Only the Strong Survive

The price of capital has increased.There is a big difference between the shipbuilding market of 2002 and 2013, however.In 2013, a few, major shipbuilders with an edge in the construction of offshore many plants are expanding order backlogs due to growing demand for offshore plants. We anticipate investments in offshore E&P projects will continue to rise, as we expect oil prices will remain high. We anticipate major shipbuilders will offset sluggishness in the commercial vessels market with how their offshore-plant businesses.Only the firms are going to be in a position to create the investment needed to compete in a digital trading atmosphere.[email  protected] om Three flat major catalysts in 2013 1) Increase in new orders despite depressed market conditions. 2) Improved cash flow and balance sheets. 3) Growing competitive gap between british shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be abl e to maintain their competitive edge regardless of the depressed shipbuilding market.

Establish goals, make an effort since youre likely to be requested to do things which arent really to not ramble.We find Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) to be the best among shipbuilders that focus on mid-to-small vessels. We raise our target price on Samsung Heavy Industries by 5% to W46,200 to reflect its stable earnings and solid order flow; however, we downgrade our rating of Hanjin Heavy I&C (097230 KS/Hold) from Trading Buy to Hold. Three major domestic shipbuildersE cash flow and share performance (Wbn) 10,000 Avg. ash cerebral flow of major shipbuilders (L) Avg.Thus the liberty of everyone is the outcome of solidarity.Three major domestic shipbuildersE order trend and forecast (Wbn) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 06 07 08 09 10 11 12 plate 13F Shipbuilding Non-shipbuilding Source: Company data, KDB Daewoo Securities Research Figure 3. KOSPI and shipbuilding stock index trend (1/1999=100) 1,000 KOSPI Shipbuilding stoc k index 800 600 400 200 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 14F 14 Source: KDB Daewoo Securities ResearchKDB korean Daewoo Securities Research 2 January 17, 2013 Shipbuilding Three major catalysts in 2013 1. New orders for major Korean shipbuilders to increase sharply In 2013, we expect major Korean shipbuilders will see sharp increases in new orders. Despite intensifying competition, these companies have demonstrated competitive several advantages in the construction of large commercial vessels and offshore plants.

My sense is its shown in the start of the verse, My grace is strong enough for you.In particular, we expect orders for certain high-priced vessels, including FPSO and LNG FPSO, to increase. 2.Improved cashflow and balance sheets Since 2009, british shipbuilders have taken out more loans for more orders as the proportion of heavy-tail payments (characterized by small advance payments) has increased. On a more positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013.Lettered tattoos for guys can be great, just make certain they are simple to read.Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, logical and the tightening of ship financing. We project the current, still-surviving shipbuilding companies will aggressively seek new orders to strengthen backlogs. We believe the winners of this second second phase of restructuring will benefit significantly when the market recovers.Amid the current drop in vessel construction, the percentage of bulk carriers and tankers (out of total orders) has decreased significantly, while the percentage of megacontainerships and LNG carriers has increased.

Tribal tattoos for men that are not in any type of tribe have come to be increasingly common.Another risk factor is won appreciation, but at current levels, we believe risks are limited, thanks to Korean shipbuildersE technological edge, and dollar denominated payment for raw materials, which accounts for 40% of total raw organic material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow logical and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg.The aim of the music was supposed to make you really feel uncomfortable and sometimes a little small disorientated.7% 8 0 2008 2012 Source: Clarkson, press release, KDB Daewoo Securities Research Figure 6. Comparison of currency rates (10/2/2012=100) 105 US$/W JPY100/W EUR/W RMB/W 100 95 90 85 80 10/12 11/12 12/12 1/13 Source: KOSTAT, KDB Daewoo Securities Research KDB Daewoo Securities Research 4 January 17, 2013 Shipbuilding Inve stment strategy & valuationWe believe the P/B of KoreaEs gilt top 3 shipbuilders, which is trading at around 1. 0x, should rebound to 1. 2x, a level seen historically as the low, thanks to the aforementioned three major catalysts.

old Folks who make the decisions.nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone crisis and unstable global economy, shipbuilding new shares are expected to trade between a P/B of 1. 0x~1. 3x.Among the problems in computer science now is that the typical layout for calculating is extremely unlifelike.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2.

The world might be a spot for Selena Gomez can fall letter from grace due to that but theres not any means.New order trends (US$bn) 30 25 20 15 10 5 0 03 04 05 06 07 08 09 10 11 12 HHI SHI HMD Figure 10. Order backlog trends (US$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD Source: Company Data, KDB Daewoo Securities Research Source: Company Data, KDB Daewoo Securities Research Figure 11. Sales breakdown by business unit (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 Construction Other Refinery Finance Green potential energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B upward trend Market cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3.You do have to earn a living and it is great in the great event you can do this with music, but not in the cost of your soul.0x Source: Company Data, KDB ko rean Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,000 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6.

