State Funding for California State University

State Funding for California State University Sherry Pickering The state legislators in California play a key role in the funding for the California State University (university). They may also impose new reporting requirements, change the laws and set new rules that directly affect the university at any time. As a university administrator the system-wide conferences that I attend typically feature a speaker from the California State Universitys advocacy team whom will outline the political landscape and discuss content and status of current legislation. A key point that has routinely been made in these presentations in the last several years is that term limits are detrimental to the university. Specifically we are told that term limits mean that the state legislators are constantly campaigning so they cannot be bothered with key issues that are important to the university or, if theyve just entered office, they are too new to be of much help. This leads to the question, are term limited state legislators more or less likely to be responsive to the requests of bureaucratic interests? Term limits were enacted for the California state legislature with the passage of proposition 140 in 1990. â€Å"The law limited state Assembly members to three two-year terms and state senators to two four-year terms.† (California_Term_Limits,_Proposition_140_(1990), 2015) It also imposed â€Å"a lifelong ban against seeking the same office once a member† was termed out and prevented â€Å"new legislators from earning pension benefits.† (California_Term_Limits,_Proposition_140_(1990), 2015) California was among the first in a series of states to adopt term limits. This trend begun in the 1980s and continued throughout the 1990s to the early 2000s that ended with to up to 21 states adopting some term limits. Six states have since repealed these changes in the wake of a 1995 ruling that congressional term limits were unconstitutional, in that states could not place limits on a federal office. The push for term limits in the 1990s seemed to be a grassroots effort. Throughout the 1980s in California incumbents seemed to be impossible to unseat. This was in part due to advantages of name recognition enjoyed by all incumbents. However that effect was reinforced by several redistricting efforts that made it increasingly difficult for the predominantly Democratic members to be challenged by Republicans. These results for the legislative bodies were in stark contrast to the results in the three gubernatorial contests that occurred during this period where a Republican was chosen. The proposition was backed by Republicans whom were interested in the passage of these laws in two way. Ideologically Republicans are in favor of a more limited government. Term limits are generally seen as a way to weaken a legislative body which is alternately used as an argument for or against term limits laws. More importantly in the early 1990s Republicans were in favor of term limits as a way to create more competitive races for seats. Given the make-up of the legislative membership it seemed that the Republicans stood to gain the most with the passage of term limits. Main stakeholders involved with this issue are state legislators. In California there are two legislative bodies, the state assembly and the state senate. Unlike other states such as Texas where legislative appointments are part-time, California legislators have a full time or professional appointment. In the assembly there are 80 members while in the state senate there are 40 members. While several political parties exist, these legislative bodies only have representatives from the Democrat and Republican parties. Presently Democrats hold a majority of the seats in both the assembly and senate. The staffs of these legislative bodies represent another group that would be deeply interested in this issue. This staff is made up of partisan staff, usually represented by those that work for individual legislators, and non-partisan staff such as those that work for the administrative arm of these bodies. For example, non-partisan staffers in the Legislative Analyst’s Office provide analysis for each bill presented in each house. While the non-partisan staff may seem to have more secure positions regardless of the passage of term limits they would be impacted by an increase or decrease in the amount of bills generated by the legislators. Lobbyists and special interests have a stake in the outcomes wrought by term limits. These lobbyists may represent bureaucratic interests like those of other state agencies such as university, prisons and health and human services or external parties such as business and issues groups. These groups would be keenly interested in how term limits have strengthened or weakened their influence on these legislative bodies. Citizens of the state play a key role in shaping law in California. In 1849 referendums or initiatives, which are changes to the state constitution or laws, were referred to the electorate for a popular vote. This law was expanded in 1911 to allow externally sponsored initiatives to be brought to vote. The initiatives process means that the voters are asked to decide if either tiny or sweeping changes to laws should be adopted. While this should result in a more direct style of government as a voter it gives the impression that the legislative bodies aren’t working to come to consensus on decisions that they should be more informed than the average voter to make. Legislators, legislative staff and lobbyists largely opposed the proposed term limits law because of the seemingly detrimental effect that it would have from each of their perspectives. Prior to term limits some legislators served in the same seat for decades. In the face of term limits these legislators had to reimagine how they could perform in office under these new rules. Legislative staff tied to a particular legislator or party faced an uncertain future where they may need to find a new job every few years. Finally, lobbyists could no longer rely on their long relationships with a particular legislator nor could they influence affiliated committees with these relationships. Beyond the rhetoric published as the term limits law was up a vote, there is ample evidence that legislators dislike these laws. For example, in the majority of the states without these laws each state’s legislative house law would have to be passed on a vote to be adopted. Yet these laws have never gained enough support. In the U.S. Congress term limits could only be imposed on senators and representatives by passing a vote in those legislative bodies, but term limits proposals have been brought to vote several times and failed to gain enough support to pass. Therefore the electorate seemed to have the most to gain from adoption of term limits. The expected positive outcomes most frequently citied during the campaign to pass the law were that term limits would lead to a more diverse, citizen legislature that represents the electorate’s interests, and balanced power the between the executive and legislative bodies. While all of these aims may not have materialized, overall likely voters in California seem to be pleased with the results in the last several years. One area where it could be argued that term limits has succeeded is related to the diversity or make up of the legislators. Supporters of the law claimed that it would create new opportunities for women and minorities to become representatives. Generally the number of women in the legislature rose statewide and adjusting for other factors â€Å"term limits opened up nine Assembly seats for women† between 1990 to 2001 (Cain Kousser, 2004). Nationwide the effect of term limits on participation rates for women seems to be virtually flat. (Institutional Change in American Politics: The Case of Term Limits, 2007) California had a long history of electing minority representatives. In the period after term limits laws went into effect minorities were elected to the state legislature in greater numbers. This was in part to seats that became available due to term limits. However, term limits removed long serving minority members such as Willie Brown. So the overall effect of term limits on the make-up of the state legislature in California did show an uptick in the election of minority legislators, specifically Latinos. (Cain Kousser, 2004) One area where term limits seems to have had no effect is on the careerism of legislators. Proponents of the term limits laws were certain that the career politicians would be phased out due to term limits and seats would become available to ‘citizen’ candidates. Instead since term limits have been put into place legislators seem to map out a series of jobs that begin in local government, rise to state legislature and go onto elected state office or back to local government. (Cain Kousser, 2004) Research found that in 1980 â€Å"the share of Senators who had been Assembly members had risen to 65 percent. By 2001, that figure rose to 90 percent.† (Cain Kousser, 2004) Legislative staff concerns about term limits came to pass in a couple of ways. With the downturn and subsequent shortfalls in the state budget non-partisan legislative staffs, namely the staff of the Legislative Analyst’s Office, were cut dramatically. The staff of the Assembly also suffered cuts related to budget shortfalls. So the staff has experienced a greater amount of work, not because of a change in the amount of legislation, but rather from a reduced number of staff to perform the work. Partisan staff also experienced a shift in their jobs in the wake of the adoption of term limits laws in California. As expected with the loss of some job security, the tenure of this staff has decreased. Along with fewer years of service the expectations of the staff in these positions has changed. For example, prior to term limits staff were expected to analyze legislation. After term limits staff must also provide recommendations with their analysis. (Robinson, 2011) An alarming outcome of term limits for the university is that it seems to have strengthened executive branch in certain ways. One key way this has materialized that directly impacts the university is that the legislature is less likely to be effective in altering the governor’s budget. Researchers observed this effect by comparing budgets for certain categories in the budget in years before term limits and after the laws went into effect where economically the state was experiencing similar circumstances. (Cain Kousser, 2004) In a less studied way this effect has been noticeable in the last few years has been on time budgets which is helpful to the university in creating more stability for the transition from one fiscal year to the next. However, this means that there have been fewer objections to the governor’s budget proposal by the legislators. For the university system the governor’s budget has fallen short of the budget requests that were submitted. Additionally, while there have been some increases for the university between the governor’s budget and the May revise that takes tax collections into account, these have only made some progress in replacing the state support that the university lost in the financial downturn. This virtual lockdown in the budget process and insistence by the Governor that tuition fees remain level over the last few years has made it difficult for the university to grow system-wide enrollment. The Governor has also expressed his view that the university should cut cost of course delivery by adopting an online model more rapidly. While this is a fine opinion to have, it does seem that his budget allocations for the university reflect an unwillingness to recognize that making such a drastic change in a large system does not happen overnight. The overall lack of legislative voices disagreeing with the Governor on these points has been very noticeable. One expected outcome of instituting term limits was that the influence of lobbyists would be diminished. This was supposed to occur because the lobbyist would have less time to develop long relationships with any one legislator so lobbyists would have less success in influencing the political process. While if this were true it could mean that the university’s lobbyist’s claims are true, there is some evidence that this outcome has not been realized. When surveyed lobbyists responded with term limits in place the influence of the Governor increased quite dramatically. Additionally, the influence for their firms specifically stayed about the same or increased slightly with the implementation of term limits. (Moncrief Thompson, 2001) In the years after the term limits were enacted under proposition 140 there were four attempts to remove or change the law. The first three attempts, a lawsuit and two ballot propositions, failed. Proposition 28 was passed in a June 2012 election. With this amendment legislators may now serve in either house in any combination of terms up to 12 years. This doubles the time that a member of the Assembly could serve under proposition 140 rules. While the effects of this recent change remain to be seen, it is possible that it will return some balance to the political process and reign in the executive branch. While I can see that the university’s lobbyists are likely working harder than they did in the past, I see no evidence that they have less influence under term limits. Given that the budget is a key issue for the university what may also be the case is that they are putting their efforts into influencing the members of the legislature that worked well under pre-term limits conditions when their efforts would be better spent demonstrating that the university system has value to the executive branch. In light of this analysis, I believe the university’s lobbying group should: Assess their current program to determine how much of their time is allocated to committee support, specific contacts with legislators and the executive branch. Then evaluate the effectiveness of the meetings with specific legislators. If this leads to more effective committee support then they should likely leave their time allocation as it is currently. However, if their meetings yield little results they should assess how that time could be better utilized to up their contact with the executive branch. It is well known that this governor is no fan of higher education; however any improvements that could be made as a result of the renewed efforts on the part of the lobbyists would be helpful. It seems likely that they are well aware of the research underpinning this analysis, but I have been surprised in the past how frequently people do not read about their own professions. So going through this assessment could do them well. Bibliography Basham, P. (2003). Defining Democracy Down: Explaining the Capaign to Repeal Term Limits. Washington D.C.: Cato Institute. Cain, B., Kousser, T. (2004). Adapting to term limits: recent experiences and new directions. San Francisco: Public Policy Institute of California. California_Term_Limits,_Proposition_140_(1990). (2015, 03 07). Retrieved from ballotpedia.org: http://ballotpedia.org/California_Term_Limits,_Proposition_140_(1990) Donovan, T., Snipp, J. (1994). Support for Legislative Term Limitations in California: Group Representation, Partisanship, and Campaign Information. The Journal of Politics, 492-501. Institutional Change in American Politics: The Case of Term Limits. (2007). Ann Arbor: University of Michigan Press. Moncrief, G., Thompson, J. (2001). On the outside Looking in: Lobbyists Perspectives on the Effects of State Legislative Term Limits. State Politics Policy Quarterly, 394-411. Robinson, K. (2011). Shifting Power in Sacramento: The Effects of Term Limits on Legislative Staff. California Journal of Politics and Policy 3(1). Walters, D. (2012, 03 30). Changing Term Limits isnt the Answer. Monterey Herald, pp. http://www.montereyherald.com/general-news/20120330/dan-walters-changing-term-limits-isnt-the-answer.

