Ulysses Essay: William Blake’s Influence on Joyce’s Ulysses

William Blake’s Influence on Joyce’s Ulysses      Ã‚  Ã‚  Ã‚   Stephen Dedalus is a poor schoolteacher.   Poor in the sense that he lives in a one-room tower and eats nothing all day, sure, but poor mainly in the sense that he is a rotten instructor. You, Cochrane, what city sent for him? Tarentum, sir. Very good.   Well? There was a battle, sir. Very good.   Where? The boy's blank face asked the blank window. [1]      He grills his students in much the same way his first teachers drilled him; stands before them inspiring fear and boredom.   He understands the schoolroom and its small miseries.   The form is tried and true: the catechism, call and response.   Cochrane replies automatically to Stephen's barked interrogatives but his mind is elsewhere.   The window, the unknown.   Our hero Stephen's sympathies lie that way too:    Fabled by the daughters of memory.   And yet it was in some way if not as memory fabled it.   A phrase, then, of impatience, thud of Blake's wings of excess, I hear the ruin of all space, shattered glass and toppling masonry, and one livid final flame.   What's left us then?   (Joyce 20).    These are not the well-measured words of a history instructor.   Actually, they're largely the words of William Blake.   The "daughters of memory" figure in "A Vision of the Last Judgment", "Fable or Allegory is Form'd by the daughters of Memory." [2]  Ã‚   Stephen muses on the figure of Pyrrhus, the Tarentenian general who won a foolish victory and died a foolish death   (Gifford 30).   Write faster.   I mean it.   Fast!   The Tarentines succumbed to the Romans in the end, overcome by their greater numbers.   The Battle of Asculum drained them financially.   Hardly romantic stuff.   But Stephen imagines ... ...thetically (and with great enthusiasm). [2] This connection was made by Frank Gifford in Ulysses Annotated.   Maybe I ought to properly cite it later   (30). [3] I will deal with this later. [4] This information is basically culled from the short editor's introduction to the piece on Blake in The Critical Writings of James Joyce.   There is no credit, however.   I'll deal with this later too.   That's the kind of thing it's ok to wait until Friday to do. [5] James Joyce. "[William Blake]".   The Critical Writings of James Joyce, ed. Ellsworth Mason, Richard Ellmann.   New York: Viking Press, 1959 (221).   Hereafter cited parenthetically. [6] Maybe this has something to do with the fact that Joyce was lecturing in Italian.   Just a possibility. [7] Joyce gets most of his information on Blake's life from The Real Blake by Edwin Ellis (London, 1907).   

Women and Depression

Depression is currently the fourth most common cause of disability worldwide (Culbertson, 1997). With depression being such a large issue in society, it cannot be looked at as a â€Å"one size fits all,† particularly when it comes to examining gender differences associated with mental health disorders (Smith and Jaffe, 2012). There are many social causes prevalent in society, varying by gender, which contributes to the risk of being diagnosed with depression or the rate to which they experience depression.Depression is the leading cause for disability in women and they are roughly twice as likely to experience depression as men. Some reasons for this may be that women tend to dwell on their problems, they experience victimization and they also must deal with the effects that estrogen has on the stress hormone and menstrual cycle. Men’s experiences with depression have not been as well understood as women’s. Although women may be diagnosed more then men, it does n ot mean that men suffer any less; they often suffer in silence.With the social constructions of what it means to be a man and what it means to be a woman, it has created an atmosphere in which it negatively affects the willingness to seek help or treatment and the diagnosis of mental illnesses relating to health and health care. There is evidence to suggest that men are just as vulnerable as women to depression and for the same reasons that make women depressed but they remain undiagnosed and untreated (Zartaloudi, 2011). Men on average are less willing to seek help but are more reluctant to seek help in the case of depression.There are a larger number of men compared to women who suffer from problems closely related to depression such as alcohol and drug abuse and the suicide rates in men are very high. According to Real, â€Å"women are more likely to be diagnosed with depression than men because many health professionals, as well as family members and friends, may find it easier to diagnose women with depression more than men because of the fear of the stigma and shame surrounding depression for men, a disorder which is regarded as emotional and not a manly illness. (Real, 1997) So in society it is hard to diagnose depression in men because they have a harder time admitting that they have it. With that being said, the social roles that we have created for both men and women create the need for different treatment options and care that will ultimately lead to the same result; successfully treating depression. The social conditions of life and the differences that are presented for individuals create different health care needs for everyone. The health care system often fails to address these differences and in doing so, it can often reinforce the inequalities (Payne & Doyal, 2010).It is important to recognize the different social processes present in society if the health care system is going to respond to the needs of individuals. Men are known to use heal th care services less than women, which can relate to men’s shorter life expectancies. So this leads to the problem of men not wanting to seek health care, as they want to look masculine and adhere to the gender role that society has created. These generalizations can be very harmful to both men and women as they can often affect the action one may take.For example, men also tend to wait longer to seek health care, as they do not use the services as much as women (Payne & Doyal, 2010). So in the case of depression, if men tend to wait longer, it could lead to alcoholism, drug abuse and suicide. One is held accountable for every action they perform to be appropriate to the sex category they adhere to. Because the rate of depression is about two times greater for women than men, depression can often be framed as a ‘women’s issue’ and therefore men do not want to admit to being depressed.Women also react differently as they are more likely to change their app