The Doctrine of Risk Assumption Essay Example | Topics and Well Written Essays - 500 words

The Doctrine of Risk Assumption - Essay Example The case under research presents a classic example of assumption of risk set out in the tort of negligence. As such, it is significant to inspect the fundamentals that define the rationale for risk assumption and implications thereof. Typically, the ideals of this doctrine demand that the injured party must prove beyond any reasonable doubt that the defendant owed him the duty of care. Secondly, the plaintiff bears the onus of proof that the defendant breached such duty by failing to take all practicable measures and exercising necessary obligation to prevent potential injuries that may arise if such duty is breached. Thirdly, the injured party ought to demonstrate that the risk was not reasonably open and obvious for which the plaintiff sustained injuries. It is worth illustrating as well that the defendant was reckless as a result of which he caused the plaintiff actual injuries as reiterated by Wong. In examining these conundrums, the law purports that the doctrine of risk assumpt ion applies to the players as well as spectators and bystanders in the game in question. On the other hand, statutory logic suggests that any fans of a given game who decides to attend that game shall have assumed the risks associated with that game even if he is not actively engaged in the game. Notwithstanding actual attendance, the law shall not hold the owner of a playing ground liable for injuries suffered by persons who voluntarily assume the risk of taking part in a match thereon. Moreover, a claim for negligence can arise if the risk was not open and obvious whereby the injured parties could have opted to stay away if they had knowledge of such risks. For instance, it is not reasonable open and obvious that a stadium roof may collapse on football spectators if such the construction of such stadium had been supervised and certified by competent engineers.

Molecular and Genetic Epidemiology Essay Example | Topics and Well Written Essays - 250 words

Molecular and Genetic Epidemiology - Essay Example The study aims on molecular epidemiology approach to learn viral pathogens of aquaculture with dynamic approach to control the disease in aquaculture. The study emphasize on viral disease of salmonid fish; grounds, viral haemorrhagic septicaemia virus (VHSV), salmonid alpha virus (SAV) and infectious salmon anaemia virus (ISAV). Noteworthy upshots of molecular epidemiological incorporation to pursue the study encompass enhanced taxonomic categorization of viruses, an improved perception about natural allocation of viral strains, an augmented discernment about the derivations of viral strains in aquaculture, molecular epidemiological incorporation improves an access to understand the hazards caused due to translocation of pathogens as well as how viral strains outsmart their accepted host range. The process enhances the capability to mark out the basis of new-fangled infection outbursts. The process thereby enables the researchers to formulate the basis of expansion with suitable upgr ading if desired in diagnostic tools. The most imperative provision that researcher procure is the capability to categorize isolates procured with the molecular epidemiological procedures and therefore aims at better future research aspects. The introduction of new expertises like pyrosequencing enables researchers to produce explanatory molecular sequence data.

Real Time Motion Detection Using Dynamic Camera

Real Time Motion Detection Using Dynamic Camera Abstract— nowadays, security of valuable and secret assets is very important for large organisation companies. Due to limitation of human resources and man power we need an efficient and reliable security system. To overcome this limitations and errors we will implement high level surveillance system for security. In our system, we will use dynamic camera for video surveillance which will feed video stream to system. System will perform various image processing operations to detect the object. Index Terms — Image processing, voting based motion estimation algorithm, Priority based spatial coding algorithm, content based temporal sampling algorithm, Video Surveillance system. Introduction Video surveillance systems are a very important in the modern times. Although some people don’t like the idea of being watched, surveillance systems improve the public security, allowing the system to detect dangers and the security forces to react in time. Surveillance systems developed in the recent years from simple surveillance systems into complex structures, containing multiple cameras and high end monitoring centers, armed with elegant hardware and software. However, the future of surveillance systems belongs to automatic tools that assist the system operator and notify him on the detection of security threats. It is important, because in complex systems consisting of multiple cameras, the operator cannot notice all the events. For efficient and reliable surveillance system, we need high detection rates and low false alarm rates, both of these ordinary methods most of the time does not work in turbulent territory. To eliminate such difficulties, we will be using different algorithms for camera motion estimation, capturing target frame and object detection. Our goal is to detect objects in motion reliably. Literature Survey [1] Feng-Li Lian, Yi-Chun Lin,Chien-Ting Kuo, and Jong-Hann Jean,moving object detection using mobile In this method, using moving camera the video is captured. The reference frame is taken first when the camera starts then current frame and the previous frame both are compared. Utilizing the frame differencing technique first the change detection from the captured images can be performed so the binary image can be generated by this technique that can be used to identify the area with significant difference between two frames or from the current frame to the background frame. [2] D.Wu,Y.T.Hou, Y. Q. Zhang,Real Time transmission of Video The video data from these cameras should be transmitted in real time to the control room or end-users for further analysing surveillance-related information. However, transmitting real-time video over a network is a challenge task because video data usually contain large amount of information quantity and the transmission channel might have limited bandwidth. When the transmission amount of video data exceeds the available bandwidth, excessive video flow in the network might lead to time delay and or packet loss, and further, the real-time performance of video transmission would be degraded. [3]J. M. Shapiro, B. Andersson, N. Pereira, W. Elmenreich A key solution to video transmission is to reduce the quantity and complexity of original videos but simultaneously preserve the most important message within the original image content. The development of image compression is to reduce the data quantity at the spatial scale for successful transmission. Based on the characteristics of the objects of interest existing in the video images, embedded coding algorithms are well-known techniques for image compression by generating variable bit-rate streams for progression transmission. I. block diagram The following block diagram represents the working of real time motion estimation by using dynamic camera. The diagram is divided into two parts. First one is capturing of frame and second part is comparison and object detection. At first, based quality image frame is captured from data stream of multiple frames using some frame grabbing algorithm. Then that frame is names as a recent or current image. The recent or current image is in RGB format which then converted into grey scale image. After RGB to grey scale conversion Gaussian blur technic is used to reduce noise and sharpness in the image. After above process the recent image is compared with background image. Background is image that if image that captured and updated by camera for every particular time frame .for comparison of this two image we need to subtract recent image to background image after subtraction we use threshold technique on resultant image. After threshold technique we get the binary image. We use blob detec tion algorithm on binary image which help us to detect object in that image .after the object detection object is registered and track. Fig. 1:Block diagram I.Camera Motion estimation In voting based mechanism image processing technique is used for motion estimation and edge detection. Image is necessary in tracking, detecting and recognition applications. There are two types’ image features Frequency features and amplitude features. Edge information of object is usually use for detect the location of moving object. Voting base mechanism edge detection of object plays very important role .In dynamic camera surveillance system as camera is always moving, the objects in captured images also look like moving objects, even though they are not. We can obtained correct edge information of moving object and still object by subtracting to successive frames .Estimation of camera motion is very important for identifying visual information of moving object. Therefore motion of camera should be estimated first using estimated motion of camera output of edge detection is calculated .The morphological erosion dilation are used to get correct and enhance outcome of moving edges. II. Content Based Temporal Sampling In surveillance system with high end camera devices frame rate is high and change of view cause by motion of dynamic camera is very small due to that consecutive captured images are almost identify .Hence transmitting this identical frames on limited bandwidth is not efficient utilization of bandwidth. Due to this problem the content based temporal sampling method is used. In content based temporal sampling only one image from n number of consecutive frames is selected. The selected images are selected on basis of content of image .Image containing more information is selected compare to image with less information. Image having more edges having more information .Therefore while selecting images blur images are given least preference over sharp images for frame selection canny edge detection is performed to locate edge pixel then number of are count for changing edges on each frame .according to content based temporal sampling algorithm the most important information would be save and less important an identical frame would be removed. III. Priority based spatial coding Usually, an image frame can be divided into important and unimportant parts in spatial domain. The importance can be decided based on the outcome of the moving edge detection. For example, moving objects can be considered as the most important information compared with other static objects and background. Hence, the result of the edge detection can also be used to specify the regions with or without moving objects. Therefore, the spatial coding algorithm can be used to encode the region with important information into a frame of higher visual quality and the region without important information into a frame of lower visual quality. Furthermore, an embedded coding algorithm, such as the set partitioning SPIHT, can be used to progressively encode the visual quality based on the currently determined importance and available bandwidth. IV. CONCLUSION In this paper we will be implementing a smart surveillance system which will detect moving object as well as abandoned object with dynamic camera. We will be using motion detection algorithm and various images processing technique for detection of objects in video stream. The surveillance system we are going to implement is low cost, efficient and highly reliable. This system will give common man access to use sophisticated security system. V. REFERENCES [1] G. L. Foresti, C. S. Regazzoni, and R. Visvanathan, â€Å"Scanning theissue/technology—Special issue on video communications, processingand understanding for third generation surveillance systems,† Proc.IEEE, vol. 89, no. 10, pp. 1355–1367, Oct. 2001. [2] S.Misra,M. Reisslein, and G. Xue, â€Å"A survey ofmultimedia streamingin wireless sensor networks,† IEEE Communications Surveys Tutorials,Fourth Quarter, vol. 10, no. 4, pp. 18–39, 2008. [3] Y. Si, J. Mei, and H. Gao, â€Å"Novel approaches to improve robustness,accuracy and rapidity of iris recognition systems,† IEEE Trans. IndInf., vol. 8, no. 1, pp. 110–117, 2012. [4] P. N. Huu, V. Tran-Quang, and T. Miyoshi, â€Å"Image compressionalgorithm considering energy balance on wireless sensor networks,in IEEE Int. Conf. Industrial Informatics (INDIN), Osaka, Japan, Jul.13–16, 2010, pp. 1005–1010. [5] A. Hampapur,L.Brown, J.Connell,A.Ekin, N. Haas,M. Lu,H.Merkl,S. Pankanti, A. Senior, C.-F. Shu, and Y. L. Tian, â€Å"Smart video surveillance:Exploring the concept of multiscale spatiotemporal tracking,†IEEE Spatial Process. Mag., vol. 22, no. 2, pp. 38–51, Mar. 2005. [6] D.Wu,Y.T.Hou, andY. Q. Zhang, â€Å"Transporting real-time video overthe internet: Challenges and approaches,† Proc. IEEE, vol. 88, no. 12,pp. 1855–1877, Dec. 2000. [7] C. Caione, D. Brunelli, and L. Benini, â€Å"Distributed compressivesampling for lifetime optimization in dense wireless sensor networks,†IEEE Trans. Ind. Inf., vol. 8, no. 1, pp. 30–40, 2012. [8] M. Garcà ­a-Valls, P. Basanta-Val, and I. Està ©vez-Ayres, â€Å"Adaptive realtimevideo transmission over DDS,† in IEEE Int. Conf. Industrial Informatics(INDIN), Osaka, Japan, Jul. 13–16, 2010, pp. 130–135.180 IEEE TRANSACTIONS ON INDUSTRIAL INFORMATICS, VOL. 9, NO. 1, FEBRUARY 2013 [9] H. Koto, Y. Hiehata, S. Uemura, and H. Nakamura, â€Å"Analysis of controlaccuracy for access control method based on sample monitoringin interactive tv services,† in IEEE Int. Conf. Industrial Informatics(INDIN), Osaka, Japan, Jul. 13–16, 2010, pp. 991–998. [10] F.-L. Lian, J. K.Yook,D.M. Tilbury, and J. R.Moyne, â€Å"Network architectureand communication modules for guaranteeing acceptable controland communication performance for networked multi-agent systems,†IEEE Trans. Ind. Inf., vol. 2, no. 1, pp. 12–24, Feb. 2006. [11] B. Andersson, N. Pereira,W. Elmenreich, E. Tovar, F. Pacheco, and N.Cruz, â€Å"A scalable and efficient approach for obtaining measurementsin CAN-based control systems,† IEEE Trans. Ind. Inf., vol. 4, no. 2, pp.80–91, May 2008. [12] J. M. Shapiro, â€Å"Embedded image coding using zerotrees of wavelet coefficients,† IEEE Trans. Signal Process., vol. 41, no. 12, pp.3445–3462, Dec. 1993.

