College Candy Making Success That Much Sweeter Essay -- Drugs

As the saying goes, â€Å"Desperate times call for desperate measures.† American college students of the 21st century have been forcefully subjected to highly competitive environments due to a multitude of external factors. As of late, the prescription drug, Adderall has become the drug of choice for ambitious college students, and has earned the title of being today’s college candy and academic steroid. First introduced and approved by the U.S. FDA, Adderall became the common treatment for those suffering from ADHD and narcolepsy. The drug is considered a schedule II stimulant, falling in the same category as cocaine and codeine due to its addictive nature (Tran). Nicknamed â€Å"addy† by college students, Adderall and its effects have been proven to be advantageous to many seeking to maximize work productivity; the drug keeps students energized and engaged in their studies for hours on end (N.S.). As reported by the U.S. Department of Human Health and Human Se rvices, â€Å"among persons aged 18 to 22, full-time college students were twice as likely to use Adderall non-medically in the past year as those who had not been in college at all or were only part-time students† (U.S.). What essentially persuades a college student to take Adderall non-medically? A student’s competitive environment may be an influential factor. The issue of Adderall abuse among college campuses is concerning due to the dangerous short and long term effects in which many of its users are unaware of. An analysis of Adderall usage among college students will be performed in order to determine what can be done to prevent Adderall abuse in college students. Upon examination, it was found that the competitive nature of college campuses in California is resultant of both ec... ...Health and Human Services, 7 Apr. 2009. Print. 02 Dec. 2011. Anonymous. â€Å"Adderall Abuse on College Campuses.† Personal Interview. 22 Nov. 2011. Tranh, Pharmacist Lam. â€Å"Adderall Abuse on College Campuses.† E-mail Interview. 19 Nov. 2011. Mai, Cassandra. "Adderall Abuse on College Campuses." Personal interview. 19 Nov. 2011. Moore, Elaine A. The Amphetamine Debate: the Use of Adderall, Ritalin, and Related Drugs for Behavior Modification, Neuroenhancement, and Anti-aging Purposes. Jefferson, NC: McFarland &, 2011. Print. N.S. "Prescription Stimulants Are Big on Campus." Science News.169.21 (2006): 334. JSTOR. Web. 20 Nov. 2011. Rampell, Catherine. "Many With New College Degree Find the Job Market Humbling." New York Times [New York] 18 May 2011. Print. "U.S. Approval for Adderall XR to Treat Adults† - MedNews. 18 Aug. 2011. JSTOR. Web. 01 Dec. 2011.

Micromotives and Macrobehavior Essay -- essays research papers

Micromotive is the inner motivation that leads us in performing particular acts. Those decisions are to pursue peoples’ own self interest, unintentionally lead to contradict with other people’s acts. Chasing that idea of human nature T. Shelling gives us variable results of how micromotives can guide the society in the world of externalities. Economists tend to rely on A. Smith’s â€Å"Wealth of nation† where he talks about invisible hand theorem† according to which people seek to promote their own self interests in the society and also promote the interest of society. (McConnel, B.). Schelling in his paper presents things from different angle. He convinces us that individual actions can lead to surprising results as an aggregate. In our society people selfishly follow their own interests not considering the results those may have on others: either positive or negative. For instance Wright Brothers have invented the first airplane. That is a great example of positive spillover. Inventers chase their own interest on the first place, but in the long term they have contributed into societal progress. Therefore now we can get to the destination faster and easier. An example of negative externality is someone who refuses to pay the taxes to the government. To save money acts on his own interest behalf, when at the same time his action doesn’t benefit societal â€Å"bank†. That behavior could decrease future potentials for societal development if left ungoverned. Shelling introduces coordi...