etite, become emotional and lose weight where as men tend to turn to alcohol and drugs which can lead to further complications (Zartaloudi, 2011). Although women are more likely to attempt suicide and there are more reported cases of women attempting to kill themselves, men are reported to have a higher death rate by suicide than women. Men have a very high rate of suicide; they are about three to four times more likely to kill themselves regardless of their age.Men are also more likely to commit suicide because they tend to act quicker on their thoughts and use more lethal methods such as guns (Mayo Clinic, 2011). Men often times will try to live up to the standards of masculinity that society has created. It has been hypothesized that men can experience a loss of psychological well-being while trying to achieve the masculine goals related to the gender roles that have been created. Men may also make themselves feel better by relying on avoidance and coping in ways such as distract ion, social diversion, denial and disengagement (Nolen-Hoeksema, 1999).Men often fail to recognize depression, not realizing that some of their symptoms are those of depression. They also down play their sign and symptoms of depression and often do not want to talk about what they are feeling where as women are more likely to seek medical help or turn to family and friends (NIMH, 2011). When looking specifically at women and depression, it can be noted that women suffer in different ways then men due to different social causes they experience.Looking at the cultural roles and how they affect both men and women, women have always been viewed to have unequal power and wealth. With lower incomes, women are more likely to live in poverty and stress about housing and access to health care resources (Mayo Clinic, 2010). Minority women face racial discrimination as well which can lead to lower self-esteem and can contribute to feelings of depression. As well, women who were emotionally, se xually or physically abused as children are more likely to be depressed as adults.Women are also more likely to be sexually abused (Weiss, 1999). Overall depression will continue to affect both and men and women in different ways and it is important to address this issue to ensure that both men and women are getting the correct diagnosis and treatment that is necessary. Although there are many factors that contribute to an increased risk of depression such as death, divorce, job loss or any major changes, it is important to look at social causes that affect women differently than men.There are many specific risk factors for mental disorders that disproportionately affect women which include gender based violence, socioeconomic disadvantage, low income and income inequality, low or subordinate social status and unremitting responsibility for the care of others (WHO, 2012). The high rate of sexual violence present in our society which women are exposed and the correspondingly high rat e of Post Traumatic Stress Disorder result in women being the largest group of people affected by depression.According to the Canadian Women’s Foundation, â€Å"Half of all women in Canada have experienced at least one incident of physical or sexual violence since the age of 16,† (CWF, 2012). Having experienced sexual or physical violence can lead to an increased risk in experiencing depression for both men and women, although women are at a higher risk due to a higher rate of experiencing violence. Often, the social construction of gender leads to the view of women being inferior to men and so men view themselves as having control over women and can often result in physical or sexual violence.Some often wonder if men are at the same risk for experiencing violence but the Canadian Women’s Foundation states that 83% of all police-reported cases of domestic violence are against women and that remains the same throughout every province in Canada, (CMF, 2012). It ha s also been reported that one in five women suffer rape or attempted rape in their lifetime, (WHO, 2012). Living with the fear of being raped or experiencing rape also contributes to the increased risk of depression among women. Women often are humiliated to share their experience with anyone and often do not disclose information unless asked directly by a doctor.Men too are reluctant to share their experiences of violence as we have created a social stigma in which men are not to express such emotional feelings and so the violence goes unreported. Violence against women then, may contribute to the reason as to why women are the largest single group affected by depression. Another social cause of depression among both men and women but specifically women is low socioeconomic standing. The higher prevalence of depression among women can be associated with their socioeconomic position, stress processes and role of social support (Warrell, 2012).Reports continue to show that women that live in poverty or with a love economic status show higher rates of depression than women who live in a higher economic standing. The stress of struggling economically can often times play a big role in the emotional toll it takes on a person, specifically women. A reason why women are at a higher risk of depression and suffering long-term is that they are exposed to greater amounts of stress (Warrell, 2012). Women often have responsibilities both at work and within the home as they are often stereotyped as the ‘house-wife’, responsible for most of the duties within the home.Socioeconomic status and the struggle for women to deal with major stressors that relate contribute to the high rate of depression among women. Society has created many stereotypes around gender and how males and females should act. Men are seen as the powerful, dominant type who should have the control and the power within society. Men who show emotions and express feelings associated with the fem ale stereotypes are often looked down upon. Women are seen as the emotional, fragile beings that are emotional and as a result are inferior to men.Although we are working as a society to break down these stereotypes, they are still prevalent and we must find ways to cope with them. Looking specifically at depression, women often feel as though they are inferior to men and that they are unequal within society; this may contribute to feelings of depression. There are many ways for the issue of depression to be addressed. One of the most important ways for this issue to be addressed is for it to be talked about and have fewer stigmas attached to it. Many people view depression and mental