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APV (ASMPTN (RATE ASUMPTN, V cost n price, Kd used, debt capacity…
APV
ASMPTN
RATE ASUMPTN
V cost n price
Kd used
debt capacity unchanged
Ke is unchanged
subsidized loan availab
OTHER FACTOR
political change
overall strategy and culture fitting
tax shield percentage
contrl on foreign currency
STEP
local NPV
disc by Ke undeared
（beta Asset）
more tax paid if tax rate differ
TAX sheild
benefit from subsidized loan
OVERSEA