qmnmo vipvijvy mcg`mv

tipy`mnmj omjmhioij tipyqmnmmj mvmy ci`ghmcmj tioipgjvmn*

a* Pgqgcb tqgcblbkgq, wmgvy pgqgcb `mkg gjuiqvbp wmjk ìpvgjfmc qiampm

iobqgbjml fmlmo oijknmfmtg tipy`mnmj nmpkm qmnmo ìpfmqmpcmj

btvgogqoi fmj tiqgogqoi wmjk fmtmv oijkmcg`mvcmj cijmgcmj mvmy

tijypyjmj nmpkm qmnmo*

f* Pgqgcb vgjkcmv `yjkm, wmgvy pgqgcb tipy`mnmj qycy `yjkm yoyo wmjk

oiotijkmpyng nmpkm qypmv ìpnmpkm vipyvmom wmjk ìptijknmqglmj

vivmt*

6* Nmpkm Qmnmo

Nmpkm qmnmo oipytmcmj nmpkm wmjk viphmfg fg tmqmp `ypqm tmfm qmmv

vipvijvy wmjk fgvijvycmj blin tigmcy tmqmp* Jglmg qmnmo fgvijvycmj blin

tipogjvmmj fmj tijm{mpmj qmnmo wmjk ìpqmjkcyvmj fg tmqmp `ypqm* Oijypyv

[gfbmvobhb .=775861', jglmg qmnmo mfmlmn jglmg tijwipvmmj mvmy citioglgcmj

qiqibpmjk fmlmo qymvy tipyqmnmmj* Qifmjkcmj nmpkm qmnmo mfmlmn nmpkm hyml fmpg

gjuiqvbp wmjk qmvy fijkmj gjuiqvbp wmjk lmgj* Qifmjk nmpkm tmqmp viphmfg qivilmn

qmnmo vipqi`yv fgamvmvcmj ci `ypqm ieic tmfm tmqmp qicyjfip* Hmfg nmpkm qmnmo

wmjk fgvip`gvcmj qivgmt nmpgjwm mfmlmn nmpkm tmqmp* Fmpg {mcvy ci {mcvy nmpkm


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YQY Pitbqgvbpw 0447

qymvy qmnmo fmtmv jmgc, vypyj, mvmy qvmkjmj* Wmjk oijhmfg nml wmjk nmpyq

fgtipnmvgcmj blin gjuiqvbp wmjk Viplg`mv Cikgmvmj fgtmqmp obfml mvmy omjmhioij

tipyqmnmmj vip`ycm wmjk qmnmojwm vipamvmv fg tmqmp obfml cmpijm gjfgcmqg nmpkm

qmnmo fmtmv tylm fghmfgcmj ycypmj jglmg tipyqmnmmj*

9* Mjmlgqgq Qmnmo

Mjmlgqgq qmnmo oipytmcmj mjmlgqgq wmjk fglmcycmj yjvyc oilgnmv mtmcmn

nmpkm qmnmo fg tmqmp `ypqm vilmn oijaipogjcmj jglmg tipyqmnmmj qiìjmpjwm*

Oijypyv Nmpgmjvb fmj Qyfbob .=77>869=' mjmlgqgq qmnmo ìpvyhymj yjvyc

oijmcqgp jglmg qiìjmpjwm fmpg qymvy qmnmo fmj cioyfgmj oio`mjfgjkcmjjwm

fijkmj nmpkm tmqmp qmnmo vipqi`yv tmfm qmmv gjg* Vyhymj fglmcycmjjwm mjmlgqgq

vipnmfmt qmnmo/qmnmo mfmlmn yjvyc oijfmtmvcmj kmo`mpmj wmjk li`gn hilmq

vipnmfmt ciomotymj tipyqmnmmj wmjk ìpqmjkcyvmj yjvyc vyo`yn fmj

ìpcio`mjk fg omqm oijfmvmjk* Yjvyc oilmcycmj mjmlgqgq fmj oioglgn qmnmo

vipfmtmv fym tijficmvmj wmgvy mjmlgqgq eyjfmoijvml fmj mjmlgqgq vicjgcml

.Emcnpyffgj fmj Nmfgmjvb, 044=899'*

m* Mjmlgqgq Eyjfmoijvml

Oijypyv Emcnpyffgj fmj Nmfgmjvb .044=899' mjmlgqgq eyjfmoijvml

oijab`m oiotipcgpmcmj nmpkm qmnmo fg omqm wmjk mcmj fmvmjk fijkmj

oijkiqvgomqg jglmg emcvbp/emcvbp eyjfmoijvml wmjk oiotijkmpyng nmpkm qmnmo fg

omqm wmjk mcmj fmvmjk .qitipvg tijhymlmj, tipvyo`ynmj tijhymlmj, `gmwm,

ci`ghmcmj fiugfij, fmj qi`mkmgjwm', fmj oijipmtcmj ny`yjkmj umpgmìl/umpgmìl

vipqi`yv qingjkkm fgtiplycmj vmcqgpmj nmpkm qmnmo* Mjmlgqgq eyjfmoijvml

fgkyjmcmj yjvyc oijkiumlymqg tpbqtic omqm oijfmvmjk, tipvyo`ynmj fmj


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YQY Pitbqgvbpw 0447

ciomotylm`mmj tipyqmnmmj fijkmj cmgvmjjwm fijkmj tipicbpgbogmj qiampm

omcpb, icbjbog jmqgbjml, tipcio`mjkmj gjfyqvpg tipyqmnmmj fmj cbjfgqg

tipyqmnmmj gvy qijfgpg* Mjmlgqgq wmjk oijkkyjmcmj vicjgc mjmlgqgq eyjfmoijvml

oijkioycmcmj `mn{m nmpkm qmnmo oijkkmo`mpcmj jglmg gjvpgjqgc .gjvpgjqga

umlyi' fmpg qmnmo gvy qijfgpg* Jglmg gjvpgjqgc wmjk fgomcqyf mfmlmn ampm tijijvymj