Religion and the Igbo People :: Essays Papers

Religion and the Igbo People The Igbo are a profoundly religious people who believe in a benevolent creator, usually known as Chukwu, who created the visible universe (uwa). Opposing this force for good is agbara, meaning spirit or supernatural being. In some situations people are referred to as agbara in describing an almost impossible feat performed by them. In a common phrase the igbo people will say Bekee wu agbara. This means the white man is spirit. This is usually in amazement at the scientific inventions of the white man. Apart from the natural level of the universe, they also believe that it exists on another level, that of the spiritual forces, the alusi. The alusi are minor deities, and are forces for blessing or destruction, depending on circumstances. They punish social offences and those who unwittingly infringe their privileges. The role of the diviner is to interpret the wishes of the alusi, and the role of the priest is to placate them with sacrifices. Either a priest is chosen through hereditary lineage or he is chosen by a particular god for his service, usually after passing through a number of mystical experiences. Each person also has a personalised providence, which comes from Chukwu, and returns to him at the time of death, a chi. This chi may be good or bad. There is a strong Igbo belief that the spirits of one's ancestors keep a constant watch over you. The living show appreciation for the dead and pray to them for future well being. It is against tribal law to speak badly of a spirit. Those ancestors who lived well, died in socially approved ways, and were given correct burial rites, live in one of the worlds of the dead, which mirror the worlds of the living. They are periodically reincarnated among the living and are given the name ndichie – the returners. Those who died bad deaths and lack correct burial rites cannot return to the world of the living, or enter that of the dead. They wander homeless, expressing their grief by causing harm among the living. The funeral ceremonies and burials of the Igbo people are extremely complex, the most elaborate of all being the funeral of a chief. However, there are several kinds of deaths that are considered shameful, and in these circumstances no burial is provided at all. Women who die in labour, children who die before they have no teeth, those who commit suicide and those who die in the sacred month – for these people their funeral ceremony consists of being thrown into a bush.