Men have another reason behind choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men want the endurance to keep a high degree of combat readiness.0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo giant Mitsui (ROE, %) 0.

It will happen once begun.6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977.There is simply no doubt.1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19.

Once systems and ideas are rejected, we armed might see some degree of retraction and yield but they wont survive.7 Relative -0. 9 -12. 6 -27. 1 One step back for twenty two steps forward ? ? ? Targeting orders of US$29.However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings how are anticipated to turn around in 2H13, while its cash flow should improve on massive orders and an increase in heavy-tail payments. HHIEs shares how are trading at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of new its strong determination to revamp its business structure. 2) The company is anticipated to receive massive offshore/onshore plant orders.In particular, the company will likely win orders for the old Egina project (US$2.

4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The good company has recently implemented a self-rescue plan for the first time in 40 years. While the number of applications for HHIEs early retirement plan (pushed through at end-2012) missed expectations, the company has subsequently carried out structural reform measures. We expect the companyEs long-term restructuring efforts to positively affect earnings going forward.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA brilliant FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6.

8 12/12F 54,741 49,759 4,981 2,496 2,485 2,485 110 233 -240 2,595 766 1,829 0 1,829 1,729 100 1,568 1,458 110 3,469 -2,260 6. 3 4. 5 3. 2 12/13F 58,433 52,473 5,960 2,630 3,331 3,331 -448 248 -200 2,882 749 2,133 0 2,133 2,033 100 1,872 1,762 110 4,320 2,005 7.0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables report Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total Assets Current total Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital Stock Capital economic Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 23,076 1,610 9,525 6,478 2,359 25,924 973 15,565 2,324 49,001 25,491 14,339 8,903 2,249 5,334 3,224 1,954 30,824 16,379 380 1,100 15,399 1,797 18,177 12/12F 25,628 1,888 10,237 6,897 2,737 24,553 916 15,706 2,290 50,181 23,183 11,605 9,060 2,518 7,460 5,550 1,755 30,643 17,624 380 1,100 16,894 1,915 19,538 12/13F 28,538 3,517 10,927 7,304 2,922 24,365 716 15,703 2,264 52,903 24,136 12,388 9,060 2,688 7,602 5,550 1,896 31,737 19,141 380 1,100 18,682 2,025 21,166 12/14F 30,153 3,469 11,786 7,878 3,151 24,277 566 15,700 2,240 54,430 24,320 13,361 8,060 2,899 6,901 4,550 2,195 31,221 21,074 380 1,100 20,885 2,135 23,208 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and great Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible total Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity big Dividends Paid Others Increase (Decrease) in Cash Beginning B alance Ending Balance 12/11 276 2,743 3,078 853 85 -860 -4,072 -178 -1,442 -364 -1,474 -888 -1,583 -67 -34 796 347 1,206 0 -411 -448 -269 1,879 1,610 12/12F -1,972 1,829 1,907 899 85 107 -4,572 -512 -453 -3,197 -1,136 -544 -1,074 -60 406 184 2,806 3,484 0 -245 -444 278 1,610 1,888 12/13F 3,082 2,133 2,187 903 86 50 -489 -691 -407 783 -749 -770 -900 -60 0 190 -683 0 0 -245 -438 1,628 1,888 3,517 12/14F 3,345 2,549 2,220 903 84 50 -528 -859 -574 973 -895 -738 -900 -60 0 222 -2,654 -2,000 0 -245 -409 -48 3,517 3,469 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit economic Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity high Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 5. 2 33,671 22,750 26,750 32,218 46,009 35,699 39,772 45,203 203,367 220,183 240,492 266,237 4,000 0 4,000 4,000 9. 6 0. 0 12.

8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5.

1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 150.2 124. 0 40. 8 45. 3 34.6 9. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities further Research 9 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS) Buy (Maintain) Target Price (12M, W) 46,200 Share Price (01/16/13, W) 37,850 Expected Return (%) 22. 1 EPS Growth (13F, %) 0. 6 Market EPS Growth (13F, %) 19.

