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Hotel Shilla Buy (008770 KS) (Maintain)
[Korea] Travel Retail Hotel Shilla Buy (008770 KS) (Maintain) Additional negatives to be limited TP: W100,000 Upside: 42.2% Mirae Asset Daewoo Co., Ltd. Myoungjoo Kim [email protected] Minjeong Kyeong [email protected] 2Q20 review Larger-than-expected operating loss For 2Q20, Hotel Shilla reported consolidated revenue of W523bn (-61.4% YoY) and an operating loss of W63.4bn (turn to loss YoY). The operating loss was larger than the market expectation. The weak results were attributable to: 1) disappointing sales of unsold duty-free inventory to third parties overseas; and 2) increased commission fees following a recovery in small daigou. A QoQ rise in the discount rate given to large-scale daigou also contributed to the weak results. Additional negatives to be Despite lingering uncertainties, additional negatives to be limited limited Hotel Shilla suffered a significant operating loss for the second straight quarter despite sharp rent cuts (W56bn; about four months’ worth) at Incheon International Airport (IIA). Store traffic failed to recover amid the lingering impact of COVID-19. Due to the prolonged effects of the pandemic, uncertainty still surrounds the recovery outlook. That said, we believe additional negatives beyond COVID-19 are limited. Despite the pandemic, sales to daigou are proving resilient, showing that demand for Korean cosmetics and duty-free channels remains solid. Accumulate on weakness Maintain Buy and TP of W100,000 We see no additional negatives aside from COVID-19. Hotel Shilla’s stock is trading at a 2021F P/E of 16.0x. Valuation does not look demanding, assuming a normalization in business conditions in 2021. -
La Cam Panie Préhistoriq Ue
La Campanie préhistorique La Campanie préhistorique Voyage d’études 23-29 mars 2020 Delia Carloni, Tara Steimer & Marie Besse & Adrien Berthod Céline Gür Hector Louis Chaves Ilham Berset José-Fernando Antonio Pettina Mila Courlet Myriam Narom Ifriquia Bensaïd Romain Patrick Guy Briffaz Solène Béday Stéphane Hugues Tschanz Virginie Yvonne Monnet 1 La brochure Cette brochure a été réalisée dans le cadre des Travaux Pratiques de Préhistoire Régionale 2019/2020 du Laboratoire d’archéologie préhistorique et anthropologie (Institut Forel, Sciences de la Terre et de l’environnement) de l’Université de Genève. Ella a pour but notamment d’accompagner les participants au voyage d’études en archéologie préhistorique organisé en Campanie (Italie) du 23 au 29 mars 2020. Textes Delia Carloni, Tara Steimer & Marie Besse & Adrien Berthod Céline Gür Hector Louis Chaves Ilham Berset José-Fernando Antonio Pettina Mila Courlet Myriam Narom Ifriquia Bensaïd Romain Patrick Guy Briffaz Solène Béday Stéphane Hugues Tschanz Virginie Yvonne Monnet Couverture Delia Carloni Mise en page Delia Carloni Genève le 24 février 2020 2 Programme Lundi 23 mars 2020 10h – Rendez-vous à l’Aéroport de Genève (zone des départs) 13h20-15h05 – Déplacement en avion Genève-Naples avec Easyjet 15h45 – Déplacement en minibus au Musée Archéologique National de Naples 16h30 – Visite guidée du Musée avec un spécialiste 19h – Déplacement en minibus de Naples à Salerno 20h – Arrivée à l’hébergement (Salerno) 20h30 – Dîner Mardi 24 mars 2020 8h40-10h50 – Déplacement en bateau jusqu’à Capri -
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. -
Urban Villages
THE FALL OF URBAN VILLAGES Follow Us on WeChat Now that's guangzhou that's shenzhen China Intercontinental Press Advertising Hotline 城市漫步珠三角 英文版 5 月份 国内统一刊号: MAY 2017 CN 11-5234/GO is a CISG that’s PRD 《城市漫步》珠江三角洲 英文月刊 主管单位 : 中华人民共和国国务院新闻办公室 Supervised by the State Council Information Office of the People's Republic of China 主办单位 : 五洲传播出版社 地址 : 北京西城月坛北街 26 号恒华国际商务中心南楼 11 层文化交流中心 11th Floor South Building, Henghua lnternational Business Center, 26 Yuetan North Street, Xicheng District, Beijing http://www.cicc.org.cn 总编辑 Editor in Chief of China Intercontinental Press: 慈爱民 Ci Aimin 期刊部负责人 Supervisor of Magazine Department: 邓锦辉 Deng Jinhui 编辑 : 梁健 发行 / 市场 : 黄静 李若琳 广告 : 林煜宸 Editor in Chief Jocelyn Richards Shenzhen Editor Sky Thomas Gidge Senior Digital Editor Matthew Bossons Shenzhen Digital Editor Bailey Hu Senior Staff Writer Tristin Zhang National Arts Editor Erica Martin Contributors Lachlan Cairns, NK Chu, Daniel MH Chun, Yu Dongrui, Connor Frankhouser, Lena Gidwani, Oscar Holland, Mike Jordan, Mia Li, Victor Liu, Noelle Mateer, Dominic Ngai, Selena Wood HK FOCUS MEDIA Shanghai (Head Office) 上海和舟广告有限公司 上海市蒙自路 169 号智造局 2 号楼 305-306 室 邮政编码 : 200023 Room 305-306, Building 2, No.169 Mengzi Lu, Shanghai 200023 电话 : 传真 : Guangzhou 上海和舟广告有限公司广州分公司 广州市麓苑路 42 号大院 2 号楼 610 室 邮政编码 : 510095 Rm 610, No. 2 Building, Area 42, Luyuan Lu, Guangzhou 510095 电话 : 020-8358 6125 传真 : 020-8357 3859 - 816 Shenzhen 深圳联络处 深圳市福田区彩田路星河世纪大厦 C1-1303 C1-1303, Galaxy Century Building, Caitian Lu, Futian District, Shenzhen 电话 : 0755-8623 3220 传真 : 0755-6406 8538 Beijing 北京联络处 北京市东城区东直门外大街 48 号东方银座 C 座 G9 室 邮政编码 : 100027 9G, Block C, Ginza Mall, No. -