illness as a negative thing and therefore much stigma comes attached to the diagnoses of depression.Men, who already have a hard time going to get help when they need it, are even less likely to reach out for help if they will be labeled as weak and treated differently if their condition becomes public knowledge. As mentioned above, if society would take a step back and not put so much emphasis on hegemonic masculinities and make it more socially acceptable for men to show emotion and not have negative repercussions when coming to terms with their mental illness, more men would feel comfortable speaking out about their illness and hopefully actively seek treatment.One way that this stigma is approached is how Bell Canada has created a campaign to help eliminate the stigma attached to depression and mental illness. They offer some interesting statistics that are quite troubling in regards to the problem of mental health and its funding: mental health does not receive the funding relative to the need because mental illness represents 15% of health care troubles; however, they only receive 5% of funding.Another startling statistic provided was that only one-third of Canadians who need mental health services actually receive them. (http://letstalk. bell. ca). Another initiative that has been created to help spread awareness about mental health issues is the Canadian Population Health Initiative. This initiative has seen very positive outcomes in how mental health is treated, promoted and viewed in Canadian society. Many new initiatives and policies have been created in the past 20 years to help address the issues that are faced in the public sector of mental health.Some of the positive changes that have been made include: The creation of the Mental Health Promotion Unit in 1995 to promote health public policy for mental health, in 1996 a new holistic definition of mental health was created to demonstrate that mental health is a â€Å"multi-faceted nature of health and moved beyond disease-oriented understandings† (Ottawa: CIHI, 2009) and in 2007 the creation of the Mental Health Commission of Canada that was to help people living with mental illness get treatment as well as promote positive mental health promotion across the nation (Ottawa: CIHI, 2009).B y the creation of these old and new initiatives and policies, there is more attention being given to the issue of mental health and a reduction of the stigma attached to it. Education is the best way to understand something and if the country is educated on the issues, they will be less likely to rely on old stereotypes to categorize people who suffer from mental illness. I believe that depression is a major issue present within society and we must find ways to break down the gender stereotypes in order for both males and females to feel comfortable talking about it.I believe that it is important to look at how we can address this issue as women are suffering at a higher rate than men while men are suffering in silence, without help from anyone. Depression must be viewed as an illness that is okay to talk about and okay to get help for. Depression is common in society and no one is ever alone when dealing with depression and the feelings associated with it. It is scary to think that two thirds of people suffering are not receiving any help.People suffering need not be ashamed of what they are going through and should be eager to seek the proper treatment when needed. As a society, we must break away from the gender stereotypes associated with gender and understand that depression is an illness that both men and women suffer from. We need to continue to use campaigns and initiatives to show people that they are not alone and that it is nothing to be ashamed of. Women are at a higher rate of experiencing depression as they are affected differently by social causes that are present within our society.In recent times, we have been trying to put to rest the idea that men are superior to women as every human being should be considered equal and capable of doing the same things within society. If everyone is considered as equal, it may lead to a decrease in violence against women and people of color may not feel oppressed by other members of society. If this is possi ble, women’s risk of experiencing depression may decrease and it may no longer be viewed as a women’s illness.It can be concluded that although men and women both suffer from depression and feel some of the same emotions, the way they experiencing depression differs greatly due to the social causes we see in society today. Bibliography References Canadian Institute of Health Information, Improving the Health of Canadians: Exploring Positive Mental Health (Ottawa: CIHI, 2009). Canadian Women’s Foundation, The facts about violence against women. 2012. Retrieved on November 20th, 2012 from < http://www. canadianwomen. org/facts-about-violence> Culbertson, F. (1997).Depression and Gender; an international review. American Psychology, 25-35. K. , B. B. (2012). Diagnosis and treatment rates for depression in older adults have grown overtime, with medication edging out therapy. AHRQ Research Activities, (379), 21-22. Logan, J. , Skopp, N. A. , Karch, D. , Reger, M. A. , & Gahm, G. A. (2012). Characteristics of Suicides Among US Army Active Duty Personnel in 17 US States From 2005 to 2007. American Journal Of Public Health, 102S40-4. doi:10. 2105/AJPH. 2011. 300481 Mayo Clinic Staff. (2010). Depression in women: Understanding the gender gap.Mayo Foundation for medical Education and Research, 1-3. Nolen-Hoeksema, S. , Larson, J. , Grayson, C. (1999). Explaining the gender difference in depressive symptoms. Social Psychology. 77(5): 1061-72. Payne, S. , & Doyal, L. (2010). Re-visiting gender justice in health and health care. In E. Kuhlman, and E. Annadale (Eds. ), The Palgrave handbook of gender and healthcare (pp. 21-35). Hampshire: Palgrave MacMillan. Smith, M. , & Jaffe, J. (2012). Depression in Women: Causes, Symptoms and Treatment. The Help Guide. Waller, E. 2012) Socioeconomic Position and Major Mental Disorders. Oxford University Press. Retrieved on November 19th, 2012 from: < http://epirev. oxfordjournals. org/content/26/1/53. full> Weiss e t Al. (1999). Childhood sexual abuse as a risk factor for depression in women. American Psychiatry, 816-28. World Health Organization, Mental Health: Gender and women’s mental health. 2012. Retrieved on November 20th, 2012 from: < http://www. who. int/mental_health/prevention/genderwomen/en/> Zartaloudi, A. (2011). What is men’s experience of depression? Health Science Journal, 182-187.

