DOCSLIB.ORG

Ottogi (007310 KS ) Steady Earnings to Continue

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ottogi (007310 KS ) Steady Earnings to Continue Ottogi (007310 KS ) Steady earnings to continue Food & beverage 2Q18 preview: Ramen and frozen food drive strength Earnings Preview For 2Q18, we expect Ottogi to post a 7.0% YoY increase in revenue and an 18.4% gain in operating profit. We believe revenue growth was robust, driven by the continu ation July 19, 2018 of strong growth (7-9%) in noodles (ramen, vermicelli, etc.), frozen food (dumplings, pizza, rice, HMR, etc.), and seafood (canned tuna, etc.). Following some softness in 1Q18, we estimate revenue from sauces (curry, “three-minute” series), condiments (ketchup, mayonnaise, etc.), rice (cooked rice, pre-washed rice, etc.) , and oil (sesame oil, edible oil, etc.) also rose around 3-5% in 2Q18. (Maintain) Buy Particularly worth noting is the growth of ramen, which we attribute to: 1) increased sales of new products; 2) strong sales of existing products (Jin Ramen); and 3) a rise in Target Price (12M, W) ▲ 1,050,000 actual selling prices owing to reduced discounts. We estimate Ottogi’s ramen market share reached a record 26.5% in 2Q18. We believe operating profit growth was Share Price (07/19/18, W) 820,000 supported by: 1) strong revenue growth; 2) stabilizing raw material prices; and 3) price hikes in major products (canned tuna, cooked rice, and soybean oil for restaurants). Expected Return 28% Three reasons why earnings are likely to remain steady 1) Ottogi’s new products and product extensions have been well received by the OP (18F, Wbn) 169 market. Targeting the cold bibim noodle market, the company released new products like Real Jjolmyeon and Chuncheon Makguksu, which we think could bring in monthly Consensus OP (18F, Wbn) 164 sales of around W10bn during the summer, given the positive reception so far . Sales of EPS Growth (18F, %) 4.7 frozen food (cup rice, rice bowls, dumplings, etc.) and frozen pizza ( round/square Market EPS Growth (18F, %) 10.4 pizzas, pizza cups, etc.) are continuing to grow, while Jin Jjambbong extensions, such as stir-fried and oyster-flavored versions, are also doing well. P/E (18F, x) 20.5 Market P/E (18F, x) 9.0 2) We expect raw material prices to stabilize. Ottogi annually purchases around KOSPI 2,282.29 W750bn worth of raw materials, 60% of which are imported (soybeans, raw sugar, palm oil, tuna, etc.) and 40% of which are sourced domestically ( eggs, corn syrup, Market Cap (Wbn) 2,821 ethanol, etc.). After rising in 2017, both international and domestic prices of the Shares Outstanding (mn) 3 company’s key raw materials are likely to stabilize lower in 2H18-1H19. In particular, Free Float (%) 35.6 international prices are falling materially amid concerns of a US-China trade war. Foreign Ownership (%) 17.1 Further, Ottogi is continuing its efforts to enhance its raw material processing efficiency and sourcing capabilities (bulk purchasing and centralized purchasing). Beta (12M) 0.56 52-Week Low 684,000 3) We see potential for price hikes. Unlike its competitors (which hiked prices in late 2016 52-Week High 890,000 and early 2017), Ottogi has not raised its ramen prices, as sales and market share have been rising on the back of price competitiveness (Jin Ramen) and new releases (higher- (%) 1M 6M 12M priced items like Jin Jjambbong and Jjolmyeon). The company is currently raising its actual Absolute -2.1 5.3 10.5 selling price by reducing discounts. We think Ottogi could increase ramen prices later this Relative 0.3 16.2 17.7 year, as it already has raised prices for some of its processed food products (16 items). 