breastfeed or bottle-feed? Essay -- essays research papers

Is the mom going to breastfeed or bottle-feed? I must tell you that breast milk is usually best for your baby. -Each mother’s breast milk is made especially for their own newborn. It contains all the Vit., Min. & iron that your baby needs( where as bottle milk has as little as 5-10% of all vit., min., & iron that are used by your baby.) Breast milk also continues to chg. as your baby grows to meet the changing needs of your infant, no formula is capable of such a chg. Breast milk contains protecting agents to help insure your baby’s health, these agents (WBC’s and immunoglobins) help fight DZ and INF. Advantages of Breastfeeding (Disadvantages to bottle feeding): 1)  Ã‚  Ã‚  Ã‚  Ã‚  promotes bonding between mom and infant, easily and quickly digested. 2)  Ã‚  Ã‚  Ã‚  Ã‚  Breastfed babies have fewer illnesses and faster recovery. The antibodies found in breast milk provide immunities that make it easier for a baby to fend off illnesses such as colds and ear infections. So not only do breastfed babies tend to get sick less often but when they do get sick, they get better faster then babies that are bottle fed. Pre-mature babies who get breast milk also have less GI problems 3)  Ã‚  Ã‚  Ã‚  Ã‚  Breast milk has long term health benefits for your baby. The positive effects of breastfeeding last well beyond babyhood. Studies show that babies breastfed for the first six months are 43% less likely to become obese as children, if breastfed for more then 1 year they are 72% less likely to be overweight. Breastfeed babies have a lower risk of HTN later in life, they also have a lower risk of snoring and obstructive sleep apnea later in life. Breastfeed babies also have an average of 8 to 10 IQ points higher then bottle-fed babies. Finally breastfed babies have a lower incidence of SID’s 4)  Ã‚  Ã‚  Ã‚  Ã‚  Breastfeeding helps to take the pounds off after pregnancy. Producing breast milk requires 500 calories a day 5)  Ã‚  Ã‚  Ã‚  Ã‚  Breastfeeding also helps benefit mom’s health. Some studies indicate that breastfeeding decreases or lowers a woman’s risk of pre-menopausal breast cancer. It also appears to protect against osteoporosis. 6)  Ã‚  Ã‚  Ã‚  Ã‚  Breast milk is inexpensive as opposed to bottle feeding which tends to run around $1400 to $1800 a year. 7)  Ã‚  Ã‚  Ã‚  &n... ...oiling, soaking in antibacterial solution (instructions are on the packet), or microwave bottle sterilizer. Store sterilized bottles in the refrigerator. Prepare the formula and shake thoroughly. Warm to room temp then give to baby 4)  Ã‚  Ã‚  Ã‚  Ã‚  Feeding the baby – Cuddles and comfort are as important for your baby as feeding is, bottle fed baby’s can bond too. Cradling your baby in your arms is the best position. Never feed the baby while he or she is laying down! Problems while Breastfeeding: 1)  Ã‚  Ã‚  Ã‚  Ã‚  Sore nipples (usually during the first week) Check the latch on technique and position of the baby during feedings. You want to vary nursing positions. You can also use OTC lubricants or express a little milk or colostrum onto your nipples before and after nursing, gently pat dry (antibacterial qualities) In most cases sore or cracked nipples are no longer painful once good positioning and latch on are achieved. 2)  Ã‚  Ã‚  Ã‚  Ã‚  Breast engorgement usually occurs in 2-3 days but is usually temporary and last only 3-7 days. For treatment and prevention wear a comfortable bra to support your breasts (no under wire at this time)

Attribution Theory Essay

No creature in this planet can exercise the faculty of reason as much as we human persons do. As rational beings, we normally engage in an array of activities which require critical thinking or thoughtful consideration. At least for those who are fortunate to be gifted with normal bodily functions, it is axiomatic to suppose that we human persons are expected to put reason to everything that we do. For instance, we do not wake up at two in the morning and prepare to go to school simply for no reason whatsoever. In a manner of speaking, the faculty of human reason allows us to do things on account of some reasonable purposes. The way we make sense or put reason to almost everything that surrounds us makes us, more than anything else, human persons by right of logic and supposition.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Reading through the article â€Å"The Attribution Theory†, I am able to even more affirm the fundamental tendency of human reason to seek for explanation of things. Therein I was able to learn that the theory of Attribution draws from the basic supposition that human reason so naturally tends to seek for explanation to things. This, in many ways, is intricately knitted to the logic underneath the principle of causality, which basically assumes that our minds try hard to grapple for sufficient explanations to help us make sense of everything that happens. The theory of Attribution is no less different in that, like the principle of causality, it too tries to seek for an adequate explanation of things. All things considered, it can enable us to peek into the seemingly insatiable desire of human persons to seek explanation for things.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Secondly, the article also made me realize how potent, nay, powerful human reason can become. In the article, it cites a number of studies that were done so as demonstrate the efficacy of the theory. The mainline thesis is to show that the theory of Attribution, especially when it is internally reinforced, can produce behavioral changes to a person or groups of persons. The article even notes that when people tend to attribute certain events as directly stemming from their personal involvement, it produces significant behavioral changes. When for instance, a person is repeatedly introduced to the idea, say, that his or her high grades are attributable to the painstaking but admirable effort he pours into his studies, it creates a personal belief system that appear to cater to such reinforcements. This means that a person who is able to embrace a belief that his or her efforts serve him or her well in the process will normally become motivated to study on his or her own. This displays, more than anything else, the power of human reason to translate personal belief systems into tangible behavioral patterns.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   But reading through the article also made me feel a bit cautious as well. If through the theory of Attribution we can make people â€Å"create new attitudes or beliefs or behaviors depending upon the explanation they make†, then it behooves us to proceed with much care in reinforcing beliefs on them (The Attribution Theory). Surely, we cannot allow people to think negatively about themselves, especially on issues which may involve anger, grief, guilt, among others. As indeed, we cannot let people believe that some tragic moments in life, which can happen beyond our control, are internally attributable to their doings just the same. If we truly want to create an empowered individual by applying the theory of Attribution, then it is only justified that we ought to inculcate positive reinforcements on to everyone so as to create positive avenues for behavioral changes. Along the same vein, we must always help protect people from creating a monster out of internal belief-systems, which, on the final analysis, can eventually, nay only translate to ill-natured and unfortunate behaviors. Work Cited â€Å"The Theory of Attribution†, SBB: 1996. Retrieved 10 September 2008,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     

Every Father’s Dream Essay

Parents play an important role in the fulfillment of their children’s dreams. Often, before a child can even start to dream, parents have already made a mental picture of what they want their children to be in the future. In Barack Obama’s (2004) â€Å"Dreams from My Father,† we see the important role a father plays in the success of the incumbent president. On the contrary, in Arthur Miller’s (1949) â€Å"Death of Salesman,† the author illustrates how a father’s dream and example can sometimes destroy a son’s future. Look more:  perseverance example essay In this paper, we compare and contrast the dreams of the fathers in the two works in order to derive a lesson every parent and child should know. Published in 2004, â€Å"Dreams from My Father† narrates the life of the 44th president of the United States. The novel is told by the president himself, who was then elected for the senate. In his story, Obama describes how his father’s ambition and examples helped shape and made him realize his own dreams. The story narrates the young Barack Obama Sr. as a clever and intelligent yet mischievous student during his early years. Unable to finish college in his homeland, he lands a clerical job until two female missionaries help him find scholarship to a university in Hawaii. His perseverance to finish his studies later provides inspiration to his son, Barry. In his letter to his son, the father says, â€Å"Like water finding its level, you will arrive at a career that suits you† (45). This expresses the father’s wish for his son to find his own destiny, his own place in society. Finding one’s place in society is possible through education. Although Barack Sr. does not emphasize to Barry the importance of education, the boy realizes this through his parents’ examples. Specifically, the father’s own perseverance to gain further studies serves as example for the son to follow. Likewise, his words during their last meeting echo and translate in Barry’s mind as, â€Å"You do not work hard enough, Barry. You must help in your people’s struggle. Wake up, black man (126)! † These words serve as Barry’s motivation to persevere in all the struggles and responsibilities he has to face. In the play, â€Å"Death of a Salesman,† the father, Willy Loman has the same dreams for his son, Biff. He wishes for him to find his place in society, to be the best he can be. However, since Biff relies too much on his father’s examples, he becomes disappointed when he finds out that all the while, his father has not been true to his mother. The scene in the hotel where Biff finds out about Willy’s other woman devastates him, and ruins his life later on. Due to this, he decides not to attend the summer school and finish his studies. Considering his actions, Willy can be blamed for Biff’s inability to reach his dreams. The boy’s mindset is very much affected by his father’s actions. In contrast to Obama Sr. who serves his country and continues his studies, Willy shares in the disappointment of his son. These examples show us the important role of the father in giving advice to their sons, and in setting a good example. Despite the fact that Obama leaves his son to his wife, the good memory he leaves the boy serves as a good foundation for the child. Moreover, as the older Obama expresses in one of his letters to his son, for one to realize his place in society, one has to know one’s people, where he belongs (66). To do this, Barry searches for his roots and listens to what his grandmother’s story. From this, he finds out the struggles of his grandfather and his father, and finds strength in their sacrifices and dreams. The dreams of his father to be fully educated and to serve his country are enough to inspire Barry to move on and be the best he can be. In contrast, the theme of knowing oneself in order to realize one’s dreams is expressed differently in â€Å"Death of a Salesman. † In the play, Willy’s high expectations of Biff disappoint the son more. Biff insists to his father, â€Å"Pop, I’m nothing! I’m nothing, Pop. Can’t you understand that? There’s no spite in it any more (99)† Despite this, Willy still believes in Biff. He believes that if given a chance and a big sum to start on his own, his son can be successful. This is the reason why Willy sacrifices his life at the end, so that his sons can have what it takes to start on their own. The legacies of the two fathers are totally different. Obama leaves to his son an identity and reputation he can live with, while Loman bequeathes a good sum, which he is unable to provide his sons during his lifetime. Either way, the examples of the two fathers imply a general truth about fathers, that every one of them desires the best for their children. References Miller, Arthur. (1949). Death of a salesman. Retrieved April 29, 2009, from http://www. franklang. ru/download/Miller_Death_of_a_Salesman__pdf. pdf Obama, Barack. (2004). Dreams from my father. Retrieved April 29, 2009, from http://cephas17507. multiply. com/journal/item/20/Dreams_from_My_Father_Barack_Obama_2004_. pdf

