際際滷

際際滷Share a Scribd company logo

Brand value .shiva chegini.1

shiva chegini
shiva chegini
1 of 31
Download to read offline
Lecturer: Dr. Samiee Prepared By: shiva chegini January2014
Brand value .shiva chegini.1
Initial research into the valuation of brands originated from two areas : marketing measurement of brand equity, and the financial treatment of brands.
The first was popularized by Keller (1993), and included subsequent studies by Lassar et al (1995) on the measure of brand strength, by Park and Srinivasan (1994) on evaluating the equity of brand extension, Kamakura and Russell (1993) on single-source scanner panel data to estimate brand equity, and Aaker (1996) and Montameni and Shahrokhi (1998) on the issue of valuing brand equity across local and global markets.
The financial treatment of brands has traditionally stemmed from the recognition of brands on the balance sheet (Barwise et.al., 1989, Oldroyd, 1994, 1998), which presents problems to the accounting profession due to the uncertainty of dealing with the future nature of the benefits associated with brands, and hence the reliability of the information presented.
Tollington (1989) has debated the distinction between goodwill and intangible brand assets. Further studies investigated the impact on the stock price of customer perceptions of perceived quality, a component of brand equity (Aaker and Jacobson, 1994), and on the linkage between shareholder value and the financial value of a company's brands (Kerin and Sethuraman, 1998).
Simon and developed Sullivan a (1993) technique for measuring brand equity, based on the financial market estimates of profits attributable to brands.
The co-dependency of the marketing and accounting professions in providing joint assessments of the valuation of brands has been recognized by Calderon et al (1997) and Cravens and Guilding (1999).
They provide useful alternatives to the traditional marketing perspectives of brands (Aaker, 1991; Kapferer, 1997; Keller, 1998; Aaker & Joachimsthaler, 2000).
The debate over the appropriate method of valuation continues in the literature (Perrier, 1997) and in the commercial world.
The commercial valuation of brands has been led by Interbrand, a UK-based firm specializing in valuing brands, Financial World, a magazine which has provided annual estimates of brand equity since 1992, and Brand Finance Limited, a British consulting organization.
These organizations utilize formulae approaches, and highlight the importance of brand valuation in the business environment.
Brand value .shiva chegini.1
Branding = Value
* 惡惘惆 惠悋惆 惡 惺悋 擧 悋慍 惆悋惘悋 悋 愆惘擧惠 忰愕惡 愆惆. * 惡惘惆 惺 愕惘悋 擯悵悋惘 惡悋 惆 悋悴悋惆 惆悋惘悋 悋愕 悋愕惠. * 惆惘惠 擧 惡惘惆 惺悋 惡悋 悋惘慍愆 惡惘惆 愕悴惆 愆惆.
1 悋惘慍愆 悋慍惆 悋 拆悋惆悋愆 忰惶 惡 愆惠惘 悋愕惠 惡 悋 惡惘惆 愕惡惠 惆悋惆 愆惆. 悋惘慍愆 悋慍惆悋 悋愕惠 悋慍 愀惘 悋慍悋愆 惆惘惠 擯惘愆 惡惘悋 忰惶 惡 悋愕愀 悋愕惠悋惆 悋慍 惡惘惆 悋悴悋惆 愆惆. 2 悋惓惘 惠悋慍 惆悋愆 惡惘惆 惡惘 悋愆 愆惠惘 愕惡惠 惺悋惠悋 惡悋慍悋惘悋惡 惶惘惠 擯惘惠 惡惘悋 悛 惡 惡惘惆 3 4 悴惺悋 悋慍 惆悋惘悋悋 惠惺惆悋惠 拆惆 悋惠 惡悋 惡惘惆.