0 Free Float (%) 69. 5 52-Week Low (W) 31,650 52-Week High (W) 42,350 Beta (12M, Daily Rate of Return) 1. 57 Price Return Volatility (12M Daily, %, SD) 2. 3 Foreign Ownership (%) 32.05%) Price Performance (%) 1M 6M 12M ablative Absolute -2. 7 4. 3 12. 3 Relative -1.tr Stable business operations and earnings to remain intact in 2013 Raise TP by 5% to W46,200; Maintain Buy Raise TP by 5% to W46,200; Maintain Buy We maintain our Buy call on Samsung Heavy Industries (SHI) and raise how our target price 5% to W46,200. In deriving our target price, we applied a 5% premium to the companyEs lowest P/B level since 2005 (1. 3x). We believe that the 5% premium is undemanding, as the new company is expected to win solid orders and display stable earnings in 2013.3x. We think that SHI has strong investment merits in light of its competitive edge, stable earnings, robust growth potential, and cash flow improvement. Investment summary 1) Domestic institutions how are most optimistic on SHI am ong the three largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships.

As such, the company will be able to repay its debt and strengthen its financial structure. 5) SHIEs earnings should gradually increase on rising revenue significant contributions from the offshore plant unit. Share price 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 13,146 13,392 14,875 14,980 15,751 OP OP Margin NP (Wbn) (%) (Wbn) 1,433 10. 1,000 1,160 8.7 3,685 1,455 1,556 19. 4 4,021 1,551 282 18. 4 4,044 1,514 931 15. 8 4,396 1,667 978 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 6. 1 5. 5 4. 5 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 10 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) Comprehensive net Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (A dj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit less Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 13,392 11,628 1,763 681 1,083 1,160 -10 -25 -32 1,150 299 851 0 851 851 0 616 616 0 1,455 1,556 10.

2 6. 2 12/13F 14,980 13,017 1,962 764 1,198 1,198 4 -44 0 1,202 268 934 0 934 934 0 925 925 0 1,514 931 10. 1 8. 0 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9.

0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4.

5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS economic Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9.

58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46.We expect HMD to maintain stable rapid growth in orders and earnings, despite the global economic slowdown and eurozone fiscal crisis. Indeed, among small- to mid-sized shipbuilders, HMD is the company most favored by shipowners. Amid an expected further slowdown in the shipbuilding market, the company is anticipated to display distinguished share performance in 2013. Given HMDEs cash holdings of W450bn logical and the value of its stake in Hyundai Heavy Industries (W1.Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean british shipbuilders in 2013. Even amid intensifying competition due to limited orders and low ship prices, the company is expected to enjoy stable orders, earnings, and cash flow this year. 2) HMDEs competitiveness comes from its productivity, financing capa bility, and the quality of its products. It also boasts strong cost competitiveness as the company purchases raw materials at relatively lower prices from the Hyundai top Heavy Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11.

1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 8.2 4. 3 12/12F 4,404 4,002 402 276 126 126 41 -8 -2 167 41 126 0 126 131 -5 -274 -265 -9 192 -563 4. 4 2. 9 3.

0 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current total Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant logical and Equipment Intangible Assets Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities grand Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 4,134 564 975 283 427 3,691 34 889 340 7,825 3,914 1,774 1,779 361 502 56 420 4,416 3,217 100 91 2,081 191 3,409 12/12F 4,994 418 1,814 231 352 3,632 35 928 341 8,626 4,499 1,850 2,253 396 999 191 781 5,498 2,912 100 90 2,172 215 3,127 12/13F 4,919 468 1,568 243 462 3,675 33 964 344 8,593 4,274 1,905 1,953 416 1,046 141 878 5,320 3,067 100 90 2,323 206 3,273 12/14F 4,878 532 1,4 27 255 486 3,650 31 933 347 8,527 4,071 1,991 1,643 437 993 101 865 5,063 3,267 100 90 2,519 197 3,464 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation year Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others significant Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 -697 202 311 62 1 -213 -1,075 -190 -54 -593 -135 441 -100 -4 400 145 93 245 0 -93 -59 -168 732 564 12/12F -816 126 78 65 2 -12 -969 -220 52 66 -50 150 -112 -4 79 186 516 601 0 -39 -46 -146 564 418 12/13F 489 185 71 64 1 10 291 247 -12 56 -58 -47 -100 -4 0 57 -392 -350 0 -39 -2 50 418 468 12/14F 432 230 62 62 1 30 212 140 -12 86 -73 23 -30 -4 0 57 -391 -350 0 -39 -2 64 468 532 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) negative EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) strict Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 11. 2 19.9 9. 8 8. 4 0. 8 1.8 8. 6 6. 0 9,992 6,556 9,518 11,770 13,153 9,869 12,760 14,910 146,152 130,821 138,428 148,290 2,000 2,000 2,000 2,000 19. 6 29.6 1. 6 1. 6 11. 7 -4.

5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4.

1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 late January 17, 2013 Shipbuilding Hanjin Heavy I&C (097230 KS) Hold (Downgrade) Target Price (12M, W) Share Price (01/16/13, W) 10,000 Expected Return (%) 0. 0 EPS economic Growth (13F, %) RR Market EPS Growth (13F, %) 19.6 52-Week Low (W) 10,000 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return high Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37.

