Plastic surgery Essay

Plastic medical procedure is an activity that permits a person’s picture change into another and pretty appearance. These days, plastic medical procedure has been a developing interest for some, Asian nations, including Malaysia. Most Malaysians pick to seek after plastic medical procedure albeit some of them have attractive figure. As I would see it, is a smart thought for somebody to change their appearance however plastic medical procedure. Right off the bat, individuals who having plastic medical procedure can construct certainty and increment their confidence. For example, individuals feel great in social network and speak with others. Besides, it is simpler for them to find a specific line of work. Along these lines, it might do an effective profession in their life. Furthermore, plastic medical procedures will improve wellbeing conditions. For instance, there are numerous ladies experiences constant back torment unraveled by bosom decrease. In addition, physical deformities and wounds because of mishaps, hereditary qualities and ailments likewise understood by plastic medical procedure. A few people contend that plastic medical procedure conveys with sure of hazard. The most widely recognized slip-up individuals is picking an off-base specialist who has no understanding and without accreditation may place their wellbeing into chance. Be that as it may, with fast advancement of innovation, plastic medical procedure strategy has gotten progressively viable and dependable. The greater parts of individuals despite everything have confidence in plastic medical procedure and completely change them. Individuals can improve their day to day environment and help to reshape their appearance in future life. Taking everything into account, I unequivocally consent to somebody change their appearance through plastic medical procedure since plastic medical procedure assembles certainty or increment confidence and improve wellbeing condition.

Human Migration Factors Essay Example For Students

Human Migration Factors Essay Human Migration FactorsMigration, the development of individuals from one spot, starting point or nation toanother1. For whatever length of time that man can recollect movement has been a major part in ourlives. Individuals have moved consistently since their rise as an animal types. The craft of moving is to move here and there or nation tocountry, to discover what we looked for, A reasonable domain for our familiesand us to live in. It is imperative for people to keep progressing or relocating. Manypeople move to better places the world over, similar to Europe, Africa, TheAmericas, Australia, and the Soviet Union. People move since they feel thatthey need to have steady and appropriate condition in which to live in and bringup their families. Individuals may relocate to better places or nations due tomany factors. These can be placed into a class called Push Factors. Thesefactors are reasons why individuals need to leave. Numerous individuals feel they have toleave a specific spot in light of the fact that the earth wherein they live is flimsy. Push Factors like, Poverty, war, religions limitation, joblessness, pooreducation, sicknesses, illnesses, an unexpected frailty framework, absence of freedom and eventhe atmosphere, can change a people psyche and make them need to leave a particularcountry or spot. One the other hand there are different variables called Pull factors. Thesefactors are extraordinary and are something contrary to the Push Factors, making them wantto leave the nation they are living in. Individuals might be infatuated and find betterliving guidelines in the other nation. There may likewise see it as more secure andhave laws that are progressively liberal. They may be more opportunity and an opportunity to geta work and win cash to help their family, can pull people to leave thatcountry or place. In 1992 my folks told my sisters and I that we were leaving SouthAfrica and heading for Australia. We chose to leave on the grounds that my family did notfeel that they needed their youngsters (my sisters and I) to be raised up with upin viciousness and political unsatisfactory quality. These Pull Factors were overpoweringand in the end on January the 24 1993 our entire group of 10 individuals showed up tolive in Australia. Movement to different nations or places regularly winds up being a triumph. Now and again the individuals, who relocated a couple of years prior, understand that the decision theymade was an off-base one. The decision my family made was thank heavens a decent one. The Migration of people from around the globe has been gigantic. Sincethe start of the mechanical upset, it is proceeding to develop. I hopethat it will keep on becoming significantly more and numerous new and incredible spots willbe found. 1 Collins Pocket English Dictionary, 1989Religion

Understanding Student and Parent Loan Options

HomeFinancePrivate LoansUnderstanding Student and Parent Loan Options For CollegeThis page may contain affiliate links.Feb 8, 2019 The prospect of paying for college can send students and parents into the stratosphere—along with the tuition costs that are already there. At Road2College, we advise all involved to leave no stone unturned when it comes to looking for â€Å"free† money to help pay for college. And we also know that once all possibilities have been exhausted, some students will still come up short and need to turn to loans to help bridge the gap. If your student is going to need loans for college, it makes absolute sense to know what options are available when it comes to federal and private loans. Educating yourself will help you find the best loans at the best rates for your specific situation. We recently spoke with Angela Colatriano of College Ave Student Loans, who helped us sort through the details that so many students and parents find intimidating. Here’s what she had to say†¦ What Loans Are Available To Students And Parents? FEDERAL LOANS Note: As of July 1st, 2018, rates on federal loans for undergraduates and parents will be increasing. Federal Stafford (subsidized and unsubsidized) loans will increase to5.04% and Parent Plus Loans will increase to 7.59%. The origination fees remain at 1.066% for Federal Stafford loans and 4.264% for Federal PLUS loans, but may change on October 1, 2018. Direct Stafford Student Loans These are loans available to students, strictly in a student’s name. Unsubsidized Loans:The interest on this loan starts accruing the minute the money â€Å"goes out the door to the school,† and it continues to accrue, regardless of whether or not payments are made. These loans are not considered to be need-based (there are basic academic requirements, etc.), so they are open to all students who file FAFSA. Subsidized Loans:Interest is not charged on these loans during the in-school period but begins accruing only after the student graduates. Subsidized loans areoffered to students based on demonstrated financial need. There are yearly and lifetime maximums for what students can borrow in Direct Stafford loans. Freshmen can qualify for up to $5,500 a year, sophomores up to $6,500 a year, and for junior and senior years that follow up to $7,500 a year. (There is also a lifetime cap, so check out the details on the Dept. of Ed. website.) Parent Plus Loans These are loans available to parents, strictly in a parent’s name. (Students are not responsible for this loan.) Keep in mind:Most students are eligible to take out Federal Direct Stafford loans (check the Dept. of Ed. website for more info about Federal Loans), so it is recommended that these loans be considered and used first. Once they have been â€Å"tapped out† (because there are limits on their amounts), it is THEN that a student and family may want to consider Private Loan options. PRIVATE LOANS These are loansoffered by private lenders, such as a local bank, a national bank, an online lender, or a credit union. Private Student Loans Private student loans are in the name of the student, but typically require a cosigner since most students do not have established credit or sufficient income history that could qualify them for a loan. Cosigners can be a parent or someone else who has invested in that child’s education. A good thing to keep in mind is the lower the â€Å"risk†, or the better the credit worthiness, of the cosigner, the better the loan rate can conceivably be. Keep in mind: Angela advises all cosigners to know the details of the lenders cosigner release criteria. Make sure you ask about this up front when you are researching and comparing loans. (College Ave offers Cosigner Release for their loans, see detailsbelow1.) Find Out More About College Ave Student Loans Private Parent Loans Private Parent Loans are loans strictly in a parent’s name. A student is not responsible for this loan. Private Parent Loans are similar to the federal Parent Plus Loan, as both will allow you to borrow up to the full COA (Cost of Attendance), but the Parent Plus Loan offers a single-fixed rate for everyone, while the interest rate on a Private Parent Loan will be based upon your individual credit worthiness. (College Ave Student loans impose no Origination Fee on their products.) Find Out More About College Ave Parent Loans What Is An Origination Fee? An origination fee is charged by a lender upon entering into a loan agreement to cover the cost of processing the loan.Federal loans always come with a loan origination fee, while private loans sometimes do not. College Ave student loans do not attach an origination fee onto their loans, but in the case of the Federal Parent Plus loans, the origination fee is4.264%. This addition can heavily impact the TOTAL cost of a Parent Plus loan, so it is wise to compare and contrast these loans with Private Loan options. You may, in some cases, get a better rate going the private loan route. When Is The Optimal Time To Apply For A Loan? According to Angela, the optimal time to apply for a loan is once you feel confident in the amount you need to borrow. The timing of this may vary, depending on when the college your student is attending has sent their tuition bill. Loan approval for a private loan can come through rather quickly, however, after the approval the school has to certify the loan amount according to each student’s cost of attendance. Typically, bills go out at the end of June through the middle of July and due dates are usually 30 to 45 days from that. Should You Borrow For One Semester Or The Full Academic Year? This varies on a case-by-case basis, however, if you do borrow for a full academic year, the lender does not send the entire years amount to the school all at once. The school will generally request only what is needed to cover the current tuition bill. Interest on the loan amount does not start accruing until the loan is disbursed and the interest is based only on the disbursed amount. The downside of requesting a loan for the full year is if you miscalculate, borrow too little and then need to take out another loan later in the year to cover the excess amount. Will The Interest Rate Differ If I Cosign For My Student’s Loan As Opposed To Taking Out A Private Parent Loan? Yes. The profile and pricing on a cosigned loan (with two responsible individuals) will be different from a loan with only one responsible party. It’s a good idea to shop them both and weigh all your options. When Should I Start Repaying Loans And What About Repayment Terms? Its good to consider what the repayment terms are on your loan and what choices you have for how many years you have to repay the loan. Questions to ask a potential lender are: Does the lender assign the repayment terms or do you get to choose? Will there be prepayment penalties? Will you have to pay a fee for prepaying? Can you get an interest rate discount if you make automatic debt payments? Keep in Mind: Know the factors that affect the costs†¦the TOTAL cost, the MONTHLY costs, and how you can get to a repayment plan that works within your monthly budget. Some lenders offerinterest rate incentives for people who commit to making payments while still in school or for those who choose shorter loan terms. Ask about them. (College Ave Student Loans offer 0.25% interest rate reduction with autopay.The College Ave website offers a calculator that will enable you to see how different scenarios will affect your rate, total cost, and interest charges. It’s a great tool that is available to everyone. College Ave Student Loans products are structured to encourage choices around repayment. Angela recommends starting to repay the loan as soon as you can, since that is the most direct path to minimizing interest charges. It will also guarantee you paying the least amount possible for that loan. Lenders offer repayment options—interest only; all at once—upon graduation (as examples), but Angela suggests that even if a deferred repayment option is chosen, dont hesitate to make even a small contribution as soon as you can. Do Loan Companies Accommodate Hardships? Private loan companies don’t necessarily have built-in income driven repayment plans and other repayment options that come with some federal loans, but that doesn’t mean your lender won’t try and find a way to work with you to get you back on track successfully. These options will vary from lender to lender, so call your servicer, and let them know you are in a bind. Act fast†¦the situation won’t go away, and will only get worse if you wait. Bottom Line Do Your Homework Before The Tuition Bill Comes Take the time between now and when your students tuition bill arrives to ask lenders for prequalifications so that you can get a sense of the interest rate range you will be in. Doing this type of research will help you know with which lenders you will want to apply. Know the distinction between monthly payments and the total cost. (Plan for four years.) Don’t borrow more than what you can expect to make after your first year of college. This is a good way to get your student involved in the decision-making process and thinking about a career and income for the future. Watch the full interview with Angela Colatriano here This post is sponsored by College Ave Student Loans. 1 College Ave Cosigner Release Requirements:A student borrower who is a U.S. citizen can request the release of their cosigner after more than half of the scheduled Repayment Period has elapsed, if the following requirements are met: The most recent 24 consecutive payments were made on-time and did not include any forbearance or workout programs for hardship reasons (an â€Å"on-time† payment is defined as paid within the grace period such that no late charges are assessed). The borrower has demonstrated income for the previous two years that is more than twice the outstanding balance of all their loans with College Ave Student Loans. A credit bureau review shows no late payments on any other obligations for the past 24 months. SaveSaveSaveSave SaveSave SaveSave SaveSave SaveSave SaveSaveSaveSaveSaveSave SaveSave SaveSave SaveSave SaveSave SaveSave SaveSave SaveSave Road2College Road2College is dedicated to providing families with trustworthy information about college admissions and paying for college. We recognize the two processes are intertwined and our goal is to educate families on all aspects of admissions and funding so they can make smarter college financial decisions. View all posts CATEGORIES Federal LoansFinancePrivate Loans TAGS Parent Plus LoanPrivate Parent LoanPrivate Student LoanStafford LoanNEWER POSTThe Tremendous Value of Private Student Loan PrequalificationOLDER POSTThe Best High School Grad Gifts for Him and Her