悋惘慍 惡惘惆 惡悽愆 悋慍 愕惘悋 惓惘惠 擧 惡擯悋 悋惠惶悋惆 惡 愆悋惘 悛惆 擧惠惘 悛 悴慍悄 惺悋惠悋 悋愕惠惘悋惠擧 愕悋慍悋 惡悋愆惆. 悋惘慍悋惡 惘悋擧悋惘悋 悋悴惘悋 愆惆 惆惘 惆惘惠 悋 愆悋 惠悴悋惘 (惡惘惆) 忰悋愕惡 惡悋慍擯愆惠 愕惘悋 擯悵悋惘 惆惘 悋 忰慍 惡愕悋惘 忰悋悧慍 悋惠 惡悋愆惆.
悋悋 擧惠惘 擧 惆悋惘悋 惡悋 惺悋 擧 悋惡 悋惠擧悋悄 惠忰 愕惠 惡悋愕惠 愆悋悽惶悋 擧 擧 拆惘惆悋慍愆 悋惠悋 惆惘 悋惡 悋惺惆悋惆 悋惘悋 惡 擧 愆悋悽惶 惘悋 (悋惘慍愆 惡惘惆) 惠惡惆 愆惆.
惠 擯悵悋惘 惡惘惆 (惠惺 惠 惡惘惆 惠悽 悋惘慍愆 惡惘惆 悋惘慍愆擯悵悋惘 悋 惠悴悋惘 悋惘慍愆擯悵悋惘 愆悋 惠悴悋惘) 惆惘 惆悋 惠悋 愕悋 0102 惡 惘愆悋 悽惠 悋悴悋 愆惆 惡悋 惠悴 惡 惠惠惺 惡惺惷悋 惠惷悋惆 悋 惺惆 拆愆悋 悋 惘愆悋 惠悋悴 愃惘 悋惡 悋惠擧悋悄 惠悋惠 惡惆. 擧惠 惠悽惶惶 悋惘慍愆擯悵悋惘 惡悋 惺惷惠 悋惆擯悋 3 愆惘擧惠 惡惘惠惘 ISO惡惘惆 惆惘 愕愕 惺悋 惆惘 悋 忰慍 惆惘 愕悋 0102 愆擧 擯惘惠 悽惘悴 悛 惆惘 愕拆惠悋惡惘 0102 悴惘 惡 悋惠愆悋惘 悋愕惠悋惆悋惘惆 惡悋 擯惘惆惆.
悋愕惠悋惆悋惘惆 悋慍 86601 ISO 惠悋 悴惆惆惠惘 悋愕惠悋惆悋惘惆 惡悋 惡惘悋 悋惘慍愆擯悵悋惘 惡惘惆 (悋 愆悋 惠悴悋惘) 悋愕惠. 惘擧慍 悋惘慍愆擯悵悋惘 惡惘惆 惡 惺悋 拆愆惘惠惘 惘擧慍 愕惠 悋惘慍愆擯悵悋惘 悋 愆悋悋 惠悴悋惘 慍悋 惡悋 悋惘悋悧 悋 悋愕惠悋惆悋惘惆 惡悋 擧悋惘 愆惘惠 Intangible Business悋惆悋 惡 惡悋擯悵悋惘 悋惘慍愆擯悵悋惘 惡惘惆 惡惘 悋愕悋愕 悋愕惠悋惆悋惘惆 86601 ISO 悋惘悋悧 擯悋悋 惘愕 惆惘 悋惘悋 惆. 悋慍 惡 悵擧惘 悋愕惠 惆惘悋 愆惘擧惠 Intangible Business惺惷 悋惶 惠 惠惆 悋愕惠悋惆悋惘惆 86601 ISO惆惘 愕愕 ISO惡悋愆惆 擯悋悋 惶悋惆惘 愆惆 悋慍 愕 悋 愆惘擧惠 惆惘 悴悋惺 惘愕 忰 惷悋 惡悋 愕惆惠 惆悋惘惆.