Believing in God first paper Essay Example

Believing in God first paper Essay Example Believing in God first paper Essay Believing in God first paper Essay (a) Atheism is the word that means that god does not exist(b) One religious experience is a miracle. A young boy, who was handicapped since born, could not eat, walk, speak or do anything for himself by himself. His parents took him to bibi Fatimas grave (holy Islamic bibi) and as soon as the boy touched the holy grave, he was cured, he was speaking and walking. His parents were full of joy and could not believe there eyes. All who were there, around the boy, who saw what had happened, wanted to touch him as he was a miracle; Allah performed this miracle via bibi Fatima. This is a religious experience.(c) A religious upbringing may lead someone to believe in god as if all your life you have been taught that there is a god then there is no reason why you would doubt that and automatically believe that there is a god as this is what your parents have taught you and what you have always heard. I am a Muslim and have been brought up in a Muslim household and so I know what it is like. I always have and always will believe that there is a god because this I what my parents have told me and this is my religion.I will never ever doubt that because I have seen miracles like that young boy, I have heard everything that my holy prophets went through in order to keep Islam, and so I know that there is a god. However, if I wasnt bought up in a Muslim household, but in a household of no religion, then I dont think that I would have believed that there is a god because my parents never told me and I would not have been bought up being told that there is a god or read the holy quran which tells me that there is a god and Mohammed is his messenger.(d) There is plenty of evidence that God existsI agree with this statement as I believe that miracles prove that god exists. I dont think that any human could perform a miracle and only something with an enormous amount of power could do that. Also the fact that there are so many religions that believe in god should surely tell you t hat there must be something out there seeing as millions of people believe there is.Matters of life and death paper 4Question 4(a) Voluntary euthanasia is when someone is dying in pain and so asks his or her doctor or friends/family member to end their life painlessly.(b) In Judaism, many Jews do not allow euthanasia as many passages form the Tenakh (Jewish holy book) teach that life and death are only in the hands of god and it is up to him to take life of give life, no-one else has that right. Also, they think that god gave life and so he should be the one to take it back. However some Jews believe that in some circumstances it is acceptable, such as switching of a life support machine as they think that striving to keep someone alive is interfering with gods will and the soul should be free to go to god.(c) There are different attitudes in Christianity about what happens after death because some believe that there is the resurrection of the body, they believe this because it is what St Paul teaches, it was Jesus body that rose from the dead and it is part of the Christian creeds. However many believe in the immortality of the soul. This is because, Jesus said the criminal on the cross would be in paradise straight after death, the communion of saints teaches that living and dead Christians can communicate with each other and things like near-death experiences when people say there soul has left there body and gone down a tunnel of light to god show the immortality of the soul. Christian believes that life after death may be different, but all Christians believe in life after death and this gives their lives purpose and meaning.(d) Every woman should have a right to an abortion if she wants oneI agree with this as if the woman was raped and got pregnant, I dont think it fair for her to keep that baby as a constant reminder of what happened to her. Also, if a 16 year old girl has a one night stand and as a result of this gets pregnant, I dont think it is fai r on the child to bring it in to the world when the mother cant support it, and may not want it so doesnt really love it. This gives the child an unfair disadvantage before it has even come into the world.Marriage and family life paper 2Question 5(a) An extended family is aunts/uncles/grandparents living with the mother, father and children or living close with lots of contact..(b) In Christianity, sex before marriage is not allowed because the bible teaches that fornication is wrong and many Christians believe fornication is sex before marriage. Also, church leaders say the pre-marital sex is a sin. However, some Christians believe it is okay as long as the couple love each other, have been in a long term relationship and intend to get married eventually. This is because, Jesus taught that love is the most important thing, the bible does not specifically condemn marriage and the church has come to terms with modern attitudes to cohabitation.(c) Family life is important in Judaism because Jews believe that family is at the heart of religion. The Halakhah says the parents should care for their childrens material needs, parents should make sure that all Jewish food laws are kept in the home, parents should teach their children about Judaism and their duty as Jews, parents should set a good example of the Jewish life especially by the festivals in the home and children are expected to be a comfort to their parents and be a comfort for them in their old age. Jews believe that family life is very important because, it was creates by god to keep the family together, it is the only way god wants children to be brought up, it is the place where children learn about Judaism and the festivals celebrated, the family is the only way of keeping Judaism alive and having family is one of the mitzvot which all Jews have to follow.(d) Living together is better then getting marriedI agree with this as I think living together is like a trial run of how life would be if you were marries and so if you are always arguing it isnt a good idea to get married. Also, if you were married and things werent right but you had children then the children would be caught in this but if you are only living together and have no children then it is easier to let go if things arent working out without putting kids through it.Social harmony paper 1Question 7(a) Equality is where everyone is the same no matter what there gender/class/race/colour.(b) Christian teachings on racial harmony are that all forms of racism is wrong and that Christians should make more racial harmony. This is because, Jesus treated people of different races equally, St peter had a vision form god telling him that god has no favourites among the races, god created all races in his image and all Christian churches have members, ministers and priests of all races and colours.(c) Trying to convert someone may cause problems in a multi-faith society because this may seen as being discrimination towards th e other religions, as if to say we are better and more inferior and superior then you so they should come in our religion as our religion is the right religion. Also by doing this other religions may feel threatened that our followers are going into other religions causing them to feel unequal and feeling they have to retaliate by doing something that the other religion then feels discriminated against.(d) A mans place is in the homeI do not agree with this as I personally feel that it should be the man who is out working in order to put food on the table and the woman should work or then stay at home and do the housework as well as look after the kids. I dont think that the man should be the one who to be at home and doing the housework and the cooking but should be the one who makes that happen by going out and earning the money for his family.

