easy to understand, including details on forecast and risks which may cause the return or the fund’s performance to be different from estimated; and 2. projection of rental income which is certified by a

is clear and easy to understand, including details on forecast and risks which may cause the return or the fund’s performance to be different from estimated; and 2. projection of rental income which is

competitors, competitiveness and potential, the names of the competitors (not required unless there is only one or a few competitors being market leaders), market trends and competitive forecast. 2.2.3

of an entity issuing capital market product and various business risks and [ii] analyzing past and present performance so as to forecast future performance. “ technical analysis ” means an analysis by

risks and [ii] analyzing past and present performance so as to forecast future performance; “ technical analysis ” means an analysis by [i] using historical price and trading volume of capital market

reasonableness of the appraisal report in (b) whereby if the management company or the financial advisor also prepares a financial forecast on the infrastructure business showing the base case analysis and