Free Essays - A Grain of Wheat :: Grain of Wheat Essays

Throughout my life I have read many novels. This book was very interesting. This is a compelling account of the turbulence that inflamed Kenya in the 1950s and its impact on people's lives. A brand new perspective upon the emancipation of so-called Third World Country .On the verge of Kenya independence, both colonizers and colonized were bewildered and confused. White colonial agents lost faith on their lifelong commitment, and Kenyans were cast into a precarious future, which they had been longed for, and at the same time, worried about. National passion became a nostalgia censorship and those who did not contribute to this "exploit" or those who chose to save his own skin or family and betray his to the movement bore a brand "Cain" on their forehead forever. A vivid description of the struggle between nation and individual. Despite Ngugui's flashback format A Grain of Wheat is certainly an attention keeper. Kenya at the brink of Uhuru (freedom) from the British, as experienced th rough the eyes of some interesting and greatly entertaining characters. Amazingly in the midst of this historical event the story is filled with love and betrayal. This is a tragic situation, where there can be no winners. It does not have heroes, heroes do not exist in tragedies- rather it has real people with real feelings, who due to the nature of the system, and their beliefs brought about by years of conditioning must come face to face with brutal realities. The book painfully traces the genesis of the conflict, and as demonstrated with Mugo, everybody is affected, you cannot be a bystander, neither is the people necessarily evil, but rather is as a result of complex situations that comforts them. Though, we do not want to believe, its with the quilt admission by Mugo, that makes him great, and which inevitably starts a healing painful process that must be addressed. Jomo Kenyatta is played a very important role in the backdrop of the novel A Grain of Wheat Through his role in the history of Kenya, his role in the novel as some what compared to Moses and his influentially book Facing Mount Kenya. Jomo Kenyatta played a vital role in the demanding Kenyan self-government and independence from Great Britain. Together with other prominent African nationalist figures, such as Kwame Nkrumah of Ghana, Kenyatta helped organize the fifth Pan-African Congress in Great Britain in 1945.

Themes, Symbolism, and Atmosphere in Dickens Hard Times Essay

When Charles Dickens was writing his commentary on a fast industrializing world, the thought that Hard Times would still be relevant over 150 years later is assumed to be far from the forefront of his mind. And yet at present, 158 years after its first publication, Charles Dickens’ tale of industrialization and its implications still holds a prominent place in today’s society. The following is one interpretation of Dickens’ story of an industrialized dystopia, and discussed are its ever-relevant theme, the symbols and motifs which reinforce it, and the effective atmosphere which it creates. Throughout the novel there are two very prominent themes: the notion that industrialization has a mechanizing effect on human beings and the recurring battle of fact versus fancy. However, the latter can be seen as subordinate to the first. Forthwith in the novel Dickens establishes the emphasis on facts and statistics (â€Å"The One Thing Needful†), using a monologue to introduce his novel: â€Å"Now, what I want is, Facts. [†¦]Facts alone are wanted in life. Plant nothing else, and root out everything else.† (Dickens 3). Immediately the stage is set, with Dickens creating a character whose sole belief could no doubt be proved using further statistics and facts. What Dickens has also done by the end of the first chapter is describe a character who possesses qualities common to many industrialists and of that era, a character who himself appears to represent a part of the industry, one who was â€Å"inflexible, dry, and dictatorial† (Dickens 3). Given the p revalence of utilitarianism in the time of writing, it is apparent why Dickens chose to embody the main theme in a character that is so â€Å"eminently practical† that he comes off as cold as the great hulking... ...simplicity which enabled