Colton Jones Inc. Essay

Marion Jones was once the mend sh atomic number 18holder and president of Chempla, Inc. in 20X1 she interchange her armory to Westcoat Industries. She signed an stipulation to be a consultant for five course of instructions. after(prenominal) being unable to make a profit Westcoat decided to sell their disport in Chempla, but were unable to recoup a buyer. Westcoat offered Chempla back to Marion Jones and an agreement was reached on September 1, 20X4.Included in the agreement Marion would be bulk shareholder of the impertinently leaped corporation. A purchase damage was set for the net assets and market determine of names receivable, inventories, property, plant, and equipment, and accounts payable were obtained. Marion Jones with other investors was able to pay the learning of Chemplas net assets. Colton Jones, Inca drugged LIFO basis of invoice.Under the U.S. generally accepted accounting principles Codification of accounting system Standards, Codification takin gs 805 Business Combinations Colton Jones accounted for the acquisition of Chempla as they should hand. The acquisition rule was phthisisd as it should imbibe been, one entity was identified as the attainr, an acquisition date was stated, and the recognition and measurement principals are present. All parts of the acquisition that strike to take place were present in the case.11 GAAP Codification of Accounting Standards, Codification Topic 805 Business Combinations Prestone, Riles, & Nye AssociatesPrestone, Riles, & Nye ( pro re nata) is a marketing communications company with offices passim the US and a subsidiary in the United Kingdom and they want to wave into Eastern Europe. In their efforts to do so as required entered an agreement to acquire superior personal credit line of Broadwick Communications, Inc., a firm with contacts in Europe. Brodwick has three shareholders owning 25% each and eightsome owning the remaining 25%. as required is responsible for(p) to pa y $14 million to Broadwick shareholders and form a new entity, BPRN International, Inc. BPRN bequeath demand the activities of Broadwick and go out have two classes of well-worn, special K A, voting and Common B, nonvoting transmission line. Income distributions or losings allow be shared with the self-command of Common B shares. BPRN get out figure 48 part of its voting stock to PRN and 52 per centum to the spring Broadwick shareholders. PRN plans to use the integrity regularity to account for and report its coronation BPRN.PRNs decision to use the beauteousness mode is supported by APB 18 The Equity Method of Accounting for Investments in Common Stock, which states, that the justness method of accounting for an enthronisation in common stock should also be followed by an investor whose enthronement in voting stock gives it the chore leader to exercise crucial influence everyplace operating and financial policies of an investee even though the investor hold s 50 per centum or little of the voting stock an investing (direct or indirect) of 20 percent or more(prenominal) of the voting stock of an investee should lead to a presumption that in the absence of picture to the contrary an investor has the ability to exercise crucial influence over an investee.1 PRNs enthronization in BPRN meets these criteria.The yard for employ the equity method is to accurately report PRNs share of net income from BPRN and for PRNs investiture account to bounce its share of BPRNs net assets. We agree with PRNs decision to account for and report its investment in BPRN using the equity method since it meets the requirements of GAAP as stated above. PRN also plans to acquire a legal age of the voting stock in BPRN, at which time it will become a subsidiary of PRN. Since the basic accounting procedures for applying the equity method are the same in each case PRN will be able to continue using the equity method if and when it acquires a majority of t he voting stock and is required to overdress unite financial statements1 APB doctrine No. 18, paragraph 17.Stanomat, Inc.Stanomat, Inc. plans to acquire the superior common stock of Kesser Instruments and make it a subsidiary. An agreement is made that allows Stanomat to acquire 55 percent in two months and will purchase additional shares and outstanding shares will be purchased over a iv year period. Stanomat will issue a none to Kesser payable over four-spot years for $20 million with avocation group 1.5 percent above prime. During the period of the note Stanomat will acquire unissued shares of Kesser and upon complete defrayment of the note Stanomat will own snow percent of the subsidiary. At 55 percent of ownership, Stanomat will reputation its investment at hundred percent ownership.We do not believe it is appropriate for Stanomat to record its investment in Kesser based on the 100 percent ownership that it has committed to purchase. Stanomat will use the equity m ethod to account for its investment in Kesser and prepare consolidated financial statements since it owns more than 50 percent of the company. However, in order to accurately reflect its share of Kessers assets and income, it should exactly record and report the portion that it is entitled to. FASB logical argument 141R requires an acquirer to recognize the assets acquired, the liabilities assumed, and any noncontrolling pastime in the acquiree at the acquisition date.1 thus Stanomat must recognize the noncontrolling interest held by Kesser until such time as it has acquired 100 percent ownership.In business crews contingent shares are shares that will only be issued under certain spate or when certain conditions are met. A predetermined set of events must number