NORTH KOREA :: essays research papers

In a discussion with the United States and China in Beijing on April 24, 2003, North Korean officials admitted for the first time that they possessed nuclear weapons. North Korean officials claim to have reprocessed and reproduced spent fuel rods and have threatened to begin exporting nuclear materials, unless the United States agrees to one-on-one talks with North Korea. Tension between the United States and North Korea have been running pretty stiff and high since early October of 2002. Assistant Secretary of State James Kelly informed North Korean officials that the United States was aware that North Korea had a program that was allowing them to enrich uranium for nuclear weapons. Initially North Korea denied this, but later confirmed the veracity of the US claim.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In confirming that they had an active nuclear weapons program, they also declared the Agreed Framework agreement. The Agreed Framework signed by the United States and North Korea on October 21, 1994 in Geneva agreed that: 1.) North Korea would freeze its existing nuclear program and agree to enhanced International Atomic Energy Agency (IAEA) safeguards. 2.) Both sides would cooperate to replace the Democratic People’s Republic of Korea (D.P.R.K.) graphite-moderated reactors for related facilities with light-water (LWR) power plants. 3.) Both countries would move toward full normalization of political and economic relations. 4.) Both sides will work together for peace and security on a nuclear-free Korean peninsula. 5.) Both sides would work to strengthen the international nuclear non-proliferation regime.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Beginning in the 1960s, the Soviet Union supplied various types of missiles, nuclear power technology, and training to North Korea. China began supplying North Korea with missile technology in the 1970s. The North Korean nuclear weapons program was officially up and running with full force in the 1980s.