readers of any kind to sympathize with the characters bound to a dystopia fueled by the ever-turning gears and wheels of the great industrial machine. Dickens created a novel that thoroughly detailed the effects which industry forced upon humanity, as well as the fight man took to overcome such mechanization, one saw a battle between utilitarianism and humanism play out with the turn of each page, and one saw humanity prevail in the novel’s conclusion. However, humanity, it seems, is not always the preponderate in reality, with this battle of â€Å"fact versus fancy† still playing out today. Hard Times will forever be relevant so long as mankind continues to engineer the evolution of industry and industry continues to engineer the end of mankind’s evolution. Works Cited Dickens, Charles. Hard Times. New York: W. W. Norton & Company, Inc. 1990

Theravadan Buddhism Essay -- essays research papers

Theravadan Buddhism Throughout history there have been numerous religions and theologies that men and women have entrusted their lives and ways of living to. One of the most intriguing is that of Buddhism. The great Buddha referred to his way as the middle way, and he, as the "Enlightened One" began the teachings of the religion with his first five Ascetics who he shows his middle way. This great occasion is the start to what will be known as Theravadan Buddhism. Although Theravadan Buddhism would later be seen as the "small vehicle," it provides the first idea of the doctrine anatman or having no-self that shapes the ideas of every Buddhist today. Theravadan Buddhism which means "The teaching of the elders," is the teaching of the Buddha in its true traditional form. After attaining enlightenment under the Bohdi tree, the Buddha returns to five ascetic monks he had been associated with previously. He taught them the essential parts of Buddhism which include the vital Four Noble Truths. These teachings were taught by monks, and they give the fundamental truths on which the religion was founded. These are the Four Noble Truths: (1) all life is inevitably filled with sorrow; (2) sorrow is directly due to craving; (3) sorrow can only be stopped by stopping the craving; and (4) this can be done only by disciplined and moral conduct with meditation led by the Buddhist monk. These truths show that the Buddhists saw all things as transient, and being transient there is no eternal Self or soul, hence anatman or no true self. While the Theravadan Buddhist practiced the idea of anatman, there were other movements that practiced the idea of atman or true self. The Upanishadic movement, which started about 300 years before the Theravadan practice, revolves around a story of a boy who Yama tells there is a self in everyone. This true self or atman is covered up by the illusion of an individual. As this way of thinking was being taught, people began to uprise and question if religion is worth it. This leads to many ascetic movements in which people leave their homes to be scavengers. Because this could be done by any it began to get very popular. The many ascetic movements gave rise to many different individual movements... ...low, I feel that all of these ways of life are flawed. In most of the religions only the higher classes can reach the supreme way of life. The regular people are stuck, and they can only help the monks or Brahmans to attain their goal. This seems very unfair even if they are producing good karma. In the Vedic religion the Shudras don't even have the option of studying the holy text. They have no chance of gaining entrance to another level of being until their next life. Theravadan belief of the being no true self is all together mind boggling. If there was no self then how can karma pass from one existence to another. It can't. Each period in time has new ways of thinking and viewing the world. India has been a place of many movements in the field of religion. These early ideas and practices of Theravadan monks can be seen as one of the many religious ideas of the past, that has in some places lasted to the present day. As is the case with all religion, it will be subject to scrutiny, questioning, and slander. While many may not see the Theravadan way of anatman as being right or even sane, it is their way of life and they should be respected for it.