悽悋愀惘愆悋 愕悋慍惆擧悋愕惠悋惆悋惘惆悋慍 86601 擧惠悋 悋愕惠悋惆悋惘惆惡惆擯悋悋悛拆愕悋慍悋悴悋拆惘愕 悋惘慍 擯悵悋惘悋惡悋惘悋悧 惡悋愆惆. 愆 惘擧慍 悋惘慍愆擯悵悋惘 惡惘惆 惆惘拆惘愕悋惘慍 擯悵悋惘惡惘惆惡惠 惡惘 愆 悋愕惠悋惆悋惘惆86601 悋慍悋擯悋悽惠惶悋惶惡愆惆愆惘擧惠 Intangible Business惠忰惠惺悋悋擯悋惘慍 愆 擯悵悋惘惆惠惺悋惡惘惆 惡惠惡惘 GOA BSC惡惘 擯惘惆.
惆惘悋悋擯愆悋悽 悋悽惠惆惘惆愕惠 悋慍惘惆愕惠 惡惆 惶 拆惘惆悋慍愆 愆惆: 盾 愆悋悽惶悋 惠惺 惡悋 惠悋 愆惆 (惆惘 愕悋慍悋) 盾 愆悋悽惶悋 惆惘悛惆 惡惠 惡惘 EVA ( MVA惆惘 愕悋慍悋- 惡惘 愕悋慍悋) 盾 愆悋悽惶悋 惡悋慍悋惘 (惡惘 愕悋慍悋)
惆惘悋惆 惠悋悴悋惡愆悋悽 悋 惓惘 惆惘惠惺惡悋 惡惘惆 惆愕惠 惡惆 惶 拆悋惘悋惠惘悋 擧 惆惘悋惡悋惆惡悋惺惆悋惆 悋惘悋 惠惡惆惡悋惠惘擧惡惡悋愆悋悽 悋 惶 惺惆惆惡悋悋擧惡惘惆悋悋惠 惡惘惆 悋惡悋 惡惘惆 惘悋愆悽惶 擧惆.
悋慍 惡 悵擧惘 悋愕惠 悋惺惆悋惆 悋惘悋 惘惠惡愀 惡悋 愆悋悽惶悋 惆惘 愕悋慍悋 悋慍 惶惘惠悋 悋 忰愕悋惡惘愕 愆惆 悋愕惠悽惘悋悴 拆惘惆悋慍愆 愆惆 悋惡惠 愕惆惠 惡惘悋 悴惺悋 忰愕悋惡惘愕 惆悋惘惆 惆惘 悋惠 悋惘慍愆 惠惺 愆惆 惠愕愀 悋 惘擧慍 悋惡惠 惆惘悴 惆惘 惶惘惠悋 悋 愕悋慍悋 惘悋 惆悋惘悋愕惠.
擧惠悋惡惠悋悋愕惠擧悋擯 惆 惠惺悋 悋惘慍 擯悵悋惘 惡惘惆 惡惠惡惘 GOABSC 愆 惡惘悋惶悋惺悽惠愆悋悽 悋惠悋惠惘悋忰悋愕惡悋悽惠惶悋惶悛惶惺惠惘悋 惶 惆悋惘悋愕惠.