Anxiety and Athletic Perfomance Essays -- Athletics Athletes Sports An

Anxiety and Athletic Performance Introduction Athletes today need to be able to cope with the anxiety and pressure that is placed on them in the competitive world of sports. A large deal of research has been done on examining the relationship between anxiety and performance within the field of athletics. This paper is going to show that the mind in an athlete has a lot to do with the result of the particular event. In order to show that anxiety in athletes is a significant problem this paper is going to be set up in three different areas in order to explain exactly how anxiety affects the athlete. The first section of the paper is going to explain the history and terminology on the study of anxiety in athletes. Next, this paper will show the results of numerous testing that has gone on in order to see the effects of anxiety in athletes. And the third and final section of this paper is going to explain what treatments that can help the athlete cope with the anxiety issues. History and Terminology   Ã‚  Ã‚  Ã‚  Ã‚  The reasons that previous research on this subject has been hard to synthesize is because of numerous reasons, those including ‘methodological flaws’ such as lack of clear definitions and also lack of clear ‘theoretical construct.’ In the following section terms will be established for words that will be throughout this paper. Also, this section will provide an overview of theories that have been used to clarify the relationship between anxiety and performance in athletes.   Ã‚  Ã‚  Ã‚  Ã‚  In Edward’s and Hardy’s opinion the main problem that research on the relationship between anxiety and performance has encountered is that researchers have not defined all the specific terminology that is required to understand with this subject. The following operational definitions will be used for the terms anxiety and stress. â€Å"Stress is a state that results from the demands that are placed on the individual which require that person to engage in some coping behavior.† Arousal is going to be considered to be a signal to the athlete that he/ she has entered into a stressful situation and is characterized buy physiological signs. Anxiety results from the athlete’s perception that he/ she is not good enough for the particular situation, which will cause stress (Edward and Hardy).   Ã‚  Ã‚  Ã‚  Ã‚  An early model that attempted to explain the relationship between arousal and performan... ...athletes. And because of the obvious problems with anxiety there have been a few key ways that show how treatment helps athletes out. So in final, after years of research on the effects of anxiety and treatment it is imperative that athletes get help from a professional in order to obtain maximum performance. Bibliography Bird, Anne Marie and Horn, Melanie. â€Å"Cognitive Anxiety and Mental Errors in Sport.†   Ã‚  Ã‚  Ã‚  Ã‚  Journal of Sport and Exercise Psychology 12.3 (Sept 1990): 217-222 Edwards, Tara and Hardy, Lew. â€Å"The Interactive Effects of Intensity and Direction of   Ã‚  Ã‚  Ã‚  Ã‚  Cognitive and Somatic Anxiety and Self- Confidence Upon Performance.†   Ã‚  Ã‚  Ã‚  Ã‚  Journal of Sport and Exercise Psychology18.4 (Sept 1996): 296-312 Ferraro, Tom. A Psychoanalytic Perspective on Anxiety in Athletes. April 2002. Athletic   Ã‚  Ã‚  Ã‚  Ã‚  Insight: Online Journal of Sports Psychology. 29 May 2002 http://www.athleticinsight.com.vol1iss2/Psychoanalytic_Anxiety.htm Stress Management: Behavioral Psychotherapy for Performance Enhancement. (no   Ã‚  Ã‚  Ã‚  Ã‚  updated date). Penn State University Division of Sport Psychology. 29 May   Ã‚  Ã‚  Ã‚  Ã‚  2002 < http://www.personal.psu.edu/faculty/s/m/sms18/kines321/stress.html>.