October – November
HOOD SAILMAKERS . TR1J IN At Hood we believe it's our job to provide you with the best sails to accomplish your performance goals. Our computer generated moulded sails give you lasting performance through our proven designs and durability. Results are easy to come by when you use Hood Sails. TAKE A TIP FROM THOSE WHO KNOW. "Th e co 111bi11 ario11 of lasting pe1for111a 11 ce and reliability gives us co11ti11ui11g rnccess." Mal'tin James - Team Jaguar/ lnfini ty III "Our Hood sails have given us the edge 0 11 ou r comperi tors. " Hans Somme 1· - Somm e1· Breeze "Reliability and pe1fo r111a11 ce is the kev to success. " Ra y Stone - Razo1·'s Edge "Th ey are fast a11d they last." Geoff Ross - Yendys " You ca11 't bear race wi1111i11g speed." Richal'd P e1·ini - Corinthian Doors. C•l•JD The Trusted Name in Sailmaking SAILMAKERS From the Commodore's Desk n Saturday, August 2, Aus high price events like the America's his experiences from the time he left the tralia's second biggest ocean Cup and the two or three maxi boats Merchant Navy in pursuit of just one racing event, after the Telstra that are first out of Sydney Heads on thing, winning the single-handed BOC Sydney to Hobart, started and finished Boxing Day. Round the World Race. with little more than a whimper in the There may be a case for elitism with Those of us who know Adams were press. the America's Cup. However, there is not surprised he achieved this goal This race was, of course, the Cruis little understanding that whilst these through his own resourcefulness and ing Yacht Club of Australia's XXXX big boats might be the domain of indi- tenacity and the relentless support and Sydney to Southport Race and, like viduals able to afford them, the crews commitment of his wife Caroline. -
Rps Horeca.Pdf
SAMBONET PADERNO INDUSTRIE S.P.A. 2 COMPANY PROFILE HOTEL SAMBONET PADERNO INDUSTRIE S.P.A. FACTORY ENG ITA The company based in Orfengo, between Novara and Con sede ad Orfengo tra Novara e Vercelli, è il Gruppo Vercelli, is a leading Italian manufacturer of top quality italiano leader nella produzione di articoli di design di designer items for the tabletop and kitchen, both for alta qualità per la tavola e la cucina, destinati sia al the home as well as for the catering sector. Sambonet settore home sia al canale Ho.re.ca. Paderno Industrie S.p.A. was established in 1997 Sambonet Paderno Industrie S.p.A. nasce nel 1997 following the purchase of Sambonet by Paderno and in seguito all’acquisizione di Sambonet da parte di merging. Sambonet has always been very dynamic in Paderno. the pursuit of modernity for its products. Sambonet ha dimostrato negli anni una decisa The work of Roberto Sambonet - a key designer at aspirazione verso la modernità che si esplica con Sambonet from the ‘50s through the ‘80s - is a valuable l’attività di Roberto Sambonet, designer dell’azienda testimony to this undertaking. Through the design and dagli anni ‘50 alla fine degli anni ‘80. Per questo la functionality of our products; our company’s ability to ricerca dello stile, della forma, della funzionalità e adapt to new lifestyles has always been the key to l’adattamento ai nuovi stili di vita è sempre stata our market identification. In order to accomplish this imprescindibile dalla ricerca del riconoscimento del Design-Industry-Market synergy, we have established mercato. -
DSA Circular ICSC/CIRC/DSA/541
INTERNATIONAL CIVIL SERVICE COMMISSION DSA Circular ICSC/CIRC/DSA/541 Approved by : Mr. Larbi Djacta Chair Date: 1/Jun/2020 Copyright © United Nations 2020 International Civil Service Commission DSA Circular Report Reference:ICSC/CIRC/DSA/541 1/Jun/2020 # I. Introduction # I. Introduction # II. Description of DSA data format # II. Description des données relatives à l'indemnité journalière de subsistance I. INTRODUCTION A consolidated list of Daily Subsistence Allowance (DSA) rates is promulgated on a monthly basis by the Chairman of the International Civil Service Commission (ICSC). This is an allowance which is intended to account for lodging, meals, gratuities and other expenses of United Nations travellers. The DSA rates are established on the basis of data supplied by designated agencies for duty stations around the world. The rates are intended to relate to good commercial