悋惘慍 擯悵悋惘悋愆悋惠悴悋惘(惡惘惆) 惡愕惠惡惺惠悋慍愕悋慍悋 愆 惠悋惆惡惘悋悋惆悋慍惘悋愕惠悋惆愆惆: 惠忰 悋惠惶悋惆 惡惠 惡惘 惆悋 EVA MVA 錫惆惘悴 悋惘慍愆 惡惘惆 惆惘 擯慍悋惘愆悋惠 惶惘惠悋 悋 錫悋惘慍愆擯悵悋惘 愕悋 惘惆 惡 惡惘愕 錫惆惘悋惠 擯悋悋 惡悋 悋惘慍愆 惡惘惆 - 悋愕惠悋惆悋惘惆 悋慍 86601
錫 錫 錫 錫 錫 錫 悋愕惠悋惆 惡 惺悋 悛惘惆 惆惘 愕惘悋擯悵悋惘悋 愆惠惘擧 惆悋悽 悽悋惘悴 惠惡愃悋惠 拆悋愆 惡惘惆 惡悋擧 悋悽悵 悋 惠愕悋惠 惡悋擧 惡惘悋惘慍 悋愕惠惘悋惠擧 惆惘惠 惡惘惆 拆惘惆悋悽惠 悽愕悋惘惠 惆 惘愆擧愕惠擯 悋愕惠悋惆 惆惘 惆惺悋 忰 惷悋
慍 惡惘惆- 悋 惠悴悋惘悋惘慍 惘愆惆 愕惘惺 惠擧 惘愆 悋 惆惘 惘悋惆 惠惆 惺悋惠 悋慍悋愆 惘慍悋慍 惘悋惡惠 惆惘 惡悋慍悋惘悋 悋愕惠悋惆 悋慍 悋惘 悋 惡忰惓 愕悧惠 悋悴惠悋惺 慍愕惠 忰愀 惡悋惺惓 愆惆 悋愕惠 擧 惘惠悋惘 惶惘 擧惆擯悋 惠惶 擯惘 悽惘惆 惡愆 悋慍 拆愆 拆惆 愆惆 惺悋 惓惘 惡惘 惠惡 悴悋擯悋 惡惘惆 惆惘 悵 愆惠惘悋 惡 愕惘惺惠 惠愃惘 拆惆悋 擧惆.
惡悋惡惘悋 慍 悋惠惘擯 惡惘惆 惆惘 惡悋慍悋惘 悋慍 惠惘 惴悋 擧 愕悋慍悋 惡悋愆惆 惠悋 惡惠悋惆 悴悋擯悋 惡惘惆 惘悋 惆惘 悵 愆惠惘悋 惘 惡愆惠惘 惠惓惡惠 擧惆 惠悋悋 悋擧愆 惆惘 悋惡 惠愃惘悋惠 惷悋 擧愕惡 擧悋惘 惘悋 惆悋愆惠 惡悋愆惆.
BRAND PROPOSITION TOUCHPOINTS BRAND VALUE PERCEPTIONS CONTINUITY OF DEMAND GENERATION OF DEMAND HIGHER EXPECTED RETURNS LOWER RISK BRAND VALUE
Brand value .shiva chegini.1

More Related Content

Brand value .shiva chegini.1

  • 1. Lecturer: Dr. Samiee Prepared By: shiva chegini January2014
  • 3. Initial research into the valuation of brands originated from two areas : marketing measurement of brand equity, and the financial treatment of brands.
  • 4. The first was popularized by Keller (1993), and included subsequent studies by Lassar et al (1995) on the measure of brand strength, by Park and Srinivasan (1994) on evaluating the equity of brand extension, Kamakura and Russell (1993) on single-source scanner panel data to estimate brand equity, and Aaker (1996) and Montameni and Shahrokhi (1998) on the issue of valuing brand equity across local and global markets.
  • 5. The financial treatment of brands has traditionally stemmed from the recognition of brands on the balance sheet (Barwise et.al., 1989, Oldroyd, 1994, 1998), which presents problems to the accounting profession due to the uncertainty of dealing with the future nature of the benefits associated with brands, and hence the reliability of the information presented.
  • 6. Tollington (1989) has debated the distinction between goodwill and intangible brand assets. Further studies investigated the impact on the stock price of customer perceptions of perceived quality, a component of brand equity (Aaker and Jacobson, 1994), and on the linkage between shareholder value and the financial value of a company's brands (Kerin and Sethuraman, 1998).
  • 7. Simon and developed Sullivan a (1993) technique for measuring brand equity, based on the financial market estimates of profits attributable to brands.
  • 8. The co-dependency of the marketing and accounting professions in providing joint assessments of the valuation of brands has been recognized by Calderon et al (1997) and Cravens and Guilding (1999).
  • 9. They provide useful alternatives to the traditional marketing perspectives of brands (Aaker, 1991; Kapferer, 1997; Keller, 1998; Aaker & Joachimsthaler, 2000).
  • 10. The debate over the appropriate method of valuation continues in the literature (Perrier, 1997) and in the commercial world.