Native American Heritage Essay

I have re-read this book in a relatively new edition. It is a mixture of Kiowa myths, family stories, history sketches, and personal experiences. For me it evokes a sense of community unknown in modern U. S. society. It also conveys, however dimly to the modern scientific mind, a deep sense of a peoples’ experience of the sacred where that term is entirely outside of modern theology and is steeped in the land and the memory of a people. It one opens ones mind and emotions the book can connect in a powerful way. However, a modern can never penetrate to the full depth of Kiowa sensibility. This was harshly expressed in an art object in the IAIA in Santa Fe, New Mexico some years ago. The object included the words: â€Å"Just because you stick a feather in your hat doen’t make you a Indian. † of another edition It seems enough to alert the reader this book exists, in case anybody is tired of consumer infatuation. These 90 page wonders full of meditation and forethought. It has to be his best, meaning simplest, clearest, but it is probably anthropology too. It ought to be read before or after viewing his http://www. youtube. com/watch? v=rbqzm6†¦ but to take it on its own it is about the alien and the unknown as feet in old age and death, that is to say that even though he calls himself Rock Tree Boy he i†¦ moreIt seems enough to alert the reader this book exists, in case anybody is tired of consumer infatuation. These 90 page wonders full of meditation and forethought. It has to be his best, meaning simplest, clearest, but it is probably anthropology too. It ought to be read before or after viewing his http://www. youtube. com/watch? v=rbqzm6†¦ but to take it on its own it is about the alien and the unknown as feet in old age and death, that is to say that even though he calls himself Rock Tree Boy he is A Man Without Fantasy. That’s the difference between being a bear and wearing a Jordan t-shirt with Hanes underwear. Nobody is Jordaned or Meadow Lark Lemoned from a laying on of their hands, but bear will move you. Dress in any of these masks or be naked as yourself as He Who Wears Only His Name. Either you stand naked in The Name or you hide in a mask. Groups function as masks to prevent nakedness, as if there were something other than The Name to stand in, but for the human there isn’t. It might be the landscape and the racial memory of landscape that â€Å"my parents and grandparents knew† (Schubnell, Conversations, 46). â€Å"I feel deeply about the landscape and I mean that literally. I think it is important for a person to come to terms with landscape. I think that’s important; it is a means to knowing oneself† (45). So it comes down to the meaning of landscape too, but this is intellectualized. The real question is, what is the meaning of wilderness? Superficial Existence in the Modern World Much of this is foreign today, Bear, landscape, even ancestry have been substituted with identities of no purpose to examine. The annihilation of the traditional in tribal societies and every assimilated subgroup is a negative. Assimilation is never good, although to say it that bald is offensive. This is also the point in that First Convocation of Indian Scholars (Ed.by Rupert Costo, 1970). In answering Hopi Charles Loloma about how to assume the traditional identity Momaday says, â€Å"I think that each of us who realizes that the native traditional values are important has a great obligation to convince the young of that, who may be wavering with alternatives†¦ [of] the dominant society which is destroying the world in which it lives† (9). â€Å"It’s really up to the older people†(10) to identify â€Å"the danger of superficial existence in the modern world† (10). To counter superficial existence he says â€Å"they have a primary obligation to tell their children and grandchildren about the traditional world, and try to show them by example and tell them explicitly that there is an option available to them, and that they’re damn fools if they don’t avail themselves of it† (10). Acculturation Thus acculturation is â€Å"a kind of one-way process in which the Indian ceases to be an Indian and becomes white man† (10). It is broader than that too, the PA German ceased to be himself and became an English-American. Acculturation to the modern translated means to steal the birth rite identity of the traditional, its language and customs and make the native a mascot of the modern. There is a continual excavation of the Caucasoid in every subgroup that assimilates, whether Pennsylvania German, Hispanic, black, Indian. The anthropologists should excavate themselves to give them something to do, since they otherwise are the inventors and stalking horse for the modern against the traditional, looking for power by stealing it. Modern here is not the pejorative it seems if the native takes his tradition into it to return what is stolen, or as Momaday says, that â€Å"it is good to go into the enemy’s camp† (12). Steal his horses! But he has stolen the children! Pull Out the Light Poles That said, it remains to learn tradition from the elder. In the face of radical destruction this takes more than effort, it takes surrender. Without surrender the traditional dies. Take your pick, you can think like Katie Couric and all the like spokespersons for the modern on Charlie Rose, or like grandfather. Momaday says it is a duty to teach the young. He addresses the elder’s reluctance: â€Å"I wonder if you have any idea of why they shut up at a certain point like that, why they won’t talk to you† (15)? Charles Loloma, the Hopi, had said that when the power company installed electric poles by force â€Å"the people came out and pulled the poles all back out. These people didn’t want the electricity'†(15). This is symbolic of the whole transmission of culture of the modern against the traditional. When the enemy enters the native camp it is called deliverance, but is really theft of the child. It is destruction of the tradition, which is obvious when white missionaries go to New Guinea but apparently not when the Internet sells social network. You have to live it, not be curious of it. Fight Against Electricity! Ben Barney, a Navajo, says he had a grandfather who taught him until the age of eight, but when he died he couldn’t find a replacement. Another says, â€Å"my grandfather died, and he was one of the last men in the village who knew the whole ritual cycle of songs. He died without letting me or my father, or any of us record any of it. I think he felt that this thing that he had was too precious to just give out, and have it exposed to someone whom he never knew well. And he’d rather die with it than have that happen to it. It seems to me he was saying, you’re not going to to live it. You’re one of these people that’s fighting for the electricity. (I am not, in fact)† (17). So the ticket to the traditional, the universal (! ) is that you have to live it, not be curious of it. Surrender to the traditional! If you will not surrender, and the elders have any pride, they take it to the grave in sorrow. But it is not to be studied by post docs. It is to be lived. How many young think their elders outweigh the modern? Lifeway That you have to live it goes a long way toward knowing both wilderness and identity. Living is not an intellectual function. â€Å"But he was saying, you’re one of these people who are fighting for this. My people never had electricity. We never lived that way. And if I give you my lifeway, if I tell you my lifeway, you’re going to sit and laugh at me, because you’re laughing anyhow just by your behavior† (17). Only among the remnants of American tribes does anyone dare thus to challenge the modern. Other subgroups embrace it like a drug. The life way is an iPhone. The elders won’t speak to this, â€Å"naturally they are not going to tell you. I mean, they can’t. I can see why he felt there is no way to communicate experience; the essence of it, the reality of it. I believe he was saying: I could give you words, and you could put them down, but that wouldn’t mean the same thing† (17). Is this reality versus the virtual? The track of a bear versus a video game? These things are important if you want to have anything left on the earth that isn’t homogeneous and interchangeable. Like babies. Everything said here of the American tribes transfers to every family and subculture. 2. Momaday avoids the satiric in his work, but it is a satiric haunt like a ghost river in every meadow, grove and stream the summer nights after the predators came. Then a foam appeared at the exit pipes of plants along the upper Allegheny. It is hard enough to name Bear and Wilderness when those subsequent masks upon masks cover up naked being. Surrender. Stand up and strip, confess, then kneel! Wilderness trees, canyons, streams and things under and in them, screeches in the night, wheat, bear, porcupine are symbols to show what they are standing for, something else, life mirrors that open doors and close the way we live. Only the sun has escaped our dominion. The sun escaped the nano tales that seine the atmosphere in a net, to take earth away. How To Know and Recognize the Alien These image masks are the ultimate reality that deny we are predators or aliens. If you want to know the alien go and be one. Sit in the Mogollon. Do you belong? Find a bear. Is he your friend? People wander out all the time, light fires to be found, but the ones that aren’t found bone up. Coyote Wound Dresser had a talk with Walt Whitman, Wound Dresser, but things did not turn out well for Whitman. The alien cannot be modeled, but it is knowable if Unknown. I’m going to tell you what it is. Talking to the Unknown we try to understand synergies of it in the anthropology of Edward Dorn http://osnapper. typepad. com/snappersj†¦ He says the alien is a crucifying self-consciousness of doubt at the root of his own being when he sees the Shoshone. Does he, Dorn, belong? His doubts serve against the Unknown. They are a mirror of loss and lack. The filth on the chair that gets on his pants is an image of it†¦ â€Å" I had a great desire to be off, to not take any more, or give any more†¦for I will say it, at the risk of blunder: It is impossible for myself and my people to offer themselves in any but the standard senses† (14). At least he knows of the surrender, that you have to live it. In some freak of Methodism he wants to wash this old man’s feet to tame him, this 102 year old who stands for all of Idaho, Utah, Nevada and the Great Basin before electricity, † a volume of Yaa-Aaa-Aaa† (14). â€Å"I was aware of the presumption of my thinking he would be relieved or made happy by having his feet washed† (13). Now Here is the Alien: If you want to confront the Unknown you must to do it in the feet of your old age and death. If we want to confront the Unknown we must to do it in the feet of our old age and death. â€Å"The place was intensely neglected, I gradually saw, and not just filthy as it looked to be at first glance. It was simply the remains of a life† (12). The comfort of the Unknown in Dorn’s account is that there are two that serve each other in it, but we don’t know why. One Unknown is the wife, ust like all our mothers and wives, who â€Å"should have died, by the rules of our biology, thirty years ago. But it was evident that she would stay on, the weaker of the two, until he smelled the summary message in his nostrils, then she would be free† (12). Is death that freedom? The alien doesn’t think in known terms, but makes Dorn harbor such thoughts as, â€Å"this man and woman were the most profoundly beautiful ancestors I’ve witnessed go before me’ (12,13). â€Å"He is the spirit that lies at the bottom, where we have our feet. The feet which step between the domains, the visible sign, the real evidence of the coming event†¦ where this man’s low, incantatory verbs spill down across the plateau and basin† (13)†¦not more Indian than man, still as much the flower as the fruit. â€Å" Wash his feet! Wash his hands, heart and head! Lay in the dust like a penitent Barry Lopez, close to the flagellate, and weep for the human lost. This Shoshone’s name is Willie Dorsey. We don’t get his real name, Alien. â€Å"I saw, the heat, the vociferous mosquitoes in the building’s shade, the slightly moist filth at the back door. † Alien old age and death look like