Export Opportunities for Alaska Distilleries and Breweries
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Shinsegae Buy (004170 KS) (Maintain)
[Korea] Retail Shinsegae Buy (004170 KS) (Maintain) Additional negatives to be limited TP: W290,000 ▼ Upside: 31.5% Mirae Asset Daewoo Co., Ltd. Myoungjoo Kim [email protected] Minjeong Kyeong [email protected] 2Q20 review Operating loss due to COVID-19 For 2Q20, Shinsegae reported consolidated revenue of W1.01tr (-32.6% YoY) and an operating loss of W43.1bn (turning to loss YoY). For department stores (non-consolidated), operating profit plunged 56.3% YoY to W14.3bn. The duty-free division posted an operating loss of W37bn (turning to loss YoY). The results missed our estimates and the consensus, hurt by: 1) sluggish department store earnings due to sales mix deterioration; and 2) continued weakness at the duty-free division. In the department store division, the apparel/accessories segments have been slow to recover due to the rapid shift to online shopping amid the lingering impact of COVID-19. Additional negatives to be 2Q20 marked a bottom limited The pandemic weighed on all of Shinsegae’s businesses in 1H20, not just the department store and duty-free divisions. That said, we believe additional negatives are limited. Monthly same-store sales growth at department stores has recovered swiftly (to approximately 9% currently). Considering additional rent cuts for the Terminal 1 airport location (i.e., the temporary introduction of variable rent payments linked to sales), we expect the duty-free division to improve meaningfully in line with the recovery of revenue. Valuation and recommendation Lower TP to W290,000 (from W360,000) We revised down our 2021 EPS estimate by 5.1%, reflecting the decline in the value of Shinsegae’s stakes in subsidiaries (e.g., Shinsegae International [031430 KS/CP: W158,000]). -
FTSE Korea 30/18 Capped
2 FTSE Russell Publications 19 August 2021 FTSE Korea 30/18 Capped Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) Alteogen 0.19 KOREA Hyundai Engineering & Construction 0.35 KOREA NH Investment & Securities 0.14 KOREA AmoreG 0.15 KOREA Hyundai Glovis 0.32 KOREA NHN 0.07 KOREA Amorepacific Corp 0.65 KOREA Hyundai Heavy Industries 0.29 KOREA Nong Shim 0.08 KOREA Amorepacific Pfd. 0.08 KOREA Hyundai Marine & Fire Insurance 0.13 KOREA OCI 0.17 KOREA BGF Retail 0.09 KOREA Hyundai Merchant Marine 1.02 KOREA Orion 0.21 KOREA BNK Financial Group 0.18 KOREA Hyundai Mipo Dockyard 0.15 KOREA Ottogi 0.06 KOREA Celltrion Healthcare 0.68 KOREA Hyundai Mobis 1.53 KOREA Paradise 0.07 KOREA Celltrion Inc 2.29 KOREA Hyundai Motor 2.74 KOREA Posco 1.85 KOREA Celltrion Pharm 0.24 KOREA Hyundai Motor 2nd Pfd. 0.33 KOREA Posco Chemical 0.32 KOREA Cheil Worldwide 0.14 KOREA Hyundai Motor Pfd. 0.21 KOREA Posco International 0.09 KOREA CJ Cheiljedang 0.3 KOREA Hyundai Steel 0.33 KOREA S1 Corporation 0.13 KOREA CJ CheilJedang Pfd. 0.02 KOREA Hyundai Wia 0.13 KOREA Samsung Biologics 0.92 KOREA CJ Corp 0.11 KOREA Industrial Bank of Korea 0.22 KOREA Samsung C&T 0.94 KOREA CJ ENM 0.15 KOREA Kakao 3.65 KOREA Samsung Card 0.08 KOREA CJ Logistics 0.12 KOREA Kangwon Land 0.23 KOREA Samsung Electro-Mechanics 0.81 KOREA Coway 0.36 KOREA KB Financial Group 1.78 KOREA Samsung Electronics 25.36 KOREA Daewoo Engineering & Construction 0.12 KOREA KCC Corp 0.12 KOREA Samsung Electronics Pfd. -
Posco International Corporation
POSCO INTERNATIONAL CORPORATION Sustainability Report 2019 About This Report The 2019 POSCO INTERNATIONAL Sustainability Report, the forth annual publication, illustrate the Company’s performance fulfill- ing its economic, social, and environmental responsibility. POSCO INTERNATIONAL aims to transparently disclose its sustainability management activities for the year 2019 and communicate with wide-ranging stakeholders. Reporting Guidelines Global Reporting Initiative(GRI) Standards: Core Option Reporting Period January 1, 2019 ~ December 31, 2019 * 2017 ~ H1 of 2020 for a portion of the performance data Reporting Scope Economy: On a consolidated basis in accordance with the K-IFRS 〮 Society & Environment: POSCO INTERNATIONAL Headquarters, 〮 POSCO SPS1), and overseas worksites (Myanmar, Indonesia, and Uzbekistan) Areas where major operations are based: Republic of Korea 〮 1) This refers to the STS Division, the TMC Division and the Plate Fabrication Division that were split off as subsidiaries in April 2020. Reporting Cycle Annually(publication of the most recent report: 2019) Assurance Financial data: Earnst & Young Han Young 〮 Non-financial data: DNV GL 〮 Contact Details Address: 165 Convensia-daero(POSCO Tower-Songdo), Yeonsu-gu, Incheon, Republic of Korea Tel: +82-2-759-2861 Department in charge: Sustainability Management Section E-mail: [email protected] POSCO INTERNATIONAL CORPORATION Sustainability Report 2019 03 Global CSR Activities 01 We Make Sustainability 02 Sustainability Management Strategy 102 Global CSR Overview -