Free Essays on Japan

Japanese in Control Vandana Gandhi Ms. Livingston 19 July 2000 English 161 Japan in Control Americans who buy Japanese goods, or even US companies that actively source Japanese parts for their products unknowingly help Japanese reach the goal of their economic war. America often complains that Japan must change its ways to become more like us. However, this is not true, as America is not number one anymore. Today, the tables are turned. America, which used to be the world’s largest creditor nation, is now the world’s largest debtor nation. Currently, Japan is the world’s largest creditor nation and we are one of their biggest borrowers (Burnstein 77). Their strategies have helped Japanese industries take over in America. Moreover, Japan has taken control in the economic war with America. Japan is a major or dominant power in almost every world strategic industry including finance, communications, mass-transit, semi-conductors, motor vehicles, and popular-entertainment. Two of the th ree biggest movie/entertainment companies in America (Universal/MCA), the makers of "Jurassic Park", and Columbia/Tri-star are Japanese. Many big companies in the US like Loews Theatres, and Firestone Tires are Japanese. In fact, today 7 of the 10 largest companies in the world are Japanese. Furthermore, Japan today is the world's biggest manufacturer of autos, having surpassed the United States in the mid 1980's. These all used to be American dominated industries 25 years ago (Information Please! 144). Some claims echoed in America that are commonly dismissed as â€Å"Japan Bashing† statements, upon investigation these claims are in fact truthful. The following statements may seem brash right now, but their meanings will become clearer in the explanations and examples that follow. Japan is in a kind of economic war against us. Their objective is for them to win and for us to lose. Through the use of cartels, price fixing, government-corporate "an... Free Essays on Japan Free Essays on Japan Japanese in Control Vandana Gandhi Ms. Livingston 19 July 2000 English 161 Japan in Control Americans who buy Japanese goods, or even US companies that actively source Japanese parts for their products unknowingly help Japanese reach the goal of their economic war. America often complains that Japan must change its ways to become more like us. However, this is not true, as America is not number one anymore. Today, the tables are turned. America, which used to be the world’s largest creditor nation, is now the world’s largest debtor nation. Currently, Japan is the world’s largest creditor nation and we are one of their biggest borrowers (Burnstein 77). Their strategies have helped Japanese industries take over in America. Moreover, Japan has taken control in the economic war with America. Japan is a major or dominant power in almost every world strategic industry including finance, communications, mass-transit, semi-conductors, motor vehicles, and popular-entertainment. Two of the th ree biggest movie/entertainment companies in America (Universal/MCA), the makers of "Jurassic Park", and Columbia/Tri-star are Japanese. Many big companies in the US like Loews Theatres, and Firestone Tires are Japanese. In fact, today 7 of the 10 largest companies in the world are Japanese. Furthermore, Japan today is the world's biggest manufacturer of autos, having surpassed the United States in the mid 1980's. These all used to be American dominated industries 25 years ago (Information Please! 144). Some claims echoed in America that are commonly dismissed as â€Å"Japan Bashing† statements, upon investigation these claims are in fact truthful. The following statements may seem brash right now, but their meanings will become clearer in the explanations and examples that follow. Japan is in a kind of economic war against us. Their objective is for them to win and for us to lose. Through the use of cartels, price fixing, government-corporate "an... Free Essays on Japan Conformity in Japan We absolutely live in conformity to something like fashion, thoughts or whatever depends on us. Conformity has existed in many countries since people began to make groups. It’s an awful trend, because conformity hides the personality and characteristics of a person. Some people may be scared to do something different from others, while some may have the ease to be the same as others. In addition to being similar with the group, most people feel pressured by their peers, and they end up doing things against their free choice. There are various cases of conformity even in Japan. It’s not different from the past and the present. The history of Japan during 1603-1867, called the Edo period, has some awful peer pressure stories. These were called â€Å"Murahachibu† which means that the whole village blames and sends away a person who breaks the rules along with his/her family and group. They might even impose high taxes to these people. Still today, we sometimes call â€Å"Murahachibu† peer pressure. In the Edo period, the villages were organized into groups of 5, and each group take joint responsibility for the prevention of crimes and paying for tax. Everyone had to be the same. Japan is one of the most serious countries that practice conformity today. Most people, from children to adults, feel peer pressure. Some adults even allow their children to do the same as their peer, because the adults think that they may be departed from their group if their children do something strange. Japanese people like to make their own groups, and do anything only with their own friends. Lately, news about a more serious problem of bully is increasing. These are not only about young people, but the adults’ behavior and feeling about peer pressure are evident. I had belonged to groups that conformed, and I had to be the same with everyone else. My junior high and high school had a rule that we wear uniform. We must ... Free Essays on Japan Mutsuhito Emperor Meiji was born on November 3rd, 1852 in Kyoto, and given the name Mutsuhito. He took the personal name Mutsuhito when he became crown prince in 1860. He was the second son of emperor Komei, who ruled between 1847 and 1866. His father was the titular ruler in the last years of the Tokugawa Shogunate. His mother was Yoshiko Makayama. His consort empress Shoken, devoted her life to promoting national welfare and women’s education. She donated a fund to the International Red Cross, named the â€Å"Empress Shoken Fund,† which is currently utilized for international welfare activities. In 1868 radical nationalists groups working for a stronger Japan united under the emperor and toppled the Tokugawa Shogunate, replacing it with a unified administration headed by the sovereign. As part of the new regime’s policies, Meiji became the first emperor to live in Tokyo rather than Kyoto, the traditional imperial capital. Although only 15 years old, the emperor in time became an influential force in the government, he functioned mainly as a symbol of national unity, leaving the actual business of governing to his ministers. His presence was essential to the new government as a source of legitimacy, as a sanction for its transformation of Japan, and as the center of the authoritarian cult of the state Shinto which it introduced. During his reign, Japan became an industrial power able to compete with the nations of the west. The Meiji shrine in the center of Tokyo was built in his honor. His accession to the throne marked the beginning of a national revolution known as the Meiji restoration. During this time, Japan became a world industrial and naval power. His ministers abolished the feudal system, abolished discrimination against the lowest caste, established state schools, and reformed the civil service, introduced conscription, the western calendar, and other measures to modernize Japan, including a constitution in 1889. ... Free Essays on Japan JAPAN Japan is a country located east of North, and South Korea, and China. It’s capital city is Tokyo, which is the largest city in Japan, and has one of the biggest metropolitan areas is the world. Japan is made of four main islands: Hokkaido, Honshu, Kyushu, and Shikoku, but has many smaller islands as well. Japan’s total area is around 145,000 square miles, and is actually bigger than places such as England, and Italy. Japan also has a population of over 126 million people, which is the ninth largest in the world. Two-thirds Japan is made of mountainous areas, forcing the people to squeeze into smaller areas, giving Japan a huge populations density. Until recently, Japan was an extremely isolated place, which helped giving Japan it’s distinct culture. Most of Japan’s crops are made of vegetables, and rice. Because of little farming space, Japan gets 63% of it’s food from other countries. Japan’s climate is very similar to that of the US east co ast, but has more rainfall, and is generally warmer. Japanese usually pay about one-third more for stuff than the US. Because of government controls, and regulations, Japan’s firms have about the world’s highest cost. Even with all this, Japan is still the worlds fifth most productive country. Also, Japanese firms that compete internationally, are 20%more effective than US firms. As far as the auto industry goes, Japan is just as productive as the US, but when itcomes to construction, sometimes, the crews must be almost triple of what they are in the US... Another reason Japan’s economy is not that of the US’s is because the prices of stuff for sale onlinein Japan, is 46% higher than it is in the US! And even the internet connection itselfis sometimes 45% higher than the US also! As far as religion goes, the Japanese do not have a problem with taking aspects, and principles from many differentreligions, and using them all. 65% of Japanese people hav e their own priv...

Application Of Leadership Knowledge To Health Visitors Practice Nursing Essay

Application Of Leadership Knowledge To Health Visitors Practice Nursing Essay 1.1This report will provide evidence of the application of leadership knowledge to the role of the Health visitor’s practice. The report will look at my leadership style and skills in relation to developing and implementing an evening well baby clinic. When implementing this clinic I will aim to address and discuss past leadership experience and how I will use this within my team to achieve the best outcomes for families within my practice area. Attention will be made on relating this to improving the quality of care as highlighted in the Nursing and Midwifery Council (NMC) Standards of proficiency for specialist community public health nurses, 2004. The standards also state that I, as a Specialist Community Public Health Nurses (SCPHN) must work in partnership with all team members and clients. I will apply my existing and newly developed leadership skills when managing my evening well baby clinic (NMC, 2004 and DOH, 2009). This report will include a discussion on my best pr actice and the use of evaluation and reflection in learning from experiences. The report will also include issues related to the quality of care and how my leadership can maintain or improve it. The aims and objectives of this report are to provide a clear expression of the quality issues in clinical care. To analyse my understanding of the process of change and my leadership styles can influence the quality of care. I will then look at change theories, management and leadership styles within my practice area and consider what the strengths and weaknesses are. Consideration will also be given to conflict management and my style of leadership within the team in order to promote effective working. 2 Critical analysis and review of own individual knowledge and competence of leadership practice within health visiting practice. 2.1Whilst undertaking the SCPHN course I have had many opportunities and experiences to developed my leadership, and reflect on the kind of leader I aspire to be. There are two types of leaders, transformational and transactional. I feel that I am currently a transformational leader as I try to motivate staff members, encourage vision and ideas and inspire team members and clients to achieve the best possible outcomes. As identified by Huber (2010) Vision is a key aspect of any leadership activity. I feel that my evening well baby clinic has shown my vision through the ideas and implementation of activities within the group. I shared my vision with fellow team members, this promoted motivation and inspiration. Transactional leadership is a more direct approach setting out clear goals and offering rewards to staff members in order to meet objectives (Hartley and Benington, 2010). I adapted aspects of this approach but felt that a transformational approach was more appropriate for my team and my practice. Whilst the transformational model of leadership may be seen as dynamic and therefore appeal to change agents, in this scenario the proposed change is largely transactional. The evening clinic will not provide staff with new skills or knowledge and it is unlikely to be seen as a particularly innovative as it is simply expanding an already existing service within the practice area. However, it is important to recognise the need for transactional change, in this instance practical concerns of an evening well baby clinic are being addressed. The evening clinic will not only benefit service users, it will improve service delivery and help achieve both local and national requirements.

Music in Arts Education Research Paper Example | Topics and Well Written Essays - 1000 words

Music in Arts Education - Research Paper Example Everywhere you look, someone is listening to music. In today’s day and age, children starting at the young ripe age of six, all the way to nineteen have ear buds permanently glued to their ears. Parents can hardly get a word in because they know their son or daughter is lost in their own world of music. Music varies, and it varies because children have different tastes. Each child has its own perception of what music should look, feel, sound, taste, and even smell like. For many, music brings back memories. Some of them are good, but much too often, bad. Without music, children feel that their world is being invaded. So they may use music as a safety net; a way to connect with their inner souls, and with people around them. Music is a window into the next dimension. Each child adapts to their own style, genre, and even musical essence. A lot of music is used to depict feeling, sensory connection, and telling of a story. Without music today, young children, preteens, and adoles cents feel disconnected from the world. We educators and adults may not understand why students are hooked on music, but if we take time to reflect, we too will remember the importance of our own quiet times we spent being enthralled with the newest album, CD, or cassette tape featuring our favorite group; boy, girl or singles band. All we must do is reminisce and we too will be transported back to what we now may see is â€Å"foreign† and not as important. When music is taught in the classroom, it can at times be considered boring, redundant and trite. Students lose heart because teachers are lacking the connection. Many times students are told what instrument they will play, when they will play it or how. But, when does the creativity begin to flow? When can students create their own rules when learning about music? Music is often taught via a textbook. Students learn about the baroque time, the neo-classical time, and the more prominent times that seem to be less pertinent to students today. Teachers stay away from time periods they are unfamiliar with mainly because they were not taught it in â€Å"teacher† college. But they are missing the connection with students. They fail to bridge the gap between music from the past and music today. If we want our students to appreciate music for what it is worth, it is important for us to start becoming more relevant for the students. Instead of focusing so much on standards and benchmarks required, maybe think about branching out and having a little bit of fun. National testing and school performance tables have been focusing so much on the core subjects that they have left out other subjects that seem less important such a music and the arts. Just because students are not tested on these things, does not mean they are less important. Unless of course a school is only focused on scores. When students study music, they learn about many different cultures. An appreciation for diversity comes to the foref ront and students learn to get along in a more harmonious manner. Students don’t only learn to get along but they learn self-discipline which is a very hard thing to do today because of the amount of overly stimulating activities students are involved in on a daily basis. Take T.V. for example. When kids watch TV, they do just that; watch. They do not interact with the television; they become complacent and are fed information. They are