Should Journalists Be Objective or Tell the Truth

Is it a reporters job to be objective or to tell the truth, even if it means contradicting statements by public officials in news stories? Thats the debate New York Times public editor Arthur Brisbane stumbled into recently when he raised that question in his column. In a piece headlined Should The Times Be a Truth Vigilante?, Brisbane noted that Times columnist Paul Krugman clearly has the freedom to call out what he thinks is a lie. Then he asked, should news reporters do the same? Brisbane didnt seem to realize this question has been chewed over in newsrooms for a while now and is one that vexes readers who say they are tired of traditional he-said-she-said reporting that gives both sides of the story but never reveals the truth. As one Times reader commented: Â   The fact that you would ask something so dumb simply reveals how far youve sunk. Of course you should be REPORTING THE TRUTH! Â   Added another: Â   If the Times is not going to be a truth vigilante then I certainly do not need to be a Times subscriber. Â   It wasnt just readers who were irate. Plenty of news business insiders and talking heads were aghast as well. As NYU journalism professor Jay Rosen wrote: Â   How can telling the truth ever take a back seat in the serious business of reporting the news? Thats like saying medical doctors no longer put saving lives or the health of the patient ahead of securing payment from insurance companies. It puts the lie to the entire contraption. It devastates journalism as a public service and honorable profession. Should Reporters Call out Officials When They Make False Statements? Pontificating aside, lets get back to Brisbanes original question: Should reporters call out officials in news stories when they make false statements? The answer is yes. A reporters primary mission is always to find the truth, whether that means questioning and challenging statements by the mayor, the governor or the president. The problem is, its not always that easy. Unlike op-ed writers like Krugman, hard-news reporters working on tight deadlines dont always have enough time to check every statement an official makes, especially if it involves a question thats not easily resolved through a quick Google search. An Example For instance, lets say Joe Politician gives a speech claiming that the death penalty has been an effective deterrent against murder. While its true that homicide rates have fallen in recent years, does that necessarily prove Joes point? The evidence on the subject is complex and often inconclusive. Theres another issue: Some statements involve broader philosophical questions that are difficult if not impossible to resolve one way or the other. Lets say Joe Politician, after praising the death penalty as a deterrent to crime, goes on to claim that it is a just and even moral form of punishment. Now, many people would undoubtedly agree with Joe, and just as many would disagree. But whos right? Its a question philosophers have wrestled with for decades if not centuries, one that isnt likely to be resolved by a reporter banging out a 700-word news story on a 30-minute deadline. So yes, reporters should make every effort to verify statements made by politicians or public officials. And in fact, theres recently been an increased emphasis on this kind of verification, in the form of websites like Politifact. Indeed, New York Times editor Jill Abramson, in her response to Brisbanes column, outlined a number of ways the paper checks such assertions. But Abramson also noted the difficulty in truth-seeking when she wrote: Of course, some facts are legitimately in dispute, and many assertions, especially in the political arena, are open to debate. We have to be careful that fact-checking is fair and impartial, and doesnt veer into tendentiousness. Some voices crying out for facts really only want to hear their own version of the facts. In other words, some readers will see only the truth they want to see, no matter how much fact-checking a reporter does. But thats not something journalists can do much about.

Graduation Speech Education And Education - 862 Words

Education I earned both my Bachelor’s of Arts in Liberal Education and my Master’s in Education-Urban Education at Langston University in Tulsa, OK; Langston is a Historically Black College with a commitment to educational focus on diversity and underrepresented populations. While pursuing both degree programs I worked full time as a teaching assistant and, later, as a teacher in a high poverty school whilst taking my courses in the evenings, weekends and summers. During my Master’s program I was able to use my course work on topics like Jonathan Kozol’s The Shame of the Nation or Savage Inequalities directly from the college classroom to my own class of students. Teaching I discovered my professional calling when I was hired as an early childhood parateacher in Tulsa’s Even Start Family Literacy program. The program was housed in Kendall-Whittier Elementary, the same school where I teach today. The program introduced me to early childhood education, English Language Learners and high poverty students and families at the same time. During my four years with the program I applied the research of Hart Risley’s study of oral language inequities between children of varying socioeconomic backgrounds, Ruby Payne’s A Framework for Understanding Poverty and Dickinson and Tabors’ Beginning Literacy with Language to my teaching of birth to five year old students and their families. While teaching in the Even Start program I was able to attend Family Literacy conferences acrossShow MoreRelatedGraduation Speech : Education And Education1420 Words   |  6 Pagestime after time, seem to faintly impact the students. Schools have been d esigned so you learn the same information, slightly more in depth, from kindergarten to senior year. What about topics that would further the student in their future after graduation? Schools emphasize the same core subjects throughout the years, but not the real life obstacles millions of millions of people face. What if schools required classes on survival, job interviewing skills, studying, how to pass the SAT- all classesRead MoreGraduation Speech : Education And Education1414 Words   |  6 Pagesenrolled in a training program to teach elementary students in some of the most remote regions of Mexico. I was excited about the prospect of teaching reading, writing, and mathematics to underprivileged students in areas of my country that needed education more than anything else to bring them into the modern era. I had seen the difference a few good teachers had made in my life. It was one of my earliest ideas to help the youth in my country rise above the limitations of their past and see the possibilitiesRead MoreGraduation Speech : Education And Education2285 Words   |  10 Pages To succeed in this world, an education is an important thing you need to be successful. The things you learn through school give these students the hope that they can actually be successful in life. This gives them confidence when they walk into an interview for a job, which may be their first job. Having an education can open many doors of opportunities that motivate an individual to achieve better prospects in career growth. An education can play a very important role in this world. It can leadRead MoreGraduation Speech : Education And Education Essay1629 Words   |  7 Pagesso that I could give children an even better education than I had. As a teacher, I want to give students the opportunity to find themselves by applying the lessons I’ve taught to their everyday lives. I want them to not only grow up to be financially successful, but also find their purpose, follow their passions, and live a happy and fulfilling life. I want to give even the most difficult and strugglin g student a potentially better future. Education should give individuals the ability to find themselvesRead MoreGraduation Speech : Education And Education Essay1162 Words   |  5 Pagesstudy and gain more experiences. They are willing to study abroad because in these globalization era, opportunity to get better education are offered and might support their career in the future. As a result, there are many students from Asia travel to other country such as New Zealand, Australia, and America to pursue their dream. Moreover, teacher is part of education that cannot be separated with students’ life. They have an important role in molding the students before they graduating. HoweverRead MoreGraduation Speech : Education And Education1263 Words   |  6 Pagesto succeed in their education, however, not everyone has the privilege to receive a great education from the start. Due to the factors that might interfere or hinder education, such as economic and geographic matters, many programs have been developed in orde r to help students with their journey throughout college and high school. The Puente Project is one of the many programs that has been around for three decades assisting underrepresented students to further their education. The program believesRead MoreGraduation Speech : Education And Public Education972 Words   |  4 Pagesin America, the chances of one having received some form of general education are high. Schools come in all shapes and sizes to accommodate the needs and preferences of parents and students; they can range between the extremes of religious to liberal arts and private to public education. In E.B. White’s â€Å"Education†, he describes his son’s shift from a city private school to a country public school. In contrast, the public education I received before entering college was very different from the experiencesRead MoreGraduation Speech : Special Education753 Words   |  4 Pagesspecial education teacher, and a general education teacher w ho teaches Spanish I have come to the conclusion, the three individuals I chose have had a great deal of time within the secondary special education services over their years in education. Ranging from years of experience from fifteen years for my principal, to twenty-one years for my special education teacher, to a whopping thirty-four years for our Spanish teacher. Therefore, I know if I ever have any questions over special education issuesRead MoreGraduation Speech On Special Education942 Words   |  4 PagesAmid the rush of the last week of school, I was able to sit down with my principal, who is retiring after 32 years in education. He has spent the majority of it as a building administrator, but the 22 years have been spread over elementary, middle, and high school populations. Originally, he taught high school Spanish and is fluent in several languages. He talks to all our students in Spanish at some point during their high school experience, which gives those studying the language the opportunityRead MoreGraduation Speech : Changing Education1591 Words   |  7 PagesChanging Education As we are born and begin to grow, we near the age where we are expected to begin the long and tiresome journey that is our education, and for 4 million new students a year, it is one they will have to attend in public schools. Throughout the span of 13 years and around 14,040 total hours spent in those public schools, we are expected to develop skills and meet a certain standard of proficiency in those skills, while also maturing our tastes and expanding our thinking, all