â€Å"very old animals [that] have such coats over the eyes, a privacy impenetrable from the outside† (11). Cataracts, the blind, the lame, the sick, the living I know treated by some Doctor of the Alien. She operates her office practically as a charity, complete with science, intuition and healing to the â€Å"grim weight of bad condition, not especially outlined, more heavy with despair than one could possibly arrange with rubble† (11). This is not Ed Dorn. He is a spectator. This Doctor holds the hand, cuts the hair, absorbs the breast, the tear, weeping and praying within, but praising and thanking for the chance that comes out of the â€Å"wooden clapboard structures† (10) of lives that they could be so treated and revived. So that’s the alien, it’s human and knowable even if Unknown. Poetry Analysis Sherman Alexie is Spokane/Coeur d’Alene Indian. Alexie wrote a poem called â€Å"The Reservation Cab Driver†. The title contributes to understand the poem and understand who the cab driver was. In this poem, Alexie uses a symbolism he also uses some metaphor, irony and imagery. By examining the life portrayal in the reservation, the poem’s casual diction, the magic appearance of Crazy Horse, I will show how Alexie’s critique of the status of Indians on the reservation. The life in the reservation was hard. When anyone wanted to get out of the reservation the only choice the reservation had was hiring the cab driver who drives a ’65 Malibu with no windshield. The description of this cab driver car is an example of Imagery taking place you can see the car all beat up with no windshield. This particular cab driver waits outside the breakaway bar. He charges his costumers a beer a mile with no exception. This cab driver is not looking for money. The other people have to get this cab to take them places especially during the powwow. Also in stanza 8 during powwow, some imagery takes place. The imagery you see is people paying him with quilts, beads and fry bread and firewood. Imagery in this section is important because you can see what’s going on. In this stanza the imagery is very clear that it seems as if you are there in person watching everything. Also in stanza 7 you see use of metaphor also irony but the cab driver did not understand Seymour because the cab driver answers â€Å"Ain’t no pony, it’s a car†. Alexie shows us how hard it is for the reservation to have to take the cab and pay in a form that you do not see in other places of America. Alexie shows us an example of two different economies. Within the same country but how life in the reservation is completely different to the rest of the life outside the reservation. The reservation has many problems like having only one cab driver who charges a beer and a cigarette a mile. Another problem†¦ â€Å"The Man to Send Rain Clouds† The theme of Leslie Marmon Silko’s The Man to Send Rain Clouds revolves around the idea of maintaining your culture in the opposition of the â€Å"religious right. † Leon is faced with strong opposition about his tribe’s rituals in regard to the burying of one of their dead. That opposition comes from the Christian priest and his ideas of what is sacred. Cultures around the world embrace death in different ways. Some mourn and fear death; others accept it and find hope when the time comes. Unfortunately not all of those cultures are able to be open to the idea that they could be wrong, or that different methods could lead to the same ends. The Christian church of coarse has a history of killing, burning, and condemning things that disagree with their ideologies. Even today we see extremists in many religions that fight wars over their beliefs. In this story a man had to fight with himself regarding the decision. He has to wrestle with the pleas of the priest and the idea that his culture taught him regarding death. He believed as his tribe did that the ritual would bring rain and new life to the crops. The battle between cultures moves on when the priest is actually asked to be a part of the ritual and bless the body. At this point the priest enters his own battle with the things that he was taught and the opposition that he faces. He had to decide what would be the Christian thing to do. When all these battle are over both men learn a little about each other’s world as the wind starts to come in, it is a wind of change. They wait to see if the storm will come to begin the circle of life anew. The Man to Send Rain Clouds Readers Reaction This was quite an interesting story. There were three sections to the story which broke the story in three different times in one day. The characters were all very nonchalant except for the priest who showed some emotion when he found out that old Teofilo died. The story kept our interest, however, it did not lead a very clear trail to the end, and there was no real climax where we felt there was a good peak. The story needs to be read more than once to really be appreciated. Plot Summary One ? Teofilo is at the sheep camp in the arroyo when he rests in the shade under a cotton tree and dies. ? After Teofilo missing for a few days, Leon and Ken come looking for him and find that he â€Å"had been dead for a day or more, and the sheep had wandered and scattered up and down the arroyo. † ? They gather the sheep and then come back to wrap Teofilo up in a red blanket. ? They paint his face with different colors and ask him to send them rain. ? On Leon and Ken’s way back into pueblow (town) they see Father Paul, who asked if they found their missing grandfather yet, and they tell him where they found him, but not that he’s dead. â€Å"Good Morning, father. We were just out to the sheep camp. Everything is o. k. now. † Two ? Louise and Teresa are waiting for them to get back with any news about Teofilo. ? Leon tells the girls that they found Teofilo died near â€Å"a cottonwood tree in the big arroyo near sheep camp. † ? Leon and Ken carry in red blanket with teofilo’s body, dress him in new clothes to be buried in. ? After a quiet lunch, Ken went to see when the gravediggers could have the grave ready, â€Å"I think it can be ready before dark. † ? Neighbors and clans people come by their house to console Teofilo’s family and leave food for the gravediggers. Three ? After the funeral, Louise tells her brother Leon that she wants the priest to sprinkle â€Å"holy water for grandpa. So he won’t be thirsty. † ? Leon gets in the truck†¦ Burial Rituals of Native American Culture At some point in our lives, we all come to realize that death is a part of life. Cultural diversity provides a wide variety of lifestyles and traditions for each of the unique groups of people in our world. Within these different cultures, the rituals associated with death and burial can also be uniquely diverse. Many consider ritualistic traditions that differ from their own to be somewhat strange and often perceive them as unnatural. A prime example would be the burial rituals of the Native American people. Leslie Marmon Silko’s story entitled The Man to Send Rain Clouds describes a funeral service carried out by a Native American Pueblo family. Though many perceive the funeral service narrated in this story to be lacking in emotion and also lacking respect for the passing of their loved one, it portrays a ceremony that is quite common for the Native American communities. There is also a hint of conflict occurring between the characters in the story that are carrying out their traditions while including an outside religious figure in the ceremony. The death of an old man sets the stage for this story and tells of the way his family goes about preparing him for his journey into the afterlife. A feather is tied into the old man’s hair, his face was painted with blue, yellow, green and white paint, pinches of corn meal and pollen were tossed into the wind and finally his body was wrapped in a red blanket prior to being transported. According to Releasing the Spirit: A Lesson in Native American Funeral Rituals by Gary F. Santillanes, â€Å"Pueblo Indians care for their own dead with no funeral director involved. The family will take the deceased, usually in their truck, back to the home of the deceased and place him or her on the floor facing east to west, on a native blanket. Depending on the deceased’s stature in the tribe, his face may be painted in the traditional nature. A powdery substance is placed†¦ AK English 217 – Reading Journal (The Way To Rainy Mountain) Scott Momaday uses nature to dictate the passage of life. He personifies the landscape as a person, he says the there is ‘perfect in the mountains but it belongs to the eagle and the elk, the badger and the bear. ’ To me, this tells me the mountains have a feeling of openness, but it is the home of many – not just humans. The mountain holds importance to the Kiowa’s because it is pure wilderness. The landscape that is described helps the reader recognize what the Kiowa’s were thinking upon reaching rainy mountain. The beautiful sights of the land made the Kiowa’s recognize a new passage of life. Their curiosity of the land’s landscape created legends in their tribe. The legends helped them escape through the wilderness by becoming part of it – through kinsmen in the sky and a boy turned into a bear at Devil’s Tower. Momaday describes the curiosity of the wilderness throughout the landscape. In order to build the larger idea of the tribe, the curiosity makes the landscape act as a character. The writer, Scott Momaday, describes the grandmother through details of her life. My favorite line was at the end when he wrote, â€Å"There, we it ought to be at the end of a long and legendary way, was my grandmother’sgrave. † This line sums up her entire life in a single sentence. She lived a long life and saw many things, her life was filled of legends that the tribe created. She had a reverence for the sun because she saw the Sun Dances when she was younger. In 1887, the grandmother was at the last sun dance; she bore a vision of deicide without any bitterness. At an old age, she began praying frequently. Momaday could not understand what she was saying but describes the tone of her voice as ‘sad in sound, some merest hesitation upon the syllables of sorrow. ’ No matter what the language, people inherently understand the sounds of sadness. It really brought the grandmother to life. Then finally, at the end, he†¦ Many Americans today believe that all students –no matter what race or ethnicity- have an easy path with our education and that all students are able to get a higher education without any problems. Yet this belief is not true for all students. However it’s a whole different story for the working class students. The working class student that goes for a higher education in life, in search for a better life and, a brighter future are faced with many obstacles and challenges on their path to achieve their goals and dreams. The working class students are put with many different challenges. As they the working class students goes forward with their education, there maybe people that will try to put them down in many forms. But you should know that you will survive and at the end you be a stronger, prepare student with the tools to overcome any obstacles in life. In the article â€Å"Indian Education† by Sherman Alexie, we read how being working class students we have obstacles to overcome. Some of this obstacles come from the people we less expected just like the example in Alexie Sherman Article â€Å"Indian Education†, how his own second grade teacher Miss Betty Towle try to put him down as many times as possible. She the teacher tries to put him down for being Indian, and for having working class parents. The Teacher Miss. Betty seems to not care for Alexie at all. The teacher ask Alexie to give a letter to his parents in which she ask for his parents to come to school so that they could have a conversation on what she calls his bad behavior in class. The teacher seems to not want to talk about his bad behavior. Instead, she wanted to insult Alexie in front of his parents by calling him Indian without any compassion or respect. â€Å"Indians, indians, indians, she said it without capitalization, she called me Indian, indian, Indian† (p. 1). Base on this citation we see that the teacher was trying to put him down for being Indian and for having parents that weren’t educated. By†¦