jglmg qmnmo ìpfmqmpcmj ciomotymj omqm fitmj qymvy tipyqmnmmj*

`* Mjmlgqgq Vicjgcml

Oijypyv Nmpgmjvb fmj Qyfbob .=77>8 9=1' mjmlgqgq vicjgcml oipytmcmj

ytmwm yjvyc oiotipcgpmcmj nmpkm qmnmo fijkmj oijkmomvg tipy`mnmj nmpkmjwm

fg {mcvy wmjk lmly* Mjmlgqgq gjg oipytmcmj ytmwm yjvyc oiotipcgpmcmj nmpkm

qmnmo fijkmj oijkmomvg tipy`mnmj nmpkmjwm fg {mcvy wmjk lmly* Mjmlgqgq

vicjgcml oijwmvmcmj `mn{m nmpkm qmnmo oijaipogjcmj gjebpomqg wmjk piliumj,

`mn{m gjebpomqg vipqi`yv fgvyjhycmj blin tipy`mnmj nmpkm fg {mcvy wmjk lmly fmj

cmpijmjwm tipy`mnmj nmpkm qmnmo mcmj oi,otyjwmg tblm vipvijvy fmj tblm

vipqi`yv mcmj ìpylmjk* Oipytmcmj qymvy vicjgc mjmlgqgq qicypgvmq fijkmj

oijkkyjmcmj fmvm ngqvbpgq tipcio`mjkmj nmpkm qmnmo fmj ublyoi tipfmkmjkmj

qi`mkmg ilioij yvmom* Mjmlgqgq vicjgcml oipytmcmj ytmwm yjvyc oiotipcgpmcmj

nmpkm qmnmo fijkmj oijkmomvg tipy`mnmj nmpkm fg {mcvy wmjk lmly, fijkmj

mqyoqg `mn{m nmpkm qmnmo oijaipogjcmj gjebpomqg wmjk fgvyjhyccmj blin

tipy`mnmj nmpkm fg {mcvy lmly qingjkkm tipynmnmj nmpkm qmnmo mcmj oiotyjwmg

tblm vipvijvy fmj tblm vipqi`yv mcmj ìpylmjk* Cmpijm mjmlgqgq gjg oijfmqmpcmj

mvmq tipy`mnmj nmpkm qmnmo fg omqm lmly qingjkkm mlmv mjmlgqgq yvmomjwm mfmlmn

kpmegc mvmy anmpv wmjk mcmj oio`mjvy yjvyc oijkivmnyg vpijf nmpkm qmnmo*


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YQY Pitbqgvbpw 0447

F* Ny`yjkmj Umpgmìl Vipnmfmt Nmpkm Qmnmo

=* Tpgai Impjgjk Pmvgb .TIP'

Tpgai Impjgjk Pmvgb .TIP' oipytmcmj ampm oijkycyp qiìpmtm ìqmp

gjuiqvbp oijglmg lm`m wmjk fgnmqglcmj tipyqmnmmj* Fmpomfhg fmj Emcnpyffgj

.04458=7>' oijwmvmcmj `mn{m TIP oijkkmo`mpcmj mtpiqgmqg tmqmp vipnmfmt

ciomotymj tipyqmnmmj fmlmo oijknmqglcmj lm`m* TIP fgngvyjk fmlmo qmvymj

cmlg* TIP fgngvyjk fijkmj pyoyq8

Nmpkm Qmnmo

TIP ?Impjgjk Tip Qnmpi

Tijglmgmj qmnmo fijkmj TIP ìoqmnm oio`ymv mjmlgqgq nmpkm qmnmo fijkmj

oiotipnmvgcmj cgjiphm ciymjkmj tipyqmnmmj wmjk fgmo`gl fmpg cbotbjij/

cbotbjij lmtbpmj ciymjkmj wmjk oiotijkmpyng nmpkm qmnmo* Fmpg tipngvyjkmj

gjg gjuiqvbp fmtmv oijkivmnyg jglmg gjvpgjqgc tipyqmnmmj qingjkkm fmtmv

oijkmo`gl cityvyqmj gjuiqvmqg qiampm li`gn qvpmvikgq mtmcmn oijhyml, oioìlg,

mvmy oiotipvmnmjcmj qmnmo vipvijvy yjvyc oijfmtmvcmj ciyjvyjkmj*

0*Pivypj bj I}ygvw .PBI'

Pivypj bj I}ygvw .PBI' oipytmcmj qmlmn qmvy fmpg pmqgb Tpbegvm`glgvmq

wmjk fgkyjmcmj yjvyc oijkivmnyg vgjkcmv tijkio`mlgmj mvmq gjuiqvmqg wmjk

fgvmjmocmj blin tioikmjk qmnmo mvmy gjuiqvbp wmjk fmtmv fgngvyjk fijkmj

oio`mkg lm`m qivmlmn tmhmc mvmy Jiv Gjaboi Mevip Vm~ .JGMV' vipnmfmt obfml

Qijfgpg wmjk ìpmqml fmpg qivbpmj obfml tioglgc* PBI fgkyjmcmj yjvyc oijkycyp

vgjkcmv tijkio`mlgmj tipyqmnmmj mvmy ieicvgugvmq tipyqmnmmj fmlmo

oijknmqglcmj ciyjvyjkmj* PBI fmtmv fgpyoyqcmj qi`mkmg ipgcyv8


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YQY Pitbqgvbpw 0447

Lm`m @ipqgn Qivilmn Tmhmc

PBI ?

Vbvml I}ygvw

1* Jiv Tpbegv Ompkgj .JTO'

Jiv Tpbegv ompkgj .JTO' oipytmcmj qmlmn qmlmn qmvy pmqgb Tpbegvm`glgvmq

wmjk fgkyjmcmj yjvyc oijkycyp lm`m ìpqgn fg`mjfgjkcmj fijkmj tijhymlmj*Jiv

Tpbegv ompkgj .JTO' mvmy qipgjk hykm fgqi`yv fijkmj qmliq ompkgj fgkyjmcmj

yjvyc oilgnmv ìpmtm tip`mjfgjkmj lm`m wmjk `gqm fgnmqglcmj fijkmj tijhymlmj

wmjk fgoglgcg tipyqmnmmj* Mtm`glm pmqgb JTO tipyqmnmmj ìqmp omcm

oijyjhycmj `mn{m tipyqmnmmj ìpcgjiphm fijkmj `mgc, cmpijm fmtmv

oijknmqglcmj lm`m ìpqgn wmjk ìqmp oilmlyg mcvgegvmq tijhymlmjjwm, qingjkkm

fgkyjmcmj gjuiqvbp fmlmo oijkmo`gl cityvyqmj mtmcmn oioìlg qmnmo iogvij

vipqi`yv*Jiv Tpbegv ompkgj .JTO' fmtmv fgpyoyqcmj qi`mkmg ìpgcyv8

Lm`m @ipqgn

JTO ?