Hiring Ex-Offenders an Attempt to Minimize the Squandering of Human Ca

Question: Based on your research interest, write a Theoretical Perspective section for your envisioned dissertation research. Theoretical frameworks provide a basis for the study; examples include social and psychological theories, organizational theories, leadership theories, economic theories, and educational theories. Answer: The recruitment of ex offenders so as to minimize the wastage of human capital is a pertinent problem which is a great concern to the stake holders, officials, academic and the business leaders. In US there are so many incarcerated people, among which approximately 2 million men incarcerated and out of these The percentage of African men is about 41. (Blessett et al., 2013). The business professionals attract these labor so as to meet their business needs. There are many employers who are not interested in hiring individuals who have done any crime. The process of employment and the bringing up of the ex offender to the community is a long process that requires stake holders, victim and the community support. In the later paragraphs a description of the criteria of selection, the theoretical perspective and the facts, the theories and the concepts are explained in detail. At the workplace to recruit an ex offender is the biggest challenge as there are so many things to be looked at. Firstly the organizations use Disclosure and Barring Service to assess the criminal record of the person who has applied for a certain position. It is kept in mind that the individuals are not discriminated because of the convictions, outstanding criminal proceedings and convictions. The talent skills, potential is judged on a fairly basis. The complete DBS check is must sto as to attain employment. The recruitment criteria is different for different organizations. The NHS business service authorities ensures that there is no inequality among individuals, an interview is conducted irrespective of the crime done. Disclosures are only asked when a risk assessment is identified related to the post. The posts that require disclosures send a document stating the level of disclosure, the relevance, application forms and adverts that are required for the position. In general case s the NHSBSA only for the details of unspent convictions related to The Rehabilitation of offenders act of 1974. In some cases it can also ask about the full criminal record. NHSBSA has HR advisors who read out the disclosures and tell the training and guidance that has to be provided by the managers (Kilgore, 2012). It also abides to the CRB codes of practice. A copy of CRB is provided to all the applicants and ha to abide it. The employment of the offenders depends on the nature, course, circumstances of the crime done by him/her. The employment process is done like it is done for a normal individual but it is kept in mind that the human capital is not harmed. It has been seen the number of ex offenders are increasing year by year. The data has crossed millions and till the age of 23 every individual has done a crime. It also cause a negative impact on the society as well as economic harm to the country.The African American families mostly live in poverty as compared to other groups. Obtaining employment with a sustainable wage is imperative in the equation of maintaining a family, and the reduction in recidivism. The EEOC and Affirmative Action came out so as to reduce the economic inequalities among racial and ethnic minority. The judges of lower courts were on liberty to take up business and offer employment and promotions to the minorities due to the transgressions that occur in past. A positive socio economic relation is demanded with these peoples so as to strengthen the community. For this both the qualitative and quantitative methods are applied. There are centre like Evelyn K. Davis Center is a non profit institute that work to pr ovide career and education to the African men. The stakeholders are strategic and they are enticing and retaining an additional number of employees. The ex offenders who have done less severe crimes and have the skills are preferred as it can decrement recidivism. The first things that are meant for these ex offenders are release, reentry, rehabilitation, and reintegration. When an individual leaves the prison then its called release, then its reentry in to the community and the society (Garner, B. A. et al, 2004). Then comes the theory of reformation it is to make the individual do something good for the community and to improve the individuals character and the last major theory is reintegrate. It is to become an entity, to improve the individuals character and to be accepted to the society. For this concept the rehabilitation is must for and individual. The rehabilitation theory is done to arouse proper moral values in the individual and to keep him away from doing crime again. Further a new approach of restorative is added to rehabilitation theory. A restorative approach is to involve in a process to a certain extent, to the individual who have a stake in a crime and to collectively introduce the harms, need and obligation so as to heal up and put all the things in the right place. It is the stake holder in an offense who are at the employment of the ex offenders. In a restorative approach. According to Zehr research this approach emphasize to put the wrong things in a right place by following inclusive processes and involving each and every stakeholder (Zehr, 2001). So crime can be corrected if the harm done is repaired (Johnstone, 2004). According to a research in order to repair the harm the five steps are required. These are compensation, stakeholder satisfaction, relationship construction and the prevention of crime to occur again. This repair is a part of the social exchange. In this the community along with the victim and the stake holders are involved so as to correct the harm done. The ones who have a history of unemployment are more prone to do crime and economic so providing them employment ca keep them away from doing crime again and again. All this also cause a economic harm to the community in case if the number of former prisoners become high. The act of imprisonment impose a wage penalty to the lifetime earning of the former prisoner. So giving an en offender a salary serve to address the harm that the community has to pay in the years of imprisonment. In this way the ex offender can again become and entity and would help in human capital. The offender now can stand up alone and say he can offer something to the nation and he/she is on his/her own now. The reinforcement and the restoration process involves all the steps to make an ex offender guilty and to arouse positive character aspects in them. So, it can be said this approach of employment can be seen as a way of solving the problem and making the ex offenders a better member of the community. It has also been shown to influence deeply the recidivism of the ex offenders. The restorative approach which is followed under this can be seen as a more advance view of approaching the subject and providing a more competent solution. The process all together is a long one but if followed appropriately can be a advantage to the victim and the society. References: Archilles, M. and Zehr, H. (2001). Restorative Justice for Crime Victims: The Promise, The Challenge, in G. Bazemore and M. Schiff (Eds.) Restorative and Community Justice: Repairing Harm and Transforming Communities. Cincinnati, OH: Anderson. Blessett, B., Pryor, M. (2013). The invisible job seeker: the absence of ex-offenders in discussion of diversity management. Public Administration Quarterly, 37(3), Garner, B. A. et al. (2004). Blacks Law Dictionary (Eighth Edition) St. Paul, MN: West Publishing Co. Johnstone, (2004) How, and in What Terms, Should Restorative Justice be Conceived? in H. Zehr and B. Toews. Critical Issues in Restorative Justice. (pp. 5-15). Monsey, NY: Criminal Justice Press and Cullompton, Devon, UK: Willan Publishing. Kilgore, J. (2012). Mass Incarceration and Working Class Interest: Which Side Are the Unions On? Labor Studies Journal, 37(4).

Life as Teenager Essay Example

Life as Teenager Essay â€Å"Leave me alone! † â€Å"You don’t understand me! † â€Å"This is a different century; things are way different than they were back then. † â€Å"You don’t understand the situation! † These are the many quotes and statements made by many adolescents today to adults and/or parents when it comes to their life. Though all adults have experience the trials of becoming who they are today, young people, now a days, feel that they are alone in the world and the only people who could genuinely understand them are themselves or other teens. Sometimes, it is necessarily true that parents do not understand their teens though they think they do since they were once teen themselves. But not all the time, the problems teens face today are the same as they were back in the days. To get a true perceptive, it’s best to take that step out of the box and into the mind of the adolescent to see life through their eyes. These literary works â€Å"Reflections of a Seventeen-Year-Old† by Sylvia Platt and Slam, Dunk, Hook by Yusef Komunyakaa, were able to portray the experience of life through the eyes of a young person by using the rhetorical devices of symbolism, imagery, and point of view. We will write a custom essay sample on Life as Teenager specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Life as Teenager specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Life as Teenager specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Being a teenager is one of the toughest and most memorial things that one goes through in life. A teenager goes through many happy times and many depressing times. Stress, depression, and peer pressure, are some negative things that a teenager goes through in life. Friends and dating are joyful times that teenagers face in the adolescent years in today’s time. Tension, stress and depression affects everyone at one time or another in their life. A death in the family, arguing with and losing a friend, being bullied or teased, peer pressure to wear certain types of clothing or hairs, try tobacco, alcohol or drugs, are all factors that can create stress, and may cause uncertainty and depression. There are many causes of stress such as lack of affection and tension from parents, loneliness and low self esteem. Low self-esteem can be a major problem for teens because of the importance placed on looks and achievement in our society today. According to Patricia Shapiro in A Parents Guide to Childhood and Adolescent Depression (1994) â€Å"three to six millio