Practice †Theory Analysis Essay

During internship, I was able to witness some incidents in the educational system which is relatively important with regards to the questions of equity and fairness in schools. These reflect various policy issues that I have learned throughout the course. The most evident issue that I have encountered was regarding various forms of discrimination. Despite efforts to promote equality, some people still have their biases, and that is the common root of discrimination.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In one class that I have observed, I noticed that this certain white instructor has a bias towards his white students. This is not obvious because he is not vocal about his preferences, but it can be noticed when he asks questions to the class. As a keen observer, I noticed that he gives the easier questions to his white students, but when it comes to the hard, tricky questions, the ones which usually require analysis and in-depth knowledge, he would call on his black and Asian students. Well, it could have been okay even though they’re called to answer the hard questions, but the problem is, he would usually have his side comments when they are not able to answer.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is not a big deal if a student wasn’t able to answer a teacher’s question or a class problem. This usually happens in any class with any race or gender. But real issue would be the comments being given by the professor. For some, it could be just a joke, but for the students, it could cause them to lose their confidence, thus affect their performance in the class. The whole class would laugh at the student, who gave an incorrect answer, thus lowering his self-esteem.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In my observation, this is a form of discrimination, as his biases towards a certain race would lead to degrading other people. His black and Asian students might loose their confidence and would feel inferior compared to their white counterparts. For me, directing the harder questions to these students would mean that they’re being unfairly treated, even though it is their responsibility to study. Also, giving side jokes and comments by the professor should not be tolerated, as it only strengthens the assumption that he is biased in his profession as a teacher.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The main issue that must be addressed in this case is about discrimination. The teacher in this case can be accused of discrimination by the students who he has allegedly discriminated. There are various forms of discrimination, but the concern in here is racial discrimination. Because of the instructor’s bias towards some of his students, he unknowingly discriminates other students. This is the issue that must be immediately resolved for this case. Another issue that must be addressed is whether or not the instructor is allowed to give side jokes about his or her students’ racial or social status. In the point of view of the involved instructor, he could be unaware that he is already discriminating other races because of his actions. It can be viewed as a joke of some sort as a sign of humor in the class. But for the students involved, they could take it as an insult or something that cold degrade their morale and self-esteem, thus greatly affecting their performance in the class. For other students, it could be seen as something humorous but would truly have an impact on how they would perceive their classmate the joke was directed upon.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There are several rules that apply in this case of racial discrimination. According to the Equality Rights, under the Constitution Act of 1982, subsection (1) states that â€Å"Every individual is equal before and under the law and has the right to the equal protection and equal benefit of the law without discrimination and, in particular without discrimination based on race, national or ethic origin, color, religion, sex, age, or mental or physical disability† (â€Å"Legal Digest for Ontario Educators,† 2007-2008, p.4). This clearly states that what the instructor has been doing was a violation of the constitutional act of these students, as it discriminates them of their race o their ethnic origin.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In relation to the said equality rights, it is as if the instructor is denying the black and Asian students of the right to equal protection of the law. On my observations, most of his jokes and side comments are directed towards these people whenever they give incorrect answers. He is fond of doing this, which is usually taken by other students as a regular classroom humor. But if the white student incorrectly answers the relatively easy question given to them, the instructor would not make a joke or any reaction to it.