Operation Brewery.Indd
OPERATION BREWERY Black Hops - The Least Covert Operation in Brewing A step-by-step guide to building a brewery on a budget Dan Norris with Eddie Oldfield and Michael McGovern Copyright 2016 Dan Norris with Eddie Oldfield and Michael McGovern ALL RIGHTS RESERVED. This book contains material protected under International and Federal Copyright Laws and Treaties. Any unauthorized reprint or use of this material is prohibited. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system without express written permis- sion from the author/publisher. ISBN: 978-1535548618 Contents Join us in the Black Hops Ambassador group .................................v What this book is, and what it isn’t ............................................. vii Foreword ...................................................................................... xiii Chapter 1: Eggnog What? ...........................................................1 Chapter 2: How to Build a Brand ................................................8 Chapter 3: What Do You Need to Start a Brewery? .................17 Chapter 4: Our First Commercial Brew ....................................29 Chapter 5: Relationships ...........................................................39 Chapter 6: Business Models ......................................................47 Chapter 7: Marketing ................................................................53 Chapter 8: -
Tianjin Open 2015: Tale of the Winners 2015天津公开赛:胜利者的故事
2015.082015.082015.08 Tianjin Open 2015: Tale of the Winners 2015天津公开赛:胜利者的故事 InterMediaChina www.tianjinplus.com IST offers your children a welcoming, inclusive international school experience, where skilled and committed teachers deliver an outstanding IB education in an environment of quality learning resources and world-class facilities. IST is... fully accredited by the Council of International Schools (CIS) IST is... fully authorized as an International Baccalaureate World School (IB) IST is... fully accredited by the Western Association of Schools and Colleges (WASC) IST is... a full member of the following China and Asia wide international school associations: ACAMIS, ISAC, ISCOT, EARCOS and ACMIBS 汪正影像艺术 VISUAL ARTS Wang Zheng International Children Photography Agency 汪 正·天 津 旗下天津品牌店 ■婴有爱婴幼儿童摄影 ■韩童街拍工作室 ■顽童儿童摄影会馆 ■汪叔叔专业儿童摄影 ■素摄儿童摄影会馆 转 Website: www.istianjin.org Email: [email protected] Tel: 86 22 2859 2003/5/6 ■ Prince&Princess 摄影会馆 ■韩爱儿童摄影会馆 ■本真儿童摄影会馆 4006-024-521 5 NO.22 Weishan South Road, Shuanggang, Jinnan District, Tianjin 300350, P.R.China 14 2015 2015 CONTENTS 11 CONTENTS 11 Calendar 06 Beauty 38 46 Luscious Skin Sport & Fitness 40 Partner Promotions 09 Tianjin Open 2015: A Tale of Upsets, Close Calls and Heroic Performances Art & Culture 14 How to 44 Eat me. Tianjin style. How to Cope with Missing Home Feature Story 16 Beijing Beat 46 16 The Rise of Craft Beer in China Off the Tourist Trail: Perfect Family Days Out Cover Story 20 Special Days 48 Tianjin Open 2015: Tale of the Winners Special Days in November 2015 Restaurant -
Abstract: the Purpose of This Paper Is to Investigate
THE ECONOMIC COST OF NUCLEAR THREATS: A NORTH KOREA CASE STUDY. Abstract: The purpose of this paper is to investigate how public announcements of a nation’s nuclear programme development influence neighbouring countries’ stock markets. The countries examined in this case study are North and South Korea. To test this relationship I conducted an event study using MacKinlay’s market model. Six announcement days were studied comprising out of three nuclear tests and three missile and satellite related tests. The findings of this research are in contrast to prior research. Empirical researches on the economic effects of terrorism suggest that acts of terrorism create large impacts on economic activity. The results of our event study show that the announcements caused both negative and positive reactions on the market. Author: Ryan McKee Student number: 6181066 Supervisor: Shivesh Changoer Date: 8th of Jan, 2014 ETCS: 12 INTRODUCTION Stock prices represent investor’s expectations about the future. News announcements effect these expectations on a day to day basis. Terrorist attacks, military invasions, nuclear threats or any other ambivalent events can alter investor’s expectations and so allow the prices of stocks and bonds to deviate from their fundamental value. Once such events have taken place investors often defer from the market in search of safer, more secure financial investments which can lead to panic and chaos on the markets (Chen and Siems, 2004). Such chaos can also be caused by threats from other neighbouring countries. A perfect example of this is the relationship between North and South Korea. Ever since the division of North and South Korea on September 8, 1945 the two bordering nations have had a strenuous relationship, ultimately leading to the Korean war of 1950-1953. -