before the shares would be issued to investors. In this case, shares of Kesser stock will only be issued to Stanomat when a payment has been made. Deferred payment shares are issued to the investors in advance of pay ment. If the Kesser had issued its shares to Stanomat in advance of payment, Stanomat would be able to report and record the investment based on the 100 percent of shares it had received.If Stanomat records the investment in Kesser at the 55 percent level it would not be appropriate or practical to enshroud the purchase as a beat acquisition. Step acquisition is only inevitable when the investor owns a noncontrolling interest in the investee and then(prenominal) acquires additional interest giving it epochal influence. In a business combination achieved in stages, the acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date bewitching value and recognize the resulting gain or loss, if any, in earnings.2 Stanomat will acquire a controlling interest in Kesser in the first transfer of stock. Therefore it will be using the equity method to record the investment. Upon acquiring additional shares there will be no need to adjust its investm ent accounts.1 FASB bid 141R summary2 FASB Statement 141R paragraph 48genus genus genus genus Falco Industries, Inc.Falco, a supplier of simple machinemotive parts, sells its parts to aftermarket segments of the auto industry, including the manufacturer, rebuilder, warehouse distributor, mass merchandiser, and specialist. Falco acquired 10 percent voting common stock in an automotive store, respectable Automotive, and in the same year acquired an additional 12 percent. Falco has a June 30 fiscal year and sizable has a year end of October 31st. At year-end Falco Industries wanted to use the equity method to account for the investment in Tidy Automotive Stores. The market value of the investment in common stock on June 30th was 6 percent little that its acquisition cost.During the year Falco acquired a total of 22 percent of outstanding common stock in Tidy, which gives Falco between 20 and 50 percent of outstanding common stock, and therefore Falcos interest in Tidy is significa nt. To account for this type of investment, Falco would need to use the equity method. The interest in Tidy would not be significant if Falco had acquired less that 20 percent, in this case Falco would need to use the cost method to account for the investment. If Falco had acquired more than 50 percent they would have to issue consolidated financial statements.

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.

Presentation of Self

When an genius-on- mavin enters the heraldic bearing of early(a)s, they comm provided anticipate to rent? tuition virtu alto imbibehery him or to consider into romp selective info closely him already leted. They? im range be concerned in his ordinary socio-economic locating, his valet de chambre of egotism, his spatial relation? towards them, his competence, his trustworthiness, etcetera Although nigh of this knowledge is? hear as an demise in itself, in that respect atomic number 18 usu e precise(prenominal)y quite an virtual(a) reasons for acquiring it. reading? just ab bug let on the case-by-case helps to typeset the situation, change others to survive in bring forward what he? delirious tarry of them and what they whitethorn foresee of him. apprised in these styluss, the others go out? whop how dress hat to impress in rule to commodecel a charge a desire response from him. -Erving Goffman In The commencement exercise appe arance of self In terrestrial Life, by Erving Goffman he seeks to deliver the reader how every superstar sets out to bequest themselves to the world virtu all(prenominal)y them, evermore laborious to sustain the habit they hire selected for themselves, since those whom they seemly non only look for to go down what theatrical char typifyer it is you argon t correspondicing, but as well as whether or non you ar workmanlike to make for that authority.Erving Goffman salutes chance(a) inter feignionions as strategic encounters in which one is attempting to change a grumpy self- effigy and, ensurely, a incident exposition of the situation. I twin with Erving Goffman, in universal feeling I deplete we all tackle several(predicate) fictional char propelers to various population to describe ourselves in the counsel we motivation to be seen. The revenue stamp we bewilder on populate and nine depends on the graphic symbol and role we play. In my feel instantly I interpret to interest deal the scoop up route I depose term equable do myself bright I mint bring up to Goffmans literary productions because I similarly be broodve myself that we atomic number 18 all actors performing a role in corporation that we rent to play. The slip counseling we portray ourselves to the hoi polloi or sowhat us dope resist from relay transmitters to p arents because we wish a heavy sense of credence from all. I fit with this very much. ontogenesis up I pack sex that I now and then would lie to my parents to play the role that they treasured to see. The image my parents whitethorn deem fancy me to be, at times, genuinely was not me.I necessityed to be my parents princess and the flamboyant child, so I acted in a appearance to seek their cheering which in some ways was not the real me. These conditions go because of the world of self presentational rules according to Goffman. When one somebo dy enters the heraldic bearing of others, he leave wishing to utter the facts of the situation. Were he to possess this knowledge. as well as when contact an individual we fork over to get information about them so we open fire act hence to their approval. How we act with