Breadtalk Analysis Essay Essays

Breadtalk Analysis Essay Essays Breadtalk Analysis Essay Paper Breadtalk Analysis Essay Paper Essay Topic: Talk Executive SummaryThis reports aims to set up the current issues that BreadTalk Group Limited is confronting and how the issues will hold an impact on their net incomes and portion ratings. In our study. a calculation of DuPont ROE Analysis between BreadTalk. Food Junction and Auric Pacific was examined and it was noticed that BreadTalk’s ROE is preponderantly higher than Food Junction and Auric Pacific over the old ages of our prognosis from FY2012 to FY2015. Based on the computations. several premises and restrictions on BreadTalk’s intrinsic value of portion monetary value were analysed and accordingly estimated with four theoretical accounts. These theoretical accounts are Dividend Valuation Model. Free Cash Flow to Equity Model. Price/Earnings Ratio Model and the Price/Book Value Model. Through the usage of the mentioned theoretical accounts. we will carry on an in-depth analysis and measure on the consequences obtained to supply an appraisal of the company’s current place and the future chances. ContentssExecutive Summary11. Introduction to BreadTalk41. 1Overview41. 2Company Structure42. Economic Environment62. 1Overview62. 2Macroeconomic6I. Commodity Price6II. Gross Domestic Product ( GDP ) 7III. Inflation8IV. Consumer Price Index ( CPI ) 9V. Interest Rates103. Industry Analysis113. 1Overview113. 2Market Segmentation113. 3SWOT Analysis12I. Strength12II. Weakness13III. Opportunities13IV. Threats144. Financial Analysis154. 1Recent Financial Performance15I. Diluted Net incomes per Share ( EPS ) 15II. Dividends per Share16III. Payout Ration164. 2DuPont Analysis17I. Return of Equity ( ROE ) Analysis17II. Net income Margin Analysis19III. Total Assets Turnover19IV. Financial Leverage204. 3Required Rate of Return21I. Beta ( ? ) 21II. Risk Free Rate24III. Market Risk Premium24IV. Capital Asset Pricing Model ( CAPM ) 254. 4Growth Rate255. Evaluation Analysis275. 1Dividend Discount Model ( DDM ) 27I. Dividend Forecast28II. Intrinsic Share Price28III. Evaluation of DDM29IV. Sensitivity Analysis295. 2Free Cash Flow to Equity Model ( FCFE ) 30I. FCFE Model31II. FCFE Model Evaluation31III. Sensitivity Analysis325. 3Price-Earnings Ratio32I. Price-Earnings Ratio Model32II. Price-Earnings Ratio Model Evaluation33III. Sensitivity Analysis345. 4Price/Book Value Ratio34I. P/BV Ratio Comparison34II. Evaluation of P/BV Model36III. Sensitivity Analysis366. Conclusion377. Mention List388. Appendix42 1. Introduction to BreadTalk2. 1 OverviewEstablished in July 2000. BreadTalk started out as a bakeshop mercantile establishment at Bugis Junction. Due to increasing popularity of their merchandises. BreadTalk expanded their operations to five other retail mercantile establishments and made programs for franchising operations before being publically listed in 2003. With their proprietary trade names being BreadTalk. Toast Box. Food Republic. RamenPlay and The Icing Room every bit good as franchises from USA’s Carl’s Jr and Taiwan’s Michelin Star receiver Din Tai Fung. Having such accolade bakeshop. eating house and nutrient tribunal. BreadTalk Group Limited became a outstanding nutrient and drinks ( F A ; B ) trade name. Consequently. the Group/BreadTalk grew into a huge web of more than 15 states. such as Mainland China. Singapore. Indonesia and Hong Kong. An operation of this graduated table is sustained by 6000 planetary employees pull offing over 500 mercanti le establishments ( BreadTalk 2012b ) . 2. 2 Company Structure The BreadTalk Group board of managers consists of 5 cardinal persons who are equipped with rich experience from assorted expertness such as research and development. investing. strategic planning and direction ( BreadTalk 2012a ) . The elaborate construction along with the direction study can be found in ( BreadTalk 2011 ) . The managers supervising the operations of BreadTalk consist of: Katherine Lee Lih Leng| Deputy Chairman who is responsible for the Group’s research and development. oversees new constructs and thoughts. | Ong Kian Min| Independent Director. The lead Independent Director who besides chairs the Auditing and Nominating Committees. every bit good as a member of the Remuneration Committee of BreadTalk Group. | Chan Soo Sen| Independent Director who heads the Remuneration Committee. He is besides a member of the Audit Committee and Nominating Committee of BreadTalk Group. | Dr Tan Khee Giap| Independent Director. A member of the Audit Committee. Dr Tan is besides presently the Co-Director of Asia Competitiveness Institute and an Associate Professor of Public Policy at the Lee Kuan Yew School of Public Policy at the National University of Singapore. He besides chairs the Singapore National Committee for Pacific Economic Cooperation and holds directorships in a few listed companies in Singapore. | 2. Economic Environment3. 3 OverviewThis subdivision extends the overview of the macroeconomic factors that will impact BreadTalk Group. Macroeconomic factors refer to an facet that resides outside the environment of the company where it involves the economic system from both regional and national degrees. These factors consist of rising prices. labour cost. currency exchange rate and the planetary economic public presentation. BreadTalk may meet assorted issues such as high labour cost and natural stuffs monetary values which may impact their operating disbursals. These factors can be farther analysed utilizing the assorted macroeconomic issues mentioned below. 3. 4 Macroeconomic I. Commodity Price Table 1: World Agriculture Pricing SummaryDatas obtained from Monetary Authority of Singapore. Table 2: Agribusiness Consumption and Production.Datas obtained from Monetary Authority of Singapore.Wheat monetary values increased greatly from the past 6 months but bit by bit diminishing at an mean rate of 0. 87 % as of 13 September 2012 ( MarketWatch 2012b ) . However. rough oil monetary values decreased significantly during the first half of 2012. But from July onwards. it rose at an norm of 14 % for the following 3 months ( MarketWatch 2012a ) . Similarly. the monetary values of sugar dropped reasonably before lifting at an mean rate of 0. 15 % as of 13 September 2012 ( MarketWatch 2012c ) . In position of the above trade goods fluctuations. we can understand that these indispensable altogether stuffs greatly affects the operating cost for the concerns under the BreadTalk group as they are basic necessities for the input of their day-to-day operations. II. Gross Domestic Product ( GDP ) A recent quarterly Survey of Professional Forecasters released by Monetary Authority of Singapore ( MAS ) reveal that Singapore’s GDP will be expected to spread out at a slower gait this twelvemonth at 2. 4 % compared to a median of 3. 0 % estimated three months ago ( AsiaOne 2012 ) . Singapore’s official economic growing is set to be 1. 5 % to 2. 5 % this twelvemonth with the growing of fabrication and fiscal sectors adjusted down from 3. 0 % to 2. 7 % and 2. 7 % to 1. 1 % severally. At the consumer terminal. retail gross revenues reported important growing in the first few months of January and February. The nutrient and drink services sector has seen an mean addition in their gross revenues of up to 2. 6 % month-on-month. mostly contributed by the addition in figure of locals and tourers who dined at eating houses and other nutrient mercantile establishments ( MAS 2012b ) . Additionally. Singapore’s 2013 mentality on the average prognosis of GDP growing is bes ides reduced from 4. 5 % to 3. 9 % . Businesss are well affected by the economic activities. and BreadTalk is non spared. BreadTalk should take into history of the altering GDP as the addition disbursement by consumer can be reflected by a rise in GDP. By looking at the forecasted GDP for 2013. BreadTalk can look frontward to higher disbursement by consumers. They can break strategise where they enlargement programs can be see during economic roar. or holding eventualities programs such as minimising operating costs when GDP growing is slow. III. Inflation The little addition in consumer monetary values in Q1 of 2012 is expected through the pass-through of cost force per unit areas that are built up over 2010 and 2011. The overall rising prices will stay steadfast with the subsequent monetary value hikings. and will finally ease towards the terminal of the twelvemonth. Analysts have forecasted that the little addition is merely impermanent and overall rising prices will chair to their historical norm. The domestic nutrient monetary values are likely to lift reasonably for the remainder of the twelvemonth due to the increasing trade good monetary values that have yet to be taken upon by the consumers. For case. the spike in trade good monetary values due to external dazes in 2010 and 2011 has yet to be to the full reflected in retail monetary values where providers promises to keep house-brand monetary values stable until the terminal of June. Consumers will be affected subsequently when companies pass these higher operating costs to th em. Therefore. nutrient rising prices this twelvemonth is projected to be 3. 1 % ( MAS 2012b ) . Singapore’s nucleus rising prices mentality is presently targeted at 2. 5 % . which is 0. 2 % lower than the predicted figure of 2. 7 % three months ago. Core rising prices excludes adjustment and conveyance factors that are chiefly influenced by authorities policies. Furthermore. rising prices is besides due to higher trade goods monetary values every bit good as the increased rewards for low-skilled workers. This is caused by the rigorous hiring limitation imposed by the authorities on foreign workers ( MAS 2012c ) . At the same clip. overall planetary trade good monetary values remain below the old twelvemonth degrees. This helps to maintain domestic oil and nutrient rising prices controlled in the close hereafter. Therefore. MAS nucleus rising prices will go on to run between 2. 5 % – 3. 0 % or may be somewhat lower in the following few months or even the whole twelvemonth ( MAS 2012a ) . As for now. the adjusted projection for 2013 rising prices is set at 3. 2 % . up by 0. 2 % where the targeted rising prices of 3. 0 % is to be expected following twelvemonth ( AsiaOne 2012 ) . The addition in rising prices will trip the consequence of lifting monetary values for both merchandises and services in the market. This will do companies like BreadTalk to incur significant costs for their twenty-four hours to twenty-four hours operations. In bend. BreadTalk will be pressurised to increase the monetary values for their merchandises in order to countervail these extra costs. However. the addition in monetary values may besides endanger the gross revenues of BreadTalk as clients may seek other cheaper options. IV. Consumer Price Index ( CPI ) Consumer Price Index ( CPI ) is an instrument to mensurate the current consumer monetary value rising prices due to monetary value alterations in a fixed basket of ingestion goods and services normally purchased by the families over a certain period ( Singstat 2012c ) . It includes all ingestion outgo that are expanded by resident families. less other non-consumption outgos such as purchase of securities. belongings and other fiscal assets. Resident families are defined as individuals held by Singapore Citizen or Permanent Resident ( PR ) . In order to analyze BreadTalk farther. it is of import to estimate the CPI for the peculiar twelvemonth. Whereas BreadTalk trades with the nutrient and services sector such as eating house and bakeshop. we can look into the basket of peddler nutrient ( including nutrient tribunals ) . eating houses. sugar conserves and confectionery in the CPI basket. In the period of Jan – Jun 2011 to Jan – Jun 2012. the per centum addition in monet ary values of these basket of points are 2. 