The Future Of Nursing: Leading Change, Advancing Health

We are in a decennary of revision, as gives we are set to be ch each(prenominal)(a)enge on more levels in order to face these take exceptions we moldiness(prenominal) just vigilant. Recently the Institute of medicine, 2010 (IOM, 2010) released a score on the future of nursing its inwardness outlines in great detail what assortments entrust take send off. A collaboration of close to offered their expertise in and out of the cranial orbit of nursing and how the following three areas whitethorn be liftd or all told alternated.This writer exit attempt to bring back a single perspective on the issues of Education, lead and practice and how they may be transformed over the next decade. The coming(prenominal) of Nursing Leading Change, Advancing health There have been many discussions by the IOM over the years about the rival of suck ins on the manage of affected eccentrics and the obvious motivating for change. The pending arrival of the afford adequate to (p) disturbance act (ACA) has propelled many of those changes to the forefront we must remain steadfast in our last to deliver forest reverence to that patient who depends on us.When the implementation of transformation becomes not only a traverse further reality sight and will it empty us as patient care providers to offer a more modern method of care? Transforming Education This initial goal will remain inherent according to the opinion of the IOM authorship, that all gives must be prepared to meet a diverse patient race. With that goal in mind the report signs that didacticsal requirements for the registered nurse (RN) will ultimately be accommodate towards high phase attainment by the practicing nurse.Currently the pathways that are in ass to obtain a nursing phase will not change solely the nurse will be regulated on a course to hatch their education goals beyond that of and associate degree (ADN). The goal will be to enhance the programs in place and p repare the bookman nurse for a place in an undergraduate program a contrive to make that goal possible for all is also a need that the IOM report mentions as the current barrier. Affordability of nursing programs beyond that of the ADN now seems to be the greatest challenge provoke these entities take in such a pathway?Another proposal that this ratifier rig interesting on education transformation, was the pathway for an increase in master and doctoral degrees to increase the volume of prepared faculty. The current issues that are being go about now is that of faculty deficits in many of the nursing programs both at biotic community and undergraduate campuss. The ACA has what is noted as an incentive to offset lower faculty salaries which would provide up to $35,000 in loan repayments for in line nurses who seek to complete advanced degrees. uncomplaining Protection and Affordable Care run HR 3590, 2010). With such incentives in place this pathway may be considered as a means to an end in the advancement of education by the biography oriented nurse, creating attractions is the way to work change. Transforming Leadership The IOM also reflects on the magnificence of nurses taking a stronger position in leadership. It is time for nurses to take a place at the table of change, that misconception that we are in place to perform and not create will soon be eradicated.The report indicated there is a lack of nurse partnership on many directorial boards this is a reason to transform. The placement of these programs is fundamental (Institute of Medicine IOM, 2010,) to increasing nurse participation. It is true some leaders are born into their roles however not all and with the implementation of these leadership programs this writer believes future leaders can be created. The creation of mentorship programs is also a way to create leaders, as nurses we must make room for those coming up behind us and nurture the leader that lies in us all.This writer f ound the subject of creating training programs for nurses to represent us on the political front was the finest of all the recommendations, as nurses we must incite change at the very top and creating voices of change on this level would be an unique transformation. The ability to have our contributions heard and implement will create a presence that will carry nursing off and upward, can we be the voice of the idea and transformation of nursing practice?Transforming Practice. Our image of practice dictates the boundaries for which we practice, the idea of the IOM report indicate as nurses we must be able to practice to the fullest potential of our educational backgrounds. This is oddly important for the advanced practice nurse (NP), their roles must be universally delineate for the future. The increase in patient population will see an upsurge in patient load with a shortage of primary care givers and this can only be disastrous for those seeking care.Creating a universal s cope of practice for NP will eliminate this issue and it must happen now. The report indicated the barrier to this was the exigency of acceptance by physicians can we change a lifelong idea? As this writer has assessed all the pending changes it was asked how these changes will affect the ability to offer care, it is believed that higher education will create a more diverse approach to care and as a patient pedagog this is key to this nurses specialty.As for the other notations regarding care and leadership, this writer believes leadership roles will enhance the confidence of the role of the patient educator, finally increasing the quality of care provided. Conclusion In shutting a transformation of change can only happen with the diligent participation of all nurses, we must become active in every facet of our future and not leave it up to others to spill on our behalf.