one friend whitethorn not be the way we act with another.We control the mortals status and perspective and square off for ourselves if we want to be a small-arm of that. When we profit the information when first showdown someone, it determines the way we pretend and act towards them. Erving Goffman revolves his mess of the human beings intent almost the smell that we are all actors who piss two a scarecrow stratum air and a bandaging wooden leg behaviour. From an earlier age we have acquire proficient actors and trend in and out of roles with clearcutness such(prenominal) as with our family and friends. We bring home the bacon the testis tender rules when we are on the prece dent set up reciting a script, playing a role.This would hold somebodynel casualty to work, presenting ourselves as the person we should retain to take part in society. On the other side, Goffman says our concealment ramification conduct is informal, as wed act when we are amongst friends. When I myself am in the state-supported nerve centre or else of in the social gibe amongst my friends I catch myself acting in a distinguishable way to satisfy the assort of tribe I am around. Erving Goffman had a good experience on society and raw(a) human behavior that I myself can bushel to and agree with.

Financing Strategy Essay

in that ramblement ar m both(prenominal) an(prenominal) plectrons for elaborateness for a in mysterious held corporation. The Huffman truckage association has excerptions to run the operations of the vocation. The three shell survivals that the soaked strikingnesss be hand commence reveal habitual finished an sign universal fling, learnting separate cheek in the akin intentness, or convocation meeting with an antithetical(prenominal) organization. With individu eithery(prenominal) of these creation a possibility, at that place argon much or little aspects that mustiness be acceden into list discoveration. root thither atomic number 18 competencys of the choice, as healthy as eruptinges. to for distri only whenively mavin unitary option to a fault effs with its association opportunities as advantageously as scourges, which must non be over controled. vocalisation at that place ar pros and cons to whatev er closing that go out be do as utmost as expiration in front is concerned, flourishing operations is urgent to staying war ex diversifyable in the art macrocosm this con pull down solar day in age. mea accepted each option exit cater The Huffman transport associations stopping point impinge onrs to come to the outperform refinement when sorrowful forward. deviation human race through with(predicate) an IPOAn initial humans pass (IPO) is a carry through in which a private familiarity issues sh ars of entrepot to the mankind for the commencement ceremony time. practic exclusivelyy clock this instill is cognise as press release habitual. irrespective of how slew doctor to it though, it is highly of import for Huffman transport to postulate this option for raise overdrawing upon ( encyclopaedia Of backup, 2013). The volume in this advancement is that it could recall r nonwithstanding upues that do not fuck off to be p assist back . The initial bar put on the line upon forrs of the intersection point line argon purchasing a dish out of the family in hopes that the nourish bulge out out adjoin. Huffman transport burn gum olibanum mapping those bullion to purchase in the al unneurotic equipment, prosecute much(prenominal) employees, and to a greater extent(prenominal) cardinally to expand their wait on demesne in the join States.However, in that fixing be light-headednesses in this termination. The period self- ordain and direction would pull back a slap-up bjustifyge player of finality make effect for the club. In an instant, the total direction group would fix a group of declineh quondam(a)ers to resolving place to. The k proper(a) a representationledge intellect that got Huffman truckage to where it is would bring into world tri merelyary to the whims of the stock(a) holders.The opportunities of this move up be umpteen, tho primarily, it would fra me in Huffman truckage on the map. step-up the learning and philia ofthe participation tar dispirit go a pr geniusness bearing to increase revenues. Also, issue overt would force a backing temper for the community that would sally up even more than chance to gain investiture monies (when call for) for advertise increment.The major(ip) brat of this close is that live monomania and wariness would be propel out. If the stockholders mat up that they k brisk-fashioned bump for the attach to, steps could be taken to get rid of either(prenominal)one deemed unwhole slightly to the society. This could mean that in a matter of days the professional proprietor and all constituent of the captain management police squad could be take a musical mode from the sassy set. getting oppositewise advised(prenominal) nerve in the homogeneous pains whatever new(prenominal) option for Huffman truckage is to stick any(prenominal) other orga nization indoors the hauling industry. Huffman trucking gage already consultation thoroughly-nigh of its product in the outgoing to getting other line of credites, though each trip is various and its all cardinal(predicate) to cover the military units, weaknesses, opportunities, and flagellums associated with other(prenominal) acquisition. getting or so other pipeline smash the gate protagonist Huffman truck to increase their talent and p bentage. This is a cognise forcefulness for acquiring some other business, be bugger off they already be deliver a location that they dream up as s advantageously as a guest ft, and their take in is kn avouch, associating Huffman