120 Ottogi KOSPI Maintain Buy and raise TP to W1,050,000 110 We believe Ottogi’s strong sales and product development capabilities make it well- positioned to capitalize on the growing HMR market and thus deliver steady growth. In 100 order to preempt related-party transaction risks, the company has announced that it will overhaul its ownership structure by merging with affiliates Sangmi Foods Holdings 90 (food manufacturer; revenue of W59.5bn and net profit of W4.5bn), and Poonglim P&P 80 Holdings (packaging firm; revenue of W32.8bn and net profit of W3.5bn) (to be close d 7.17 11.17 3.18 7.18 on September 27 th ). Over the long term, we think there is also a chance of Ottogi Ramen eventually becoming a consolidated subsidiary. We maintain our Buy rating on Ottogi and raise our target price to W1,050,000 (from W1,000,000). Mirae Asset Daewoo Co., Ltd. [ F&B/Tobacco ] FY (Dec.) 12/15 12/16 12/17 12/18F 12/19F 12/20F Revenue (Wbn) 1,883 2,011 2,126 2,268 2,379 2,484 Woon -mok Baek +822 -3774 -1679 OP (Wbn) 133 143 146 169 184 198 [email protected] OP margin (%) 7.1 7.1 6.9 7.5 7.7 8.0 Susie Hong NP (Wbn) 104 138 131 137 150 164 +822 -3774 -1853 EPS (W) 30,365 39,977 38,161 39,964 43,595 47,689 [email protected] ROE (%) 11.9 13.9 12.3 11.9 11.7 11.6 P/E (x) 40.3 16.6 21.1 20.5 18.8 17.2 P/B (x) 4.4 2.2 2.4 2.2 2.0 1.8 Dividend yield (%) 0.4 1.0 0.9 0.9 1.0 1.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates July 19, 2018 Ottogi Table 1. 2Q18 preview (Wbn, %) 2Q18F Growth 2Q17 1Q18 Mirae Asset Daewoo Consensus YoY QoQ Revenue 513.4 577.3 549.4 552.0 7.0 -4.8 Operating profit 41.5 38.5 49.1 47.4 18.4 27.5 Pretax profit 45.8 41.6 54.9 52.2 19.9 31.9 Net profit 35.7 30.3 41.3 39.4 15.7 36.1 OP margin 8.1 6.7 8.9 8.6 - - Net margin 7.0 5.3 7.5 7.1 - - Source: WISEfn, company data, Mirae Asset Daewoo Research estimates Table 2. Quarterly and annual earnings (Wbn, %) 17 18F 17 18F 19F 1Q 2Q 3Q 4Q 1Q 2QF 3QF 4QF Annual Annual Annual Revenue 532 513 564 517 577 549 600 541 2,126 2,268 2,379 Operating profit 30 42 44 30 39 49 52 29 146 169 184 Pretax profit 41 46 63 30 42 55 57 31 180 184 202 Net profit 32 36 47 16 30 41 42 23 131 137 150 OP margin 5.6 8.1 7.9 5.8 6.7 8.9 8.7 5.3 6.9 7.4 7.7 Net margin 6.1 7.0 8.3 3.2 5.3 7.5 7.1 4.3 6.2 6.1 6.3 Revenue growth 3.1 5.2 9.3 5.3 8.5 7.0 6.4 4.8 5.7 6.7 4.9 OP growth -15.7 2.6 -2.1 42.7 28.5 18.4 18.0 -4.4 2.5 15.6 9.0 Pretax profit growth -18.7 2.1 30.6 -23.6 1.0 19.9 -10.0 3.1 -1.7 2.3 9.4 Net profit growth -33.8 38.8 31.2 -39.6 -6.4 15.7 -9.4 42.9 -4.5 4.7 9.1 Source: Company data, Mirae Asset Daewoo Research estimates Table 3. 