19 December 2012 Vinamilk (VNM) 18 March 2011 A safe haven Anh Nguyen Senior Analyst anh.nguyen@vcsc.com.vn +84 8 3 914 3588 ext. 194 Initiation Target price Upside VND106‚000 25% Consumer Goods Market cap Shares outstanding 12M High 12M Low VND84‚500 – BUY US$3‚439m 834m VND92‚700 VND52‚000 Investors appear to recognize the competitive advantages and growth opportunities of Vinamilk. The company has a good brandname‚ economy of scales‚ an extensive distribution
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aglinesAlaska Milk – “Wala pa ring tatalo sa Alaska.” Andok’s Litson – “Pambansang Litsong Manok.” Bank of the Philippine Islands (BPI) – “We’ll take you farther.” Barangay LS 97.1 – “Tugstugan Na!” Bayantel – “Gaganda pa ang buhay.” Bingo Biscuits – “Bi-bingo ka sa sarap.” Bombo Radyo Philippines – “Basta Radyo‚ Bombo!” Boysen – “The Quality You Can Trust.” Banco de Oro (BDO) – “We find ways.” Cebu Pacific Air – “It’s time every Juan flies!” Century Tuna – “Think healthy. Think Century
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or her own understanding. The important thing for the interpreter is to attune her reading to the elements of the poem that may suggest other meanings. Another American poet is T S Eliot. Through his poetry he wanted to portray the fragile psychological state of humanity in the twentieth century. Eliot saw society as paralyzed and
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claims her injuries were caused by T & J’s negligent behavior. In order to prove negligence‚ T & J must be guilty of five elements: duty of due care‚ breach‚ factual cause‚ proximate cause‚ and damages. Duty of due care means that the defendant has a duty to the plaintiff if he or she could have foreseen injury to a particular person. A person at work has an increased duty of care and must act as a reasonable person in his or her profession. In this case‚ T & J had a duty of due care as they were
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Journey of the Magi’ has been penned down by Nobel prize winner TS Eliot an is a contrast of experiences based on the nativity of Christ. The monologue describes the journey of the Magi to Bethlahem in search of spiritual pacification and is an account of Eliot’s own conversion to Anglican faith‚ making the journey and objective correlation for Eliot. As per the Gospel story‚ the Magi were the three wise men namely Balthazar- King of Chaldea‚ Gaspor - King of Ethopia‚ Melchoir -King of Nubia who
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2007 Booker T. Washington and T. Thomas Fortune Though not as well known today as many of his contemporaries‚ T. Thomas Fortune was the foremost African American journalist of the late nineteenth and early twentieth centuries. Using his editorial position at a series of black newspapers in New York City‚ Fortune established himself as a leading spokesman and defender of the rights of African Americans in both the South and the North (wikipedia). The life of T Thomas Fortune spanned
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3. Depreciation percentage=$1‚640‚200/$15‚411‚620 = 10.64% New Fixed Assets=$15‚411‚620 + $30‚000‚000 = $45‚411‚620 $45‚411‚620*.1064 = $4‚831‚796 new depreciation Pro forma Income Statement Sales ($36‚599‚300*1.12) $40‚991‚216 Cost of Goods Sold ($26‚669‚496*1.12) 29‚869‚836 Other Expenses ($4‚641‚000*1.12) 5‚197‚920 Depreciation 4‚831‚796 EBIT 1‚091‚664 Interest 573‚200 Taxable Income 518‚464 Taxes
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The 1950’s-60’s70’s-80’s Miranda Moultrie Nixon Back Again The United States presidential election of 1968 was the 46th quadrennial presidential election‚ held on Tuesday‚ November 5‚ 1968. Moon Shot On July 21‚ 1969‚ President Nixon spoke from the Oval Office to Apollo 11 astronauts Neil Armstrong and Edwin Aldrin at the Sea of Tranquility on the Moon. Apollo 11 was the spaceflight that landed the first humans on the Moon‚ Americans Neil Armstrong and Woodstock A village in New York state
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Chapter 10 Discussion Questions |10-1. |How is valuation of any financial asset related to future cash flows? | | | | | |The valuation of a financial asset is equal to the present value of future cash flows. | | |
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Chapter 0 Introduction Prelude to Programming PG 2 Abacus uses rows of sliding beads to perform arithmetic operations and has root that data back more than 5‚000 years to ancient Babylonia. A computer is a mechanical or electronic device that can efficiently store‚ retrieve‚ and manipulate large amounts of information at high speed and with great accuracy. It can execute task and act without human interaction by carrying out a list of instructions called a program. Charles Babbage an
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