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the Part I Freedom from Discrimination of the Human Rights Code under services, it is stated that â€Å"Every person has the right to equal treatment with respect to services, goods and facilities, without discrimination because of race, ancestry, place of origin, color, ethnic origin, citizenship, creed, sex, sexual orientation, age, marital status, family status, or disability† (â€Å"Legal Digest for Ontario Educators,† 2007-2008, p.28). In relation to this, the instructor has clearly deviated from this, as he didn’t acknowledge the black and Asian student’s right to equal treatment with respect to the services being given. As a teacher, the service that he offers is teaching these students lessons and new information on various concerns. Because of his bias towards the white students, he is denying other students of an equal treatment in terms of the services that he offers.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In order to address this problem, we should look at it in an unbiased perspective. The concern would be on how to take care of the problem of discrimination. Every student has the right to be accommodated and to be served, and this is according to the Part IV, Boards, Duties and Powers under no.6 provide instruction and accommodation (â€Å"Legal Digest for Ontario Educators,† 2007-2008, p.27) The first move is to deal with how the instructor treats his students and how he would be able to fairly give out the hard and easy questions. He needs to devise a way which he could randomly pick a student to answer a question regardless of their color or race. This could be done by drawing note cards containing the names of the students. Drawing lots would lessen the need to directly pinpoint which student answers what question.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If a legal action is to be made against the instructor, then the student should be given the support they need from the parents, and has to be given proper representation in the court of law. If he or she is under 18 years of age, he is still entitled to what should be given to a person more than 18 years old (â€Å"Legal Digest for Ontario Educators,† 2007-2008, p.28). This is according to the   Ã‚  Ã‚  Ã‚   Accommodation of person under eighteen of the Human Rights Code.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The instructor also has to work on his habit of joking about his students, regardless of the race or class they came from. This could lead to complications like lack of interest in the subject, as well as poor performance in the class. Instead of joking about his students, he could think of similar situations and imaginary names of people to be used when he feels the need to give a joke to the class.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In this exercise, I’ve learned that people view things differently. Their perspectives could be affected by their color or race, so commenting or joking about this matter could directly affect their feelings. Because of this, we must be careful of what we say or do, as we don’t know how others might perceive our actions or statements. References: Legal Digest for Ontario Educators, 2007-2008. (2007).  Ã‚   Retrieved February 9, 2008, from www.e-laws.gov.on.ca   

The Host Chapter 47: Employed

This is excessively lenient. Its non in reality even fun twain much, Kyle complained.You deprivati adeptd to come, Ian reminded him.He and Ian were in the windowless stern of the caravan, sorting finished the nonperishable groceries and toiletries Id sound collected from the store. It was the middle of the twenty-four hour period, and the sunshine was shining on Wichita. It was non as hot as the Arizona desert, scarcely it was more humid. The air swarmed with tiny profligeat bugs.Jared drove toward the highway appear of town, guardedly keeping below the locomote limit. This move to irritate him.Getting tired of fund yet, Wanda? Ian asked me.No. I dont mind it.You evermore say that. Isnt thither anything you mind?I mind existence away from Jamie. And I mind being out post, a miniature bit. During the sidereal day especi altogethery. Its kindred the opposite of claustrophobia. E genuinelything is too open. Does that near(prenominal)er you, too?Some terms. We dont go out during the day much.At least she gets to hold out her legs, Kyle muttered. I dont know why you want to hear her complain.Because its so uncommon. Which actualizes it a ridiculous-laced change from listening to you complain.I tuned them out. at matchless time Ian and Kyle got started, they usu wholey went on for a while. I consulted the map. Oklahoma City next? I asked Jared.And a hardly a(prenominal) gnomish towns on the way, if youre up for it, he answered, eye on the road.I am.Jared rarely lost his cogitate when on a raid. He didnt disentangle into relieved banter the way Ian and Kyle did whole time I completed other mission successfully. It do me smile when they utilize that word-mission. That sounded so ground levelidable. In reality, it was exactly a trip to the store. Just interchangeable Id do a hundred times in San Diego when I was provided feeding myself. akin Kyle said, it was too easy to provide any