2018-19 earnings forecast revisions (Wbn, %) Previous Revised % chg. Notes 18F 19F 18F 19F 18F 19F Revenue 2,245 2,347 2,268 2,379 1.0 1.4 Frozen food sales growth Operating profit 161 174 169 184 4.9 5.8 New ramen product sales growth Pretax profit 179 195 184 202 3.2 3.3 Net profit 133 145 137 150 3.2 3.3 OP margin 7.2 7.4 7.4 7.7 - - Net margin 5.9 6.2 6.1 6.3 - - Source: Company data, Mirae Asset Daewoo Research estimates Figure 1. OP margin comparison of major processed food Figure 2. Share price performance of major processed food companies companies (since Jan. 2017) (%) (1/17=100) 8 18F 19F 160 Dongwon F&B CJCJ Daesang Lotte Foods Pulmuone Ottogi 6 130 Ottogi 4 100 2 0 70 Ottogi Dongwon F&B Daesang Lotte Foods CJCJ 1/17 5/17 9/17 1/18 5/18 9/18 Source : WISEfn , Mirae Asset Daewoo Research Source : Thomson Reuters, Mirae Asset Daewoo Research Mirae Asset Daewoo Research 2 July 19, 2018 Ottogi Figure 3. International and domestic prices of Ottogi’s key Figure 4. Domestic prices of Ottogi’s key raw materials raw materials (Cents/lb, US$/bushel) (US$/tonne) (US$/tonne) (2010=100) 40 Raw sugar (L) 1600 2500 Tuna price (L) 200 Soybeans (L) Eggs (R) Corn syrup (R) Palm oil (R) 2000 160 30 1200 1500 120 20 800 1000 80 10 400 500 40 0 0 0 0 09 11 13 15 17 00 02 04 06 08 10 12 14 16 18 Source : Thomson Reuters, Mirae Asset Daewoo Research Source : Company data , KOSIS , Mirae Asset Daewoo Research Figure 5. Domestic ramen CPI trend Figure 6. Ottogi’s ramen market share (by volume) (2015=100) (%) (%) 120 Ramen CPI (L) YoY (R) 10 27 Ottogi's ramen market share 8 110 24 6 4 100 21 2 0 90 18 -2 80 -4 15 08 10 12 14 16 18 14 15 16 17 18 Source : KOSIS , Mirae Asset Daewoo Research Source: Company data, Mirae Asset Daewoo Research Figure 7.
Load more

Recommended publications
  • 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.
    [Show full text]
  • Reverberation of Respiratory Rate on Noodle Delineation
    ISSN 2581 – 4346 Available Online at www.ijms.co.in Innovative Journal of Medical Sciences 2019; 3(4):13-16 RESEARCH ARTICLE Reverberation of respiratory rate on noodle delineation Muhammad Imran Qadir, Mehwish Sultana* Institute of Molecular Biology and Biotechnology, Bahauddin Zakariya University, Multan, Pakistan Received on: 30 August 2019; Revised on: 20 September 2019; Accepted on: 27 October 2019 ABSTRACT The objective of the present study was to correlated breathing rate with the likeliness of eating noodles. Breathing is a normal process in all living organisms. Different organisms have different methods of breathing. The normal breathing rate is 15–20/min. The increase in breath rate causes different disorders. The breathing rate is also called respiratory rate. The normal breathing rate for an infant is 44 breaths/min. Lungs play an important role in breathing. Breathing is most important factor in human life. The breathing rate changes when we walk, run, speech, and laugh. The intake of air during breathing is called inspiration and the air comes out of our lungs is called expiration. The breathing rate is also disturbed by increase of blood pressure. Noodles are a nutritional food containing different types of carbohydrates, vitamins, or fats. It is a renowned and staple food all over the world, especially in Asian and European culture. Chinese noodles may be boiled in soups, stir-fried as chow foon, or deep-fried into crunchy strips for chow mein and other dishes. Noodle is a nutritional food which is made from dough and is present in different forms such as plain, wavy, strings, and cut into different varieties of shape.