3 % . 3. 9 % and 2. 2 % severally ( Singstat 2012c ) . Inflationary force per unit areas can be felt highest in eating houses. Further prognosis towards the terminal of the twelvemonth signals the overall consumer monetary value index lifting from 4. 2 % to 4. 4 % based on a polled by Survey of Professional Forecasters done by MAS ( Singstat 2012c ) . BreadTalk. being an international concern. is able to use these CPI indexes to calculate the consumers’ outgos of relevant states and accommodate to the monetary value sensitiveness of the consumers by estimating the consumers’ current and future buying power. I. II.III.IV.V. Interest RatessPrime loaning rates remain dead at the per centum of 5. 38 without any alterations since 2008 ( Singstat 2012a ) . The addition in involvement rates will do a direct impact on BreadTalk as it has to depend on the Bankss to borrow money. In the concerns perspective. they will incur higher costs for loan refunds from the higher involvement disbursals. 1.2.3. Industry Analysis3.4. 5 Overview Graph 1: Business Life CycleThe industry life rhythm indicates that BreadTalk is presently in the rapid speed uping growing phase as they are still seeking enlargement in the planetary and local market. due to the increasing demands from the consumers. The grounds for such addition is due to the population growing along with the turning GDP of developing states like China and Indonesia. where consumers seek higher criterions of life and with better buying power to purchase or patronize quality merchandises every bit good as services offered by BreadTalk. Market impregnation in Singapore besides suggests the ground why BreadTalk is developing programs for their planetary enlargement in order to derive more market portion. 4. 6 Market Segmentation Market cleavage is the separation of consumers in the market based on their geographical. psychological. behavioral and demographic differences. Due to the different features. we can place possible consumers of BreadTalk. This is to let preparation of a program that will be able to stir their involvement in order to increase gross revenues and maximise gross. 4. 7 SWOT Analysis I. StrengthUnique BrandingThe alone stigmatization every bit good as its advanced scope of merchandises from its bakeshops appealed greatly to the consumer’s involvement. Coupled with the company’s typical designs of its mercantile establishment consisting of a diaphanous glass window that allows client to see the bakers at work. this displays a friendly environment for the consumers every bit good as portraying a modern-day image of the company. Merchandises Due to the dynamic gustatory sensation and penchants from the consumers. BreadTalk seeks to constantly develop and present new merchandises amounting to every bit much as 10 points every one-fourth as an add-on to its bing 150 choices of pastries. bars every bit good as staff of lifes. By revolutionising the bread civilization. BreadTalk has successfully gained consciousness of its merchandises through the acknowledgment from assorted international involvements due to its alone gustatory sensation and physical entreaty. Locally. BreadTalk had besides gained acknowledgment from assorted local awards such as the Singapore Promising Brand Award. which suggest the popularity of the merchandises. Strategic Locations Majority of BreadTalk mercantile establishments are located either in shopping promenades or near to public conveyance hubs. Strategic arrangements of BreadTalk mercantile establishments at high traffic volume topographic points attract possible clients. Therefore. the location of the mercantile establishments plays an of import component to drive high volume of gross revenues. In add-on. by puting the BreadTalk mercantile establishments near other popular retail shops. such as supermarkets and departmental shops. will further pull more possible clients. II. Failing PricingWith its merchandises being priced higher as compared to its rivals. budget witting consumers will be put off to buy BreadTalk merchandises. particularly with bread being a trade good. Selection of Merchandises Although holding a wide mixture of merchandises. BreadTalk’s mixture is confined to bread and bars. as opposed to some of its rivals that extends its choice to include pastries and other mixtures. Rising Wagess In Singapore. the alteration of employee policy by authorities might raise costs of the low skilled workers for employers. For illustration. employers are required to increase their parts towards employees and levies of the foreign workers. Workers might besides increase their pay outlooks in future ( Lim 2012 ) . III. Opportunities Nature of MerchandisesSince staff of life is considered a basic and trade good in legion states. BreadTalk has potency for planetary growing as there is continual demand for staff of life ; an chance for spread outing its concern internationally. Future developments of Shopping Centres Shoping Centres in new strategic location provides ample chances for BreadTalk to spread out its ventures which will lend to a larger market portion in its operating industries. International Markets BreadTalk ventures into other markets by organizing partnerships with states such as China. Indonesia. Philippines and Hong Kong. IV. MenacesProduct/Brand Concept ReplicationThe reproduction of BreadTalk’s product/brand construct is considered a weak menace in Singapore due to its current market portion and presence. However. a greater menace would be the reproduction by bakeshops in parts that have non been ventured into by BreadTalk. such as the States. Australia and Europe.presenting as a barrier of entry for BreadTalk ; particularly in China where reproduction is common. Competition With the addition in emerging bakeshops. BreadTalk encounters a tough competition against rivals like Delifrance along with other rivals in the nutrient tribunal industry such as Food Junctions. Fluctuations of natural stuff monetary value BreadTalk may be affected by fluctuations of the natural stuffs monetary values. such as wheat. sugar. rough oil and terrible climatic conditions as this will take to an addition in supply costs. These are some external factors which are beyond the control of the company. 4. Fiscal Analysis5. 8 Recent Financial PerformanceMentioning to Appendix IV. BreadTalk experienced positive growing in footings of gross from 2007 to 2011. However. there was a lessening in gross growing in 2009 and 2011. amounting a sum of $ 246. 493. 000 and $ 365. 904. 000 severally. The cause for this slow growing is due to the important addition in outgos from distributions and administrative disbursals for both old ages. Despite the slower growing in grosss and the rise in disbursals. BreadTalk is still doing overall net income as the Earnings. Before Interest and Tax ( EBIT ) are exposing a positive per centum yearly. As EBIT does non take into history of the different external factors such as the revenue enhancement policies and the fiscal involvement. it can accurately cipher the overall profitableness of the company every bit good as concentrating on the company’s ability for net income coevals based on its gross revenues. In the instance of BreadTalk. the EBIT bord ers indicated positive per centum yearly but experienced a lessening in 2011. Due to factors such as lifting flour monetary values during the drouth in China. there were guesss that China may be required to import wheat ( Coonan 2011 ) . Another factor was the lower net income coevals from the Singapore and China bakery mercantile establishments which are compensated by the belongings disposal in China. which amounts to $ 4. 2 million ( BreadTalk 2012b ) . I. Diluted Net incomes per Share ( EPS ) Diluted Net incomes Per Share ( EPS ) is a measuring of the quality of a company’s net incomes if all the company exchangeable securities were exercised ( Reuters 2012 ) . These securities will ensue in an addition in the entire outstanding portions. The net incomes will be divided by all the company securities. Year| FY2008| FY2009| FY2010| FY2011| Diluted EPS ( cents ) | 2. 76| 3. 94| 3. 99| 4. 10|Increment ( % ) | -| 42. 75 % | 1. 27 % | 2. 76 % |Table 3: Diluted EPS Table: From 2008 To 2011The diluted EPS increase of 42. 75 % from FY2008 to FY2009 is due to the accommodation as BreadTalk issued fillips portion in 2010 ( BreadTalk 2011 ) . However. there is a steady increase from 2010 onwards. II. Dividends per Share Dividends per portion ( DPS ) measures the most recent dividend paid over entire figure of portions held by the company ( Investopedia 2012 ) . It really determines how much the stockholders receive by manner of dividends and may besides be used to cipher the dividend output. This can be computed by the expression below: D – Dividends paid to equity stockholders for a period ( including interim dividends )SD – Special Dividends. dividends that are issued one timeS – Total figure of outstanding issued equity portionsThe entire figure of ordinary portions can be calculated utilizing the leaden norm over the coverage period. Year| FY 2008| FY 2009| FY 2010| FY2011|DPS ( cents ) | 0. 55| 1| 1| 1|Table 4: Displaced person tabular array: From FY 2008 To FY 2011As shown in table 3. dividends per portion has somewhat increased by $ 0. 0045 from 2008 to 2009 and remained at changeless rate of $ 0. 01 per twelvemonth from FY2009 to FY2011. III. Payout RationPayout ratio is use to exemplify how companies proportionate their net incomes. For case. a high payout ratio indicates that the company is giving out more of the company’s net incomes to their investors. Whereas a lower payout ratio indicates that the company retain more of their net incomes for future investings. It besides acts as an index to how good the company’s net incomes can back up the dividend payouts. It is easier to pay out dividends of a smaller sum than a larger amount. Therefore. it demonstrates the security of buying a portion with a smaller payout ratio. The payout ratio is calculated as follows: DPS – Dividends per ShareEPS – Net incomes per Share Year| FY 2008| FY 2009| FY 2010| FY 2011|Net incomes Per Share ( cents ) | 2. 76| 3. 95| 4. 01| 4. 12|DPS ( cents ) | 0. 55| 1| 1| 1|Payout Ratio| 0. 199275| 0. 2531646| 0. 2493766| 0. 2427184| Table 5: Past Payout Ratio from Year 2008 to 2011.Datas obtained from BreadTalk Annual Report 2008 to 2011Base on past dividends payouts from 2008 to 2009. there was a significant addition in the payout ratio from 19 % to 25 % due to increment in both EPS and DPS that was given out as mentioned before. As from FY2009 to FY2011. the payout ratio remains dead at an norm of 24 % . 5. 