Anheuser-Busch Inbev
Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV Best Beer Company Bringing People Together For a Better World Contents 1 Our Manifesto 2 Letter to Shareholders 6 Strong Strategic Foundation 20 Growth Driven Platforms 36 Dream-People-Culture 42 Bringing People Together For a Better World 49 Financial Report 155 Corporate Governance Statement Open the foldout for an overview of our financial performance. A nheuser-Busch InBev Annual / 2014 Report Anheuser-Busch InBev 2014 Annual Report ab-inbev.com Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV Best Beer Company Bringing People Together For a Better World Contents 1 Our Manifesto 2 Letter to Shareholders 6 Strong Strategic Foundation 20 Growth Driven Platforms 36 Dream-People-Culture 42 Bringing People Together For a Better World 49 Financial Report 155 Corporate Governance Statement Open the foldout for an overview of our financial performance. A nheuser-Busch InBev Annual / 2014 Report Anheuser-Busch InBev 2014 Annual Report ab-inbev.com Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV About Revenue was Focus Brand volume EBITDA grew 6.6% Normalized profit Net debt to EBITDA 47 063 million USD, increased 2.2% and to 18 542 million USD, attributable to equity was 2.27 times. Anheuser-Busch InBev an organic increase accounted for 68% of and EBITDA margin holders rose 11.7% Driving Change For of 5.9%, and our own beer volume. was up 25 basis points in nominal terms to Anheuser-Busch InBev (Euronext: ABI, NYSE: BUD) is the leading AB InBev’s dedication to heritage and quality originates from revenue/hl rose 5.3%. -
Belgian Beer Experiences in Flanders & Brussels
Belgian Beer Experiences IN FLANDERS & BRUSSELS 1 2 INTRODUCTION The combination of a beer tradition stretching back over Interest for Belgian beer and that ‘beer experience’ is high- centuries and the passion displayed by today’s brewers in ly topical, with Tourism VISITFLANDERS regularly receiving their search for the perfect beer have made Belgium the questions and inquiries regarding beer and how it can be home of exceptional beers, unique in character and pro- best experienced. Not wanting to leave these unanswered, duced on the basis of an innovative knowledge of brew- we have compiled a regularly updated ‘trade’ brochure full ing. It therefore comes as no surprise that Belgian brew- of information for tour organisers. We plan to provide fur- ers regularly sweep the board at major international beer ther information in the form of more in-depth texts on competitions. certain subjects. 3 4 In this brochure you will find information on the following subjects: 6 A brief history of Belgian beer ............................. 6 Presentations of Belgian Beers............................. 8 What makes Belgian beers so unique? ................12 Beer and Flanders as a destination ....................14 List of breweries in Flanders and Brussels offering guided tours for groups .......................18 8 12 List of beer museums in Flanders and Brussels offering guided tours .......................................... 36 Pubs ..................................................................... 43 Restaurants .........................................................47 Guided tours ........................................................51 List of the main beer events in Flanders and Brussels ......................................... 58 Facts & Figures .................................................... 62 18 We hope that this brochure helps you in putting together your tours. Anything missing? Any comments? 36 43 Contact your Trade Manager, contact details on back cover. -
Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767% -
Hyosung Corporation and Subsidiaries
