KMobile Telecom is an Asian mobile network operator headquartered in Seoul, South Korea. Sol Kim has estimated the normalized FCFE per share for KMobile to be 1,300 Korean won (KRW) for the year just ended. The real country return for South Korea is 6.50%. To estimate the required return for KMobile, Kim makes the following adjustments to the real country return: an industry adjustment of +0.60%, a size adjustment of –0.10%, and a leverage adjustment of +0.25%. The long-term real growth rate for South Korea is estimated to be 3.5%, and Kim expects the real growth rate of KMobile to track the country rate.
这道题Kim认为Kmobile的成长率会track country rate，这里的country rate为什么要用real country return for SK is 6.5%, 而不用long-term real growth rate for SK is 3.5%? 这两个数字有什么区别？