9 DuPont Analysis I. Return of Equity ( ROE ) AnalysisImportance of ROEThe Return on Equity ( ROE ) refers to the rate of return that the direction earned with the capital invested by the shareholders. after subtracting the payments to all other capital providers. The deliberate ratio is deemed of import to the company as it will be used as an index for the company’s profitableness. every bit good as for comparing with other rivals in the same industry. DuPont AnalysisThe dislocation of ROE will let us to see the assorted factors which can act upon the company’s public presentation. The analysis identified 3 factors that will act upon ROE. These are known as Operating Efficiency. Asset-use Efficiency and Financial Leverage. Chart 1: Comparison of ROE. Refer to Appendix III.The DuPont Analysis indicates that BreadTalk is surpassing its rivals like Auric Pacific Ltd every bit good as Food Junction. Judging from Chart 1. the ground for the lessening in ROE from BreadTalk is chiefly due to the addition in operating disbursals of 54. 42 % from $ 117. 952. 000 in FY2009 to $ 182. 146. 000 in FY2011. Over the period of 3 fiscal old ages. BreadTalk experienced a instead changeless ROE with their ROE decreased by 3. 41 % from 2009 to 2011. The changeless ROE that BreadTalk experience is comparatively normal in comparing with other companies in the same industry. However. due to higher cost of goods and disbursals of Auric which exceeded the generated gross. there is a negative impact on the computed ROE. II. Net income Margin Analysis The net income border is defined as the extent of the company’s ability to pull off the coevals of grosss from cost control. This includes the considerations of the company’s operating efficiency which constitutes portion of their scheme ( Fairfield A ; Yohn 2001 ) . Chart 2: Comparison of Profit Margin. Refer to Appendix III. BreadTalk had a lower net income border as compared with Food Junction in FY2009 and FY2010. Both are diminishing from FY2009 to FY2011. However. the lessening of BreadTalk net income border is considered to be moderate as compared with the drastic bead of Food Junction net income border. From the chart above. BreadTalk remains in a strong place in comparing with their rivals in FY2011. III. Total Assets Turnover The Asset Turnover is the measuring of the company’s effectivity to bring forth grosss from their assets. This will reflect the company’s plus use. Chart 3: Comparison of Total Assets Turnover. Refer to Appendix III. BreadTalk had the highest productiveness as compared with Food Junction and Auric Pacific. We can detect a little lessening of 0. 23 % . from 1. 48 % in FY2010 to 1. 25 % in FY2011 while the per centum motion for Food Junction and Auric Pacific remains undistinguished. This implies that Food Junction and Auric Pacific is more efficient in bring forthing stable assets turnover. Information on the future profitableness of BreadTalk can besides be observed from the alteration in plus turnover ( Fairfield A ; Yohn 2001 ) . IV. Financial Leverage Fiscal Leverage Analysis is the survey of the grade whereby the company purchase on the common equity in order to borrow money to get assets. A company with a low purchase ratio will be perceived as less hazardous when comparison with another company with a higher purchase ratio ( Guo. Wang A ; Wu 2011 ) . Chart 4: Comparison of Financial Leverage. Refer to Appendix III. The BreadTalk high purchase ratio indicates a higher hazard over their rivals. During the roar period. the high purchase is good as it permits the company to accomplish greater net incomes. In contrast. the company will meet hard currency flow jobs during the recession periods. as the company might non be able to pay off the involvement refunds with the gross revenues gross. 5. 10 Needed Rate of Return I. Beta ( ? )Beta is defined as holding a additive relationship matching to the rate of return of an investing every bit good as the market index. Beta fundamentally measures the grade of an asset’s volatility to the market or the volatility of the fund to the benchmark. Stockss with beta larger than 1 are considered aggressive stocks and being more volatile than the market index while beta with less than 1 are considered as defensive stocks that are less volatile than the market index ( Tofallis 2008 ) . Graph 2: Beta Computation. Refer to Appendix I.The expression to deduce the Beta utilizing the characteristic line is: RBreadTalk = a + bBreadTalk ( RSTI ) + vitamin E whereby:RBreadTalk| = realized returns of BreadTalk|RSTI| = realized returns of STI Index 1|a| = intercept return independent of the market|b| = incline of the characteristic line|e| = unsystematic hazard ( norms to zero ) | The premise is that the returns of the STI Index are to be used as a placeholder for the market portfolio. When the above expression is rewritten and applied in similar footings with the CAPM expression. the Beta of BreadTalk is: ?BreadTalk= Covarance ( RBreadTalk. RSTICovariance of RSTI BreadTalk Raw Beta is computed utilizing the arrested development analysis based on market portfolio of STI and BreadTalk’s monthly realized returns for the period of September 2011 to August 2012. Based on the information collected. the construct of Holding Period Yield ( HPY ) is applied based on annualized computation in order to happen out how much output can obtain from an investing in a same period. This HPY figures calculated are so farther used to plot the arrested development graph in order to develop a best fit characteristic line to analyze the correlativity between the returns. The slope/gradient of the arrested development curve will so bespeak the Raw Beta of BreadTalk. As shown in the above chart. the scattered graph shows a additive relationship between the HPY of STI and BreadTalk. The Raw Beta from the gradient is at 1. 0047 where the correlativity coefficient is found to be 0. 7149 ( mention to Appendix I ) . However. this natural beta might non be accurate as other factors such as market placeholder and clip interval may impact the beta significantly. Therefore. it is necessary to set the natural beta. Using the adjusted beta expression: Adjusted beta = ( 2/3 ) ( natural beta ) + ( 1/3 ) ( 1. 0 ) Therefore. the forecasted beta of BreadTalk is:( 2/3 ) ( 1. 0047 ) + ( 1/3 ) ( 1. 0 ) = 1. 00313It is assumed that the historical Beta is an accurate contemplation of the hazard in a stock. This shows that any stock returns that is out of line with themarket returns will be adjusted into line with the market. II. Table [ 6 ] : Output for Singapore Government Securities ( Reference from IMF ) Risk Free Rate We will be utilizing the 10 old ages authorities bonds yield as the market hazard free rate to move as a criterion of measuring for all fiscal sectors. because it is simpler to manage states that do non publish Treasury measures in a consistent mode. The hazard free rate based on 17 Sep 2012 will be 1. 55. III. Market Risk Premium Market hazard premium determines the degree of compensation that risk-averse investor can anticipate to have from puting in a volatile market by subtracting the expected returns from predominating hazard free rate ( Han 2011 ) ) . It deals with factors that include market systematic hazard and market volatility. Therefore. it is indispensable to take into history the hazard premium that is link with volatility hazard in order to analyze the relationship between market hazard and returns. Risk Premium= Rm- Rf Rm=Market ReturnRf=Risk Free RateSince our prognosis is based on portion monetary value of a local stock listed on STI. we decided to utilize the 10-years securities issued by the Singapore authorities in order to aline with market with consistence. Base on this premise. the 10-years securities is used in calculating the geometric hazard return. We obtained 0. 0735 to be used for our market return for hazard premium computation ( mention to Appendix V ) . Therefore. the hazard premium is calculated to be 0. 058 based on the market return and hazard free rate. IV. Capital Asset Pricing Model ( CAPM ) Capital plus pricing theoretical account ( CAPM ) is use in measuring hazardous stocks or portfolios of stocks every bit good as lucubrating the relationship between the expected return and systematic hazard in the market ( Chen. Lin A ; Yu 2012 ) . Rf=0. 0155| Rm=0. 058|( Rm- Rf ) =0. 058|?=1. 00313| CAPM FORMULA Through the usage of the CAPM equation above. we are able to find the needed rate of return on the stocks for BreadTalk to be 7. 37 % . 5. 11 Growth Rate Harmonizing to our industry analysis. BreadTalk is still in the enlargement stage with the purpose of 1000 mercantile establishments within the following 2 to 3 old ages. from 2012 onwards. BreadTalk went into a joint venture. with Nipponese Ajinomoto Bakery Co. Ltd. which was opened on January 2012 in Shanghai. We foresee that this joint venture every bit good as the 1000 mercantile establishments mission will take to a supranormal growing in the future DPS of 25 % in FY2012 and 33 % for FY2013 to FY2014. We would anticipate the supranormal growing to stabilise and finally cut down to a changeless rate of 3. 4 % . The derivation of 3. 4 % growing rate is based on the undermentioned premise. The forecasted Singapore GDP for 2015 is 3. 7 % and we would anticipate the changeless growing rate to be lower than the forecasted GDP every b it good as the needed rate of return of 7. 37 % ( IMF 2012 ) . Phase 1: Low to Moderate Growth Stage2012| Phase 2: High Growth Rate2013-2014| Phase 3: Changeless Growth Rate2015 onwards| Forecasted growing rate of 25 % . Joint ventures with Nipponese Ajinomoto Bakery Co. LtdIncrease of mercantile establishment by 144. from 534 to 678 ( refer to Appendix II ) | Forecasted growing rate of 33 % . Venturing into new market such as Taiwan. Further addition of mercantile establishment to 1000 by 2014. | Forecasted growing rate of 3. 4 % . Stable economic system. Reaching the phase of adulthood. stable income watercourse. reduced capital required/| Table 7: Forecasted growing rate 5. Evaluation Analysis6. 12 Dividend Discount Model ( DDM )All the present values of the expected future stockholders dividend payout by the company is being determined by the DDM theoretical account. The appropriate price reduction rate being employed is the cost of equity. For case. the stock will be considered overvalued if the value obtained from the DDM is lower than the current stock value. This theoretical account will non work if the company does non pay out dividends. It is good to observe that non all companies issue dividends even if they experience increasing growing rate as these net incomes may be used to reinvest back in the company ( Brown 2009 ) . Even though DDM is good for measuring mature companies. this does non use to BreadTalk because they do non belong to the mature stage of their life rhythm. The dividends are non expected to turn at a changeless rate as shown in the equation below: In fact. holding a changeless growing rate is comparatively unrealistic. Changes in a firm’s concern schemes or sing state of affairss will do the chances of the house to be adjusted. Taking this into consideration. the multi-levelled dividend growing rate theoretical account maintains the likeliness of different degrees dividend growing. As shown by the equation below. I. Dividend PrognosisWe will calculate the dividend per portion for 2012 to 2015 based on the premise of the future growing rate as discussed in growing rate under subdivision 4 of the study. | FY2011A| FY2012F| FY2013F| FY2014F| FY2015F| Dividend Growth Rate ( DGR ) | -| 25 % | 33 % | 33 % | 3 % |DPS ( $ ) | 0. 