    [Show full text]
  • Al Qodiri: Jurnal Pendidikan, Sosial Dan Keagamaan Terakreditasi Kemenristekdikti No
    Al Qodiri: Jurnal Pendidikan, Sosial dan Keagamaan Terakreditasi Kemenristekdikti No. 85/M/KPT/2020 Vol 19 No 1 April 2021 STRATEGI GASTRODIPLOMASI PEMERINTAH KOREA SELATAN DALAM PROGRAM GLOBAL HANSIK CAMPAIGN DI INDONESIA PADA TAHUN 2012-2017 Oleh: Rara Shertina1 dan Ario Bimo Utomo2 Universitas Pembangunan Nasional “Veteran” Jawa Timur [email protected] Abstrak Global Hansik Campaign adalah upaya gastrodiplomasi Korea Selatan dengan memanfaatkan budaya kuliner Korea sebagai instrumen diplomasinya. Mantan Presiden Korea Selatan, Lee Myung Bak menginisiasi Global Hansik Campaign untuk meningkatkan nation branding Korea Selatan sehingga, citra Korea Selatan dapat dibedakan dengan Jepang dan Tiongkok. Indonesia merupakan salah satu negara yang menjadi tujuan dari Global Hansik Campaign. Keberhasilan Global Hansik Campaign di Indonesia terlihat ketika tingkat pembukaan restoran Korea di Indonesia memasuki peringkat kelima terbesar di dunia dan tertinggi di Asia Tenggara. Penelitian ini akan mengidentifikasi strategi pemerintah Korea Selatan dalam program Global Hansik Campaign di Indonesia pada tahun 2012-2017. Metode yang digunakan dalam penelitian ini adalah metode penelitian deskriptif. Data yang dikumpulkan penelitian ini adalah data skunder yang diperoleh melalui studi pustaka. Rumusan masalah yang akan dijawab dalam penelitian ini adalah bagaimana strategi Korea Selatan dalam program Global Hansik Campaign di Indonesia pada tahun 2012-2017. Dalam menjawab rumusan masalah, peneliti akan menggunakan konsep gastrodiplomasi yang dikemukakan
    [Show full text]
  • FOOD and BEVERAGE in SOUTH KOREA Market Profile AUGUST 2012
    Exporter Guide FOOD AND BEVERAGE IN SOUTH KOREA Market Profile AUGUST 2012 HELPING YOUR BUSINESS GROW INTERNATIONALLY BREAKING INTO SOUTH KOREAN MARKETS FAST TRACK TO SEOULFOOD 2013 Exporter Guide | South Korea | Food and Beverage | August 2012 2 CONTENTS 1 INTRODUCTION 4 1.1 Why South Korea? 4 1.2 Current Economic Situation 6 2 MARKET STRUCTURE 7 2.1 Market Overview 7 2.2 Market Drivers 12 2.3 Market Potential 13 2.4 Import Trends 14 2.5 Key Players in the Market 15 2.6 Regulatory 16 2.7 Sustainability 17 3 MARKET ENTRY AND DEVELOPMENT 19 3.1 Market Entry Strategies 19 3.2 Points of Differentiation 19 3.3 Long term strategic issues for exporters to consider 19 3.4 Key Distribution Channels 20 3.5 Pricing 20 4 MARKET RESOURCES AND CONTACTS 21 4.1 On line sources — the Market Access Database 21 4.2 Key Contacts 23 Exporter Guide | South Korea | Food and Beverage | August 2012 3 1 WHY SOUTH KOREA 1.1 Introduction South Korea is the world’s 12th-largest economy1. It has a GDP of over US$1 trillion – just less than the size of the entire Association of Southeast Asian Nations (ASEAN) and equal to 2 percent of global GDP. Per capita purchasing power is some US$31,700. Over the next five years, the South Korean economy is set to make the 10th-largest contribution to world growth. That’s as much as the UK and more than France or Italy. Despite the global slowdown, South Korea’s economy grew by 3.6 per cent in 2011, the fastest in the OECD (Organization for Economic Co- operation and Development).