Current Immigration Situation in Switzerland Case Study

Current Immigration Situation in Switzerland - Case Study Example As a result there has been increased migration of people especially to the developed nations where there are economic fortunes. The problem of immigration is not new to the world and has been a constant cause of conflict between nations. For example there has been along standing border conflict between Mexico and the United States due to the problem of immigration. Switzer land has not been spared either and there have been increased migration of people to the nation. Some of the regions in the country have been hosting a large number of immigrants than others. For example St. Gallan is one of the regions in the country that has a high population of immigrants. (Clive, 2004) Due to the economic development that has been taking place in the country, there was increased immigration of people in an out of the country sine the early 1800s. The outflow of Swiss from their country had been well compensated by the inflow of foreigners especial German, Italians and Australia. The issue of immigration from Switzerland is not new and it dates back to many centuries ago. Most of this immigration who replaced the outflow of Swiss was political refugees and many of there were well educated. The first big wave of immigration in the country came after the collapse of the revolution movement in the country neighbour which happened around 1830. The second wave came immediately after the defeat of the revolution in 1848. Many on of the new immigration how came to the country took up professional jobs. For example many of the German immigrants became teachers and when Zurich University was founded in 1833, man of the teaching position went to Germans. (Fahrin, 2003) There was a major contribution that was made by other immigration especially in the are of industrial and entrepreneurial skills. For example a police born Antoine November de Patek was a joint founded of the Patek Philippine company which has been one of the leading watch makes in Geneva since it was started in 1845. Several other immigrants especially the Italians made a great contribution to the labour force and were employed in Switzerland engineering project like Gotthard and Simplon rail tunnel. In general we can say that immigrants are not new to the country and they have been making a greater contribution to the development of the country. The current situation of immigrant in Switzerland Since 1950, the government signed a convention that has confirmed to grant asylum to many people in the world. There has been increased number of application for asylum in the country and currently there are more people under asylum in Switzerland than in any other nation in the world. The population of the foreigners in the country has continued to rise since 1950 when it was recorded that 5.9 percent of the people in the country did not have Swiss nationality. The number has continued to increase since then and by 1970, it had risen to 15.9 percent. By 2002, the percentage had swelled to 21.6 percent. This makes it one of the countries in Europe together with Luxembourg which has a percentage of 37 percent, to have the highest number of foreigners in the soil. There have been factors that have been contributing

Should Pregnant Teenagers Be Allowed In School Essay

Should Pregnant Teenagers Be Allowed In School - Essay Example Not only, is she discriminated in her social groups but also by the people who are the backbones of the education system. Many principles of schools ask parents of pregnant teenagers to take away their daughters from their schools in fear of the bad reputation of their institution. A book that has been written by experts and which is an extension of the thoughts promoted by The National Childbirth Trust has stated that " giving birth is often called 'the everyday miracle', and nothing can be more true." (p.10) To this observation I want to add that it's also true that this miracle of nature sometimes becomes very unwanted, embarrassing and burdensome to the society on the whole and also the parents if they themselves are nothing but children. What follows is the continuous phase of guilt and depression. The situation may become even worse if in such trying times pregnant teenagers are barred the right to education which is a great source of hope for them to make their lives better. T hrough education they get the power to console themselves that future holds better jobs, better money and better living conditions for them and their unborn babies. Heyman andEducation is essential Heyman and Henriksen in their book have integrated the observational, surveys and qualitative interviews upon pregnant women, doctors, and midwives of a hospital to observe the relationship between risk, age and pregnancy. They stated: Survey data can document the complexities of judgments about the timing of parenthood, although it cannot bring out the reasoning behind such judgments with any depth. Our respondents were asked whether they felt that men and women could be too old or too young to have a baby, and, if so, to specify these age boundariesour respondents, collectively, define the lower parental age boundary more sharply than the upper one(2001, p.64) Through this detailed study it is easier to believe that the majority of people are against pregnancy at tender age. This can be related to the main topic, as when the majority does not approve of teenage pregnancy a simple right of education has become a matter of discussion: whether these people should be allowed to mingle with normal teenagers who might never have to face this situation before time. Many parents feel that if schools allow these teenagers to take classes then it would be giving wrong signals to their other wards. Strongly opposing this viewpoint, Hayes in Gottlieb has stated that "I don't think [a pregnant teen] is any more a bad role model than the teen who's sexually active and just not getting pregnant. Getting pregnant doesn't make [someone] any different from you. I think that's a more practical lesson. Students will look at her and say, 'Whoa, she was doing just what we're doing.'" (Screwed twice section, para. 6) Heyman and Henriksen in their study pointed out that some respondents in their study felt that on the account of their pregnancies the teenagers should not stop their education. Their concern is easily highlighted in one of the

Exploratory Research Essay Example | Topics and Well Written Essays - 1000 words

Exploratory Research - Essay Example Case study is a method employed in qualitative exploratory research. Qualitative research involves assessing the human or social issue, and then reporting the result in comprehensive words instead of producing quantified data. According to a definition, "Qualitative case study can be defined as an intensive, holistic description and analysis of a single entity, phenomenon or social unit. Case studies are particularistic, descriptive and heuristic, and rely heavily on inductive reasoning in handling multiple data sources" (Merriam, 1988). This above definition explains that the case study method analyses rigorously, information of one few single group, organization or event. In this method, a detailed study of a situation is carried out which is somewhat similar to the main topic of the study assignment. The reader’s perceptive of the event under research is enlightened and provides the researcher with intensive data. Case studies are helpful in explaining the holistic description of a sample’s view. It is also useful when the researchers want to attain qualitative in-depth analysis of a particular event. The use of the case study varies according to the demand of the researcher. Psychobiography is the detailed investigation into the lives of important historical personalities with psychosomatic hypothesis and investigations. Its motive is to attain a clear understanding of the person and to discover the personal intention behind the open actions. In Psychobiography, the writers spend hours penning down the complex, confusing, secretive and creative lives. Psychobiography involves immense research and intelligence. A good psychobiography is one that covers each fact with several supporting data any sources. â€Å"Best psycho biographies leaves the reader feeling ineffably won over† (Schultz, 2005). Some of the eminent personalities penned in many psycho biographical books include Hitler, Freud, Gandhi,

Smartphones Research Paper Example | Topics and Well Written Essays - 500 words

Smartphones - Research Paper Example Smartphones assist students in the universities and colleges to connect to their instructors in various activities such as giving assignments and rescheduling classes. Statistics shows that Smartphone are essential devices and contribute positively to the lives of students. 53% of the phone uses are at the age of 18-24 years while 63% of the users are at the age of 25 to 34 years in the USA (33). Although Smartphones are very useful in academic institutions, they can also be harmful to schools especially during exam periods. Some of the harmful effects of students having Smartphones in schools especially Universities are cheating in exams, texting when instructors are in class and disturbances when they ring. There are several advantages of using mobile phones in the class by the students and teachers such as connectivity enhancement. Tutors and instructors can give assignments to students through the internet without the necessity of physical contact. Students do not need to visit the library to search for items as they can use the internet, which enhances their studies. According to Hingorani and others, students who do not have Smartphones experience some fear known as Nomophobia especially in the universities (35). There is increased usage of mobile phones by the youth aged between 18 and 35 years with most of them preferring Smartphones compared to other types of phones (36). As the students, advance their academic levels, their usage of mobile phones increases. Mobile phones have many accessories making their usage have a wide diversity in terms of its uses such as calculators, navigators, and maps, which are very useful to students and instructors (36). Students normally utilize S martphones in performing most of the class work such as calculations, studying maps, and downloading lecturers’ notes. There are many other services in the universities

Should Pregnant Teenagers Be Allowed In School Essay

Should Pregnant Teenagers Be Allowed In School - Essay Example Not only, is she discriminated in her social groups but also by the people who are the backbones of the education system. Many principles of schools ask parents of pregnant teenagers to take away their daughters from their schools in fear of the bad reputation of their institution. A book that has been written by experts and which is an extension of the thoughts promoted by The National Childbirth Trust has stated that " giving birth is often called 'the everyday miracle', and nothing can be more true." (p.10) To this observation I want to add that it's also true that this miracle of nature sometimes becomes very unwanted, embarrassing and burdensome to the society on the whole and also the parents if they themselves are nothing but children. What follows is the continuous phase of guilt and depression. The situation may become even worse if in such trying times pregnant teenagers are barred the right to education which is a great source of hope for them to make their lives better. T hrough education they get the power to console themselves that future holds better jobs, better money and better living conditions for them and their unborn babies. Heyman andEducation is essential Heyman and Henriksen in their book have integrated the observational, surveys and qualitative interviews upon pregnant women, doctors, and midwives of a hospital to observe the relationship between risk, age and pregnancy. They stated: Survey data can document the complexities of judgments about the timing of parenthood, although it cannot bring out the reasoning behind such judgments with any depth. Our respondents were asked whether they felt that men and women could be too old or too young to have a baby, and, if so, to specify these age boundariesour respondents, collectively, define the lower parental age boundary more sharply than the upper one(2001, p.64) Through this detailed study it is easier to believe that the majority of people are against pregnancy at tender age. This can be related to the main topic, as when the majority does not approve of teenage pregnancy a simple right of education has become a matter of discussion: whether these people should be allowed to mingle with normal teenagers who might never have to face this situation before time. Many parents feel that if schools allow these teenagers to take classes then it would be giving wrong signals to their other wards. Strongly opposing this viewpoint, Hayes in Gottlieb has stated that "I don't think [a pregnant teen] is any more a bad role model than the teen who's sexually active and just not getting pregnant. Getting pregnant doesn't make [someone] any different from you. I think that's a more practical lesson. Students will look at her and say, 'Whoa, she was doing just what we're doing.'" (Screwed twice section, para. 6) Heyman and Henriksen in their study pointed out that some respondents in their study felt that on the account of their pregnancies the teenagers should not stop their education. Their concern is easily highlighted in one of the