  • 11. The commercial valuation of brands has been led by Interbrand, a UK-based firm specializing in valuing brands, Financial World, a magazine which has provided annual estimates of brand equity since 1992, and Brand Finance Limited, a British consulting organization.
  • 12. These organizations utilize formulae approaches, and highlight the importance of brand valuation in the business environment.
  • 15. * 惡惘惆 惠悋惆 惡 惺悋 擧 悋慍 惆悋惘悋 悋 愆惘擧惠 忰愕惡 愆惆. * 惡惘惆 惺 愕惘悋 擯悵悋惘 惡悋 惆 悋悴悋惆 惆悋惘悋 悋愕 悋愕惠. * 惆惘惠 擧 惡惘惆 惺悋 惡悋 悋惘慍愆 惡惘惆 愕悴惆 愆惆.
  • 16. 1 悋惘慍愆 悋慍惆 悋 拆悋惆悋愆 忰惶 惡 愆惠惘 悋愕惠 惡 悋 惡惘惆 愕惡惠 惆悋惆 愆惆. 悋惘慍愆 悋慍惆悋 悋愕惠 悋慍 愀惘 悋慍悋愆 惆惘惠 擯惘愆 惡惘悋 忰惶 惡 悋愕愀 悋愕惠悋惆 悋慍 惡惘惆 悋悴悋惆 愆惆. 2 悋惓惘 惠悋慍 惆悋愆 惡惘惆 惡惘 悋愆 愆惠惘 愕惡惠 惺悋惠悋 惡悋慍悋惘悋惡 惶惘惠 擯惘惠 惡惘悋 悛 惡 惡惘惆 3 4 悴惺悋 悋慍 惆悋惘悋悋 惠惺惆悋惠 拆惆 悋惠 惡悋 惡惘惆.
  • 17. 悋惘慍 惡惘惆 惡悽愆 悋慍 愕惘悋 惓惘惠 擧 惡擯悋 悋惠惶悋惆 惡 愆悋惘 悛惆 擧惠惘 悛 悴慍悄 惺悋惠悋 悋愕惠惘悋惠擧 愕悋慍悋 惡悋愆惆. 悋惘慍悋惡 惘悋擧悋惘悋 悋悴惘悋 愆惆 惆惘 惆惘惠 悋 愆悋 惠悴悋惘 (惡惘惆) 忰悋愕惡 惡悋慍擯愆惠 愕惘悋 擯悵悋惘 惆惘 悋 忰慍 惡愕悋惘 忰悋悧慍 悋惠 惡悋愆惆.
  • 18. 悋悋 擧惠惘 擧 惆悋惘悋 惡悋 惺悋 擧 悋惡 悋惠擧悋悄 惠忰 愕惠 惡悋愕惠 愆悋悽惶悋 擧 擧 拆惘惆悋慍愆 悋惠悋 惆惘 悋惡 悋惺惆悋惆 悋惘悋 惡 擧 愆悋悽惶 惘悋 (悋惘慍愆 惡惘惆) 惠惡惆 愆惆.
  • 19. 惠 擯悵悋惘 惡惘惆 (惠惺 惠 惡惘惆 惠悽 悋惘慍愆 惡惘惆 悋惘慍愆擯悵悋惘 悋 惠悴悋惘 悋惘慍愆擯悵悋惘 愆悋 惠悴悋惘) 惆惘 惆悋 惠悋 愕悋 0102 惡 惘愆悋 悽惠 悋悴悋 愆惆 惡悋 惠悴 惡 惠惠惺 惡惺惷悋 惠惷悋惆 悋 惺惆 拆愆悋 悋 惘愆悋 惠悋悴 愃惘 悋惡 悋惠擧悋悄 惠悋惠 惡惆. 擧惠 惠悽惶惶 悋惘慍愆擯悵悋惘 惡悋 惺惷惠 悋惆擯悋 3 愆惘擧惠 惡惘惠惘 ISO惡惘惆 惆惘 愕愕 惺悋 惆惘 悋 忰慍 惆惘 愕悋 0102 愆擧 擯惘惠 悽惘悴 悛 惆惘 愕拆惠悋惡惘 0102 悴惘 惡 悋惠愆悋惘 悋愕惠悋惆悋惘惆 惡悋 擯惘惆惆.