Osim International

table of contents 1. entryway to Osim International4 2. Competitive Strategy4 3. go with nurse chain4 3. 1 introduction5 3. 2 trading ope symmetryns Management5 4. Non- financial analysis5 4. 1Corporate Social Responsibility5 4. 2Consumer Sen mnts6 4. 3Corporate finish6 4. 4Customer Retention and Growth6 5. Global breaklook7 6. sedulousness outlook of sinewy lifestyle reapings7 7. similitude among Osim and its competitors8 8. Osim Financials8 8. 1 ships companys Financial symmetrys8 8. 2Market Prospects9 8. 2. 1Osim on its avouch9 8. 2. 2Osim vs. Selected peers (VGO, trounce World, Ogawa, Jacks)9 8. 2. 3Osim vs. STI10 8. 3 intercommunicate execution of instrument10 9. purpose11 attachment A12App eradicateix B16 Appendix C19 Appendix D24 Appendix E25 Appendix F26 ? 1. Introduction to Osim International Osim International Ltd. (Osim) is a detonating device of capital of Singapore listed political party a globose loss leader in the healthy lifestyle products dilig ence. It has been take since its inception by CEO Ron Sim, the companys repute driver, instrumental in bringing Osim to where it is today, greatly influencing its vision, mission and set with his personal touch. The company has expanded to more than 1,100 stores in more than 30 countries terra firmawide. indoors the next 3 to 5 courses, they excogitate to open over 50 outlets and come along expand their subsidiaries, GNC and RichLife. . Competitive Strategy In view of the current economic situation, Osim seeks to cautiously and optimistically focus on build juicyness, positive EBITDA and operating cash flux . Even though they fuck off exceeded gross gross gross sales expectations so far this year, this may be challenging given that they operate in a niche mart ripe affected by consumer sentiment and other spherical events. Osim feels a upstanding chemical equilibrium sheet is integral to meeting this aim, doable through with(predicate) and through and thro ugh enhanced ope proportionalitynal faculty and outlets being leaner and more efficacious in sales. With Brand Osim, they desire an frame that is adept with (the) healthy lifestyle .This demonstrates their ambitiousness to non only be the securities persistence leader, but to too be the shuffle with the best think of and association. Furthermore, Osim adopts a two-pronged feeler of innovation and growth creating demand through innovation and development to support the evaluate US market recovery and the Chinese markets expansion. There is excessively focus on their most important resource, employees training and empowering talents with wildness on corporate destination alignment. 3. Company value chain Osims value chain involves two primary(prenominal) processes Innovation and Operations Management. . 1Innovation Research and development (R&D) is a process given much fury as Osim strives to release upstart and applicable products to create demand and to keep a technological edge above its competition, resulting in products such as the iDesire and iMedic amongst others. This has won consumers and its efforts were rewarded in 2008, voted as Asias most best-loved set for massage passs . This is also inculcated in their brand image with their desire to take on intelligent innovation . 3. 2Operations Management Operations management complicates Osims manufacturing and retail ramp ups.Upon subjecting peeled material to their respective manufacturing processes, Osim creates a product that it believes will add value for consumers and invite them to pay a premium to dominate their desired quality of life. Its retail arm works with an bellicose marketing segment to promote their products. Whilst costs argon high, the sensed product value added is proportionately high. 4. Non-financial analysis 4. 1Corporate Social Responsibility Osim aims to encourage a positive attitude towards healthy lifestyles. Osim Triathlons in various Asiatic countries , and the Osim Singapore stay the hang be some sporting events it has sponsored. eyepatch Osim promotes itself as a lifestyle brand, for example, through the promotion of the uSqueez leg massager which appeals to triathletes, they surrender also donated to the Childrens Cancer Foundation and back up an endowment fund with the NUS Business school day . Osim has also demonstrated accountability to family by recalling its products twice . The urgency to recall defective products has exposen Osims commitment to civic responsibility. However, the recall affected Osims report card as nodes were put through the dither of claiming damages.Despite this, Osims branding keeps strong and is still one of the worlds most reliable contributers in its industry. Accountability to investors was also demonstrated when they came in runners-up in the Most Transpargonnt Company Award (Commerce) in SIAS Investors Choice Award. 4. 2Consumer Sentiments In a 2008 survey by Synovate , Osim win the No. 1 hale life style Products Brand in consumers minds across Asia. The findings memorialize Osims strong Asian customer base and affirms its effective branding as a leading al unkeptr of modern products with design and quality, performance, and safety standards.Furthermore, massage chair sales in China has retained good growth with easy-to-buy payment schemes. 4. 3Corporate Culture A strong corporate culture inculcating positive thinking has been used as a tool to survive market movements. This tool is behind the entrance of new-sprung(prenominal) innovations and the extension of Osims r for each one into the global market. Besides this, substantial donationholdings by attain management gibes management goals are flop aligned with that of appropriateholders . 4. 4Customer Retention and Growth In 2005, Osim was rated by Nielsen Consumers as the number one brand in seven attributes .Osim is also a member of Superbrands . To date, higher(prenominal) end pr oducts are made in Japan, a country recognized for its quality and preciseness . Mid-tier to lower end products are fabricate in China to reduce costs. Although make in China, Osim ensures reliability and quality of these products. The market share gained from the provision of quality products has been shown in the same Synovate survey as mentioned above. Osim has also invested heavily in marketing, often publish its advertisements in various media to increase its brand presence.These include centrespreads in major newspapers as well as television commercials, reign in celebrities such as S. H. E and Fiona Xie. This fortifies their brands credibility, with the aim of converting new customers and retaining current ones. In a way, they have already created a strong and batten customer base and exclusive help can be placed on gaining additional market share at heart the parting and globally. 5. Global outlook Since the global recession, the market has rebounded with the STI cu rrently trading rough 2,600 points, a level last seen a year ago .We are currently believed to be in the accumulation pattern , with economic growth expected in the coming years. Global markets have alter while key export markets such as the US and Europe die hard fairly weak . A quick recovery is in line for Asian economies, but stay freshd soft underground demand means that fiscal and fiscal measures must be sustained to ensure continued growth. 6. Industry outlook of healthy lifestyle products Osims argumentation efforts are concentrated on an progressively bird feeder Asia , oddly in countries wish well Singapore and China, where at that place is great focus on lifestyle and well-being.Health is a greater concern as busier schedules reduce practice session time. As Asias aging existence finds new ship canal to improve their alive standards, more may turn to increasingly relevant healthcare products. However, the lifestyle industry is most vulnerable to fluctuat ions in business cycles. With the downturn, spending is either decreased or cheaper alternatives are sought. 7. Comparison between Osim and its competitors Osims main competitors in the health-food industry provide competition to its subsidiary, Global Active Limited.Its main recognized competitors in the massage products markets include OGAWA, OTO Bodycare and Panasonic. Osim thus relies heavily on innovation, war-ridden marketing and quality to distinguish its products from its competitors, leverage on the fact that consumer preferences are slowly influenced. A nonher form of competition comes in the form of imitations and inexpensive Chinese products that individually devalue Osims brand and provide viable substitutes. This forces Osim to differentiate itself as a premium product and introduce a secondary brand, NOVO, to woo consumers with its affordability.With the expected incoming growth in the healthy lifestyle products industry and Osims stronghold on its base consumer m arkets, we expect Osim to continue outperforming its competitors, especially in its core business function. 8. Osim Financials 8. 1Companys Financial Ratios Osims profitability ratios have been weakening over the last 5 years, with sharp declines from 2006 onwards. lucre margins dropped from the healthy region of 9% to 0. 