Smartphones Research Paper Example | Topics and Well Written Essays - 500 words

Smartphones - Research Paper Example Smartphones assist students in the universities and colleges to connect to their instructors in various activities such as giving assignments and rescheduling classes. Statistics shows that Smartphone are essential devices and contribute positively to the lives of students. 53% of the phone uses are at the age of 18-24 years while 63% of the users are at the age of 25 to 34 years in the USA (33). Although Smartphones are very useful in academic institutions, they can also be harmful to schools especially during exam periods. Some of the harmful effects of students having Smartphones in schools especially Universities are cheating in exams, texting when instructors are in class and disturbances when they ring. There are several advantages of using mobile phones in the class by the students and teachers such as connectivity enhancement. Tutors and instructors can give assignments to students through the internet without the necessity of physical contact. Students do not need to visit the library to search for items as they can use the internet, which enhances their studies. According to Hingorani and others, students who do not have Smartphones experience some fear known as Nomophobia especially in the universities (35). There is increased usage of mobile phones by the youth aged between 18 and 35 years with most of them preferring Smartphones compared to other types of phones (36). As the students, advance their academic levels, their usage of mobile phones increases. Mobile phones have many accessories making their usage have a wide diversity in terms of its uses such as calculators, navigators, and maps, which are very useful to students and instructors (36). Students normally utilize S martphones in performing most of the class work such as calculations, studying maps, and downloading lecturers’ notes. There are many other services in the universities

The administration of Theodore Roosevelt Essay Example for Free

The administration of Theodore Roosevelt Essay Theodore Roosevelt was the 26th President of the United States. Roosevelt, who was 42 when he became President after the assassination of William McKinley, was the youngest man ever told to hold that office. â€Å"Teddy† or â€Å"T.R.,† as he was called, was one of the nation’s most dynamic and colorful Presidents, remembered perhaps as much for his spirited personality as for the accomplishments of his administration (Pringle, 2006). Roosevelt had tremendous energy and wide-ranging interests. He was a patrician and a reformer, a cowboy and a scholar, a big-game hunter and a conservationist, and a soldier and a Nobel Peace prize winner, As President, he promoted progressive reforms and a strongly nationalistic and expansionist foreign policy. A popular writer and forceful speaker, Roosevelt coined many phrases that are skill quoted. He denounced the â€Å"malefactors of great wealth† and sought to curb these powerful businessmen by a variety of means. Antitrust legislation was enforced (â€Å"trust busting,† as it was called); the Food and Drugs Act was passed; and conservation laws were enacted to keep the nation’s natural resources out of the hands of private exploiters (Beale, 2004). His domestic program was called the â€Å"Square Deal,† from a speech in which he said he wanted â€Å"to see to it that every man has a square deal.† â€Å"Speak softly, carry a big stick, and you will go far,† was another of Roosevelt’s sayings. He often applied it in his conduct of foreign, as well as domestic, affairs. When negotiations to acquire the Panama Canal were at a standstill, Roosevelt recognized a rebel government in Panama, made a treaty with it for a canal zone, and authorized digging the canal. When a crisis with Japan seemed close, Roosevelt spoke softly but sent the â€Å"Great White Fleet† around the world to demonstrate the new naval might of the United States. Under Roosevelt, the United States became a major military and commercial power and gained an influence in world affairs (Mowry, 2004). Roosevelt’s administration saw the beginnings of 20th-century social legislation. Since the Civil War, big business had become monopolistic, operating in total disregard of the public interest. Roosevelt wanted â€Å"square deal, no more and no less† for everyone and his administration began a campaign of â€Å"trustbusting,† aimed at curbing the abuses perpetrated by big business. In 1902, Northern Securities Company, a railroad trust, was sued by the government under the Sherman Antitrust Act. Eventually, the U.S. Supreme Court held the trust to be illegal and ordered it dissolved. The Elkins Act, passed in 1903, banned secret rebates to favored shippers, a monopolistic practice that had been much criticized. In 1902, when owners of anthracite coal mines refused to accept arbitration to settle a long strike, Roosevelt threatened to use the army to operate the mines. The owners back down (Harbaugh, 2005). In 1903, the president pushed through Congress a bill to create a new executive department—the Department of Commerce and Labor—whose purpose was to promote industrial growth and improved working conditions. In addition, encouraged by endorsement at the polls, Roosevelt became more clearly a champion of progressivism. His progressivism, however, was aimed more at the correction of immediate abuses that at any radical change in American ways of life. He urged enactment of workers’ compensation laws, a graduated federated income tax, and federal taxation of inheritances to curb what he viewed as the menace of â€Å"swollen fortunes† (Blum, 2006). He, as mediator, succeeded in bringing to an end the Russo-Japanese War with the Treaty of Portsmouth in 1905. For this accomplishment he was awarded the 1906 Nobel Peace Prize. He also helped to arrange the Algeciras Conference, called to settle differences between Germany and France over Morocco. Roosevelt urged use of the Hague Peace Conference failed to deal with limitations on armaments, he sought Congressional approval for a naval building program he felt necessary for the security of the country (Pringle, 2006). To demonstrate the nation’s preparedness, Roosevelt sent the entire America battle fleet, called the â€Å"Great White Fleet,† on an around-the-world cruise. Furthermore, in 1913, Roosevelt visited South America and explored Brazil’s jungles in search of a tributary of the Amazon called the River of Doubt, which he found and explored for 900 miles of its course. During the trip, he contracted a tropical fever and begged his party, including Kermit, to leave him, as starvation threatened them. When they refused, he insisted on pushing on. The exertion probably undermined his health. When World War I started in Europe, Roosevelt urged military preparedness and an international tribunal backed by force to execute its decrees. When the Lusitania was sunk, he urged a trade embargo against Germany, assailing Wilson for â€Å"weakness.† In 1916, the Progressive party again nominated Roosevelt for President, but he withdrew when the Republicans nominated Charles Evans Hughes (Blum, 2006). Reference: 1. Beale, H.K. (2004). Theodore Roosevelt and the Rise of America to World Power (Johns Hopkins University). 2. Blum, J.M. (2006). The Republican Roosevelt, 5th edition (Harvard University). 3. Harbaugh, W.H. (2005). The Life and Times of Theodore Roosevelt, revised edition (Oxford University). 4. Mowry, G.E. (2004). The Era of Theodore Roosevelt, 1900-1912 (Harper Row). 5. Pringle, H.F. (2006). Theodore Roosevelt: a Biography, revised edition (Harcourt Brace Jovanovich).

Challenges And Prospects For The Asean Economic Community Economics Essay

Challenges And Prospects For The Asean Economic Community Economics Essay Free trade is a significant stimulus to regional production, linkages and competitiveness.   ASEAN has made significant progress in that regard since the implementation of the ASEAN Free Trade Area (AFTA) from 1993.   The AFTA initiative has been particularly successful in reducing tariffs in the trade in goods. Currently, some 99.8 per cent of the products in the Inclusion Lists of ASEAN-6 (Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore and Thailand) have been brought down to the tariff range of 0-5 per cent, with about 65 per cent of those products having zero import tariffs.   Meanwhile, 91 per cent of the products traded by the CLMV countries (Cambodia, Lao Peoples Democratic Republic, Myanmar and Viet Nam) under the Common Effective Preferential Tariff package have been moved into their respective Inclusion Lists.   About 77 percent of those products are already within the 0-5 per cent tariff band. However, regional free trade alone is not sufficient to release the full energies and the inherent potential of ASEAN.   All of us now have to take a further step forward.   Deeper economic integration is necessary for ASEAN to cope effectively with the unprecedented opportunities as well as the unprecedented challenges, on both scale and depth, unleashed by globalisation. China and India have altered the global economic landscape through huge market openings and greater competition, too.   Meanwhile, interlinked supply networks have proliferated all over the world, among many other innovative and more efficient ways in value creation and industrial organization.   Last but not least, there are the freer and often instant movements of new ideas, people and resources across national boundaries. The ASEAN Economic Community.   In the midst of two giant economies, ASEAN Leaders made a historic resolution in December 1997 to leverage the regions potential by building an economic community (ASEAN Vision 2020).   Henceforth, ASEAN is to be transformed into a stable, prosperous, and highly competitive region with equitable economic development, and reduced poverty and socio-economic disparities.   Notably, that resolution took place in the midst of a severe financial and economic crisis in ASEAN.   This underscored once again ASEANs common perception of the critical importance of greater regional cohesion and complementation in coping with good as well as bad times.   Subsequently at the Bali Summit in November 2003, ASEAN Leaders declared that the AEC would be the end-goal of regional economic integration (Bali Concord II).   This Community shall weld together 10 separate entities as a single market and production base by 2020.   The ASEAN Economic Ministers have recently recommended that the target year be sped up to 2015. Put it simply, there will be a free flow of goods, services, investment and a freer flow of capital in the AEC.   This is to be complemented by freer movements of skilled human resources including regional business persons, professionals, and cultural and artistic talents.   The consequent gains from deeper and broader integration are substantial in ASEAN.   They are estimated by McKinsey and Co to cut as much as one-fifth of production costs of consumer goods in the region.   As such, the AEC building process will empower ASEAN to remain a dynamic and competitive player in the regional and global supply chains.   But the same process is also predicated on wide-ranging adjustments and reforms to be carried out by Governments and the business sector, among other stakeholders in the region.   The commitments so far made include, to name just a few, the ASEAN Free Trade Area of 1992; the ASEAN Framework Agreement on Services of 1995; the ASEAN Agreement on Customs and the ASEAN Customs Vision 2020 of 1997; the Framework Agreement on the ASEAN Investment Area and the ASEAN Framework Agreement on Mutual Recognition Agreements, both of 1998; the Initiative for ASEAN Integration of 2000; the ASEAN Framework Agreement for the Integration of Priority Sectors of 2004; and the ASEAN Policy on Standards and Conformance of 2005. ASEAN has three key strengths in the economic arena.   We have abundant natural resources in our region.   We have large supplies of professionals and talented people.   And, we have the capability to adopt, adapt and advance technology.   By leveraging on these strengths the AEC is likely to be realised sooner than later. ASEAN Charter.   A key development complementing the AEC work is the process to establish the ASEAN Charter.   A Charter is certainly not a panacea. But at a minimum, it is going to facilitate the transformation of ASEAN into a rules-based regional organization with a legal personality.   Provisions in the Charter to establish robust mechanisms for monitoring implementation and ensuring compliance would contribute greatly to ASEANs effectiveness. Through the Charter, ASEAN will be able to enshrine the values and principles that shaped by our history and experiences in the last 39 years.   It will virtually become our new and official birth certificate in the sense that we are re-born as the ASEAN Community. Such a Charter would also serve to make ASEAN a more responsive, dynamic and integrated regional organisation. In short, the Charter will define ASEANs future. The ASEAN Eminent Persons Group (EPG) has been working on its recommendation for the drafting of the Charter.   In a few days, the EPGs report will be considered by the ASEAN Leaders during the 12th ASEAN Summit in Cebu, the Philippines, from 11-12 December 2006.   In that report, the EPG will recommend what should go into an ASEAN Charter. And at the upcoming Summit, a High-Level Task Force is expected to be mandated by the ASEAN Leaders to start drafting an ASEAN Charter, taking into account recommendations of the EPG, among other things. This achievement would not only become a benchmark for the region to further enhance its cohesiveness and coherence, but also would venture forth a new cooperative spirit for the community building in the region.  Ã‚   To be sure, there is a lot more work to do, especially in converging the different levels of ambition.   Yet, I am optimistic ASEAN is on the threshold of a quantum leap in collective development and growth. ASEAN-EU economic interaction. Against that backdrop of dynamic changes and developments within ASEAN, the EU has remained, among other roles, an important partner in trade and investment and a major source of technical assistance to ASEAN. The EUs valued roles will continue to be very helpful to AEC building efforts in the coming decade. As a market, for example, the EU-15 economies took in some US$ 78 billion worth of ASEAN exports in 2005, a steady growth of 5 per cent a year since 2000.   The EU was the third largest trading partner, with an average share of 12 per cent of ASEAN trade in the last two years (or just about one percentage point behind Japan and the U.S.A. during 2004-2005).   Germany, Netherlands, the United Kingdom, and France are the most important EU traders with ASEAN. Likewise, the EU-15s foreign direct investment (FDI) in ASEAN has been significant, with the largest share of 57 per cent of the FDI hosted by our region in 2000 (totalling US$ 23.5 billion).   However, this share fell to 19 per cent of the FDI flows to ASEAN (US$ 38.1 billion) in 2005.   Singapore, Indonesia, Malaysia, Viet Nam and Thailand were the main destinations of FDI from the EU. http://www.aseansec.org/19001.htm 30 MAC 2011