    [Show full text]
  • Export to Korea
    Export to Korea Study Report Export to Korea [1] Export to Korea Study Report Acknowledgements The Export to Korea Study Report has been conducted by the Trade & Investment Facilitation (TIF) Department of Mekong Institute (MI). The study was conducted by Mr. Madhurya Kumar Dutta, Director, TIF, Ms. Sanchita Chatterjee, Program Specialist, TIF, and Mr. Karl Miville de Chene, EMBA – CITP, external consultant for TIF. Mr. Fadi Bassily, MBA, external consultant also made contributions at the stage of information collection of the study. The study team would like to express their appreciation for Mr. Sa-nga Sattanun, Program Manager, Ms. Than Tha Aung, Program Coordinator and Mr. Sokim Phang, Program Officer, TIF for their contribution at various stages of conduct of the study. The study was conducted as part of a project “Market Access Through E-commerce Promotion for Women-led SMEs”, funded by the Korean International Cooperation Agency (KOICA). The study team sincerely acknowledges the kind support of the KOICA, which enabled TIF to conduct the study in an effective manner. Further, the study team would like to thank all the other members of the TIF and colleagues from other departments of MI for their cooperation, which helped in smooth conduct of the study. Trade and Investment Facilitation Department Mekong Institute Khon Kaen, Thailand November, 2020 [2] Export to Korea Study Report Table of content Acknowledgements .............................................................................................................................................
    [Show full text]
  • Repercussions of Body Temperature on Noodle Depiction
    ISSN 2581 – 4346 Available Online at www.ijms.co.in Innovative Journal of Medical Sciences 2019; 3(4):9-12 RESEARCH ARTICLE Repercussions of body temperature on noodle depiction Muhammad Imran Qadir, Mehwish Sultana* Institute of Molecular Biology and Biotechnology, Bahauddin Zakariya University, Multan, Pakistan Received on: 21 August 2019; Revised on: 10 September 2019; Accepted on: 26 October 2019 ABSTRACT The objective of the present study was to correlate blood grouping with the likeliness of eating noodles. The normal body temperature of a person varies depending on gender, recent activity, food and fluid consumption, time of day, and, in women, the stage of the menstrual cycle. Normal body temperature can range from 97.8°F (or Fahrenheit, equivalent to 36.5°C, or Celsius) to 99°F (37.2°C) for a healthy adult. Sometimes body temperature may be fluctuating due to the fever or hypothermia. Hypothermia is defined as a drop in body temperature <95°F. Noodles are nutritional food containing different types of carbohydrates, vitamins, or fats. It is a renowned and staple food, all over the world, especially in Asian and European cultures. Chinese noodles may be boiled in soups, stir-fried as chow foon, or deep-fried into crunchy strips for chow mein and other dishes. Noodle is a nutritional food that is made from dough and is present in different forms such as plain, wavy, strings, and cut into different varieties of shaped. Different varieties of noodles are wavy, helical, strings, or shells. Noodles are a convenient, easy, and handy meal. It is sometimes cooked in oil with different sauces or in boiling water.