6% in 2007 and at long last into the negative in 2008. Other communicates ratios like ROA and ROE have also dropped importantly from 2005 onwards.Osims sales fell from a high of S$623million in 2006 to S$457million in 2008. The low profitability ratios adumbrate that the company is not in effect utilizing its assets and shareholder investments to generate sales and profit, which is a engender for concern for dominance investors. Its dwindling sales and profitability can be attributed to maddened competition from imitations, as mentioned above. Also, Osim spent S$149million to acquire 55% of Brookstone Inc. in 2005, which did not work out well, as Brookstones losses dragged down Osims profitability from 2006 onwards.Osims liquidity ratios, despite the unforesightful financial performances in the quondam(prenominal) hardly a(prenominal) years, have remained relatively stable. Current ratio has stayed systematically above 1, bar 2007, which implies that the chemical group is able to meet its short verge liabilities with its short enclosure assets. Interest coverage has been come uponing sharply, primarily delinquent to the fall in operating profit. In coiffure to continue its repayment of interest charges, profits have to improve. 8. 2Market Prospects 8. 2. 1Osim on its own Generally, share tolls have been on a strong downward trend since 2006, with MACD crossing at a lower place zero for most of the period.Osims share price plunged 98% from a high of S$2. 06 in 2006 to a low of S$0. 05 in the start of 2009 earlier viewing signs of recovery, rising from below S$0. 10 to the fresh stability of nigh S$0. 45, an increase of more than four hundred% during the period from March to September 2009. The upstart bullish trend has also been reflected in the strong divergence of the MACD over zero. 8. 2. 2Osim vs. Selected peers (VGO, Best World, Ogawa, Jacks) During the last 5 years, Osim fared bruskly compared to its industry peers.It was the worst performing contain out of the 5 selected companies over the period from 1Q07 to 1Q09. However, charge our attention on more recent developments, Osims share price has been outdoing that of its competitors significantly, due to its strong recovery since 1Q09. Osims stock has risen at a higher rate, and been the best performing in foothold of absolute value. Another interesting chemical element is the recent significant increase in insider trading, with fourth-year management aggressively get the company stock and subscribing to excess shares through the companys rights issue .in concert with the hints of recovery from recent financial figures, the procur e of shares by Osims management and assertionfulness shown in the company might unspoiled be the confirmatory signal of their reversal in fortunes. 8. 2. 3Osim vs. STI On a 5-year basis, analyze the performance of Osims share price against the STI, we observe that generally, it has been underperforming relative to the STI. The period between mid-2005 and early 2007, which coincided with Osims best financial performance, saw the company outperforming the market.Since 1Q07, it has been underperforming by a large margin until the recent overlord performance relative to the STI starting from April 2009. 8. 3Projected Performance Judging from the 9 month 2009 figures, sales appear to continue sluggishly and we see the total sales for 2009 to be subordinate to that of 2008. However, EBITDA has increased by 16% as compared to the same period last year. Having full written down the investment in Brookstone, future losses need not be accounted for, and Osims profit onwards tax is ex pected to improve to near S$33million for 2009, a marked utility from 2007 and 2008.Projected profitability ratios also imply signs of recovery with ROA and ROE estimated to be just about 9. 02% and 21. 36% respectively. liquidness ratios for the Group remain healthy as well, as at 30 Sept 2009. Post restructuring, Osim has emerged leaner, significantly cutting down expenses over the past 2 years. Hence, if sales pick up in the future, we should see a give of the high profit margins realized in the past. Osims current Net summation Value (NAV) per share is S$0. 14. Compared against the just share price of around S$0. 45 over the past 2 months, the Price-to-book ratio is about 3. times, implying that the stock may be overvalued. However, the general price-to-book ratio for an median(a) company is 7 times , showing that Osims share price may still rise in the future. 9. Conclusion With Ron Sim at the helm and the alignment of the senior management with company objectives, Osi m stands poised to discover its goals in the short term with its aggressive marketing and focus on a strong balance sheet during this time of economic uncertainty. They have earned the trust of consumers through the provision of quality products and good corporate governance. term they have effectively lowered costs, revenue remains sluggish. They excogitation to improve this through expansion in emerging markets as well as to take advantage of Brookstones strategic positioning in American markets. Whilst having derived ways to compete effectively, and with the industry expected to grow, common soldier consumption will still be depressed amidst this period of economic recovery due to a lag effect. be a medium to long term as between two to flipper years, we thus projected that Osim, on its own will continue to be profitable as a going concern.While we recognise that outside the industry, there are many superior alternatives that have the potential to generate far better returns , which is beyond the scope of this report, we recommend that with regards to an investment just in Osim or in the Healthy Lifestyle Products industry, Osim is clearly the worthwhile woof to invest in. Appendix A positivity Ratios 20082007200620052004 lettuce Margin (%)-21. 780. 65. 429. 299. 2 ROA (%)-46. 580. 868. 0510. 214. 6 ROE (%)-141. 921. 9619. 8728. 9726. 16 Cash fly the coop/Operating Revenue (%)-17. 984. 957. 8911. 812. 6 Profit Margin (%)-21. 780. 65. 429. 299. Profitability ratios measure the return earned on a companys capital and the financial cushion relative to each dollar of sales. Osims low profitability ratios in recent years are a cause for concern. However, much can be attributed to the economic crisis and the write-off of Brookstone in 2008. Liquidity Ratios 20082007200620052004 Current Ratio1. 090. 951. 021. 111. 87 Quick Ratio0. 480. 450. 450. 671. 38 Interest Coverage-19. 052. 067. 751750. 95 Current Ratio1. 090. 951. 021. 111. 87 Generally, despite th e poor performance affix in 2007 and 2008, Osims Liquidity Ratios remained relatively stable.This implies that there are no issues regarding the solvency of the company and resources are available to meet its obligations. 20082007200620052004 P/E Ratio (%)n. a. 103. 6422. 415. 2912. 48 Dividend Payout Ratio (%)0219. 4332. 2315. 3415. 39 P/E ratio is an indicator of perceived value of a stock. Osims unusually high P/E ratio in 2007 is due to the low EPS resulting from the poor performance posted in that year. Osim has been consistently paying out dividends until 2008. Hence, should performance improves in future, investors should expect to receive dividend payouts. Appendix B Projected Performance -Month Key FinancialsEstimated Figures for 2009 Sales335. 9450 EBITDA33. 845 Profit before Tax24. 533 Net profit16. 121 Full year figures for 2009 determined based on pro-rating 9-month figures to get conservative estimates. (in $millions)9mth 20099mth 2008% change2009 Estimated200820072 00620052004 Sales335. 9346. 2-2. 98%450456. 7523. 7622. 9502. 5332. 2 EBITDA33. 829. 116%453935. 476. 754. 545. 4 Profit before Tax24. 5-19. 5225. 64%33-92. 25. 443. 651. 435. 3 Net profit16. 1-26161. 92%21-99. 53. 735. 845. 630. 8 (in $millions)9mth 20099mth 2008% change2009 Estimated20082007200620052004 Sales335. 9346. 2-2. 98%450456. 7523. 7622. 502. 5332. 2 EBITDA33. 829. 116%453935. 476. 754. 545. 4 Estimated Financial Ratios for 2009 (With dimension Sheet as at 30 Sept 2009) Profit Margin (%)4. 67 ROA (%)9. 02 ROE (%)21. 36 Current Ratio at B/S date1. 16 2009 figures suggest Osim is on the road to recovery. Projected Profit before Tax show improvement compared to 2008 and 2007, though not to the terminus of 2006s high. Compared to 1st half of 2008, 2009 has shown improvement in EBITDA even though sales continue to be weak. .Charts with Projected 2009 Ratios Appendix C Osim Stock Charts 5-Year 1-Year Comparison against STI 5-Year 1-Year Comparison Competitors 5-Year 1-Year -Y ear infinite 1-Year Absolute Appendix D Insider Trades announcement DateBuyerNumber of Shares (000) 23/2/09Ron Sim2002 13/3/093466 17/3/09953 27/3/0996150 31/3/09200 1/4/09200 6/4/092700 9/4/096500 Subtotal112171 23/2/09Peter Lee320 13/3/09950 31/3/09550 9/10/09270 Subtotal2090 23/2/09Richard Leow300 23/2/09Ong Kian Min1618 24/2/091000 2/4/09752 23/2/09Michael Kan300 2/4/09218 23/2/09Charlie Teo300 27/3/09365 6/4/09100 2/4/09Khor Peng Soon16 Subtotal4969 Total119230 Appendix E ? Appendix F Japans quality in manufacturing was taken from Fundamentals of Composites Manufacturing Materials, Methods, and Applications by A. brant Strong

Only the Strong Survive

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

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

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

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

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

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

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

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

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

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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