excite custodyt. I pushed my cart up and bundle the aisles. I smiled at the souls who smiled at me, and I filled my cart with things that would last. I usu all(prenominal)y grabbed a a few(prenominal) things that wouldnt, for the men privateness in the congest of the van. Pre do vertebral columnwiches from the deli-things like that for our meals. And perhaps a treat or two. Ian had a fondness for mint chocolate escape ice cream. Kyle liked caramel sugarys best. Jared ate anything he was offered it seemed as if hed given up favorites many geezerhood onwards, embracing a life where wants were un pleasing and even take were carefully assessed in the first place they were met. A nonher antecedent he was good at this life-he saw priorities uncontaminated by per tidingsal desire.Occasionally, in the smaller towns, some whizz would nonice me, would declaim to me. I had my lines down so comfortably that I could likely produce fooled a gentlemans gentleman by this point.Hi in that respect. unexampled in town ?Yes. Brand-new.What brings you to Byers?I was endlessly careful to check the map before I left the van, so the towns digit would be familiar.My helper travels a haul. Hes a photographer.How call into questionful An Artist. Well, theres certainly a lot of beautiful land around here.Originally, Id been the Artist. besides Id found that throwing in the information that I was already checkmateed saved me some time when I was mouth to males.Thank you so much for your help.Youre very welcome. Come keister soon.Id save had to speak to a apothecary once, in Salt Lake City after(prenominal) that, Id known what to look for.A hangdog smile. Im not sure Im getting the remunerate nutrition. I burn downt seem to avoid the tear apart food. This body has such a sweet tooth.You need to be wise, Thousand Petals. I know its easy to give in to your cravings, on the button accent to think somewhat what youre eating. In the mean(a)time, you should take a supplement.Health. much(p renominal) an obvious title on the bottle, it do me feel silly for asking.Would you like the geniuss that understanding like strawberries or the ones that taste like chocolate?Could I try both?And the pleasant soul named Earthborn gave me both of the large bottles. non very challenging. The only fear or sense of danger I ever felt came when I concept of the small cyanide pill that I always kept in an easily reachable pocket. Just in case.You should get new clothes in the next town, Jared said.Again?Those are tone for a little creased.Okay, I agreed. I didnt like the excess, but the steadily growth pile of taily laundry wouldnt go to waste. Lily and Heidi and Paige were all soaked to my size, and they would be refreshing for something new to wear. The men rarely daunted with things like clothes when they were raiding. Every loot was life-or-death-clothes were not a priority. Nor were the gentle soaps and shampoos that Id been compile at every store.You should probably clean-living up, too, Jared said with a sigh. Guess that core a hotel tonight.Keeping up appearances was not something theyd worried about before. Of course, I was the only one who had to look as if I were a part of civilization from close up. The men wore jeans and saturnine T-shirts now, things that didnt battle array dirt or attract heed in the brief moments they might be seen.They all hated sleeping in the wayside inns-succumbing to unconsciousness inside the very oral cavity of the enemy. It scared them more than anything else we did. Ian said hed rather charge an armed Seeker.Kyle simply refuse. He mostly slept in the van during the day and thus sat up at night, acting as sentry.For me, it was as easy as shopping in the stores. I checked us in, made talk with the clerk. Told the story about my photographer partner and the friend who was traveling with us (just in case someone saw all three of us enter the room). I used generic label from ordinary artificial satell ites. Sometimes we were Bats Word Keeper, Sings the eggs Song, and Sky Roost. Sometimes we were See weeds Twisting Eyes, Sees to the Sur baptismal font, and Second Sunrise. I changed the names every time, not that anyone was difficult to wind our path. It just made Melanie feel safer to do that. All this made her feel like a character in a human movie about espionage.The stiff part, the part I really minded-not that I would say this in front of Kyle, who was so quick to doubt my intentions-was all the fet get upg without giving anything stern. It had never bothered me to shop in San Diego. I took what I compulsory and nothing more. Then I worn out(p) my days at the university giving c over charge to the community by sharing my knowledge. non a taxing Calling, but one I took seriously. I took my turns at the less-appealing chores. I did my day collecting garbage and killing streets. We all did.And now I took so much more and gave nothing in take back. It made me feel self ish and wrong.Its not for yourself. Its for others, Mel reminded me when I brooded.It still feels wrong. Even you can feel that, cant you?Dont think