    [Show full text]
  • TOURISM SCOPE Volume 27
    E-book Volume 27 TOURISM SCOPE 2013 The Official Magazine of the Tourism Promotion Organization For Asia Pacific Cities ISSN 1739-5089 Tourism Promotion Contents Organization for 03 Culture & Travel Asia Pacific Cities A memorable stay in Jeonju’s Hanok Village Doctrines of the past We’d like to invite you to TPO, the Tourism Promotion Organization for 07 Special Asia Pacific Cities. Memorable Trip to the Thailand TPO is a network among cities in the Asia Pacific region and is an Move, Move, Thailand! international tourism organization established for the development of the tourism industry. TPO exchanges tourism information between member 13 City Theme Tour cities to promote the tourism industry, and also carries out projects 3-day-2-night Leave Project including tourism product development, joint marketing projects, Healing TAINAN VS Tasty OSAKA and tourism industry education as well as human resources development. 71 city governments and 36 private organizations in 11 countries 17 City Theme Tour currently participate as members of the TPO. Private organizations Center of Chinese Fine Arts consist of travel industry related associations, research institutes, and Shanghai Architecture & Art Tour destination marketing organizations (DMO). TPO strives for the development of sustainable tourism and city tourism within the Asia 21 Trend & Analysis Pacific region. Outdoor Life, Rediscovery of Camping Go Camping! 25 Festival Calendar 27 TPO News 29 TPO Interview Penang, Pearl of the Orient Mayor Dato’ Patahiyah Binti Ismail To sign up for a Tourism Scope E-Book, please visit us at www.aptpo.org. Culture & Travel 03 A memorable stay in Jeonju’s Hanok Village Doctrines of the Past I took a walk along the road from the past.
    [Show full text]
  • Japanese and Korean Loanwords in a Far East Russian Variety: Human Mobility and Language Contact in Sakhalin
    Asian and African Languages and Linguistics, No.14, 2020 Japanese and Korean Loanwords in a Far East Russian Variety: Human Mobility and Language Contact in Sakhalin FAJST, Valeriya The University of Tokyo MATSUMOTO, Kazuko The University of Tokyo This paper explores the language contact history of Sakhalin island, Russia by examining a wide range of historical and demographic data from official governmental and academic resources written in Russian, Japanese, and Korean. It then investigates the incorporation and localization of Japanese and Korean loanwords into the Sakhalin variety of the Russian language. 92 Japanese and 177 Korean loanwords collected from 256 Sakhaliners by a means of an internet-based questionnaire were analyzed by employing the “contact- induced borrowing scale” (Thomason 2001), the concept of “borrowability” (e.g., Poplack et al. 1988; van Hout and Muysken 1994), and the typology of semantic change (e.g., Daulton 2008) as theoretical frameworks. The results demonstrate some evidence of dialectal influences from both Japanese and Korean at the phonological level, the Russianization of Japanese and Korean loanwords at the morphological and semantic levels, and linguistic innovation in the form of loan-blends between Japanese and Korean and between Korean and Russian. The results also support the applicability and usefulness of the “contact-induced borrowing scale” to Japanese and Korean loanwords in Sakhalin Russian, which enables us to identify Japanese loanwords as falling into only the lowest category of borrowing types, i.e., “casual contact (category 1)”, and Korean loanwords as falling into the category of “more intense contact (category 3)”, as basic vocabulary, such as body parts, nursery, and sensory words, have been adopted only from Korean.
    [Show full text]
  • 시판 압출숙면류의 저항전분 함량과 조리특성 Study on Resistant Starch Contents and Cooking Characteristics Of
    KOREAN J. FOOD COOK. SCI. ISSN 2287-1780(Print) Vol. 31, No. 3, pp. 248～254 (2015) ISSN 2287-1772(Online) http://dx.doi.org/10.9724/kfcs.2015.31.3.248 시판 압출숙면류의 저항전분 함량과 조리특성 류복미 ․ 김창순1† 창원대학교 생활과학연구소, 1창원대학교 식품영양학과 Study on Resistant Starch Contents and Cooking Characteristics of Commercial Extrusion-Cooked Noodles 1† Bog-Mi Ryu ․ Chang-Soon Kim Research Institute of Human Ecology, Changwon National University, Gyeongnam 641-773, Korea 1 Dept. of Food and Nutrition, Changwon National University, Gyeongnam 641-773, Korea Abstract We conducted this study to investigate the amount of RS and cooking characteristics of the commercial extrusion-cooked noodles. Ten kinds of noodles were selected and grouped according to the storage conditions; dry noodles (3), refrigerated noodles (2), freeze noodles (4), and dry noodle made from wheat flour as a control (not extrusion-cooked). The total starch of commercial noodles ranged from 62.50% to 84.13%, Refrigerated Naengmyeon and dry Dangmyun had high proportions of total starch (respectively 84.13% and 80.13%, respectively). The amounts of apparent amylose ranged from 25.01% to 42.93% and RS ranged from 0.61% to 5.99%. A high proportion of the total starch was rendered digestible by extrusion cooking, and a small amount of RS remained in the samples. Dry Dangmyun had the highest percentages of RS (5.99%), followed by refrigerated Naengmyeon C (2.41%) and dry Jjolmyeon (1.94%), and those of the other noodles were lower than that of the control (1.86%). Cooking properties and texture measurements were evaluated.