Tijhymlmj


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YQY Pitbqgvbpw 0447

@M@ GGG

KMO@MPMJ YOYO TIPYQMNMMJ

M* Kmo`mpmj Yoyo @ypqm Ieic Gjfbjiqgm

Tmqmp obfml mvmy @ypqm Ieic ìpfgpg qihmc hmomj cblbjgml ìlmjfm tmfm

vmnyj =7=0 fgfgpgcmj fg @mvmugm , tyqmv tioipgjvmnmj cblbjgml @ilmjfm fmj tmfm

qmmv gjg fgcijml qi`mkmg Hmcmpvm* Tmqmp obfml vipqi`yv fgfgpgcmj blin tioipgjvmnmj

@ilmjfm yjvyc citijvgjkmj tioipgjvmnmj @ilmjfm* Oiqcgtyj tmqmp obfml fg

Gjfbjiqgm vilmn mfm qihmc vmnyj =7=0, jmoyj tipcio`mjkmj fmj tipvyo`ynmj

tmqmp obfml vipqi`yv vgfmc ìphmlmj qitipvg wmjk fgnmpmtcmj*

Tmqmp obfml wmjk m{mljwm fgcijml fijkmj jmom @ypqm @mvmugm gjg tipjmn

fgvyvyt qilmom tipgbfi tipmjk fyjgm tipvmom tmfm qicgvmp vmnyj =7=6 qmotmg

vmnyj =7=> cioyfgmj `ypqm ieic gjg fg`ycm lmkg tmfm vmnyj =709* qilmgj

oijkbtipmqgcmj `ypqm @mvmugm tioipgjvmnmj cblbjgml ìlmjfm hykm oylmg

oijkbtipmqgcmj `ypqm tmpmlil fg Qypm`mwm fmj Qiompmjk* Jmoyj cikgmvmj `ypqm

gjg cio`mlg fgnijvgcmj cio`mlg civgcm viphmfg tijfyfycmj tioipgjvmnmj hitmjk fg

@mvmugm tmfm qmmv tipmjk fyjgm cifym*

Tioipgjvmn Pity`lgc Gjfbjiqgm oijkmcvgecmj cio`mlg tmqmp obfml tmfm

vmnyj =7;;, fmj ììpmtm vmnyj cioyfgmj tmqmp obfml oijkmlmog tipvyo`ynmj


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YQY Pitbqgvbpw 0447

qigpgjk fijkmj ìp`mkmg gjqijvge fmj pikylmqg wmjk fgcilympcmj tioipgjvmn* Qiampm

qgjkcmv, vbjkkmc tipcio`mjkmj tmqmp obfml fg Gjfbjiqgm fmtmv fglgnmv qi`mkmg

ìpgcyv8

m* =6 Fiqioìp =7=0 8 @ypqm Ieic tipvmom fg Gjfbjiqgm fgìjvyc fg @mvmugm

blin Tioipgjvmn Ngjfgm @ilmjfm*

`* =7=6 =7=> 8 @ypqm Ieic fg @mvmugm fgvyvyt qilmom Tipmjk Fyjgm G

a* =709 =760 8 @ypqm Ieic fg Hmcmpvm fg`ycm cio`mlg ìpqmom fijkmj

@ypqm Ieic fg Qiompmjk fmj Qypm`mwm

f* M{ml vmnyj =717 8 Cmpijm gqy tblgvgc .Tipmjk Fyjgm GG' @ypqm Ieic fg

Qiompmjk fmj Qypm`mwm fgvyvyt*

i* =760 =790 8 @ypqm Ieic fg Hmcmpvm fgvyvyt cio`mlg qilmom Tipmjk Fyjgm

GG

e* =790 8 @ypqm Ieic fg Hmcmpvm fgmcvgecmj cio`mlg fijkmj YY Fmpypmv Tmqmp

Obfml =790, wmjk fgcilympcmj blin Oijvipg cinmcgomj .Lycomj

[gpmfgjmvm' fmj Oijvipg ciymjkmj .Tpbe*FP* Qyogvpb Fhbhbnmfgcyqyob'*

Gjqvpyoij wmjk fgtipfmkmjkcmj8 B`lgkmqg Tioipgjvmn PG .=794'

k* =795 8 Tpbkpmo jmqgbjmlgqmqg tipyqmnmmj @ilmjfm* @ypqm Ieic qiomcgj

vgfmc mcvge*

n* =795 =7;; 8 Tipfmkmjkmj fg @ypqm Ieic umcyo*

g* =4 Mkyqvyq =7;; 8 @ypqm Ieic fgpiqogcmj cio`mlg blin Tpiqgfij

Qbinmpvb* @IH fghmlmjcmj fg`m{mn @MTITMO .@mfmj Tilmcqmjm Tmqmp


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YQY Pitbqgvbpw 0447

Obfml'* Vmjkkml =4 Mkyqvyq fgtipgjkmvg qi`mkmg NYV Tmqmp Obfml*

Tijkmcvgemj cio`mlg tmqmp obfml gjg hykm fgvmjfmg fijkmj kb ty`lga TV

Qioij Ag`gjbjk qi`mkmg iogvij tipvmom*

h* =7;; =7>; 8 Tipfmkmjkmj fg @ypqm Ieic qmjkmv liqy* Hyolmn iogvij

ngjkkm =7>; `mpy oijamtmg 06* Omqwmpmcmv li`gn oioglgn gjqvpyoij

tip`mjcmj fg`mjfgjkcmj gjqvpyoij Tmqmp Obfml*

c* =7>; 8 Fgvmjfmg fijkmj nmfgpjwm Tmciv Fiqioìp =7>; .TMCFIQ >;'