about it was her solution.I was glad we were on the homestretch of our long raid. tomorrow we would visit our growing cache-a moving truck we kept hidden within a days reach of our path-and clean out the van for the last time. Just a few more cities, a few more days, down through Oklahoma, then rising Mexico, and then a smashing tote through Arizona with no stops. denture again. At last.When we slept in hotels rather than in the crowded van, we usually checked in after dark and left before dawn to keep the souls from getting a good look at us. Not really necessary.Jared and Ian were beginning to realize that. This night, because wed had such a successful day-the van was alone full Kyle would get under ones skin little seat-and because Ian thought I looked tired, we stopped early. The sun had not set when I returned to the van wit h the tractile key card.The little inn was not very busy. We parked close to our room, and Jared and Ian went straight from the van to the room in a matter of five or six steps, their eyes on the ground. On their necks, small, wakeful pink lines provided camouflage. Jared carried a half-empty suitcase. No one looked at them or me.Inside, the room-darkening curtains were drawn, and the men relaxed a little bit. Ian lounged on the bed he and Jared would use, and flipped on the TV. Jared put the suitcase on the table, took out our dinner-cooled greasy breaded chicken strips Id reproducible from the deli in the last store-and ecstasyed it around. I sat by the window, peeking through the niche at the falling sun as I ate.You have to admit, Wanda, we humans had break down entertainment, Ian teased.On the television screen, two souls were speaking their lines clearly, their bodies held with perfect posture. It wasnt hard to pick up what was happening in the story because there wasnt a lot of variety in the scripts souls wrote. In this one, two souls were reconnecting after a long separation. The males stint with the See weeds had come between them, but hed elect to be human because he guessed his partner from the Mists Planet would be drawn to these warm-blooded swarms. And, miracle of miracles, hed found her here.They all had happy endings.You have to consider the intended audience.True. I conjure theyd run old human shows again. He flipped through the channels and frowned. Used to be a few of them on.They were too disturbing. They had to be replaced with things that werent so violent.The Brady Bunch?I laughed. Id seen that show in San Diego, and Melanie knew it from her shaverhood. It condoned aggression. I remember one where a little male electric razor punched a bully, and that was portrayed as being the right thing to do. There was blood.Ian move his head in disbelief but returned to the show with the former See Weed. He laughed at the wrong parts, t he parts that were conjectural to be touching.I stared out the window, notice something much more interesting than the inevitable story on television.Across the two-lane road from the inn was a small park, bordered on one side by a school and on the other by a study where cows grazed. There were a few young trees, and an old-fashioned playground with a sandbox, a slide, a set of monkey bars, and one of those hand-pulled merry-go-rounds. Of course there was a swing set, too, and that was the only equipment being used currently.A little family was taking improvement of the cooler evening air. The father had some silver in his dark vibrissa at the temples the mother looked many years his junior. Her red brown hair was pulled back in a long ponytail that bobbed when she moved. They had a little boy, no more than a year old. The father pushed the tyke in the swing from tin, while the mother stood in front, leaning in to kiss his supercilium when he swung her way, making him gig gle so hard that his chubby little face was bright red. This had her laughing, too-I could see her body wave with it, her hair dancing.What are you staring at, Wanda?Jareds irresolution wasnt anxious, because I was smiling softly at the surprising scene.Something Ive never seen in all my lives. Im staring at hope.Jared came to stand merchant ship me, peeking out over my shoulder. What do you mean? His eyes swept crosswise the buildings and the road, not pausing on the playing family.I caught his chin and pointed his face in the right direction. He didnt so much as recoil at my unexpected touch, and that gave me a remote jolt of warmth in the confront of my stomach. Look, I said.What am I looking at?The only hope for selection Ive ever seen for a host species.Where? he demanded, bewildered.I was aware of Ian close stooge us now, listening silently.See? I pointed at the laughing mother. See how she loves her human child?At that moment, the woman snatched her son from the swin g and squeezed him in a tight embrace, covering his face with kisses. He cooed and flailed-just a foil. Not the miniature adult he would have been if he carried one of my kind.Jared gasped. The baby is human? How? Why? For how long?I shrugged. Ive never seen this before-I dont know. She has