The Rise of the Byzantine Empire :: Education Essays

The Rise of the Byzantine Empire "What were some of the accomplishments of the Byzantine Empire?" Questions such as this one appear on the margins of sixth and seventh grade textbooks. What a better way of starting a new lesson or chapter than with questions that will automatically led the student to think about the answer? That is the case in the lesson of "The Rise of the Byzantine Empire." Being that the lesson I revised was only a brief part of the chapter, it was interesting to see how precise the lesson on the Rise of the Empire came about. There was nothing wrong with the format and structure of the lesson. When I fist glanced at the lesson I had received, I became very mortified to see that the lesson only consisted of 4 pages. Can the lesson on the rise of the Byzantine Empire really be described in 4 pages? I would not know that answer, unless I read the lesson, and did further research on the topic. Surprisingly, I discovered that the lesson is pretty much accurate, although it does not have much detail. Perhaps the detail is not very rich, because this lesson, (which is titled to be lesson 3) is a continuation of the study on Rome; it's emperors, etc. It is not to say that the lesson did not have weaknesses, however, it had both its strengths, and its weaknesses. Lesson 3, which is titled "The Rise of the Byzantine Empire," includes a timeline of the dates the certain lesson covers. In this case, the dates are from 532 A.D., to1453 A.D. Byzantium saw itself as the true descendent of Rome. In Byzanium many of the elements of Rome's cosmopolitan Mediterranean civilization continue. Gradually however, Greek replaces Latin as the primary language in both society and government, and distinctive social, political and cultural traditions emerge. The central figure in the revival of the power of Byzantium is the Emperor Justinian, from 527 to 565. The lesson was mainly focused on "the Byzantine Emperor Justinian." As the lesson starts, the story of how Justinian came about restoring order in the city of Constantinople is told in a brief summary of about 2 paragraphs. "Fights broke out between the rival groups, and the fighting escalated into rioting in Constantinople's streets. The rioting continued for a week while Justinian and Theodora, safe withi n their palace, debated whether to flee or to attempt to restore order.

Sight And Blindess Of Oedipus The King Essay -- Sophocles Oedipus

Oedipus the King by Sophocles was a play written after a devastating plague struck the city of Athens in 430 B.C. The play is about how knowledge can lead to devastation and destruction based on how the characters find out the truth of the Delphic Oracle. Years before Oedipus became the king of Thebes, the previous king, Laius, had received a prophecy that his son would grow up to kill his father. With this information he gave his baby son to a sheperd to dispose of him. Years later Laius is murdered and the Sphinx emerges and locks down the city by refusing to let anybody enter or leave the city unless they can solve her riddle. The city is essentially under siege. But nobody knows the answer to her riddle. "What goes on four legs in the morning, two at noon, and three at night?" Everybody who tries to answer the riddle is killed by the Sphinx until one day a stranger comes upon the city. The Sphinx asks him the riddle and he simply replies, "Man." The stranger solves the riddle a nd the Sphinx throws herself to her death. The city opens up to him, he marries the widowed queen, becomes king of Thebes, and unwillingly begins to fulfill most of the prophecy. What is the meaning of sight and blindness for an understanding of Oedipus the King? But the reason Oedipus, who is the prince of Corinth, has come to Thebes, is to escape an oracle of his own. Before coming to Thebes he went to seek the Delphic Oracle to ask if Polybus and Merope were his natural parents. The Delphic Oracle replied: "You are fated to couple with your mother, you will bring a breed of children into the light that no man can bear to see Ââ€" you will kill your father, the one who gave you life!" With that information, Oedipus fled Corinth to run away ... ...im. Oedipus just continually wanted to have more knowledge and asks more questions to gain wisdom and it eventually becomes his downfall. Knowing the future may destroy a man; and it ruins the lives of two men in this story. Oedipus was blind to see the truth; he was also blinded by the prophecies. He ran away from home, killed his father, married his mother and has children with her. "But Oedipus' play does not end with these lyrics; he gradually gains a new strength and new understanding" (Segal 133). And the true meaning of this story is, ignorance is bliss. Works Cited Knox, Bernard M.W. Oedipus at Thebes. New Haven: Yale UP. 1957. Rpt. In Oedipus Tyranmus. Ed. Lucy Berkowizs and Thedore F. Brunner. New York: Norton, 1970. 148-165 Segal, Charles. Oedipus Tyranmus: Tragic Heroism and the Limits of Knowledge. 2nd. Ed. New Yourk: Oxford UP, 2001.

Earth Sociology Essay

The author of the book entitled Down to Earth Sociology focused his writings on conceptual issues regarding the social interactions of the people in everyday life including the aspect of understanding the individual experiences in the society and the analysis of the different dominant social cultures. The selections of the said book also emphasizes the different significant themes of the modern sociology including sociological analysis of the concept of gender, power, politics, sports, religion, racial tensions, crimes, poverty, homelessness, and the global outlook of economic capitalism. In this book, the author Henslin presented his ideas and analysis in the same scientific manner and process that is being implemented by the contemporary sociologist of the modern age. Through this, the book has able to critically analyze and present every intricate detail that is involved in the sociological research as guided by the main concept of the hypothesis. The book presented its views in relation to the present hypothetical concepts and theories in trying to explain and interpret the different social phenomena in the modern civilization. Included in the book of Henslin are detailed discussions of the different sociological theories that are guiding the research and development pursuit of the said field. These sociological theories are defined to have been developed at multiple levels, ranging from large theory to highly definite and explicit small-scale ones. Rather than thinking of one theory being excellent to the other theories it is more beneficial as well as informative to view these different theories as correlation with each other. One of the sociological theories on how to explain different phenomena that has been elaborated is the Structural-Functionalism, which is defined as a sociological theory that pertains on how to explain several social institutions as a means to be able to satisfy or fulfill the individual’s biological means. Another theory that has been discussed in Henslin’s book is the Conflict theory that is explained as a sociological theory that points out that society is not about unity or universal agreement but rather this theory is all about competition. According to this theory, society consists of different individuals who are competing for the limited supply of resources. An example of this conflict is in the Legislative branch of the United States Government wherein men are still viewed as more powerful and superior over women when it comes to the politics. As an effect, women’s privileges to express their opinions and ideas are still significantly limited. In this situation, it is clearly stated that there is a clash or conflict between genders, which also illustrate the obvious concept of inequality between men and women. Aside from the ones previously mentioned, another theory that was discussed by Henslin is the Symbolic Interactionalism that is discussed as a sociological approach on how to understand the proximity or relationship between human and society. The basic idea of Symbolic Interactionalism is that human action and interaction are only by means of exchanging substantial communications and symbols. Based on this theory, humans and lower forms of animals are different from each other because lower form of animals can easily respond to the environment while the human being has the capability to interrupt this process. In addition, lower forms of animals do not have the capability in conceiving different alternative responses to gestures unlike human beings they can easily grasp different gestures. Another theory is the Role Theory; this pertains to the different roles represented by an individual in their everyday lives such as the father, secretary, or friend. For instance, most people their notion or representations of secretary include: answering phone calls, making and managing appointments, filling different paper works, and typing memorandums. These different roles of a secretary could not be expected of professional basketball player. Basically, every individual have different personalities and roles in the society. In addition, the book entitled Down to earth sociology by James M. Henslin focused on real life situation in which all the readers can surely relate. Henslin’s book is indeed user friendly, entertaining to read and indeed valuable because it talks about actual life situations and social phenomenon. The sociological perspectives that is generally employed in the book enables the people to look below the surface of social life and examine different factors that shape our behavior, attitudes, and culture as well as our beliefs in life. Bibliography Henslin, J. M. (2005). Down to Earth Sociology. The Free Press, New York, USA. 13th Edition, Pages 281-296. ISBN 0743267605. Von Der Haar, Christine M. (2005). Social Psychology: A Sociological Perspective. Prentice Hall, USA. ISBN: 0130809837.