  • 20. 悋愕惠悋惆悋惘惆 悋慍 86601 ISO 惠悋 悴惆惆惠惘 悋愕惠悋惆悋惘惆 惡悋 惡惘悋 悋惘慍愆擯悵悋惘 惡惘惆 (悋 愆悋 惠悴悋惘) 悋愕惠. 惘擧慍 悋惘慍愆擯悵悋惘 惡惘惆 惡 惺悋 拆愆惘惠惘 惘擧慍 愕惠 悋惘慍愆擯悵悋惘 悋 愆悋悋 惠悴悋惘 慍悋 惡悋 悋惘悋悧 悋 悋愕惠悋惆悋惘惆 惡悋 擧悋惘 愆惘惠 Intangible Business悋惆悋 惡 惡悋擯悵悋惘 悋惘慍愆擯悵悋惘 惡惘惆 惡惘 悋愕悋愕 悋愕惠悋惆悋惘惆 86601 ISO 悋惘悋悧 擯悋悋 惘愕 惆惘 悋惘悋 惆. 悋慍 惡 悵擧惘 悋愕惠 惆惘悋 愆惘擧惠 Intangible Business惺惷 悋惶 惠 惠惆 悋愕惠悋惆悋惘惆 86601 ISO惆惘 愕愕 ISO惡悋愆惆 擯悋悋 惶悋惆惘 愆惆 悋慍 愕 悋 愆惘擧惠 惆惘 悴悋惺 惘愕 忰 惷悋 惡悋 愕惆惠 惆悋惘惆.
  • 21. 悽悋愀惘愆悋 愕悋慍惆擧悋愕惠悋惆悋惘惆悋慍 86601 擧惠悋 悋愕惠悋惆悋惘惆惡惆擯悋悋悛拆愕悋慍悋悴悋拆惘愕 悋惘慍 擯悵悋惘悋惡悋惘悋悧 惡悋愆惆. 愆 惘擧慍 悋惘慍愆擯悵悋惘 惡惘惆 惆惘拆惘愕悋惘慍 擯悵悋惘惡惘惆惡惠 惡惘 愆 悋愕惠悋惆悋惘惆86601 悋慍悋擯悋悽惠惶悋惶惡愆惆愆惘擧惠 Intangible Business惠忰惠惺悋悋擯悋惘慍 愆 擯悵悋惘惆惠惺悋惡惘惆 惡惠惡惘 GOA BSC惡惘 擯惘惆.
  • 22. 惆惘悋悋擯愆悋悽 悋悽惠惆惘惆愕惠 悋慍惘惆愕惠 惡惆 惶 拆惘惆悋慍愆 愆惆: 盾 愆悋悽惶悋 惠惺 惡悋 惠悋 愆惆 (惆惘 愕悋慍悋) 盾 愆悋悽惶悋 惆惘悛惆 惡惠 惡惘 EVA ( MVA惆惘 愕悋慍悋- 惡惘 愕悋慍悋) 盾 愆悋悽惶悋 惡悋慍悋惘 (惡惘 愕悋慍悋)
  • 23. 惆惘悋惆 惠悋悴悋惡愆悋悽 悋 惓惘 惆惘惠惺惡悋 惡惘惆 惆愕惠 惡惆 惶 拆悋惘悋惠惘悋 擧 惆惘悋惡悋惆惡悋惺惆悋惆 悋惘悋 惠惡惆惡悋惠惘擧惡惡悋愆悋悽 悋 惶 惺惆惆惡悋悋擧惡惘惆悋悋惠 惡惘惆 悋惡悋 惡惘惆 惘悋愆悽惶 擧惆.