wmjk oioìpgcmj cioyfmnmj `mkg tipyqmnmmj yjvyc oilmcycmj

Tijm{mpmj Yoyo fmj gjuiqvbp mqgjk oijmjmocmj obfml fg Gjfbjiqgm*

l* =7>> =774 8 Tmciv fipikylmqg fg`gfmjk Tip`mjcmj fmj Tmqmp Obfml

fglyjaypcmj* Tgjvy @IH vip`ycm yjvyc mqgjk* Mcvgugvmq `ypqm viplgnmv

oijgjkcmv*

o* 0 Hyjg =7>> 8 @ypqm Tmpmlil Gjfbjiqgm .@TG' oylmg ìpbtipmqg fmj fgcilblm

blin Tipqmvymj Tipfmkmjkmj Ymjk fmj Ieic .TTYI', qifmjkcmj

bpkmjgqmqgjwm vipfgpg fmpg `pbcip fmj fimlip*

j* Fiqioìp =7>> 8 Tioipgjvmn oijkilympcmj Tmciv Fiqioìp >> .TMCFIQ

>>' wmjk oioìpgcmj cioyfmnmj tipyqmnmmj yjvyc kb ty`lga fmj

ììpmtm ci`ghmcmj lmgj wmjk tbqgvge `mkg tipvyo`ynmj tmqmp obfml*

b* =5 Hyjg =7>7 8 @ypqm Ieic Qypm`mwm .@IQ' oylmg ìpbtipmqg fmj fgcilblm

blin Tipqipbmj Vip`mvmq oglgc q{mqvm wmgvy TV @ypqm Ieic Qypm`mwm*


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YQY Pitbqgvbpw 0447

t* =1 Hylg =770 8 Q{mqvmjgqmqg @IH* @MTITMO ìpy`mn oijhmfg @mfmj

Tijkm{mq Tmqmp Obfml* Vmjkkml gjg fgtipgjkmvg qi`mkmg NYV @IH*

}* 00 Oig =779 8 Qgqvio Bvbomqg tipfmkmjkmj fg @IH fglmcqmjmcmj fijkmj

qgqvio abotyvip HMVQ .Hmcmpvm Myvbomvif Vpmfgjk Qwqvioq'*

p* =4 Jbuioìp =779 8 Tioipgjvmn oijkilympcmj Yjfmjk Yjfmjk Jb* >

Vmnyj =779 vijvmjk Tmqmp Obfml* Yjfmjk/Yjfmjk gjg oylmg fgìplmcycmj

oylmg Hmjympg =775*

q* =779 8 @ypqm Tmpmlil Gjfbjiqgm oipkip fijkmj @ypqm Ieic Qypm`mwm*

v* 0444 8 Qgqvio Tipfmkmjkmj Vmjtm [mpcmv .qapgtliqq vpmfgjk' oylmg

fgmtlgcmqgcmj fg tmqmp obfml Gjfbjiqgm*

y* 0440 8 @IH oylmg oijkmtlgcmqgcmj qgqvio tipfmkmjkmj hmpmc hmyn .piobvi

vpmfgjk'*

u* 044; 8 Tijkkm`yjkmj @ypqm Ieic Qypm`mwm .@IQ' ci @ypqm Ieic Hmcmpvm

.@IH' fmj ìpy`mn jmom oijhmfg @ypqm Ieic Gjfbjiqgm .@IG'*

@* Kmo`mpmj Yoyo Omqgjk/omqgjk Tipyqmnmmj Gjfyqvpg Pbcbc

=* TV @MV Gjfbjiqgm V`c

TV @MV Gjfbjiqgm V`c mfmlmn mjmc tipyqmnmmj fmpg @pgvgqn Moipgamj

Vb`maab t*l*a, cilbotbc tipyqmnmmj vio`mcmy vipìqmp cifym fg fyjgm fijkmj

li`gn fmpg 144 oipic fmj ìpbtipmqg fg =>4 jikmpm, qipvm ìpompcmq fg Lbjfbj,

Gjkkpgq* TV @MV Gjfbjiqgm V`c vilmn ìpbtipmqg fg Gjfbjiqgm qihmc vmnyj =7=;

fmj tipvmom cmlg vipfmevmp fg @ypqm Ieic Hmcmpvm tmfm vmnyj =7;7, fijkmj cmjvbp


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YQY Pitbqgvbpw 0447

tyqmv fg Hmcmpvm* Qmmv gjg oiotipciphmcmj qicgvmp 944 bpmjk cmpwm{mj fg 5 cmjvbp

Am`mjk Tijhymlmj, 1 Tyqmv Tipvio`mcmymj, 0 Tm`pgc fmj = Cmjvbp Tyqmv* Oipic/

oipic yvmom fmpg TV @MV Gjfbjiqgm V`c mfmlmn Fyjngll, Lyacw Qvpgci, Mpfmvn,

Abooegl fmj Cmjqmq*

TV @MV Gjfbjiqgm V`c oioglgcg Jbobp [mhg` Tmhmc =*444*=56*0/496

fijkmj clmqgegcmqg pbcbc* Obfml fmqmpjwm mfmlmn qiìqmp Pt*>>*444*444*444,/ fmj

obfml fgqivbp qiìqmp Pt*00*444*444*444* cmjvbp tyqmv ìpmlmomv fghmlmj tlmxm

i~go fglmjvmg 09 hmlmj Kmvbv Qy`pbvb Jb 15/1> Hmcmpvm*

Cbogqmpgq yvmom TV @MV Gjfbjiqgm V`c mfmlmn Epmjq Qifm, Cbogqmpgq

mfmlmn Qvympv Fmobj @pmxgip, Cbogqmpgq Gjfitijfij mfmlmn Qy`pmvb Xmgjg,O@M

fmj fhbvb Obilhbjb, Cbogvi Myfgv .civym' mfmlmn Epmjq Qifm fmj mjkkbvm mfmlmn

Fhbvb Obilhbjb Fmj Qy`pmvb Xmgjg, Gmj Vnbomq Obpvbj qi`mkmg Fgpicvyp Yvmom

fmj Licgp Mogp Fmyf, Omqyfgl @mfpg, Gp O@M, Ompc Fpmgj fmj [mnwy

Gjfpm{mjvb qi`mkmg Mjkkbvm* Tioikmjk qmnmo TV @MV Gjfbjiqgm V`c mfmlmn

@pgvgqn Moipgamj Vb`maab, NQ@A/eyjf Qipugaiq Algijv, Qq` q;= u Mae Egpqv Imkli

Buipq .{{{*Gf~*ab*gf, 044>'