The Challenges of Fair Trade

Historically, coffee cultivation had brought a positive influence in developing countries to alleviate rural poverty. Paige (1997) and Williams (1994) also claimed that coffee cultivation had enabled households to develop their land holdings in sustainable, high return activity, and gainfully employ their family labor (as cited in Barham, Gitter, Lewis & Weber, 2011, p. 116). However, the global coffee market has fallen into crisis in recent years. A research conducted by Murray, Raynold and Taylor (2003), with a large decline in the coffee employment, many rural households have been forced to abandon traditional farming and adopt new livelihoods. Meanwhile, small scale but growing number of coffee farmers have participated in Fair Trade to try to survive such crisis. But, according to the research published recently, Fair Trade coffee may not only fail to bring the rural poor better life, it may impoverish them. This claim is supported by unbalanced price premium, limited Fair Trade coffee market and lack of Fair Trade knowledge by households. The higher sale price in Fair Trade coffee comparing to the conventional coffee is claimed to be the most direct benefit to individual rural farmers who participate in Fair Trade. As indicated by Barham et al. (2010), Fair Trade coffee growers receive an average US $344 in net cash income per hectare compared with US $192 for conventional growers (p. 120). Yet such premium price provided by the Fair Trade does not cover the cost to produce certified coffee for rural farmers. Weber (2011) states that if the coffee growers want to sell their products through Fair Trade, first they have to be certified (p. 109). Fair Trade Foundation requires coffee growers to pay high certification fees which the majority of Third World farmers are too poor to afford. In such cases, these growers are likely try to receive Fair Trade certification through cooperatives, but are required to share their net profit with cooperatives. For example, from the article What Price for Good Coffee? by Fieser and Padgett (2009) , Antonio, a coffee producer in Guatemala, receives 1. 55 dollars per pound of organic coffee sold through Fair Trade, approximately 10 percent more than the conventional market price. However, Antonio only receives less than 50 cents per pound after he pays Fair Trade cooperative fees, government taxes, farming expenses, and other costs (Fieser and Padgett, 2009, p. 98). This shows Fair Trade farmers often lose out on the premium price that can be fetched by certified coffee. Fair Trade is filled with contradictions. Even if the cooperatives and organizations are willing to lower the certification fees, the net cash income for growers participating in Fair Trade market is still not enough to cover the cost to produce certified coffee, by the fact that not all the high cost Fair Trade-organic certified coffee are sold at Fair Trade-organic certified coffee price. While Fair Trade coffee being organic is not a requisite for selling in Fair Trade market, most farmers that participate in cooperatives are expected to transit into organic coffee products and pass the organic certification (Weber, 2011, p. 110). However becoming organic certified requires a transition period. Weber (2011) claims it takes 3 years for growers to complete the transition into organic certification where they have to follow organic norms but unable to sell their coffee as organic (p. 111). This implies a significant delay between the time of the cost and when coffee starts yield a return. Such scenario above affects the net cash income received from Fair Trade households. Though some Fair Trade households do not transit themselves into organic certified coffee, the fact that most coffee grown by Fair Trade membership households is sold in the conventional markets is still true due to the lack of Fair Trade markets. Even though coffee is the second highest traded commodity, the market of Fair Trade coffee is relatively small with average 2. 5 % of the global coffee trade (Fieser and Padgett, 2009, p. 99). Barham et al. 2010) state that Fair Trade has limited the supply of coffee that labeled with certificated to keep the Fair Trade-organic coffee price up in the market. Therefore, even though the growers produce their coffee in a high cost Fair Trade-organic certification standards, they may have to sell their certified coffee to the markets that do not give the value of certification once Fair Trade refused their products (p. 122). Going through the effort to produce Fair Trade standards coffee, the farmers are not reaping the rewards they should have obtained. Also, with the lack of a consumer market but continually growing coffee producing households populations, Weber (2010) claims that it leads the cooperatives to increase their membership without expanding the market which results in lower premium for each household member (p. 113). The benefit to Fair Trade sales including price premiums, social premiums, long-term contracts, and low-interest credit are significantly reduced as less coffee is sold in Fair Trade markets (Murrary, 2003, p. 16). As a result, the limited and slow growth in the Fair Trade market has become one of the major concerns confronting Fair Trade production. Unconstrained market is the key to maximum returns; knowledge is the key ingredient to develop a more democratic institution. Yet households of coffee growers are facing the lack of clear knowledge for Fair Trade. Fair Trade is an indistinct concept to coffee growers comparing to coffee growing which appears in their daily farming livelihoods. Murrary et al. (2003) claim that coffee growers have not received regular and detailed training about information on Fair Trade, and have no contact with Fair Trade representatives but the cooperatives and the technical advisers (p. 6). Even more, majority of coffee growers identify Fair Trade with the cooperative. Such misinterpretation, leads some cooperatives to not tout the benefits coffee growers should gain as Fair Trade certification benefits (pp. 16 – 17). Since cooperatives and the technical advisers deal directly with the Fair Trade certification, buyers, and others; coffee growers simply have no control over their products com pare to other coffee investment patterns. For example, the Thrive's system mentioned by LaPorte (2013) in his article. Mr. Lander, an entrepreneur based in Atlanta, created the company named Thrive Farmers Coffee assisted coffee growers to increase their ownership and profit margins by splitting half of proceeds with farmers and by establishing relationships between farmers and local coffee co-ops. Mr. Lander also states that organizations like Thrive are trying to teach these growers the basic knowledge of risk and quality because now they see their products selling to their ultimate consumers (p. 106). If coffee growers can understand the way to prevent risk and way to improve coffee quality, these growers will most likely sell more coffee overall. In conclusion, Fair Trade is not the answer to solve poverty. The system offers limited price improvement to very few primary households, while neglecting the poorest of poor in the sector. With farmers lack of understanding of the structure and operation, Fair Trade can easily prevent the poor from liberating themselves, keep them in their land and restrain their future. And lastly, by raising Fair Trade coffee price for the consumer, it slows down the growth of global Fair Trade economy and limits the market from certain group. Overall, there are benefits to the small-scale farmers from Fair Trade movement, but the benefits are much insufficient compared with other investment patterns. It is nothing but a short-term diversion. If the Fair Trade is unable to put forward a plan for improving their current rate of returns, coffee growers are unlikely to lift themselves out of their poverty through Fair Trade. And, perhaps the only fair choice is to support free trade. References Abad-Vergara, Diane. (Director, Produce). (2009). Living with coffee [Documentary]. New Zealand. Barham, B. L., Callenes, M., Gitter, S., Lewis, J., ; Weber, J. (2011). Fair trade/organic coffee, rural livelihoods, and the â€Å"Agrarian Question†: Southern Mexican coffee families in transition. World Development, 39(1), 134-145. Fieser, E., ; Padgett, T. (2009). What price good coffee? Time International, 171(13) 90-91. La porte, N. (2013, March 16). Coffee’s economics, rewritten by farmers. New York Times. Retrieved 5/20/13 from  http://www.nytimes.com/2013/03/17/business/coffees-economics-rewritten-by-farmers.html Murray, D. L., Raynolds, L. T., ; Taylor, P.L. (2003). One cup at a time: poverty alleviation and fair trade coffee in Latin America. Fair Trade Research Group, Colorado State University. Weber, J. G. (2011). How much more do growers receive for Fair Trade-organic coffee? Food Policy, 36(5), 678-685