hotels and restaurants. An additional amount of 15 per cent of the average hotel and meal cost is included in the DSA rate to account for incidental expenses (tips, laundry, toiletries, etc.). DSA rates generally relate to specific locations (primarily cities) within a country. An elsewhere rate is also generally provided to encompass all remaining areas of a country. The standard DSA rates are designed for staff in levels P-5 and below. The GA resolution A/RES/58/270 resolved to discontinue the practice of paying higher subsistence rates to United Nations staff members at the Director level and above. Officials in levels D-1 and above receive either a 15 or 40 per cent supplement (depending on level) to the standard DSA rate as appropriate. -
Atlantico Alfa
ATLANTICO ALFA Sunlounger with arms. Frame in resin and cover in breathable synthetic fabric. Stackable, back reclining in 4 positions, with non-slip feet, small wheels and replaceable fabric. Can be equipped with sunshade. Alfa bianco Tortora 4 5 OMEGA 38 cm ELEVATED SEAT Sunlounger without arms, with increased seat height. Frame in resin and cover in breathable synthetic fabric. Stackable, back reclining in 4 positions, with non-slip feet, small wheels and replaceable fabric. Can be equipped with sunshade. Omega bianco Blu 6 7 EDEN Sunlounger with arms in resin. Stackable, back reclining in 4 positions, with non-slip feet and small wheels. Can be equipped with sunshade. Eden bianco 8 9 TROPICO 38 cm ELEVATED SEAT Sunlounger without arms in resin, with increased seat height. This detail makes lying down and getting up even more comfortable and easier. Stackable, back reclining in 4 positions, with non-slip feet and small wheels. Can be equipped with sunshade. Tropico bianco 10 11 COLOURS Colour combinations of resin structures and synthetic fabrics STRUCTURE COLOURS FABRIC COLOURS Bianco .00 Antracite .02 Caffè .05 Tortora .10 Trama beige .078 Bianco 2x2 .108 Blu .112 Beige 2x2 .115 Foresta .23 Burro .28 Trama antracite .116 Trama caffè .117 Trama bianco .121 Tortora .124 12 13 THE FRAME Material: Highest quality polypropylene resins anti-UV, uniformly coloured tubular frame, produced with presswork technique “air moulding”, that allows closed shapes and guarantees the greatest strength and the easiest cleaning sun proof and weather resistant -
Mid Rvsm Tf/4)
INTERNATIONAL CIVIL AVIATION ORGANIZATION MIDDLE EAST OFFICE REPORT OF THE FOURTH MEETING OF MIDANPIRG RVSM TASK FORCE (MID RVSM TF/4) (Abu Dhabi, 03 06 March 2002) The views expressed in this Report should be taken as those of the RVSM Task Force and not the Organization. This Report will, however, be submitted to the MIDANPIRG and any formal action taken will be published in due course as a Supplement to the Report. Approved by the Meeting And published by authority of the Secretary General The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of ICAO concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontier or boundaries. TABLE OF CONTENTS Page PART I - HISTORY OF THE MEETING 1. Place and Duration ............................................................................................................. 1 2. Opening ............................................................................................................................... 1 3. Attendance .......................................................................................................................... 1 4. Officers and Secretariat...................................................................................................... 1 5. Language............................................................................................................................. 1 6. Agenda ............................................................................................................................... -
Social Sustainability and Redevelopment of Urban Villages in China: a Case Study of Guangzhou
sustainability Case Report Social Sustainability and Redevelopment of Urban Villages in China: A Case Study of Guangzhou Fan Wu 1, Ling-Hin Li 2,* ID and Sue Yurim Han 2 1 Department of Construction Management, School of Civil Engineering and Transportation, South China University of Technology, Guangzhou 510630, China; [email protected] 2 Department of Real Estate and Construction, Faculty of Architecture, The University of Hong Kong, Hong Kong, China; [email protected] * Correspondence: [email protected]; Tel.: +852-2859-2128 Received: 21 May 2018; Accepted: 19 June 2018; Published: 21 June 2018 Abstract: Rapid economic development in China has generated substantial demand for urban land for development, resulting