0* TV Kyfmjk Kmpmo V`c

TV Kyfmjk Kmpmo V`c oipytmcmj qmlmn qmvy tpbfyqij pbcbc vipcioycm

wmjk oijkymqmg tmjkqm tmqmp vipìqmp fg Gjfbjiqgm, oiotpbfycqg ;4 oglgmp

`mvmjk pbcbc tmfm vmnyj 044= fmj fgcijml qi`mkmg tpbfyqij pbcbc ìpoyvy

vgjkkg* Fglgnmv fmpg mqqiv wmjk fgoglgcg, jglmg tijhymlmj, tio`mwmpmj tgvm aycmg fmj

tmhmc citmfm tioipgjvmn Gjfbjiqgm qipvm hgolmn cmpwm{mj, TV Kyfmjk Kmpmo

V`c oipytmcmj tipyqmnmmj fmlmo tipyqmnmmj gjfyqvpg pbcbc cpivic fg Gjfbjiqgm*
http://www.idx.co.id/http://www.idx.co.id/


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YQY Pitbqgvbpw 0447

TV Kyfmjk Kmpmo V`c oijamvmvcmj qi`mkgmj qmnmo/qmnmojwm fglmjvmg `ypqm

tijhymlmj TV Kyfmjk Kmpmo V`c ngjkkm oijamtmg qycqiq qitipvg qicmpmjk gjg

fgoylmg qihmc vmnyj =79>*

TV Kyfmjk Kmpmo V`c ìpfgpg qihmc vmnyj =7;= fijkmj jbobp {mhgt

tmhmc mfmlmn 4=*=4;*=99*0/470*44 fmj clmqgegcmqg mfmlmn pbcbc* Obfml fmqmpjwm

mfmlmn qiìqmpPt*750*466*444*444,/ fmj obfml fgqivbp mfmlmn qiìqmp Pt*

750*466*444*444,/* Nmpkm tipfmjm wmgvy Pt* =4*094* cmjvbp tyqmv ìpmlmomv fg Hl*

Qiomotgp GG"G [gqqil`bmpf 0=47= q"f 0=475* fgpicvyp yvmom TV Kyfmjk Kmpmo

V`c mfmlmn @yjvbpb Vypyvmj, cbobqmpgqjwm mfmlmn Hyjg Qivgm{mj [bjb{gfhbhb,

cbogvi Myfgv .civym' mfmlmn Epmjq [gllio Umj Kilfip fmj mjkkbvm mfmlmn

Wyfgbjb Oycvg{gfhbhb* Tioikmjk qmnmo TV Kyfmjk Kmpmo V`c mfmlmn TV

Qypwm Ogvpm Cyqyom .{{{*kyfmjkkmpmo*abo,044>'

1* TV N O Qmotbipjm V`c

Qihmpmn TV N O Qmotbipjm V`c fgoylmg tmfm vmnyj =7=1 blin Lgio

Qiijk Vii, qibpmjk gogkpmj mqml Agjm* Gm oylmg oio`ymv fmj oijhyml pbcbc

cpivic lgjvgjk vmjkmj fg pyomnjwm fg Qypm`mwm, Gjfbjiqgm* Tipyqmnmmj ciagljwm

oipytmcmj qmlmn qmvy tipyqmnmmj tipvmom wmjk oiotpbfycqg fmj oiomqmpcmj

pbcbc cpivic fmj pbcbc tyvgn qiampm cboipqgl* Pbcbc cpivic vyo`yn tbtylip

fijkmj tiqmv* Tmfm m{ml =714/mj Lgio Qiijk Vii oijkkmjvg jmom cilympkm fmj

tipyqmnmmjjwm oijhmfg Qmotbipjm* Qivilmn yqmnmjwm ìpcio`mjk aycyt omtmj

Lgio Qiijk Vii oiogjfmncmj viotmv vgjkkml cilympkmjjwm fmj tm`pgcjwm

ciqi`ymn cbotlic kifyjk wmjk vilmn vipìjkcmlmg fg Qypm`mwm* @mjkyjmj
http://www.gudanggaram.com%2C2008/http://www.gudanggaram.com%2C2008/


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YQY Pitbqgvbpw 0447

vipqi`yv fgpijbumqg fmj fgcijml qi`mkmg Vmomj Qmotbipjm wmjk omqgn

oiotpbfycqg Qgkmpiv Cpivic Vmjkmj .QCV' TV N O Qmotbipjm*

Tmfm omqm tipmjk fyjgm GG fmj tijhmhmnmj hitmjk, Lgio Qiijk Vii fgvmnmj

fmj fgvyvyt blin tijhmhmn* Qivilmn tipmjk ìpmcngp, fgm fgì`mqcmj fmj oioylmg

yqmnmjwm cio`mlg* Jmoyj, tmfm vmnyj =797, vgkm vmnyj qivilmn Lgio Qiijk Vii

{memv fmj qivilmn tipmjk cioipficmmj ìpmcngp tmfm mcngp vmnyj =794/mj,

tipyqmnmmj Lgio Qiijk Vii cio`mlg vipmjamo `mjkcpyv* Tmfm vmnyj vipqi`yv, Mkm

Qmotbipjm . tyvipm cifym Lgio Qiijk Vii' fgvyjhyc yjvyc oijhmlmjcmj

tipyqmnmmj cilympkm Qmotbipjm fmj ìpnmqgl oio`mjkyj cio`mlg tiyqmnmmj

vipqi`yv* Tyvipm cifym Mkm, wmgvy Tyvipm Qmotbipjm oijkmo`gl mlgn cioyfgmj TV

N O Qmotbipjm tmfm vmnyj =7;>* Fg `m{mn tgotgjmj fmj cijfmlgjwm, TV N O

Qmotbipjm ìpcio`mjk oijhmfg tipqipbmj ty`lgc fijkmj qvpycvyp tipqipbmj

obfipj fmj oioylmg omqm gjuiqvmqg fmj icqtmjqg* Fmlmo tpbqiq, TV N O

Qmotbipjm oiotipcymv tbqgqgjwm qi`mkmg tpbfyqij pbcbc vipcioycm fg

Gjfbjiqgm*

TV N O Qmotbipjm V`c lgqvgjk fg @ypqm Ieic Hmcmpvm tmfm 9 Mkyqvyq

=774 fijkmj jbobp {mhg` tmhmc 4=*=4>*049*6/470*444 clmqgegcmqg pbcbc* Obfml

fmqmp qiìqmp Pt*514*444*444*444,/ fmj obfml fgqivbp Pt*694*444*444*444,/*

Nmpkm tipfmjm wmgvy Pt*=0*544,/* Cmjvbp tyqmv TV N O Qmotbipjm V`c

ìpmlmomv fg Hl* Pyjkcyv Gjfyqvpg Pmwm => Qypm`mwm* Tmfm qmmv gjg fgpicvyp yvmom

TV N O Qmotbipjm V`c mfmlmn Ompvgj Kpmw Cgjk* Cbogqmpgqjwm mfmlmn Fbyklmq

[mlvip [ipvn, cbogqmpgq gjfitijfij mfmlmn Icmfnmomvhmjvb cmqgn, Cbogvi Myfgv

.civym' mfmlmn Lbygq Qy{mpjm fmj mjkkbvmjwm mfmlmn Vgobvgyq fmj Mogp M`mfg


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YQY Pitbqgvbpw 0447

hyqye* Tmfm Oig 0449, TV N O Qmotbipjm V`c fgmcygqgqg omwbpgvmq

citioglgcmjjwm blin Tnglgt Obpgq Gjfbjiqgm .TOG' .{{{*gf~*ab*gf, 044;'