    [Show full text]
  • Korean Vocabulary I
    Feelings Feelings English Hangul Pronunciation (I) …(you) (나는) (당신을) ..해요 (Naneun) (dangsineul) ..haeyo. love 사랑해요. Saranghaeyo. like 좋아해요. Joahaeyo. hate 미워해요. Miwohaeyo. detest 증오해요. Jeungohaeyo. dearly love 사모해요. Samohaeyo. Thank you. 고맙습니다. Gomapseumnida. Thank you. 감사합니다. Gamsahamnida. I am sorry. 미안합니다. Mianhamnida. I am very sorry. 죄송합니다. Joesonghamnida. I feel (am)… 나는 ..해요 Naneun ..haeyo. angry 화가나요. Hwaganayo. sad 슬퍼요. Seulpeoyo. happy 기뻐요. Gippeoyo. merry 즐거워요. Jeulgeowoyo. excited 신나요. Sinnayo. depressed 우울해요. Uulhaeyo. afraid 무서워요. Museowoyo. nervous 불안해요. Bulanhaeyo. thankful 고마워요. Gomawoyo. sorry 미안해요. Mianhaeyo. puzzeled 황당해요. Hwangdanghaeyo. confused 당황스러워요. Danghwangseureowoyo. pleased 만족스러워요. Manjokseureowoyo. disappointed 실망이예요. Silmangiyeyo. excited 흥분되요. Heungbundoeyo. surprised 놀라워요. Nolrawoyo. happy 행복해요. Haengbokaeyo. unhappy 불행해요. Bulhaenghaeyo. lonely 고독해요. Godokaeyo. lonely 외로워요. Oerowoyo. refreshed 상쾌해요. Sangkoaehaeyo. unpleasant 불쾌해요. Bulkoaehaeyo. comfortable 편해요. Pyeonhaeyo. falsely accused 억울해요. Eogulhaeyo. shameful 부끄러워요. Bukkeureowoyo. ashamed 창피해요. Changpihaeyo. stuffy (or difficulty in breathing) 답답해요. dapdapaeyo. bored 지루해요. Jiruhaeyo. painful 아파요. Apayo. It is … (그것은) ..해요 (Geugeoseun) ..haeyo. inconvenient 불편해요. Bulpyeonhaeyo. hard 힘들어요. Himdeureoyo. difficult 어려워요. Eoryeowoyo. easy 쉬워요. Swiwoyo. intresting 재미있어요. Jaemiisseoyo. mystic 신비해요. Sinbihaeyo. charming 매력적이예요. Maeryeokjeokiyeyo. moving 감동적이예요. Gamdongjeokiyeyo. admirable 훌륭해요. Hullyunghaeyo. stylish 멋있어요. Meositsseoyo. pretty 예뻐요. Yeppeoyo.