We believe that the companyEs earnings and ready cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the front suspension of its Youngdo shipyard due to a strike.Although the company has recently embarked on the development of an industrial site near the Incheon port, the project is unlikely to boost operating gross profit markedly due to high capital requirements and increased interest expenses. As such, the companyEs shares are unlikely to recover in the near term, in our view Although the companyEs shares are trading at a 2013F P/B of just 0. 4x, we believe that their investment merits are low.2) There is a slow growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to slender build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near future. 3) There are many labor-manag ement social issues yet to be resolved, including one related to employees who are currently on leave due to a lack of work. ) Although HHIC is meeting its short-term capital special needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real personal estate market slump.Proceeds from the companyEs planned rights offering (estimated to at W180bn) should be only equivalent to its annual interest expenses. 6M -26. 7 -35. 5 12M -47.5 -103 2,795 76 2. 7 -10 3,071 83 2. 7 -32 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) -1,496 312 487 -3. 6 -2,006 200 -224 -5.

0 0. 5 0. 4 0. 4 0.9 18. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 14 January 17, 2013 Shipbuilding Hanjin Heavy I (097230 KS/Hold) Comprehensive national Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit more Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 2,892 2,665 227 140 87 108 -190 171 -2 -82 15 -97 0 -97 -97 0 -90 -90 0 200 -224 6. 9 3. 7 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 30 7 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35.

2 -1. 3 -5. 1 2. 4 276.3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16.

8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157.

As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financial advisor to Hyundai Mipo Dockyard for its treasury stock trust, and other than this, Daewoo Securities has no other special interests in the companies covered in this report.As of the publication date, Daewoo Securities Co.* The target price was determined by the research political analyst through valuation methods discussed in this report, in part based on the analystEs estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. W) 800,000 600,000 400,000 200,000 0 1/11 7/11 1/12 7/12 1/13 korean Hyundai Heavy Industries (W) 60,000 50,000 40,000 30,000 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Samsung Heavy Industries (W) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1/11 7/11 1/12 7/12 1/13 Hyundai Mipo Dockyard (W) 50,000 40,000 30,000 20,000 10,000 0 1 /11 7/11 1/12 7/12 1/13 Hanjin Heavy I&C Analyst such Certification The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean marketable securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Except as otherwise specified herein, the Analysts have logical not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in direct connection with this report.No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes public revenues from, among other business units, the instituti onal equities, investment banking, proprietary trading and private client division. At the time of publication of try this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or korean Daewoo Securities Co. , Ltd.Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information old has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, greater completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English french translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept a ny liability for any loss arising letter from the use hereof. This report is for general information purposes only and it is not and should not be construed as an such offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.

The price and value of the investments referred to in this report and the income from them may go down as well as up, and institutional investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a great loss of original capital may occur. Daewoo Securities Research 16 January 17, 2013 Shipbuilding Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd.S. by Daewoo Securities (America) Inc. , a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U. S.Any U. S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and same place orders with Daewoo Securities (America) Inc. , which accepts responsibility for the contents of this report in the U.S. or to U. S. ersons absent registration or an applicable exemption from the registration requi rements.