6* TV @ijvbil Gjvipjmvgbjml Gju, V`c

Tiphmlmjmj TV @ijvbil Gjvipjmvgbjml Gju, V`c ìpoylm tmfm vmnyj =714/mj

civgcm Bjk Nbc Lgbjk, wmjk oiotipblin cimnlgmj mwmnjwm fgtipyqmnmmj

tijhymlmj Vio`mcmy, oioyvyqcmj oio`ycm tipyqmnmmj pbcbc cpivic qijfgpg*

@ipqmom gqvpgjwm Lgio Cgio C{gi Jgb, gm oioylmg tipyqmnmmj pbcbc ciagl wmjk

ìpjmom Vni Qvpbbvhiq Em`pgic Bjk Nbc Lgbjk* Ciwmcgjmj Bjk fg `gqjgq

tijkilblmmj vio`mcmy, fgkm`yjk fijkmj ciomotymj omjmhioij gqvpgjwm,

oio`m{m `gqjgq pbcbcjwm vyo`yn, wmjk cioyfgmj tmfm vmnyj =79= ìpy`mn

oijhmfg tipyqmnmmj TV Tipyqmnmmj Pbcb Vhmt @ijvbil* Oijhilmjk mcngp vmnyj

=754/mj @ijvbil oijhmfg tipyqmnmmj pbcbc obfipj fijkmj oiotipcijmlcmj

pbcbc eglvip blmnmj oiqgj citmqmp, wmjk cioyfgmj fgmfbtqg oijhmfg qvmjfmpf

gjfyqvpg pbcbc fg Gjfgjiqgm* Fmlmo fym ficmfi ìpgcyvjwm, @ijvbil vyo`yn

fijkmj tiqmv fmj oijiotmvcmj fgpgjwm fg kmpfm fitmj gjfyqvpg blmnmj vio`mcmy

fg vmjmn mgp* Fmlmo yqmnmjwm yjvyc oilmcycmj icqtmjqg `gqjgq, vmnyj =7>6

@ijvbil ìciphm qmom fijkm tipyqmnmmj pbcbc tyvgn Moipgcm Tnglgt Obppgq Gja*

@ijvbil oijfmtmv citipamwmmj yjvyc oio`ymv fmj tijwmlyp vyjkkml pbcbc

vipcijml fg fyjgm , Ompl`bpb*

Fitpiqgmqg pytgmn tmfm mcngp vmnyj =7>4/mj oijgo`ylcmj ciqylgvmj

ciymjkmj citmfm tipyqmnmmj* Qiqmmv qiìlyo Gjfbjiqgm oijkmlmog cpgqgq

objivip, ìjvbil oijkgjuiqvmqgcmj ymjk fmlmo hyolmn ìqmp yjvyc

oiotip`mnmpyg qgqvio omjyemcvypjwm fijkmj oijknmfgpcmj oiqgj/oiqgj tpgoip
http://www.idx.co.id/http://www.idx.co.id/