0100| 0. 0125| 0. 0166| 0. 0221| 0. 0229|Table 8: Forecasted Dividends for 2012 to 2015Given the forecasted dividend from 2012 to 2015 along with the expected changeless growing rate of 3. 4 % and needed rate of return of 7. 37 % . we will be able to calculate the portion monetary value of BreadTalk based on the expression below. II. Intrinsic Share Price Given the forecasted dividend from 2012 to 2015 along with the expected changeless growing rate of 3. 4 % and needed rate of return of 7. 37 % . we will be able to calculate the portion monetary value of BreadTalk based on the expression below. III. Evaluation of DDMIn comparing to BreadTalk portion monetary value of $ 0. 55 on 18th September 2012. the computed portion monetary value of $ 0. 50919 suggests that BreadTalk portion monetary value is somewhat OVERVALUED ( SGX 2012 ) . Therefore. the DDM implies a SELL determination.IV. Sensitivity Analysis As the needed rate of return computation is based on past public presentation with some prediction and the growing rate is based on premise. there will be opportunities that existent public presentation will non fit the coveted result. Therefore. we will be utilizing sensitivity analysis to foretell the public presentation in instance the state of affairs did non turn out to be as predicted based on  ± 1 % for needed rate of return and the growing rate. Table 9: Computed Data for DDM’s Sensitivity ModelFrom the comparing of Table 7. we can understand that higher growing rate will ensue in higher portion monetary values whereas the higher needed rate of return will ensue in a lower portion monetary values. Required rate of return can be affected by the hazard factor ( ? ) . Therefore. if the needed return for BreadTalk additions by 1 % . there will be a noteworthy bead of portion monetary value given a changeless growing rate. 6. 13 Free Cash Flow to Equity Model ( FCFE ) In order to measure the portion monetary value of BreadTalk by utilizing the Free Cash Flow Equity ( FCFE ) theoretical account. we have forecasted the income statements of BreadTalk from 2012 to 2015 ( mention to Appendix VI A ; VII ) . We need to see a few premises when prediction. Premise for Gross The corporate purpose of BreadTalk is to go a strong trade name internationally and locally with its rapid enlargement programs to accomplish its mark of 1000 mercantile establishments within the following three old ages ( BreadTalk 2011 ) . In the planetary spending. the figure of bakeshops found in 43 metropoliss in mainland China has increased by 5 mercantile establishments over the past twelvemonth. With the mentality for Mainland China staying positive. BreadTalk has capitalised on its moneymaking chances. For case in January 2012. BreadTalk has entered into a collaborative venture with taking participant in bakeshop dough merchandises. Nipponese Ajinomoto Bakery Co. Ltd. to put in a frozen dough mill in Shanghai ( BreadTalk 2011 ) . BreadTalk has besides added a sum of 3 iconic Din Tai Fung outlets that includes the gap of a 7. 200 sq ft mercantile establishment at Central World Mall in Bangkok. a duplex eating house at 112 Katong shopping Centre and Marina Bay Sands in Singapo re ( BreadTalk 2011 ) . Premises for operating disbursals With a larger graduated table of BreadTalk operations globally and locally. we are presuming that there will be a rise in outgos and costs from trade goods. labour rewards and belongings leases. This includes the disbursals from the distributions and merchandising disbursals along with other concern administrative outgos. Additionally. revenue enhancements may besides be affected by the alterations in the authorities policies in the several states. The FCFE theoretical account can be referred to as the hard currency flow available for refunding the firm’s common shareholder after subtracting capital outgo and debt payments ( Brown A ; Reilly 2009 ) . II. FCFE Model Similar to the DDM theoretical account. the discounted FCFE theoretical account is used to measure the intrinsic value of a company’s portion monetary value. It is appropriate to utilize this theoretical account in state of affairss where the company does non pay a uninterrupted flow of dividends or in worst instance. no dividends pay out at all. Hence. this is to mensurate the company’s present values of the expected FCFE available to stockholders in the hereafter. The expression as represented: Using the expression. the FCFE was computed to be:FY2012F: 0. 00042FY2013F: 0. 00327FY2014F: 0. 00227FY2015F: 0. 03362( Mention to Appendix VIII ) III. FCFE Model EvaluationUsing the FCFE with the growing rate of 3. 4 % and 7. 37 % needed rate of return. the intrinsic value for BreadTalk portion is computed to be $ 0. 68922. Comparing with the market value of $ 0. 55 based on 18 September 2012. it can be seen that BreadTalk portion monetary value is UNDERVALUED. This will take to higher demand for BreadTalk Share. which will finally cut down the needed rate of return and conveying the existent portion monetary value back to computed equilibrium. $ 0. 68922. Therefore. the place of this would be to BUY. IV. Sensitivity Analysis However. similar to DDM. we will be utilizing  ± 1 % for needed rate of return and the growing rate for the sensitiveness analysis. Table 10: Computed Data for FCFE’s Sensitivity Model Based on the tabular array. we can detect the tendency of higher growing rate or reduced required of return for BreadTalk lead to the addition of intrinsic monetary value exponentially. Therefore. wrongly forecasted of hazard factors which can impact the needed rate of return will ensue in incorrect determination. Given 3. 4 % growing rate. utilizing 7. 37 % needed rate of return will propose a bargain determination given the portion monetary value of $ 0. 55. But an addition of 1 % needed rate of return would province that the stock is overvalued. 6. 14 Price-Earnings Ratio I. Price-Earnings Ratio ModelPrice Net incomes Ratio measures how much an investor is willing to offer for per dollar of reported net incomes ( Brown A ; Reilly 2009 ) . It can be merely put as the figure of times the investors are willing to pay for the stock. multiplied by the forecasted net incomes for the undermentioned twelvemonth. For case. a high P/E ratio would bespeak that investors will be anticipating higher growing of net incomes in comparing with a lower P/E ratio. Consequently. it is an added advantage for an investor to compare the assorted ratios between two companies within the same industries. market or even its ain historical monetary value net incomes records. Therefore. the P/E ratio would non be utile for investors if they are comparing companies of different industries as chances differ from each industries. The expression as shown below: Table 11: Price Net incomes Ratio Computation and Comparisons.The P/E value of BreadTalk in 2012 can be calculated utilizing the expression as of below:V2012 = P/E 2012F x EPS 2013FV2012 = 11. 33086115 Ten 0. 06188= 0. 7012Value of BreadTalk for 2012 was calculated to be S $ 0. 70II. Price-Earnings Ratio Model EvaluationThe P/E ratio of BreadTalk is higher in comparing to its rivals. The value of BreadTalk computed utilizing the Price/Earnings Ratio is higher than the current portion monetary value. We believe it is due our strong forecasted net incomes and the premise that the figure of portions remained the same. For illustration. if BreadTalk decided to increase the figure of portions to fund for their future enlargement. the computed value of BreadTalk’s portion would diminish. Therefore. this would do the overall net incomes per portion to diminish. Our computed P/E ratio of 11. 33 suggests that investors are willing to pay $ 11. 33 for every $ 1 of net incomes that the c ompany generates. Furthermore. the P/E ratio is diminishing which indicates BreadTalk stocks are sing superior risk-adjusted consequences comparative to the market public presentation. The portion monetary value of $ 0. 70 justifies this premise that BreadTalk’s growing potency is being UNDERVALUED. Therefore. this is an index to BUY. III. Sensitivity AnalysisSensitivity analysis allows us to find the sensitiveness of portion monetary value value to alterations in P/E ratio and EPS. For this sensitiveness analysis. the EPS and the P/E ratio are varied at  ± 1 for observation of the tendencies in the portion monetary value. Table 12: Computed Data for P/E Ratio’s Sensitivity ModelLooking at the tendency from the figure. we can deduce that EPS has a significant bearing on the intrinsic value of BreadTalk portions. In other words. a larger addition in the intrinsic value of the portion is due to the addition in EPS. Therefore. the EPS forecasted affects the truth of the rating of the P/E ratio. 6. 15 Price/Book Value Ratio I. P/BV Ratio ComparisonThe Price/Book ( P/B ) value ratio is being used for the comparing of the company’s stock market value to its book value. Even though a low P/B ratio may perchance bespeak that the stock is undervalued which may pull investors. it can besides reflect that the company is confronting certain cardinal jobs such as the company assets gaining hapless or even negative return ( Brown A ; Reilly 2009 ) . The Price/Book value ratio can be calculated by utilizing the expression below: Book Value: Entire Asset – IntangibleAsset – Total Liability Book Value per Share = Book value / no. of outstanding portions Price/Book Value Ratio 2011 = Market Value / Book Value We can therefore value the portion monetary value of BreadTalk for the fiscal twelvemonth ( FY ) utilizing the expression: Value = P/BVFY2012 x NAVFY2013Premises:1. Market Share monetary value remains changeless at $ 0. 552. No. of Outstanding Shares remains the same at 281. 197. 676 3. Income Statement sum are forecasted from the twelvemonth 2012 to 2015 4. The growing rate is assumed to be zero.Value of BreadTalk for 2012 was computed to be around S $ 0. 60. II. Evaluation of P/BV ModelFrom the tabular array above. we can clearly see that the values of BreadTalk computed utilizing the Price/Book Value Ratio is somewhat higher than the current market monetary value and is increasing at a moderate rate. We evaluated that this is due our strong forecasted income statement public presentations every bit good as the premise of the outstanding figure of portions and market monetary values staying changeless. Therefore. the P/BV ratio indicates the determination to BUY. III. Sensitivity A nalysis The sensitiveness analysis is used to analyze the relationship between the P/BV ratios to assorted values of the NAV. For this sensitiveness analysis. the P/BV ratio and the NAV are varied at  ± 1 for observation of the tendencies. Table 13: Computed Data for P/BV Ratio’s Sensitivity Model Looking at the tendency from the figure. we can find that the P/BV ratio has a positive relationship with the NAV. This is apparent when the value of the P/BV ratio additions. the value of NAV additions every bit good. The chief aim is to calculate the sensitiveness and truth of the P/BV ratio to the assorted NAV. An accurate NAV prognosis will ensue in the accurate analysis of the P/BV ratio. Hence. in order to accurately foretell P/BVratio. accurate NAV prognosis is important. 