in an unprecedented urbanization process. The expansion of urbanized cities has started to engulf rural areas, making the urban–rural boundary less and less conspicuous in China. Urban encroachment has led to a rapid shrinkage of the rural territory as the rural–urban migration has increased due to better job opportunities and living standards in the urban cities. Urban villages, governed by a rural property rights mechanism, have started to emerge sporadically within urbanised areas. Various approaches, such as state-led, developer-led, or collective-led approaches, to redevelop these urban villages have been adopted with varying degrees of success. This paper uses a case-study framework to analyse the state–market interplay in two very different urban village redevelopment cases in Guangzhou. By an in-depth comparative analysis of the two regeneration cases in Guangzhou, which started within close proximity in terms of geographical location and timing, we are able to shed light on how completely different outcomes may result from different forms of state–market interplay. -
Hayman Island Campus
Study. Work. Live. THE HOTEL Blend the best of Swiss and Australian SCHOOL Hospitality Education in a world class resort HAYMAN ISLAND on a tropical island 30°C – 32°C SUMMER 2020 Winner. HM Resort of the Year STUDY. WORK. LIVE. The Hotel School is proud to launch a one-of-a-kind campus on InterContinental Hayman Island Resort. It’s the only hotel school in the world where you can study, work and live on a 5-star resort island. The Associate Degree of International Hotel and Tourism Management is a great opportunity to graduate with two qualifications from two globally respected providers, renowned for their expertise in hospitality and hotel management education; Associate Degree of International Hotel and Tourism Management from Southern Cross University and the Diploma in International Hotel and Tourism Management from HTMi Switzerland. Students will have access to 880 hours of paid internship and will be eligible for entry into the three-year Bachelor of Business in Hotel Management at The Hotel School with two-years’ credit. A VISION OF A NEW GLOBALLY UNIQUE ACADEMIC OFFERING Mulpha has created a vision of a new globally unique academic offering. Rather than students studying academic content and enjoying work htmi.ch opportunities to reinforce learning, the Hayman Island location allows complete and full integration of students into the InterContinental Resort business. Moreover, students have executive team mentors and are progressively engaged and exposed to departmental and executive level management. Students have a unique opportunity to work ‘on the floor’, analyse performance with departmental managers and be instrumental in continual improvement of both functional roles and departmental performance. -
Guardian and Observer Editorial
guardian.co.uk/guides Welcome | 3 Dan Lepard 12 • Before you start 8 Yes, it’s true, baking is back. And • Meet the baker 12 whether you’re a novice pastry • Bread recipes 13 • Cake 41 roller or an expert icer, our • Pastry 69 scrumptious 100-page guide will • Baking supplies 96 take your enjoyment of this relaxing and (mostly) healthy pursuit to a whole new level. We’ve included the most mouthwatering bread, cake and pastry recipes, courtesy of our Tom Jaine 14 baking maestro Dan Lepard and a supporting cast of passionate home bakers and chefs from Rick Stein and Marguerite Patten to Ronnie Corbett and Neneh Cherry. And if Andi and Neneh 42 you’re hungry for more, don’t miss tomorrow’s Observer supplement on baking with kids, and G2’s exclusive series of gourmet cake recipes all next week. Now get Ian Jack 70 KATINKA HERBERT, TALKBACK TV, NOEL MURPHY your pinny on! Editor Emily Mann Executive editor Becky Gardiner All recipes by Dan Lepard © 2007 Additional editing David Whitehouse Recipe testing Carol Brough Art director Gavin Brammall Designer Keith Baker Photography Jill Mead Picture editor Marissa Keating Production editor Pas Paschali Subeditor Patrick Keneally Staff writer Carlene Thomas-Bailey Production Steve Coady Series editor Mike Herd Project manager Darren Gavigan Imaging GNM Imaging Printer Quebecor World Testers Kate Abbott, Keith Baker, Diana Brown, Nell Card, Jill Chisholm, Charlotte Clark, Margaret Gardner, Sarah Gardner, Barbara Griggs, Liz Johns, Marissa Keating, Patrick Keneally, Adam Newey, Helen Ochyra, Joanna Rodell, John Timmins, Ian Whiteley Cover photograph Alexander Kent Woodcut illustration janeillustration.co.uk If you have any comments about this guide, please email [email protected] To order additional copies of this Guardian Guide To..