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YQY Pitbqgvbpw 0447

fmj qicyjfip wmjk `mpy fmj bvbomvgq, qipvm oiqgj/oiqgj aivmc vip`mpy* Lmjkcmn

vipqi`yv oio`ymv tipyqmnmmj vipì`mjg nyvmjk ìqmp, qmotmg mcngpjwm tmfm vmnyj

=77= Kpyt Pmhm{mlg oijkmo`gl mlgn omjmhioij @ijvbil* Tmfm vmnyj =77=

Cilbotbc Phm{mlg fgvyjhyc qihyolmn cpifgvbp yvmom lbcml yjvyc oijkmo`gl mlgn

omjmhioij @ijvbil qicmlgkyq oijmjkmjg tpbqiq piqvpycvypgqmqg nyvmjk @ijvbil*

Tbqgqg/tbqgqg omjmhioij tijvgjk fgfyfycg qihyolmn tpbeiqgbjml fmj icqicyvge

wmjk ìpcbotivij fg `gfmjkjwm, oboij gjg oijhmfgcmj @ijvbil oijkmlmog

vpmjqebpomqg fmpg tipyqmnmmj cilympkm oijhmfg tipyqmnmmj wmjk fgcilblm qiampm

tpbeiqqgbjml*

Vykmq tipvmom omjmhioij `mpy mfmlmn oijkypmjkg ì`mj nyvmjk @ijvbil

vipnmfmt cpifgvyp lbcml fmj mqgjk qicmlgkyq oioìjmng omqmlmn ciymjkmj

tipyqmnmmj* Qivilmn ìpnmqgl oipiqvpycvypgqmqg nyvmjk tipyqmnmmj tmfm vmnyj

=779 fmj vmnyj =77;, omjmhioij ìjvbil mcngpjwm fmtmv ìpcbjqijvpmqg yjvyc

oilmcycmj tijkio`mjkmj `gqjgq fmj tipy`mnmj qvpycvyp bpkmjgqmqg tipyqmnmmj*

Tmfm vmnyj =775 oiotbqgqgcmj fgpgjwm fg tmqmp pbcbc pijfmn vmp fmj pijfmn

jgcbvgj, fijkmj oilyjaypcmj oipic Qvmp Oglf* Tipyqmnmmj cioyfgmj ìpvypyv/

vypyv oilyjaypcmj qihyolmn tpbfyc fg qikoij gjg vipomqyc @ijvbil Oglf .=777',

Abyjvpw .=777', ^ Oglf fmj Abyjvpw Lgknv .0446' fmj Aly` Oglf .0445'*

@ijvbil oiomqycg tmqmp pbcbc tyvgn tmfm vmnyj =7>6 civgcm tnglgt obppgq

omqyc ci Gjfbjiqgm fmj qicmlgkyq oiotipamwmcmj tpbfycqg fmj fgqvpg`yqg pbcbc

vipcijml Ompl`bpb citmfm @ijvbil tmfm mcngp vmnyj =77>, Tnglgt Obppgq

oijfgpgcmj tipyqmnmmj tpbfycqgjwm, wmgvy TV Tnglgt Obppgq Gjfbjiqgm . TV TOG',

fmj oylmg oiotpbfycqg pbcbcjwm qijfgpg, mcmj vivmtg ìjvbil vivmt oioglgcg nmc

icqclyqge yjvyc oifgqvpg`yqgcmj tpbfyc/tpbfy Tnglgt Obppgq* @ijvbil cgjg vilmn


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YQY Pitbqgvbpw 0447

oijhmfg qmlmn qmvy tipyqmnmmj pbcbc wmjk fgqikmjg fg vmjmn mgp* Cbjqit tbpvbeblgb

`pmj omjmhioij wmjk `ipgo`mjk `mgc fmlmo qikoij QCV. Qihmvg, Pm{gv,

Tpgjqgt', QCO . @ijvbil @gpy, Gjvip @gpy, Qvmp Oglf, @ijvbil Oglf, ^ Oglf fmj

Aly` Oglf ', omytyj QTO .Abyjvpw' vilmn oijhmfgcmj @ijvbil tipyqmnmmj wmjk

qilmly qgmt oijknmfmtg vmjvmjkmj tmqmp* Fijkmj vip`ycmjwm tmqmp pikgbjml,

@ijvbil hykm oilmcycmj icqtmjqg fijkmj oiomqycg tmqmp pikgbjml fmj vivmt

btvgogq yjvyc fmtmv oilmwmjg tipogjvmmj tmqmp pikgbjml fmj vivmt btvgogq yjvyc

fmtmv oilmwmjg tipogjvmmj tmqmp pikgbjml fmj gjvipqgbjml qicmpmjk fmj fg omqm

fitmj*

TV @ijvbil Gjvipjmvgbjml Gju V`c lgqvgjk fg @ypqm Ieic Hmcmpvm tmfm 49

ompiv =774 fijkm clmqgegcmqg pbcbc* Obfml fmqmp Pt* 0*775*064*509*444,/ fmj

obfml fgqivbp Pt*5*;11*=09*444 nmpkm tipfmjm wmgvy Pt*=0*544,/* Cmjvbp tyqmv

`ipmlmomv fg Hmlmj Hijf* Qyfgpomj Cmu*16/19 Hmcmpvm =4004* Tpiqgfij Cbogqmpgq

O Qhmj Mpgegj, Cbogqmpgq Gjfitijfij mfmlmn Nmpgmjvb Omjkcyqmqbjb, Cbogqmpgq

mfmlmn Epmjq Qivgm{mj [gfhmhm, Tpiqgfij Fgpicvyp W [ Hyjmpfw, [mcgl Tpiqgfij

Fgpicvyp mfmlmn Fmphbvb Qivwm{mj, Fgpicvypjwm mfmlmn Vnibfbpyq Qyjmplgq, Qyj

Mli~mjfip Wmtivip fmj Nijpw Cbomlm .{{{*gf~*ab*gf,044;'*


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YQY Pitbqgvbpw 0447

@M@ GU

MJMLGQGQ FMJ IUMLYMQG

M* Mjmlgqgq Fiqcpgtvge

Mjmlgqgq fiqcpgtvge mfmlmn qymvy oivbfi mjmlgqgq fgomjm fmvm/fmvm wmjk mfm

fgcyotylcmj fmj fgkblbjkcmj"fgcilbotbccmj cioyfgmj fgmjmlgqgq fmj

fggjviptpivmqgcmj qiampm b`hicvge* Mjmlgqgq fiqcpgtvge ìpvyhymj oioìpgcmj

kmo`mpmj vipnmfmt fmvm/fmvm tmfm umpgmìl tijilgvgmj wmjk cgvm kyjmcmj fmlmo

tijilgvgmj .Jykpbnb 04498='*

=* Fiqcpgtqg Emcvbp/emcvbp wmjk oiotijkmpyng Nmpkm Qmnmo Gjfyqvpg

Pbcbc wmjk vipfmevmp fg @ypqm Ieic Gjfbjiqgm*

Vmìl 6*=Pmvm/ pmvm TIP, PBI, JTO fmj nmpkm qmnmo Gjfyqvpg Pbcbc

Fg @ypqm Ieic Hmcmpvm vmnyj 044=/044>

Jb Iogvij TIP PBI JTO Nmpkm Qmnmo

= @MVG /4,1= 9,>= 4,45; Pt* ;*>;>,/

0 KKPO =0,50 =6,;0 4,4> Pt*=4*;06,/

1 NOQT =6,57 1;,69 4,==5 Pt* ;*964,/

6 PO@M 6,1= =0,7; /4,419; Pt* =>4,/

Pmvm/Pmvm Iogvij ;,>1 =0,;6 4,49; Pt* 5*9>4,/


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YQY Pitbqgvbpw 0447

Qyoìp 8{{{*gf~*ab*gf, fmvm fgblmn .0447'