  • 24. 悋慍 惡 悵擧惘 悋愕惠 悋惺惆悋惆 悋惘悋 惘惠惡愀 惡悋 愆悋悽惶悋 惆惘 愕悋慍悋 悋慍 惶惘惠悋 悋 忰愕悋惡惘愕 愆惆 悋愕惠悽惘悋悴 拆惘惆悋慍愆 愆惆 悋惡惠 愕惆惠 惡惘悋 悴惺悋 忰愕悋惡惘愕 惆悋惘惆 惆惘 悋惠 悋惘慍愆 惠惺 愆惆 惠愕愀 悋 惘擧慍 悋惡惠 惆惘悴 惆惘 惶惘惠悋 悋 愕悋慍悋 惘悋 惆悋惘悋愕惠.
  • 25. 擧惠悋惡惠悋悋愕惠擧悋擯 惆 惠惺悋 悋惘慍 擯悵悋惘 惡惘惆 惡惠惡惘 GOABSC 愆 惡惘悋惶悋惺悽惠愆悋悽 悋惠悋惠惘悋忰悋愕惡悋悽惠惶悋惶悛惶惺惠惘悋 惶 惆悋惘悋愕惠.
  • 26. 悋惘慍 擯悵悋惘悋愆悋惠悴悋惘(惡惘惆) 惡愕惠惡惺惠悋慍愕悋慍悋 愆 惠悋惆惡惘悋悋惆悋慍惘悋愕惠悋惆愆惆: 惠忰 悋惠惶悋惆 惡惠 惡惘 惆悋 EVA MVA 錫惆惘悴 悋惘慍愆 惡惘惆 惆惘 擯慍悋惘愆悋惠 惶惘惠悋 悋 錫悋惘慍愆擯悵悋惘 愕悋 惘惆 惡 惡惘愕 錫惆惘悋惠 擯悋悋 惡悋 悋惘慍愆 惡惘惆 - 悋愕惠悋惆悋惘惆 悋慍 86601
  • 27. 錫 錫 錫 錫 錫 錫 悋愕惠悋惆 惡 惺悋 悛惘惆 惆惘 愕惘悋擯悵悋惘悋 愆惠惘擧 惆悋悽 悽悋惘悴 惠惡愃悋惠 拆悋愆 惡惘惆 惡悋擧 悋悽悵 悋 惠愕悋惠 惡悋擧 惡惘悋惘慍 悋愕惠惘悋惠擧 惆惘惠 惡惘惆 拆惘惆悋悽惠 悽愕悋惘惠 惆 惘愆擧愕惠擯 悋愕惠悋惆 惆惘 惆惺悋 忰 惷悋
  • 28. 慍 惡惘惆- 悋 惠悴悋惘悋惘慍 惘愆惆 愕惘惺 惠擧 惘愆 悋 惆惘 惘悋惆 惠惆 惺悋惠 悋慍悋愆 惘慍悋慍 惘悋惡惠 惆惘 惡悋慍悋惘悋 悋愕惠悋惆 悋慍 悋惘 悋 惡忰惓 愕悧惠 悋悴惠悋惺 慍愕惠 忰愀 惡悋惺惓 愆惆 悋愕惠 擧 惘惠悋惘 惶惘 擧惆擯悋 惠惶 擯惘 悽惘惆 惡愆 悋慍 拆愆 拆惆 愆惆 惺悋 惓惘 惡惘 惠惡 悴悋擯悋 惡惘惆 惆惘 悵 愆惠惘悋 惡 愕惘惺惠 惠愃惘 拆惆悋 擧惆.
  • 29. 惡悋惡惘悋 慍 悋惠惘擯 惡惘惆 惆惘 惡悋慍悋惘 悋慍 惠惘 惴悋 擧 愕悋慍悋 惡悋愆惆 惠悋 惡惠悋惆 悴悋擯悋 惡惘惆 惘悋 惆惘 悵 愆惠惘悋 惘 惡愆惠惘 惠惓惡惠 擧惆 惠悋悋 悋擧愆 惆惘 悋惡 惠愃惘悋惠 惷悋 擧愕惡 擧悋惘 惘悋 惆悋愆惠 惡悋愆惆.