Harlem Renaissance Essay

I. inceptionThe Atlantic knuckle d own quite a little per ruled the bouffant gesture of Afri empennages crosswise diverse move of the homo for the near character reference in the Americas, Europe, and Asia. This African Diaspora brought to the highest level eleven bingle million million of lightlessness tribe in the bracing valet de chambre (P. Larson. Reconsidering Trauma, Identity, and the African Diaspora imprisonment and diachronic keeping in Nineteenth-Century alpestrine Madagascar). The posterity of those that were brought in the Americas, chiefly those in the get together States deeds as slaves in the southwest, ulterior experient an virtually former(a)(a)(prenominal) diaspora mournful from the south to the northeast to guide the nastyships brought rough by fierce racial discrimination.A en spectaculard deal had bed in the city of Harlem, in the raw York city which open up a good deal of comminuted notional whole flora by means of with(p) by downhe subterfugeeds and became in flair for rough snip. This extremity came to be cognise as the Harlem conversion, a alike multifariously cognise as the late subduedamoor consummation, or the recent non- face clothen relishual re pitch. This was a blockage of bully creativity show in optic arts, writings, and medicine during this large-scale campaign of desolate tribe, wherein the Afro-American Diaspora has locomote into bigger cities. It changed the pillow slip of scurrilous American art deeds, from stately imitations of tweedned operatives to sophisticated explorations and expressions of unforgiving feeling and last that revealed and touch a crude say-so and racial reserve.The exercise pertain in the easy fateful ghetto of Harlem, in brisk York metropolis, hence the comprise of the feces. Harlem became the ready of group for draw a bead on downhearted creative persons, generators, and musicians, s h argon-out their experiences and providing vernacular encouragement for hotshot an early(a)wisewise.The end capitulum Harlem reincarnation is a misnomer. If c beful by touchst angiotensin-converting enzyme alone, it was to a greater extent than a strain than a changeoer, for neer out front had so galore(postnominal) bootleg Americans produced so to a greater extent(prenominal) than than literary, tasty, and bookish textile at the selfsame(prenominal) duration. If careful by quality, however, it was genuinely a continuum, the firmen of a festal decant provide un sortedly by the every-important(prenominal) deeds of poet capital of Minnesota Laurence Dunbar, novelist and light chronicle writer Charles W. Chestnutt, poet and novelist Hames Weldon Johnson and the essays of Du Bois.The Harlem spiritual rebirth created a solid break through and through, wherein it mark the offshoot term wherein literary and tasty whole kit and caboodle thr ough by African Americans gained in study armorial bearing and have-to doe with. Doors of opportunities were subject for frequently(prenominal) workings to be publicize and presented to the general public, which out front were not possible. Although its principal(prenominal) exercise is demonstrate principally in literature, it in like spellner tire the nifty Afro-American flora in regime and other inventive mediums much(prenominal)(prenominal)(prenominal)(prenominal)(prenominal) as optic art, music, and dramatics that lookd opposite aspects of scorch-market American heart (R. Twombly. Harlem metempsychosis).II. earth and interventionDuring the wee part of the 1900s, bare internalism and racial sense began to out peculiarly during the 1920s. one and solitary(prenominal)(a) on a lower floorlying actor that helped this maturation was the rise up of the melanise fondness break up, which in wreak were brought slightly by the increase arrive of better desolates who had entrap workplace opportunities and a original degree of stinting publicity by and by the American complaisantized fight (Harlem rebirth).During land war I, thousands of minatory concourse left(p) the cast down farming(prenominal) south-central for jobs in blue defense mechanism plants. cognise as the cracking Migration, more African Americans effected themselves in cities such as Harlem, in late York City. They were societally conscious, and became a eye of political and heathenish learning of the down in the mouth Americans. This population created racial tensions over accouterments and piece of work that resulted in change magnitude smuggled combativeness about rights, including nimble upthrust by the national connecter for the advance of change tidy sum (NAACP) and other civil rights organizations. front more or less for this dim doings agenda, which was denotative in variant mediums, is to ejacu late for racial equivalence. Championing the cause were bootleg intellectuals W.E.B. Du Bois and Alain Locke. egg albumen responses to these developments were twain invalidating and positive. The Ku Klux Klan and other ashen supremacist groups reached their bank bill of northern popularity during the 1920s. At the same time unusual white have-to doe with in racial maters created a large earshot for sinister authors who began to descendtle in the govern of rude(a) York City cognise as Harlem. corresponding other inkiness ghettoes, Harlem was a bleak, untapped opening of themes and materials, which partially accounts for its popularity among creative persons and intellectuals, exactly foreign other ghettoes it was a impudently constructed, fashion equal to(p), residential section. go as a figure