6. DecisionModels| Forecasted Price ( SGD ) | Actual Price ( As of 18 September 2012 ) | Evaluation| Decision| Dividend Discount Model ( DDM ) | $ 0. 51| $ 0. 55| Overvalued| SELL| Free Cash Flow to Equity ( FCFE ) | $ 0. 69| $ 0. 55| Undervalued| BUY| Price / Earnings Ratio ( P/E ) | $ 0. 70| $ 0. 55| Undervalued| BUY| Price / Book Value Ratio ( P/BV ) | $ 060| $ 0. 55| Undervalued| BUY| Table 14: Comparisons and Summarized Data for Different Models. Based on our findings from the 4 ratings theoretical accounts and analysis. our group recommends an overall BUY determination for BreadTalk’s stocks. Through our elaborate analysis on the forecasted consequences. we concluded that the ratings should non be used independently as premises are besides taken into consideration when calculating the consequences. Therefore. it may non be a true contemplation of the world. Last. we believe that BreadTalk’s portion monetary value will lift within the following few old ages. Howeve r. due to uncertainnesss in the hereafter. we would rede investors to take on a proactive attack by following BreadTalk’s fiscal public presentation on a regular basis. 4.5.6.7. Reference List1. AsiaOne 2012. Economists cut Singapore 2012. 2013 GDP mentality – MAS canvass. AsiaOne Business. Singapore. viewed 18 September 2012. lt ; hypertext transfer protocol: //news. asiaone. com/A1Business/General % 2BNews/Story/A1Story20120912-371111. hypertext markup language gt ; . 2. BreadTalk 2011. Annual study 2011. BreadTalk Group Limited. Singapore. viewed 18 September 2012. lt ; hypertext transfer protocol: //BreadTalk. listedcompany. com/misc/ar2011. pdf gt ; . 3. BreadTalk 2012a. Board of managers. BreadTalk Group Limited. Singapore. viewed 18 September 2012. lt ; hypertext transfer protocol: //www. BreadTalk. com/board-of-directors. hypertext markup language gt ; . 4. 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AppendixAppendix I| BreadTalk| STI|Period| Return| HPY| Return| HPY|Aug-11| 0. 5500| -| 2885. 26| -|Sep-11| 0. 4750| -0. 13636| 2675. 16| -0. 07282|Oct-11| 0. 5150| 0. 08421| 2855. 77| 0. 06751|Nov-11| 0. 5500| 0. 06796| 2702. 46| -0. 05368|Dec-11| 0. 5400| -0. 01818| 2646. 35| -0. 02076|Jan-12| 0. 5600| 0. 03704| 2906. 69| 0. 09838|Feb-12| 0. 5650| 0. 00893| 2994. 06| 0. 03006|Mar-12| 0. 5800| 0. 02655| 3010. 46| 0. 00548|Apr-12| 0. 5550| -0. 04310| 2978. 57| -0. 01059|May-12| 0. 4750| -0. 14414| 2772. 45| -0. 06920|Jun-12| 0. 5000| 0. 05263| 2878. 45| 0. 03823|Jul-12| 0. 5400| 0. 08000| 3036. 40| 0. 05487|Aug-12| 0. 5500| 0. 01852| 3025. 46| -0. 00360|| ? =| 0. 07351| ? =| 0. 05231|| Correl: | 0. 714929| | || Beta: | 1. 004727| | | Appendix II| 2007| 2008| 2009| 2010| 2011| 2012 2Q| 2012F| 2013F| 2014F| Bakeries| 170| 241| 301| 395| 471| 530| 603| 757| 899| Food Court| 24| 29| 33| 32| 37| 41| 42| 49| 56| Restaurant| 6| 8| 8| 21| 26| 28| 33| 39| 45|Total| 200| 278| 342| 448| 534| 599| 678| 845| 1. 000| Appendix III| Net Income| Net Sales| Total Assets| Common Equity| Profit Margin| Total Assets Turnover| Financial Leverage| Return on Equity ( ROE ) | Industry Average ROE | FY 2011|BreadTalk| $ 11. 592| $ 365. 904| $ 292. 305| $ 77. 970| 0. 03168 | 1. 25179 | 3. 74894 | 0. 14867 | 0. 07131 | Food Junction| $ 828| $ 56. 986| $ 51. 450|$ 30. 404| 0. 01453 | 1. 10760 | 1. 69221 | 0. 02723 | | Auric Pacific| $ 8. 566| $ 383. 415| $ 368. 978| $ 225. 193| 0. 02234 | 1. 03913 | 1. 63850 | 0. 03804 | | FY 2010| BreadTalk| $ 11. 266| $ 302. 888| $ 204. 197| $ 68. 562| 0. 03720 | 1. 48331 | 2. 97828 | 0. 16432 | 0. 09252 | Food Junction| $ 2. 645| $ 48. 226| $ 50. 181| $ 31. 169| 0. 05485 | 0. 96104 | 1. 60997 | 0. 08486 | | Auric Pacific| $ 6. 302| $ 381. 814| $ 374. 478| $ 221. 960| 0. 01651 | 1. 01959 | 1. 68714 | 0. 02839 | | FY 2009| BreadTalk| $ 11. 092| $ 246. 493| $ 172. 085| $ 60. 662| 0. 04500 | 1. 43239 | 2. 83678 | 0. 18285 | 0. 09207 | Food Junction| $ 3. 248| $ 48. 788| $ 44. 963| $ 29. 800| 0. 06657 | 1. 08507 | 1. 50883 | 0. 10899 | | Auric Pacific| $ 3. 405| $ 405. 964| $ 362. 793| $ 217. 952| ( 0. 00839 ) | 1. 11900 | 1. 66455 | ( 0. 01562 ) | | | BreadTalk| Food Junction| Auric Pacific|| 2009| 2010| 2011| 2009| 2010| 2011| 2009| 2010| 2011| Revenue| $ 246. 493 | $ 302. 888 | $ 365. 904 | $ 47. 274 | $ 47. 362 | $ 55. 712 | $ 405. 964 | $ 381. 814 | $ 383. 105 | % change| -| 22. 88 % | 20. 81 % | -| 0. 19 % | 17. 63 % | -| -5. 95 % | 0. 34 % | | | | | | | | | | | Cost of Sales| ( $ 112. 334 ) | ( $ 137. 646 ) | ( $ 165. 846 ) | ( $ 8. 538 ) | ( $ 7. 930 ) | ( $ 9. 294 ) | ( $ 252. 970 ) | ( $ 225. 249 ) | ( $ 225. 128 ) | | | | | | | | | | |Gross Profit| $ 134. 159 | $ 165. 242 | $ 200. 058 | $ 266 | $ 39. 432 | $ 46. 418 | $ 152. 994 | $ 156. 565 | $ 157. 977 | | | | | | | | | | |Gross Profit Margin ( % ) | 54. 43 % | 54. 56 % | 54. 67 % | 0. 56 % | 83. 26 % | 83. 32 % | 37. 69 % | 41. 01 % | 41. 24 % | | | | | | | | | | |Operating Expenses A ; other income| ( $ 117. 952 ) | ( $ 147. 919 ) | ( $ 182. 146 ) | ( $ 36. 402 ) | ( $ 36. 967 ) | ( $ 45. 706 ) | ( $ 154. 672 ) | ( $ 146. 964 ) | ( $ 147. 191 ) | | | | | | | | | | |EBIT | $ 16. 207 | $ 17. 323 | $ 17. 912 | ( $ 36. 136 ) | $ 2. 465 | $ 712 |( $ 1. 678 ) | $ 9. 601 | $ 10. 786 | | | | | | | | | | |Operating Net income Margin ( % ) | 6. 58 % | 5. 72 % | 4. 90 % | -76. 44 % | 5. 20 % | 1. 28 % | -0. 41 % | 2. 51 % | 2. 82 % | Appendix IV Appendix VPeriod| STI index| HPR|30/8/2002| 1488. 5| -|29/8/2003| 1599. 25| 1. 074404|31/8/2004| 1918. 34| 1. 199525|31/8/2005| 2275. 43| 1. 186145|31/8/2006| 2482. 39| 1. 090954|31/8/2007| 3392. 91| 1. 366792|29/8/2008| 2739. 95| 0. 807552|31/8/2009| 2592. 9| 0. 946331|31/8/2010| 2950. 33| 1. 13785|31/8/2011| 2885. 26| 0. 977945|31/8/2012| 3025. 46| 1. 048592|Geometric Mean| 0. 0735| | Appendix VIIncome Statements| | | | | || | | | | | || 2011A| 2012F| 2013F| 2014F| 2015F| || $ ’000| $ ’000| $ ’000| $ ’000| $ ’000| |Revenue| 365. 904 | 428. 108 | 539. 416 | 690. 452 | 716. 903 | | Cost of sales| ( 165. 846 ) | ( 197. 221 ) | ( 254. 416 ) | ( 330. 740 ) | ( 350. 154 ) | | Gross profit| 200. 058 | 230. 887 | 285. 000 | 359. 712 | 366. 749 | | | | | | | | | Other points of income| | | | | | |Interest income| 824 | 764 | 756 | 862 | 983 | |Other income| 7. 875 | 8. 943 | 10. 016 | 10. 718 | 10. 910 | | Share of consequences of joint ventures| 93 | 633 | 753 | 979 | 1. 003 | | | | | | | | |Other points of expense| | | | | | |Selling and distribution expenses| ( 145. 900 ) | ( 162. 114 ) | ( 194. 536 ) | ( 237. 334 ) | ( 240. 869 ) | | Administrative expenses| ( 45. 038 ) | ( 57. 656 ) | ( 73. 799 ) | ( 95. 496 ) | ( 98. 651 ) | | Net income before involvement and tax| 17. 912 | 21. 457 | 28. 190 | 39. 441 | 40. 125 | | Interest expenses| ( 785 ) | ( 959 ) | ( 873 ) | ( 1. 039 ) | ( 1. 221 ) | | Net income before tax| 17. 127 | 20. 498 | 27. 317 | 38. 402 | 38. 904 | | Income revenue enhancement expense| ( 5. 370 ) | ( 6. 641 ) | ( 9. 560 ) | ( 12. 672 ) | ( 12. 835 ) | | Net income after tax| 11. 757 | 13. 857 | 17. 757 | 25. 730 | 26. 069 | | | | | | | | | Attributable to: | | | | | | |Stockholders of the Company| 11. 592 | 13. 648 | 17. 401 | 25. 293 | 25. 603 | | Non-controlling interests| 165 | 209 | 356 | 437 | 466 | | Net income After Tax| 11. 757 | 13. 857 | 17. 757 | 25. 730 | 26. 069 | | | | | | | | | No. of shares| 281. 197. 676 | 281. 197. 676 | 281. 197. 676 | 281. 197. 676 | 281. 197. 676 | | EPS| 0. 04122 | 0. 04854 | 0. 06188 | 0. 08995 | 0. 09105 | | Dividend Per Share| 0. 0100 | 0. 0125 | 0. 0166 | 0. 0221 | 0. 0229 | | | | | | | | | Appendix VIIBalance Sheet| | | | | | || 2011A| 2012F| 2013F| 2014F| 2015F| || $ ’000| $ ’000| $ ’000| $ ’000| $ ’000| |Assets| | | | | | || | | | | | |Non-current asset| | | | | | |Property. works and equipment| 88. 898 | 120. 381 | 145. 542 | 201. 398 | 233. 812 | | Intangible assets| 9. 214 | 9. 841 | 12. 912 | 12. 331 | 14. 629 | | Investing in associates and joint ventures| 12. 091 | 13. 109 | 19. 001 | 18. 712 | 19. 982 | | Other receivables| 1. 389 | 5. 336 | 8. 901 | 8. 172 | 9. 181 | | Deferred revenue enhancement assets| 2. 120 | 3. 441 | 3. 562 | 3. 781 | 3. 776 | | Entire Non-Current Asset| 113. 712 | 152. 108 | 189. 918 | 244. 394 | 281. 380 | | | | | | | | | Current assets| | | | | | |Inventories| 7. 397 | 13. 881 | 17. 920 | 17. 092 | 25. 082 | | Trade receivables| 7. 792 | 9. 018 | 9. 382 | 10. 981 | 12. 019 | | Other receivables| 39. 008 | 43. 483 | 48. 019 | 49. 682 | 50. 918 | | Prepayments| 5. 389 | 6. 582 | 7. 098 | 8. 910 | 10. 920 | | Tax recoverable| 230 | 291 | 367 | 554 | 608 | | Amount due| 1. 717 | 1. 841 | 1. 990 | 2. 181 | 2. 894 | | Cash and hard currency equivalents| 87. 060 | 72. 810 | 70. 091 | 63. 719 | 53. 361 | | Total Current Assets| 148. 593 | 147. 906 | 154. 867 | 153. 119 | 155. 802 | | | | | | | | | Entire assets| 262. 305 | 300. 014 | 344. 785 | 397. 513 | 437. 182 | | | | | | | | |Equity and liabilities| | | | | | || | | | | | |Current liabilities| | | | | | |Trade payables| 22. 896 | 25. 091 | 32. 091 | 34. 481 | 35. 772 | | Other payables| 51. 178 | 52. 091 | 55. 049 | 53. 627 | 52. 511 | | Other liabilities| 41. 124 | 42. 141 | 40. 901 | 43. 298 | 40. 729 | | Provision| 5. 871 | 6. 591 | 7. 801 | 7. 762 | 6. 859 | | Amount due| 395 | 1. 987 | 2. 593 | 2. 273 | 2. 674 | | Finance rental duties. secured| 37 | 14 | 26 | 48 | 56 | | Loans and borrowings| 24. 360 | 23. 019 | 20. 091 | 20. 038 | 20. 928 | | Tax payable| 5. 623 | 6. 891 | 7. 670 | 9. 018 | 10. 943 | | Total Current Liabilities| 151. 484 | 157. 825 | 166. 222 | 170. 545 | 170. 472 | | | | | | | | | Non-current liabilities| | | | | | |Loans and borrowings| 16. 038 | 40. 869 | 68. 912 | 100. 283 | 105. 912 | | Deferred revenue enhancement liabilities| 2. 276 | 2. 760 | 2. 891 | 3. 172 | 3. 091 | | Other payables and liabilities| 7. 039 | 9. 291 | 11. 928 | 11. 729 | 13. 981 | | Entire Non-Current Liabilities| 25. 353 | 52. 920 | 83. 731 | 115. 184 | 122. 984 | | | | | | | | | Entire liabilities| 176. 837 | 210. 745 | 249. 953 | 285. 729 | 293. 456 || | | | | | | |Net assets| 85. 468 | 89. 269 | 94. 832 | 111. 784 | 143. 726 | | | | | | | | |Equity attributable to proprietors of the company| | | | | | | Share capital| 33. 303 | 33. 303 | 33. 303 | 33. 303 | 33. 303 | | Treasury shares| ( 609 ) | ( 781 ) | ( 819 ) | ( 981 ) | ( 1. 029 ) | | Accumulated pro?ts| 41. 558 | 45. 695 | 51. 409 | 67. 962 | 98. 301 | | Other reserves| 3. 178 | 3. 391 | 3. 041 | 3. 281 | 3. 232 | | | 77. 970 | 81. 608 | 86. 934 | 103. 565 | 133. 807 | | | | | | | | | Non-controlling interests| 7. 498 | 7. 661 | 7. 898 | 8. 183 | 9. 919 | | Total equity| 85. 468 | 89. 269 | 94. 832 | 111. 748 | 143. 726 | | Total equity and liabilities| 262. 305 | 300. 014 | 344. 785 | 397. 477 | 437. 182 | | | | | | | | | Appendix VIIIFree CASH FLOW TO EQUITY| | | | || 2011A| 2012F| 2013F| 2014F| 2015F|| | | | | |Net income / EPS| 11. 757 | 13. 857 | 17. 757 | 25. 730 | 26. 069 | Depreciation expense| 23. 920| 27. 657 | 30. 987 | 37. 870 | 39. 882 | – Capital expenditures| | 38. 396 | 37. 810 | 54. 476 | 36. 986 | – Change in working capital| | (