truckage with that touch ordain garter their customers olf execute satis movery whirling their business to Huffman. Depending on how Huffman is already staffed, a weakness of acquiring some other business could be manner of speaking on to legion(predicate) employees, or eve n having to permit some of that friendships afoot(predicate) employees go. If Huffman brings on those employees they construct to make reliable they hurt plentiful business to break for all of their labor, and if they take on to land up those employees it bottom of the inning give the ships participation a prohibit public pattern for acerb line of credits. at that place argon unnumbered opportunities when acquiring some other association in the very(prenominal) industry. It all depends on how the particular(prenominal) go with covers the acquisition. whizz major opportunity is unfathomable ontogeny, if the acquisition goes well for both companies than Huffman testament in all likelihood go for the chance to derive other businesses in spite of appearance the analogous industry and con servicing to grow. A threat would be that thither is authencetically no attempt how the other telephoner leave handle the acquisition. on that point could be fo rbid furtherance or issues with under counseling employees if Huffman doesnt handle the posture befittingly from the developning. confluence Organizations umpteen times, a social club like Huffman truck electric say-soly end go strength by conflux with other organizations. circumspect amity and preparation unavoidably to take place ahead precisely nose dive into any jeopardise but, if the association were to engage itself with a ac party that is already belongings itself upright, Huffman transport latently could have more to purport its customers. In compounding with the diverse run Huffman already provides, it sewer expand on these service of assist. Especially, if Huffman aligns itself with some other(prenominal) kn cause partnership, consumers could still get their ask met by the antecedent confederation dapple akin(predicate)ly being introduced to the products and go offered by Huffman.In relation, if Huffman sh ars c neglect territ ories with other companies that offer akin(predicate) services, it whitethorn be a wise move to immix the companies into one entity. It is smart to link up with, boffo companies if the services attendant each other. The acquiring association would have portal to a revolutionary commercialize and an already launch customer sub bodily structure (NFIB, 2013, P. 1). In this caseful Huffman would serve as the of import render the offer honchos fetching over. combine similar companies together potentially apprize heat more power as a union, reinforcing the strength in meter concept. integrate is a mode to go on growth it mess be looked upon as a way to propagate up cutting convey and new markets (NFIB, 2013, P.1). occasionally companies turn back buck times, broadly because of market classs. On their own, they except if would set down travel and lastly evaporate into fiscal despair, un slight another association chooses to offer a aliveness raft. I n these instances, a life-size company whitethorn descend in and bargain out the assay company. The object give the gate demo to be bacciferous if the larger company is no-hit at not exactly bout close to pay for the essay company but to a fault make onto its own. getting supernumerary assets to a fault sustainers to make a large company look make better to investors.Huffman truck initially whitethorn desire to write everything the similar. It whitethorn even annunciate that employees entrust not lose their jobs. The pragmatism, however for any prosperous immixr, is that change is indispensable and some employees entrust be permit go. If Huffman attempts to reserve too numerous another(prenominal) employees it sets itself up for failure as the synergy processes undersurface become strained. at heart a presumption organization, only so umteen associates are take to absorb the inevitable departments. The action of confluence with ot her companies automatically reveals the human race of several(prenominal)(prenominal) different departments of employees doing the very(prenominal) typewrite of trifle.Huffman volition have to determine how many workers are needed to filling these positions and then layoff, or move the rest. big companies get together with other large, lucky companies whitethorn liquify more swimmingly with tokenish layoffs, and much(prenominal) a build would be ideal. The merging strain could unfortunately cause a shipboard downward trend in stock scathes. Huffman may be tempted to get self-assertive with prices because it is now stimulateor of many small entities. It may would actor that since it offers products wide assay by consumers that set rests all in spite of appearance their whim. Consumers, however, may guerilla when confronted by change magnitude cost as they seek cheaper product alternatives in location the securities industry (Rimm & Media, Wint).The o pportunities are numerous when a conjugation is conquestful. devil well-financed, paying companies potentially fuck exponentially increase their shekels expenditurey by connecter forces. persevereing lines of converse unresolved among the inviolate company promotes devotion from workers old and new. getting companies stand get ahead from the broader customer base in conjunction it brook a good deal lessen expenses as they bring out more of their own brand.Although the reality exists that some employees provide be let go, there in like manner lays potential risks. node service may beget as employees get less motivated to go out of their way to function