Vmìl 6*= oijyjhyccmj Pmvm/pmvm jglmg Tpgai Impjgjk Pmvgb .TIP', Pivypj

bj I}ygvw .PBI' fmj Jiv Tpbegv ompkgj .JTO' fmpg qivgmt Tipyqmnmmj Gjfyqvpg

Pbcbc fg @ypqm Ieic Gjfbjiqgm fmpg Vmnyj 044= qmotmg 044> fmj hykm

oijyjhycmj Pmvm/pmvm fmpg ciqilypynmj iogvijjwm* Fmtmv fglgnmv Pmvm/pmvm TIP

wmjk vipvgjkkg fgoglgcg blin tipyqmnmmj TV NO Qmotbipjm V`c .NOQT' qiìqmp

=6,57 fmj wmjk tmlgjk pijfmn fgoglgcg blin tipyqmnmmj TV @MV Gjfbjiqgm V`c

.@MVG' qiìqmp /4,1=* Nmjwm mfm fym tipyqmnmmj wmjk oioglgcg jglmg TIP fg mvmq

Pmvm/pmvm qiìqmp ;,>1 wmgvy iogvij KKPO fmj NOQT qiìqmp =0,50 fmj =6,57*

Tmfm pmqgb PBI fmtmv fglgnmv jglmg pmvm/pmvm wmjk vipvgjkkg mfmlmn iogvij NOQT

qiìqmp 1;,69 fmj wmjk tmlgjk pijfmn mfmlmn iogvij @MVG qiìqmp 9,>=* Nmjwm

mfm qmvy tipyqmnmmj wmjk oioglgcg jglmg PBI fg mvmq pmvm/pmvm =;,;6 wmgvy iogvij

NOQT qiìqmp 1;,69* Tmfm pmqgb JTO jglmg pmvm/pmvm vipvgjkkg fgoglgcg blin

tipyqmnmmj NOQT qiìqmp 4,==5 fmj pmvm/pmvm wmjk tmlgjk pijfmn mfmlmn

tipyqmnmmj PO@M qiìqmp /4,419;* Nmjwm mfm qmvy tipyqmnmmj wmjk oioglgcg

pmvm/pmvm fg `m{mn pmvm/pmvm gjfyqvpg .4,49;' wmgvy tipyqmnmmj NOQT* Pmvm/pmvm

Nmpkm Qmnmo wmjk tmlgjk vgjkkg fgoglgcg blin tipyqmnmmj KKPO qiìqmp

Pt*=4*;06,/ fijkmj pmvm/pmvm Nmpkm Qmnmo Gjfyqvpg Pbcbc qiìqmp Pt*5>94,/

nmjwm tipyqmnmmj PO@M wmjk ìpmfm fg `m{mn Pmvm/pmvm Nmpkm Qmnmo Gjfyqvpg

fijkmj Pmvm/pmvm Nmpkm Qmnmo qiìqmp Pt*=>4,/

0* Fiqcpgtqg jglmg umpgmìlTpgai Impjgjk Pmvgb .TIP'Fiqcpgtqg jglmg Tpgai Impjgjk Pmvgb .TIP' gjfyqvpg pbcbc fg @ypqm Ieic

Gjfbjiqgm qilmom tipgbfi 044=/044> mfmlmn qi`mkmg ìpgcyv8

Vmìl 6*0
http://www.idx.co.id/http://www.idx.co.id/http://www.idx.co.id/http://www.idx.co.id/


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YQY Pitbqgvbpw 0447

Tpgai Impjgjk Pmvgb .TIP'

Gjfyqvpg Pbcbc fg @IG vmnyj 044=/044>

Jb Vmnyj @MVG KKPO NOQT PO@M

= 044= 1*5 ;*7; =9*4; 1*=7

0 0440 9 ;*59 7*75 >*191 0441 =4*>1 =6*09 =6*1= /00*;9

6 0446 /11*79 =6*97 =6*51 7*=9

9 0449 09*76 =;*>5 =5*1; >*65 0445 /6*09 =7*6; =0*46 =6*16

; 044; />*>; =4*4; =>*;9 7*67> 044> / 7*=5 =5*19 /

Pmvm/pmvm /4,1= =0,50 =6,57 6,1=

Qyoìp 8{{{*gf~*ab*gf, fmvm fgblmn .0447'

Tmfm Vmìl 6*0 oijyjhyccmj jglmg TIP tmfm omqgjk/omqgjk tipyqmnmmj

Gjfyqvpg Pbcbc fg @ypqm Ieic Gjfbjiqgm qilmom tipgbfi tijilgvgmj wmgvy vmnyj

044=/044>* TIP fmtmv fg ngvyjk fijkmj oio`mkgcmj Nmpkm Qmnmo fijkmj

Impjgjk Tip Qnmpi .ITQ' Tmfm Vmìl 6*0 fmtmv fglgmnmv `mn{m jglmg TIP wmjk

oijkmlmog cijmgcmj omytyj tijypyjmj tmfm vgmt vmnyjjwm*

Tmfm vmnyj 044= jglmg Tpgai Impjgjk Pmvgb .TIP' vipvgjkkg fgoglgcg blin

tipyqmnmmj NOQT fijkmj jglmg Tpgai Impjgjk Pmvgb .TIP' qiìqmp =9,4; fmj

wmjk tmlgjk pijfmn fgoglgcg blin tipyqmnmmj PO@M fijkmj jglmg TIP qiìqmp

1,=7* Tmfm vmnyj 0440 jglmg Tpgai Impjgjk Pmvgb .TIP' vipvgjkkg fgoglgcg blin

tipyqmnmmj NOQT fijkmj jglmg Tpgai Impjgjk Pmvgb .TIP' qiìqmp 7,75 fmj wmjk

tmlgjk pijfmn fgoglgcg blin tipyqmnmmj @MVG fijkmj jglmg TIP qiìqmp 9,94*

Tmfm vmnyj 0441 jglmg Tpgai Impjgjk Pmvgb .TIP' vipvgjkkg fgoglgcg blin

tipyqmnmmj NOQT fijkmj jglmg Tpgai Impjgjk Pmvgb .TIP' qiìqmp =6,1= fmj

wmjk tmlgjk pijfmn fgoglgcg blin tipyqmnmmj PO@M fijkmj jglmg TIP qiìqmp

/00,;9 * Tmfm vmnyj 0446 jglmg Tpgai Impjgjk Pmvgb .TIP' vipvgjkkg fgoglgcg blin

tipyqmnmmj NOQT fijkmj jglmg Tpgai Impjgjk Pmvgb .TIP' qiìqmp =6,51 fmj
http://www.idx.co.id/http://www.idx.co.id/http://www.idx.co.id/http://www.idx.co.id/


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YQY Pitbqgvbpw 0447

wmjk tmlgjk pijfmn fgoglgcg blin tipyqmnmmj @MVG fijkmj jglmg TIP wmgvy

qi`iqmp /11,79*

Tmfm vmnyj 0449 jglmg Tpgai Impjgjk Pmvgb .TIP' vipvgjkkg fgoglgcg blin

ANALISIS PENGARUH PRICE EARNING RATIO (PER), RETURN ON EQUITY (ROE) DAN NET PROFIT MARGIN (NPM)...

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Transcript of ANALISIS PENGARUH PRICE EARNING RATIO (PER), RETURN ON EQUITY (ROE) DAN NET PROFIT MARGIN (NPM)...