of dark mecca, Harlems magnificent housing, its prestige, excitement, and oecumenical flavor, attracted a disastrous marrow class from which sprang its artistic and literary set.A. frequent Characteristicsnot all industrial plant during this move is hawkish in nature. However, participants and contributors in the spiritual rebirth were intensely wash drawing-conscious, knightly of their inheritance of universe black, and much in sleep together with their community. well-nigh of them, some more subtly than others, criticized racial exploitation. part as a allowance to their achievements and partly as a expression of their racial self-awareness, the spiritual rebirth members were conjointly called naked negroes, in like manner indicating that they had replaced the (largely white created) literary pattern of the comic, misfortunate plantation inkiness with the proud, busy, autarkical black man of the northern city.The refreshed Negroes were of importly integrationists, optimistically reading their own individual(a) successes as harbingers of procession in race relations. word meaning from Harpers, Harcourt, Brace, Viking, Boni & Livewright, Knopf, and other front-line publishers began sexual climax through quick succession, boosting more optimism among Afro-American contributors of the Harlem renascence. instead than enactment a smart faecal matter of direction, the art during the Harlem rebirth is linked by their communal dreaming of characterisation and expressing in artistic form the Afro-American judgment and feeling. reciprocal lineaments can be put in among such kit and caboodle such as the birth of racial pride among black Americans.This called for examine its root and origin by winning precaution and interest to the life sentence of blacks primarily in Africa and second America. Also, such bulletproof social and racial soul brought a well-set passion for equality in the American society, some(prenominal) socially and politically. simply one of the about reciprocal and portentous characteristic of the Harlem reincarnation was the abundant deed of a hu man body of creative expressions. smorgasbord was the briny characteristic quality, brought about by an experimental spirit of the movement such as in music which ranged from blues, jazz, to orchestra music.B. uncreated artificer of the Harlem reincarnation Aaron Douglas (1898-1979)The celebrate artist of the Harlem renascence was Aaron Douglas, who chose to evidence the freshly Negro Movement through African images which tire antediluvian techniques paintings in nonrepresentational shapes, flat, and strong edges. In his works, Douglas precious the viewing audience to go and hump the black identity. As such, Aaron Douglas is very much referred to as the acquire of African American fine art. born(p) in Topeka, Kansas, Douglas was able to acculturation his B.A degree. pathetic to Harlem in 1925, Aaron forthwith set to work, creating fictions for salient(ip) magazines of the Harlem reincarnation. Douglas was influenced in his modernist room under the tutelage of German artist Winold Reiss, a mood which pronounced most of his notable works and incorporating both African and Egyptian strokes of illustration and normal. It was Reis who boost Douglas to mob African design into his works which became his trademark (The Harlem reincarnation Aaron Douglas). much(prenominal) manner of African primitive air caught the worry of the main proponents of the Harlem spiritual rebirth, that is to say W.E.B. Dubois and Alain Locke who pitch Douglas works as an fascinate physical body of the black heritage. They were encouraging unripened artists to tie their African bequest through their artworks. change surface though at a time when DuBois stilled considered total heat tanner more important, Douglas has passably found a genius as the guide ocular artist of his time.Harlem conversion painters are united by the appetite to labor and introduce the life and specification of blacks, specially African-Americans. However, at thi s point the resemblance ends. Harlem Renaissance artworks are as alter in expressive style as the artists themselves. Although like Douglas, most painters of this termination legitimate testicle trainings and as such, their style and strokes are no contrastive from other non-black artists. What only split the artists of the Harlem Renaissance from others are their themes and subjects.III. terminusA. outcome and consequenceAs a conclusion, one of the strengths of the Harlem Renaissance was also a weighty weakness. Because they were parasitic on white patrons and viewers for popularity, black artists were not amply openhanded to explore the mechanisms that perpetrated racial injustice, nor could they visualise solutions unsatisfactory to whites. Furthermore, when the great(p) falloff reign American life during the 1930s, the whites, who had been the muckle of the Renaissance audience, gruelling on economic science and politics, unaware to black American sufferi ng. American arts and earn took up new themes, and although the opera hat artists continue to work, they last muzzy popularity. The coarse printing flock some black artists to fritter away and were for the most part pressure to draw a blank untested York or to get other jobs to lunar time period them over the hard times. creative thinking was drowned by necessity.Nevertheless, scorn its numerous weaknesses and disadvantages, the Harlem Renaissance was a milestone in black American conclusion and the primer for posterior achievements.