Hyosung Corporation and Subsidiaries Consolidated Financial Statements December 31, 2014 and 2013 Hyosung Corporation and Subsidiaries Index December 31, 2014 and 2013 Page(s) Independent Auditor’s Report ........................................................................................................ 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position....................................................................................... 3 Consolidated Statements of Income ....................................................................................................... 4 Consolidated Statements of Comprehensive Income.............................................................................. 5 Consolidated Statements of Changes in Equity...................................................................................... 6 Consolidated Statements of Cash Flows ................................................................................................ 7 Notes to the Consolidated Financial Statements ..................................................................……... 8 - 97 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of Hyosung Corporation We have audited the accompanying consolidated financial statements of Hyosung Corporation and its subsidiaries (collectively the “Group”), which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, and the consolidated -
Transportation Beginning of Restructuring: Supply Is the Key Variable
2020 Outlook Transportation Beginning of restructuring: Supply is the key variable Jay JH Ryu +822-3774-1738 [email protected] Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. Contents [Summary] 3 I. Airlines 4 II. Mobility 17 III. Logistics 32 IV. Shipping 37 [Conclusion] 45 [Top picks] 46 [Summary] Momentum to diverge based on supply management OP vs. P/B: Amid market down cycle, earnings momentum to diverge based on each company’s supply management (Wbn) (x) OP (L) P/B (R) 1,500 2.5 Oil price decline; Air cargo Minimum Global Global High oil prices; greater Oil rebound; wage hike; Slowdown in Inventory housing financial shipping market logistics price LCC growth; economic Chinese stimulus restocking bubble crisis restructuring momentum rebound M&As slowdown 1,000 2.0 500 1.5 0 1.0 -500 0.5 -1,000 0.0 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 Source: Datastream, Mirae Asset Daewoo Research 3| 2020 Outlook [Transportation] Mirae Asset Daewoo Research I. Airlines: Weak demand to prompt restructuring Economic slowdown and • Outbound demand on Japan routes has declined, hurt by a slowing economy and the Korea-Japan diplomatic row. bottoming out of Japan • Japan routes appear to be bottoming out; declines in load factor should stabilize in early 2020, supported by supply cuts. route demand Sharp decline in outbound demand on Japan routes Passenger traffic growth on Japan routes ('000 persons) (%) (%, %p) 3,500 Korean outbound travelers (L) YoY (R) 35 20 YoY passenger growth L/F indicator 30 3,000 10 25 0 2,500 20 Week of -10 Chuseok 2,000 15 -20 1,500 10 5 -30 1,000 0 -40 500 -5 -50 0 -10 14 15 16 17 18 19 Source: Bloomberg, KTO, Mirae Asset Daewoo Research Source: Air Portal, Mirae Asset Daewoo Research 4| 2020 Outlook [Transportation] Mirae Asset Daewoo Research I. -
Voting Disclosure
Notices: LGPS Central Limited is committed to disclosing its voting record on a vote-by-vote basis, including where practicable the provision of a rationale for votes cast against management. The data presented here relate to voting decisions for securities held in portfolios held within the company’s Authorised Contractual Scheme (ACS). Meeting Company Name Meeting Type Voting Action Agenda Item Numbers Voting Explanation 20/01/2021 Guotai Junan International Holdings Limited Special All For 04/02/2021 Lenovo Group Limited Special All For 04/03/2021 MMG Ltd. Special Against 1 Apparent failure to link pay and appropriate performance 05/03/2021 CSPC Pharmaceutical Group Ltd. Special Against 11.1 Concerns related to board gender diversity 12 Concerns related to shareholder rights 29/03/2021 China Resources Beer (Holdings) Co. Ltd. Special Against 2 Concerns related to board gender diversity 28/01/2021 Kobe Bussan Co., Ltd. Annual All For 28/01/2021 Park24 Co., Ltd. Annual Against 1.6,1.7 Concerns about overall board structure 19/02/2021 Kansai Mirai Financial Group, Inc. Special All For 20/02/2021 OSG Corp. (6136) Annual Against 2.1 Concerns related to approach to board diversity 25/02/2021 Kewpie Corp. Annual All For 26/02/2021 Hitachi Capital Corp. Special Against 1 Concerns to protect shareholder value 26/02/2021 Mitsubishi HC Capital, Inc. Special All For 09/03/2021 Nippon Building Fund, Inc. Special All For 18/03/2021 Toshiba Corp. Special Against 1 SH: For shareholder resolution, against management recommendation / Shareholder proposal promotes transparency 19/03/2021 Kubota Corp.