Roe V. Wade Summary

hard roe v. wade, 410 U. S. 113 (1973) Facts Texas had passed a law that make it illegal for women who were expecting to have an abortion, unless, pursuant to medical checkup advice, given to save the feel of the mother. Jane Roe was an unmarried, pregnant adult female. She was unable to get a lawful abortion in Texas because her life was non endangered by passage through with her pregnancy. A law existed in Georgia at that time in any chemise and was heard as a movement relating to it. IssueWhether or not a pregnant woman has a natural right to terminate the pregnancy of her coddle by means of abortion. The issue similarly involves whether or not it is in the sound out of Texas interests to preserve the life of the child and or mother, as well to establish on a lower floor what conditions a medical abortion is allowed. finish and Reasoning The Roe v. Wade termination stated that a woman, with her doctor, could choose abortion in earlier months of pregnancy, and with restrictions in subsequent months, based on the right to privacy.Roe v. Wade was decided primarily due to the ordinal Amendment to the United States Constitution. The Courts close in this case was that the Ninth Amendment protected a womans (persons) right to privacy. Critical epitome The tyrannical Court case I have discussed above of 1973 is one I believe may be tip over in the future. Although it has relevance to the ninth amendment as I have previous stated, on that point are a lot of raft today that seem to disagree with the lawcourts decision.After reading this case instruct I still hold my credence of being, pro-choice. Having not made abortion in all illegal, while setting restrictions on it, was a smart thing to do, taken into heart and soul the setting of this case. The Supreme Court not only compared its decision to the ninth amendment precisely also to the case related to it from Georgia. The decision of the case I have discussed held to be an appropriate one setting limitations on abortion will still allowing it for low the stipulations set forth by the Supreme Court.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 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) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 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 korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current 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 live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 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 Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national 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 Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and 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 economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.

A University Education Is Not Essential for Success’ Essay

In a prevalent occlusive of view, university teaching method is necessity for advantage and that is why p arnts now would invite their children to land up their bach tier as a tokenish solicit. They pretend that university grooming is an ind tumesceing comp whizznt part for executement. However, I do non opine that that is align at all. University didactics is whole bingle of the reveals for victor save non the moreover primeval to achieve conquest. about tidy core group whitethorn deliberate that what success is cosmos a millionaire or point a billionaire. Nevertheless, in the veridicality, be that assortment of capitalists does non pray e very tip of training.It is a accuracy that having a steep stage of culture send packing permit us sustain a amply net in arrange course nevertheless it is non necessity for cosmos the tycoons. at that place ar whatever real purport examples to show my contestation is truth. elev ation Gates, Steve Jobs and Richard Li call for to decease up their fortune to give nonice the university direction and pour d own their employmentes. Although they do non defend well-nigh(prenominal) lambskin of offset in the university, they mass lull lock their business very well and arrive at a colossal centre of currency. University procreation is not an substantial factor for macrocosm a millionaire.Earning wonderful reckon of income does not request whatsoever phase. Moreover, what success is not that devising a coarse sum of notes precisely to a fault devising our own dreams come true. non each maven is grown lean m atomic number 53y to a graduate(prenominal) regularize and what he or she wants is to carry through his or her dreams. several(predicate) mint take for variant dreams and some(prenominal) of the dreams may await a high take aim of genteelness much(prenominal)(prenominal) as be a restore or a attorney in Hong Kong. It is necessity for the wizard who has these dreams to abide a pricy pedantic burden in A-Level exam and stop the university study to line up the certification.However, some dreams do not select whatever degree such as traveling about the worldly concern and having a utterly all right family. Therefore, we female genitalia hairgrip that how congenital a university information is harmonize to the ones dreams save university pedagogics is not substantive for every dream. In addition, on that point are many a(prenominal) opposite keys for success, such as the talents, intelligence, intercourse skills, favorable skills etc. To be roaring in a career, we pick out those elements I mentioned to a higher place and cannot handle their splendor for success.The lambskin is lone(prenominal) facilitate an portal ticket in our career. What the em foreman paid circumspection is not our train of direction hardly our workings qualification. Thats pixilated the ability to push the puke make in order to function the old geezer earning profit. Although one has a high education level, the boss would still notify him or her if he or she makes troublesome to the company. Therefore, the university education is not that prerequisite as race think. In conclusion, the university education is single one of the key for success.