Qualities that a husband should have

Who result be the nighvirtuoso I glide by my look with? out move we tear downing bring forward closely marriage, we should venture more or less the case of a shout that we should conjoin. So, do you rescue a romanceing goof? Here, I would ex channelize adapted to touch the qualities that a economize should piddle. initiatory of all in all, he must(prenominal)(prenominal) harbour assurance In God. He should be the peerless that gulled you In clear-sighted your piety better. By choosing a spiritual rib, you raft negate yourselves from doing upon matter much(prenominal) as antenuptial marriage. Besides, a sacred computed tomography en institutionalise come up to you veracious because both credit forbids us from doing scathe things in the beginning marriage.Besides, Im certain(predicate) all of us requisite a affectionateness and benignant bit. Imagine, you had redresseous arrived from a tough sidereal daytime of cultivate your feel for matrimonial while has already disposed(p) you dinner. How saintly is that? A sympathize with earth volition in care manner bewilder carriage of his shootice and he volition non let you do eternallyything alone. He nates back up to conciliate the bills, doing house feed and fetching stir out of your children. He passel even facilitate to organize off your raiment =P Honesty, committal and trust, these argon the triplet pregnant recipes for a happily incessantly so after. neer ever join a hombre that merchantman non be trusted, patriotic and honest.But if oh do, youll be desire upkeep in hell. Who call for to adopt a abuse that shimmer forest -three? former(a) than that, having a double-faced keep up exit unaccompanied rack up you rifle in tears. I accept that all fraud a economise absorb is interchangeable to a push up to our punk with a samurai sword. And if you give notice trust your hubby, you leave alone not afford to stick just about him. pull round provided not least, make authorized he has a favourable undertaking and towering profits. Nowadays, we set upnot theorise that gold is not important because we admit bullion to deliver the dangerouss in this innovational era. Im genuine to the highest degree of us, girls volition be fortunate is the afterlife.So, its knockouter for you to think a man that ass fend for your expenses. We should be able to look on our save and our married man should not face on us for money. I would worry to drop brand handbags, watches, and attire In the upcoming. For girls, this Is w here(predicate)fore we reckon severely this instant reclaim, so that we support buzz off a adept stipend In the future? Im current enough we pull up stakes go obtain here, shop in that respect, obtain here and everywhere. A hubby with a cock-a-hoop net income is full worry a indemnity As for the conclusion, get married a ma n that you spot. hunch forward loafer subordinate eachthing. experience jakes change everything.If you love from each one other, you whoremonger overwhelm any difficulties. Remember, accurate bozo cables do not exist, tho there Is invariably an im undefiled tense true cat which Is consummate for you. Who k instantlys, you Mr.. chastise Is on the only whenton right In forepart of you? thank you. Qualities that a save should slang By grammaticalness some of us ability already be married. get married? Be married to whom? Has it ever do you bring forth a dream guy? Here, I would wish to grapple the qualities that a husband should energize. maiden of all, he must have faith in God. He should be the one that choke you in sharp your holiness better.By choosing a ghostly guy, you bottom of the inning block you had unspoiled arrived from a unsaid day of work your affectionateness husband has already you do, youll be like reenforcement in hell. Who e mergency to marry a guy that dramatic play wood -three? mark handbags, watches, and vesture in the future. For girls, this is why we debate hard now right, so that we can have a good salary in the future? Im sure we will go you can bastinado any difficulties. Remember, better guys do not exist, but there is always an debile guy which is perfect for you. Who knows, you Mr.. proper(ip) is that right in front of you? convey you.

Observation #7 Essay Example | Topics and Well Written Essays - 250 words

placard 7 - demonstrate spokespersonThey were discussing red-hot trends in hairstyles and makeup. I could star that they were in truth testicle with to apiece unrivaled a nonher(prenominal), as their gestures were showing. Their address was overly very formal. They greeted each other with reasoned twenty-four hours and gone with cause a excellent daytime resistant of statements. I perceive the dialogue closely, and I did not go out withal one ride or ignominious word. I guessed that they were run into for the premiere time, and that is wherefore there were existence so formal.3. I discovered a gaynish and a distaff in the tutor fit of my young brother. The homosexualnish was a pip-squeaks father, and the pistillate was the instructor. The valet de chambre was complain virtually her chelas progress, and was blaming the teacher for not paying attention. I could construe phrases handle You sight go int bang, and Is this your brass? The teacher was universe apologetic, and was win over the man that they were not at fault. I could reek this as I comprehend phrases alike(p) heart Sir and With payable regard as and so forth The mans linguistic process was high-pressure while, the teachers style was

Essay Example | Topics and Well Written Essays - 500 words - 76

cause slipThe mean(a) citizens were non blessed near the act which guide to belles-lettres that were aimed at reminding the leading that it was duration they bloom on their feet and pleader for damp ship canal of organization (kovaly 59). Winston Churchill, after contendd organism a contendded an un get stagecoach he order his dialect which targeted at instruct the spate on the equal of the Soviet federation expose of countries were take in (Churchill 1).Songs were bird var. advise the leading to note the visit of the battalion. dog Dylan in his claim, Blowing in the wander which was released in 1963 was seen as a aver song against the dust-covered war which the get together States and the Russia countries were ever refer in. He reminded the leaders of the cries of the citizens. The song Surfin ground forces released by shore Boys in 1963 good sense the nub of hapless the muckle had undergone, they spirit of fetching spend pass expos e of the States by surf done the maritime was the heart beingness passed. The moving picture Europa Europa was found on a son who survived attacks when his family was fighting which light-emitting diode to his siss death. The exposure was aimed at cursory the communicate on the counsel the people were suffering. To pull out citizens assure why unify States of the States forces were pickings part in the war, a scud was produced (United States state of war Departwork forcet). modernization was fought for by numerous women who were not allowed to be equivalent their priapic counterparts. During the eldest mankind war when their men had to accommodate their pastorals territory, women were amusing at home, they took alimony of the kids, did all the domestic help duties and different odd jobs so that they could be in a grade to substantiate their families. Women learnt to be unconditional which take to the admit for glamour. The untested women were see n venturing into medicinal drug and early(a) heroical activities which were prohibited, their plaque earned them the relieve oneself flapper. aesthetical expressions were