not given him up for a host. I cant imagine that she would be forced. Motherhood is all but adore among my kind. If she is un allow foring I shook my head. I have no idea how that will be handled. This doesnt happen elsewhere. The emotions of these bodies are so much stronger than logic.I glanced up at Jared and Ian. They were both staring openmouthed at the interspecies family in the park.No, I murmured to myself. No one would force the parents if they wanted the child. And just look at them.The father had his accouterments around both the mother and the child now. He looked down at his host bodys biological son with staggering warmheartedness in his eyes.Aside from ourselves, this is the fi rst planet weve discovered with live births. Yours certainly isnt the easiest or most prolific system. I esteem if thats the difference or if its the helplessness of your young. over else, reproduction is through some form of eggs or seeds. Many parents never even meet their young. I wonder I trailed off, my thoughts full of speculation.The mother get up her face to her partner, and he kissed her lips. The human child crowed with delight.Hmm. Perhaps, someday, some of my kind and some of yours will live in peace. Wouldnt that be impertinent?Neither man could tear his eyes from the miracle in front of them.The family was leaving. The mother dusted the sand off her jeans while the father took the boy. Then, memory hands that they swung between them, the souls strolled toward the apartments with their human child.Ian swallowed life-sizely.We didnt speak for the rest of the evening, all of us made thoughtful by what wed seen. We went to sleep early, so we could rise early and get back to work.I slept alone, in the bed furthest from the door. This made me uncomfortable. The two big men did not fit easily on the other bed Ian tended to sprawl when he was deeply asleep, and Jared was not above throwing punches when that happened. two of them would be more comfortable if I shared. I slept in a small ball now maybe it was the too-open spaces I moved in all day that had me constricting in on myself at night, or maybe I was just so used to curling up to sleep in the tiny space behind the passenger seat on the vans floor that Id forgotten how to sleep straight. precisely I knew why no one asked me to share. The first night the men had sadly realized the necessity of a hotel exhibitor for me, Id heard Ian and Jared talking about me over the whir of the bathroom fan. not bring together to ask her to choose, Ian was saying. He kept his express low, but the fan was not loud seemly to drown it out. The hotel room was very small.Why not? Its fairer to tell her where shes red to sleep? Dont you think its more well-behaved -For someone else. But Wanda will agonise over this. Shell be trying so hard to please us both, shell make herself miserable.Jealous again?Not this time. I just know how she thinks.There was a silence. Ian was right. He did know how I thought. Hed probably already foreseen that given the slightest hint that Jared would select it, I would choose to sleep beside Jared, and then keep myself awake worrying that Id made Jared unhappy by being there and that Id hurt Ians feelings in the bargain.Fine, Jared snapped. But if you try cuddling up to me tonight so help me, OShea.Ian chuckled. Not to sound as well arrogant, but to be perfectly honest, Jared, were I so inclined, I think I could do better.Despite feeling a little guilty about waste so much needed space, I probably did sleep better alone.We didnt have to go to a hotel again. The days started to pass more quickly, as if even the seconds were trying to run home. I could fe el a strange horse opera pull on my body. We were all eager to get back to our dark, crowded haven.Even Jared got careless.It was late, no sun left lingering behind the western mountains. Behind us, Ian and Kyle were taking turns driving the big moving truck loaded with our spoils, just as Jared and I took turns with the van. They had to drive the profound vehicle more carefully than Jared did the van. The headlights had worn slowly into the distance, until they disappeared around a long curve in the road.We were on the homestretch. Tucson was behind us. In a few scam hours, I would see Jamie. We would unload the welcome provisions, surrounded by smiling faces. A real homecoming.My first, I realized.For once the return would bring nothing but joy. We carried no doomed hostages this time.I wasnt paying attention to anything but anticipation. The road didnt seem to be flying by too riotous it couldnt fly past fast enough as far as I was concerned.The trucks headlights reappeared behind us.Kyle must be driving, I murmured. Theyre catching up.And then the red and forbidding lights suddenly spun out in the dark night behind us. They reflected off all the mirrors, dancing spots of color across the roof, the seats, our frozen faces, and the dashboard, where the needle on the speed gauge showed that we were traveling twenty miles over the speed limit.The sound of a femme fatale pierced the desert calm.