    [Show full text]
  • Ottogi (007310 KS ) Poised for Sustainable Growth
    Ottogi (007310 KS ) Poised for sustainable growth Food & beverage Three reasons why sustainable growth is possible 1) Ongoing ownership restructuring: In response to market questions over Ottogi’s Earnings Preview profit-sharing ratios, the company has been merging with its affiliates and turning April 9, 2019 some into consolidated subsidiaries. In 2017, the company merged with Ottogi Samhwa Foods and converted Ottogi SF and Ottogi Logistics Service into consolidated subsidiaries by increasing its stakes. In 2018, the company made Ottogi Oil (vegetable oil manufacturer; 2017 revenue of W76.9bn and net profit of W6.8bn; stake increased from 29% in 2017 to 52.3% in 2018) into a consolidated subsidiary and also merged (Maintain) Buy with Sangmi Foods Holdings (condiments manufacturer; 2017 revenue of W105.8bn and net profit of W4.3bn) and Poonglim P&P Holdings (packaging firm ; 2017 revenue of W57bn and net profit of W3.6bn). Target Price (12M, W) 960,000 In 2019-20, we believe Ottogi could turn its equity-method affiliates Ottogi Ramen (instant noodle maker; 2018 revenue of W645.9bn and operating profit of W29bn; Share Price (04/09/19, W) 740,000 stake increased from 24.7% at end-2017 to 27.65% at end-2018) and Choheung (food additives maker; 2018 revenue of W168. 1bn and operating profit of W11.4bn; stake Expected Return 30% increased from 33.55% at end-2017 to 44.89% at end-2018) into consolidated subsidiaries. If so, this would have several positive effects, including: 1) revenue and operating profit growth; 2) easing of market doubts over the company’s ownership structure; and 3) increased dividends.
    [Show full text]
  • TOWARD the FUTURE of ASIA: MY PROPOSAL アジアの未来へ ̶私の提案̶ Vol.4
    ア ジ ア の未来 へ TOWARD THE FUTURE 第4回 アジア未来会議 OF ASIA: ― 私 の 提案優秀論文集 Best Papers of the 4th MY PROPOSAL ― Asia Future Conference TOWARD THE FUTURE OF ASIA: MY PROPOSAL TOWARD アジアの未来へ ̶私の提案̶ Vol.4 Vol. 4 Edited by Junko Imanishi 今西淳子 【編】 今西 淳子【編】 Edited by Junko Imanishi 公益財団法人 渥美国際交流財団 関口グローバル研究会 Sekiguchi Global Research Association Atsumi International Foundation Toward the Future of Asia: My Proposal アジアの未 来 へ —私の提案— The Best Papers of the 4th Asia Future Conference 第4回アジア未来会議優秀論文集 001 Copyright © 2019 by Junko Imanishi All Rights Reserved Compiled articles are either presented at or submitted to the Fourth Asia Future Conference, held in Seoul, Korea through August 24 to 27, 2018. This book is published by The Japan Times, Ltd. 2F Ichibancho Daini TG Bldg., 2-2 Ichibancho, Chiyoda-ku, Tokyo 102-0082, Japan Printed in Japan ISBN 978-4-7890-1721-3 Editorial Direction by Hiroshi Sawada Art Direction by Tetsuya Hagiwara(SOJU Ltd.) Jacket Illustration by Nobuyoshi Ohmagari 002 Toward the Future of Asia: My Proposal アジアの未 来 へ —私の提案— The Best Papers of the 4th Asia Future Conference 第4回アジア未来会議優秀論文集 003 Foreword Toward the Future of Asia Significance of our Conference and this Book Junko Imanishi Representative, Sekiguchi Global Research Association, Atsumi International Foundation he twenty-first century has seen the world thrust Sekiguchi Global Research Association (SGRA) in part- Tinto a maelstrom of change and unpredictability. nership with like-minded institutions, in order to provide We remain hopeful in the face of rapid technological a venue for the exchange of knowledge, information, advancements, but many of us struggle to regain our ideas, and culture, not only by SGRA members, but also bearings as longstanding social structures become by former foreign students of Japan from various educa- upended.
    [Show full text]