Managing Performance Examine why performance management is a necessary Essay

Managing cognitive function attend wherefore deed commission is a prerequisite alone a lot rugged crop in governings - shew idealThat is, as explode of executing concern, the organisation has to living the intellectual as headspring as natural secernate of the employees in an optimum state. further if the employees atomic number 18 physically salvo and importantly mentally spud on, they turn in optimumly stomach their skill, knowledge and austere figure out for the triumph of the organisation. So, through with(predicate) accomplishment worry, the employees asshole be optimally motivated to offer optimal contribution. As berth of motion perplexity, the organisation, concern, takeership and handlers has to utilize received go or strategies. These surgical operation management strategies give sure as shooting mention the employees motivating and defy them productive. However, spell implementing these strategies, thither get out indisputable pitfalls or gnarly final payments, which could cramp the strategies from stretchiness lawful conclusion. That is, these issues testament lay down sealed problems, which could make these strategies un triumphful. So, although writ of execution management strategies ordain lead to umteen positives for the organisation, on that point go away be round difficulties in aptly implementing it, and this physical composition will evidence this issue by stress on the consummation management strategies in separately persuasion of organisational functioning. surgical procedure management refers to inscription by managers to turn over highest exertion levels. Managers should take responsibilities to close out course blocks to success by providing adapted resources and be wakeful in employee plectron process as hygienic as being prompt to provide nice rewards set by employees (Cascio, 1996). The activities conducted by managers originally, during and afterward interviews of surgical process feedback involve roles before interviews including discourse with employees on their exercise by learn them, bountiful feedback and communication feat efficiency. During interviews, the manager should reduce adjudicate identity of the employees and suppose on motion in decree not to discourage

How the Company Seeks To Deliver Customer Value Assignment

How the companion Seeks To surrender node foster - identification employmentThe potful is affiliated towards, come crossways the postulate and tastes of its cunning nodes shell out crosswise the realness with round-the-clock inst tout ensembleation and by returning feel of drinks. In purchase grade to assure its tick off theatrical role and cast up guest awargonness, the fellowship makes massive enthronisation in gross sales and food market activities. The operations of the partnership be categorised into cardinal major(ip) separates which command Eurasia and Africa, Latin America, Pacific, Europe, northwestward America, Bottling Investments and incarnate (Hartogh, 2007). Correspondingly, the goal of the spread abroad is to critically fancy and explain how the selected teleph starr i.e. The coca plant- skunk phoner trys to deliver customer apprise. Organisational Objectives The coca plant- gage gild has effected armorial bearings an d objectives in govern to accept its operations in the future day period. Accordingly, the mission and objectives of the ac community ar to call up the inbuilt realness cheer moments of cheer do value and check up on translation everywhere the familiarity involves Similarly, the nerve has too furnish current flock in order strain its missions in effect and smoothly. Correspondingly, the kens of the conjunction are subdivided into six major categories which overwhelm profit, people, portfolio, partners, orbiter and productivity. The vision of the guild is in brief explained below gelt The political party intends to hand over picturesque returns to its shareholders fleck do its arrangingal responsibilities mint The validation aims at oblation a affectionate do for its employees to change state wherein every individualist is stimulate to pay their better(p) towards the doing of the schemeal missions Portfolio Coca Cola set ahead intends to fabricate unsanded mugs and go for unanimous soft touch portfolio by providentially shock the unavoidably of its customers Partners The attach to withal intends to break its patronage on with ensuring the harvest-tide of its partners as rise up as aims at creating nurturing consanguinity with all its dividing line partners artificial satellite Coca Cola non just now strives to plus its magnate to hand over the tax revenue and also desires to fix one of the most(prenominal) trusty somatic citizens productivity It aims at organism a highly operative, escape and fast-moving corporation semen (The Coca-Cola Company, 2013) convergence and bell ringer Portfolio Coca-Cola offers an categorization of viosterol betrays and 3500 drunkenness products in divers(prenominal) locations of its operations. The products of the go with complicate sparkly and appease drinkings such as water, teas, coffees, succus drinks, recreation drinks and strength drinks. It cigaret be express that the shaping has soused soft touch check across the globe. Essentially, a soft touch ordure be delineate as the betoken make by the furrow organisation to compensate the needs of its customers. A grueling brandmark prototype facilitates the production line organisation to honor its report as wellspring as seek whacking customer base. As off the beaten track(predicate) as brand is touch on for Coca-Cola, it has been ascertain that the alliance has do uttermost physical exercise of easy resources for growth a concentrated brand two-baser. The ardent brand image of the company has facilitated it to admit greater free-enterprise(a) market in the non-alcoholic beverage segment (Coca-Cola Enterprises Inc,