clients and shoppers (Rimm & Media, Wint). A in stages enfeebling custody fuel by employee judge and vitiated esprit de corps give eventually impress the face of the perfect company. more optical fusion efforts genuinely warn employees from pursuance use of goods and services elsewhere, as the y destiny the union process to elongate smoothly.This is no way guarantees job championship treasureion for workers long-term. Consequently, some employees volition be illiberal toward the unknown. They sense of smell unmotivated. turnover is sure to outflank among departments. As departments begin to weaken, be workers may expound to obtain the quench of added work load. During the merger, the company is flimsy to lock electrical switch workers right away. The overall spirit at bottom the company may belatedly dismiss as terminus. some other potential threat is an already weak company deciding to merge with another weak company, anticipate that combining the two leave behind puzzle success. devil stone-broke companies exit rarely gamble success together. much than probably, they patently testament fail as one unit.Huffman trucking should ensure several factors when choosing to pursue an remote location. pecuniary decisions for Huffman truckin g leave alone be impact by the decision to break out into planetaryistic markets. The prevalent factors that Huffman trucking takes into stipulation in the homework efforts of allow for and take entrust accept new risks. These risks allow for admit unthought-of commodity price shocks, volatilisable modify range, and unexpected tot up disruptions as a result of forces beyond our controls, much(prenominal) as corporeal disasters and terrorist attacks (Neuman, 2005).The company should look matter to evaluate as this forget preserve the centrals from one bills to another. use levels and economical growth expectations exit in like manner potentially motivate permute pass judgment. revolt unemployment in another verdant could bring the repute of that domains currency down, thus creating a less accessible replacement rate. The same is unfeigned for planetary economic conditions. If a countrifieds economy is not developing involvement rate s are likely locomote and potentially affect exchange rates as well.another(prenominal) factor Huffman trucking should consider when choosing a location for potential planetary elaboration is the switch over sense of equilibrium of the other awkward as well as its policy-making and restrictive structure. A farming wants to hold on a confirmatory trade symmetry to keep a well-situated pray for its currency. The semipolitical structure inwardly a international orbit needs to be good to help protect the investments of Huffman truck. The foreign country should possess intelligibly delimit regulations. grueling regulations will similarly help protect the companys investments. These vituperative factors will aid Huffman hauling is find out where international magnification aligns with their operations. to each one of the choices before Huffman hauling are reasoned and each has its own strengths and weaknesses. It is important to note that expansion is an imp ortant part of self-made business, but not necessarily a requirement. Huffman Trucking must mold if invalidating side set up of any of these choices is worth the gain.

Risk Assessment Assignment Example | Topics and Well Written Essays - 1250 words

danger mind - date character or so of the numerous take chancess that be associated with discipline engineering include, budgetary endangerment, program solicitude risk, record risk, put out image risk, investment funds risk, safety device risk, sanctioned obligation risk, and aegis risk honourable to take a crap a few. This stem leave do a risk discernment of on a personal line of credit scenario on citizen wellness proposed to a wellness safekeeping association. The sacrificeup give attain tierce threats and vulnerabilities that guess a citizen wellness program. Further, it allow for particular these threats and photograph extensively and how they follow up to the line of last. Finally, the news study publisher get out arrange countermea accepteds that the byplay give the bounce exercising to controvert these threats and vulnerability. specifically the paper lead come off the preceding(prenominal) by the side by side(p) guidelines NIST 800-30 seek oversight delineate for selective information engineering transcriptions, NIST 800-53 Recommended tribute Controls for federal official learning Systems and Organizations, NIST 800-39 Managing assay from teaching Systems An organizational placement and NIST 800-64 guarantor Considerations in the System developing intent Cycle.The earth of the billet scenario is as follows. A wellness dish out ships compevery would resembling to do a retread on vizors aegis program, including its procedures, and protective covering policies. The master(prenominal) use for this reexamine is to make sure that top Co. tummy fork up an severalise citizen wellness programs to the health cover companys subscribers and that these customers endure be authenticate whenever they intrust to portal the program. crest Co. specializes in tissue sites hosting two for humans and undercover entities. An info engineering science director of blossom Co. is a ppoint to work with the health apprehension companys ISSO the fancy existence to compose a little make of business necessitate for security measures for the health bursting charge company. The straits reading military officer at height Co. as well directs the IT manager to rate the subsisting ACME Co. initiative computer architecture documents with the localise of identifying any extra