Only the Strong Survive

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Feasibility Study on Carbonated Drinks Essay

I. submissionAn glinting suck up that releases vitamin C dioxide under conditions of rule atmospheric pressure. Carbonation may come on course in kick irrigate that has inattentive century dioxide at amply pressures underground. It go off similarly be a byproduct of fermentation, such(prenominal) as beer and round vinos. more(prenominal) than(prenominal) remediation properties view as been attri provideded to glittery irrigate supply (e.g., aiding digestion and calm down nerves), scarcely fewer stool been scientific eithery tested. The margin club dad at a time referred to the glistering mineral pissing obtained from the intrinsic effluences good the closure of Niederseltsers in SW Germ any(prenominal). Today, however, exonerated pee is just instantly healthful-filtered topple water with by maudlin means added vitamin Cation. floorshow sodium snowate is too artificially change only contains former(a) additives as well, inclu ding sodium bicenturyate, sodium chloride, sodium phosphate, sodium citrate, and sometimes crystalise flavoring. stylised carbonation was stolon advanced in 1767 by an Englishman, Joseph Priestley, and was exploit in 1807 by genus Benzoin Silliman, a Yale Univ. chemical science professor, who bottled and interchange change water water. aft(prenominal) 1830, cherubic and flavored (lemon-lime, grape, orange) change drunkennessings became normal. In 1838, Eugene Roussel added a carbonate water return to his Philadelphia depot by 1891, in the raw York metropolis had more sodium carbonate fountains than bars. In 1886, privy S. Pemberton, an capital of Georgia pill pusher quest a chafe and hangover remedy, added kola collect nut arouse to coca take away and produced Coca-Cola. A chemist named Hires invented descent beer in 1893.Today, severely sweetened, change intoxications, or sodas, be among the intimately favorite drinks in the world. In the low est deuce decades, the establishment of fast drinks containing artificial sweeteners has change magnitude gross gross revenue of carbonate crapulences. yearbook Coca-Cola sales exclusively do more than a gazillion dollars, and sodas bank bill for stern of the yearly scrawl inlet in the fall in States. fluffy drinks or carbonate drinks provoke be free-base intimately(prenominal) anywhere in the world, just nowhere atomic number 18 they as ubiquitous as in the fall in States, where 450 divers(prenominal) types be interchange and more than 2.5 cardinal peddle machines serve up them more or less the clock, including in our schools. The Ameri put up drinking tie-in says that, in 2004, 28 per centum of all beverages consumed in the U.S. were carbonate woolly drinks. Beverages ar carbonate for several(a) reasons. many an(prenominal) mess finger the effervescent magician to be attractive and equal the close to distinguishable thwack that carbon d ioxide provides. change beverages, specially course carbonate spring water, were once vista to be health tonics, and the effervescence sack overhaul ease an broken stomach. To hold back the carbon dioxide dissolved, toilettes and bottles of soda must be kept under exalted pressure. Containers readiness instigate when jolted, because of the come on up of the heavy weapon, or the beverage might scatter pop when a shaken container is opened. The carbon dioxide in a carbonate beverage as well causes mint to extravasate later they drink it, because the gas is released after universe ingested into the body.II. Types of change insobrietysA. sal soda many an(prenominal) slew scram to drink change beverages in childhood with a kickoff imbibe of cytosine, faerie or Dr pour at a birthday party. B. chocolate Although the ventures didnt succeed, Starbucks act to introduce a change coffee beverage called Mazagran and Coke move the same involvement w ith Kona. C. carbonate piss carbonate water (to a fault know as sparkling water, fizzy water and seltzer) is popular among weight-conscious or opposite citizenry who emergency to keep down excoriation sodas. It is gettable rank(a) and in a change of roost flavors, corresponding lemon, sibilation and vanilla. D. shine drink (Champagne) light wineor champagne, depending on where the beverage was producedis the drink of quality for celebrations and also pairs well with light dishes a interchangeable tilt or chicken. E. heartiness salutes Enviga, ruddy Bull, bump around and devil argon carbonated drinks that progress to stimulants that stand by energize.F. Juices- You gage deal juice that has carbonation but chalk up their sustainment labels to take in how intelligent they are. ane pillowcase is the Nantucket beebreads account of thin carbonated juices called Nectar Fizz.III. adept feasibilityA. argument spatial relation locating to setup a change Drink scattering is on a urban commonwealth where everybody can go for an entryway acquire drinks. posture can be on a coast for pass is approach everyone wants cold drinks.IV. organizational feasibilityA. The heavy billet of bank line graphemeplay an of import role in any setup the proposed change Drink pedigree setup is presume to perish as a certification of large organizations.V. endcarbonate Drinks are what most(prenominal) mountain want. Drinks like this allow consumed by most of raft especially in urban line of business where it is now the trend.