Zero Tolerance

In the article Zero Tolerance by Gary Bauslaugh, he asserts the claim that the policy of zero tolerance is a really bad idea and we should not be fooled by it.   I would like to support Mr. Bauslaugh, but the evidence which he presents does not allow me to fully support his point.   He reaches this conclusion based on the following ideas, one – the policy of zero tolerance promotes the abandonment of logic and reason, and two – zero tolerance is not about protecting the public (justice), but making politicians look good.   Based on these two reasons, the conclusion he reaches can be justified.   If a public policy lacks reason and does not protect the public, then it is a bad idea. Mr. Bauslaugh asserts that the policy of zero tolerance is based on the emotional reaction of public officials to threats to public welfare.   He makes this claim in the following sentences: â€Å"The current trend for public officials to talk of â€Å"zero tolerance† has arisen because it seems to express public frustration with the lack of justice in the world. It seems to say â€Å"we are fed up and aren't going to take it anymore.†Ã¢â‚¬    Ã‚  If indeed, the policy of zero tolerance is based on the emotional reaction of public officials, the claim directly supports the premise that logic and reason have been abandoned. He presents the argument that there have been other cases of irrational behavior on the part of the public, to satisfy emotional responses.   Mr. Bauslaugh draws a comparison between the witch hunts of the 16th and 17th centuries to the policy of zero tolerance.   He cries out â€Å"Are we immune, in modern times, to such superstitious extremism and zealous intolerance?†Ã‚   This is not an argument he is making in support of any premise.   Rather, what he is doing in this passage is making an emotional appeal to the audience based on the collective memory of unfair persecutions and the taking of life, not based on logic. The use of words such as extremism and zealous and intolerance impart heavy emotional weight to his statement.   This type of argument must be closely watched.   First, he does support his point that there have been emotional reactions in the past.   Therefore, the conclusion that this type of reaction is human and possible to occur again is true.   However, the emotional charge he has added to his thesis creates rhetoric which is not necessary if the argument is good. The second case of irrational public policy and behavior Mr. Bauslaugh sites is the war on drugs, which has resulted in the imprisonment of many young people.   Mr. Bauslaugh claims that this is an emotional response to a societal problem, not ruled by reason.   However, Mr. Bauslaugh does acknowledge that there is some reason in the policy on drugs, as acknowledges that some of the people in prison are drug addicts. He takes this opportunity to insert his opinion as to the policy of the war on drugs.   He states that these people need rehabilitation care to recover from their addiction, not jail sentences.   However, these statements do not support his implied claim that the war on drugs is another example of an emotional response to a social problem.   Therefore, this example does not give another example of an irrational public policy. Mr. Bauslaugh also uses the case of suggested sexual abuse cases, where women had suddenly â€Å"recovered memory† during counseling sessions.   Based on the communities emotional responses, the accused people were persecuted, some put in prison, and some committing suicide.   He states that the actions taken by the public were not based on substantiated facts. In this case, most of these instances have been discredited.   This gives strength to his claim that the public can act out of emotional response, leaving logic and reason out of the decision-making.  Ã‚   At this point, in the article, Mr. Bauslaugh has presented 2 valid cases that show that the public has made policy in the past based on emotional response to a problem. Now we will move to the real discussion Mr. Bauslaugh would like to make, that of the case of the destruction of a herd of water buffalo at Fairburn Farms.   He uses this example to support both claims – that the policy of zero tolerance is based on emotional response and that the policy is in place only to help politicians look good in front of difficult social problems. He states that this case shows the policy of zero tolerance to be one of unmitigated justice, a device for thoughtless and indiscriminating application of the rules, and direct opposition to justice.   If this is true, he implies that the policy of zero tolerance is based on emotional response and not logic.   However, even when a public policy is shown to be unjust and applied indiscriminately, this does not mean the policy is based on emotional response. Since Mr. Bauslaugh sets out to prove the injustice of the zero tolerance policy, and not the emotional basis of the policy, his implication that the policy is based on emotions is not supported.   The additional cases he has gathered which show a lack of logic and reasoning do not ultimately support his case, because there is no connection from emotionally created policies to that of zero tolerance.   Therefore, the only proof for Mr., Bauslaugh’s case is that the zero tolerance policy is unreasonable and does not promote justice. Mr. Bauslaugh uses one case to depict the policy of zero tolerance.   In the case of Fairburn Farms and the Archers, Mr. Bauslaugh is able to prove that the application of the zero tolerance policy was unreasonable.   He shows the fault of the Inspection Agency’s logic on the following points.   One, the Archers imported water buffalo from Denmark.   There has never been a case of mad cow disease among any water buffalo population.   Two, one cow was found infected in Denmark with mad cow disease. Three, mad cow disease cannot be transmitted via cheese, and that was the intention of use for the water buffalo.  Ã‚   And four, the Australians have been using water buffalo from the same region of Denmark for making cheese, with no adverse effects.   The effects of the decision on the Archers also exceeded the bounds of justice.   The Archers are setback in pursuing their livelihood and have to slaughter all of the original buffalo. Mr. Bauslaugh is able to prove that in the case of Fairburn Farms, the policy of zero tolerance is unreasonable and unjust.   However, by using this one case he does not prove his overall points that the zero tolerance policy is based on emotional reaction and that in general, the zero tolerance policy is a bad policy.   If Mr. Bauslaugh were able to provide additional arguments to support his claim, I may be able to agree with him.   But, based only on the arguments he has presented to me, I do not see just cause to say the zero tolerance policy is bad public policy.      

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red. 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 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 their offshore-plant businesses. Daewoo Securi ties Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan. [email  protected] om Three 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 shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be able to maintain their competitive edge regardless of the depressed shipbuilding market. Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders. 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 flow of major shipbuilders (L) Avg. share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2. 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 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 stock 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 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 advantages in the construction of large commercial vessels and offshore plants. We expect demand for LNG carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013. 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, 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 positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013. We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipa te Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3. Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, 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 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. We expect these trends will continue in 2013. We also anticipate major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders will need to take low price orders. 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 material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg. share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66. 7% 8 0 2008 2012 Source: Clarkson, press re lease, 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 Investment strategy & valuationWe believe the P/B of KoreaEs 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. In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp. nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone cris is and unstable global economy, shipbuilding shares are expected to trade between a P/B of 1. 0x~1. 3x. Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2. 0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Sec urities Research KDB Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.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$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD Source: Company Data, KDB Daewoo Securities Research Source: Company Data, KDB Daewoo Securities Research Figure 11. Sales breakdown by business unit (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 Construction Other Refinery Finance Green energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B trend Market cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3. 0x 2. 5x 2. 0x 1. 5x 1. 0x Source: Company Data, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,00 0 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6. 0x 4. 0x Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1. 5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0. 5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker Tanker 15 Figure 16. Newbuilding prices by vessel type (US$'000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$'000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3. 0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzho u Sumitomo Mitsui (ROE, %) 0. 0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17. 6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 17,290 Shares Ou tstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg Trading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2. 1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19. 36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20. 7 Relative -0. 9 -12. 6 -27. 1 One step back for two steps forward ? ? ? Targeting orders of US$29. 7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak share performance due to poor earnings and orders in 2012. However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings 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 are trading at a 2013F P/E of 8. 5x and a P/B of 1. 0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results. In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of 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 Egina project (US$2. 5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In a ddition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness. 4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The 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. Share price 130 120 110 100 90 80 70 60 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) 37,342 53,712 54,741 5 8,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5. 7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16. 7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11. 1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2. 5 1. 3 1. 1 1. 0 0. 9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6. 2 5. 2 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 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive 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 from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Ne t Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4. 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. 4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6. 0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Inta ngible 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 Total Liabilities Controlling Interests Capital Stock Capital 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 (Summariz ed) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and 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 Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance 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/Valuatio ns (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 Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity 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. 5 7. 1 5. 6 6. 8 5. 7 5. 0 1. 3 1. 1 1. 0 0. 9 5. 3 8. 5 6. 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. 1 10. 0 1. 6 0. 0 1. 8 1. 8 43. 8 1. 9 6. 7. 9 -13. 5 -36. 6 24. 5 10. 4 -18. 0 -45. 2 34. 0 13. 5 -38. 4 -32. 4 17. 6 20. 4 5. 9 6. 0 6. 1 6. 1 9. 3 8. 2 8. 2 8. 3 4. 1 4. 8 5. 7 5. 8 5. 7 3. 7 4. 1 4. 8 16. 7 10. 2 11. 1 12. 2 17. 3 7. 8 10. 0 11. 2 169. 6 156. 8 150. 0 134. 5 90. 5 110. 6 118. 2 124. 0 40. 8 45. 3 34. 1 22. 7 15. 7 6. 0 7. 6 9 . 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities 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. 1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading Value (60D, Wbn) 34 Dividend Yield (13F, %) 0. 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. 0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5. 05%) Price Performance (%) 1M 6M 12M Absolute -2. 7 4. 3 12. 3 Relative -1. 8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$1 4. 2bn and W14. 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 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 company is expected to win solid orders and display stable earnings in 2013. We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x and a P/B of 1. 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 are most optimistic on SHI among the thre e largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships. As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for both offshore plants and commercial vessels and 2) an increase in heavy-tail payments. 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 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. 7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28. 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. 9 P/E (x) 9. 5 7. 6 9. 6 9. 4 8. 6 P/B (x) 2. 1 1. 2 1. 5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5. 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 Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income N et Gain from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating 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. 9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8. 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. 2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Inv estments in Associates Property, Plant 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 Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders' Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activitie s Net Profit Non-Cash Income and 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 Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 -109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout rati o (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7. 6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12. 7 1. 8 1. 9 -3. 3 -19. 0 -14. 9 2. 8 23. 3 3. 2 4. 8 19. 4 15. 5 253. 4 91. 3 25. 8 57. 5 12/12F 9. 6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0. 0 0. 0 11. 1 6. 6 5. 7 9. 1 3. 8 27. 3 3. 7 5. 8 18. 4 18. 9 182. 7 117. 5 7. 2 57. 9 12/13F 9. 7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11. 6 0. 0 0. 7 -2. 4 -2. 2 0. 6 4. 0 27. 1 4. 0 6. 0 15. 8 16. 9 144. 5 126. 4 -10. 3 69. 5 12/14F 8. 6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0. 0 0. 0 5. 2 10. 1 13. 0 8. 7 4. 1 27. 7 4. 1 6. 4 14. 9 19. 1 121. 9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Sh ipbuilding Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18. 4 EPS Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9. 0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1. 58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46. 4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000. We expect HMD to maintain stable 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 and the value of its stake in Hyundai Heavy Industries (W1. 4tr; 8. 0% of outstanding shares), we believe that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x). Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean 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, fi nancing capability, 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 Heavy Industries Group. 3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuilding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry restructuring that is expected to end sometime in 2014. 1M 2. 5 3. 3 6M 6. 4 -2. 4 12M 11. 6 5. 3 Share price 160 150 140 130 120 110 100 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 OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9. 1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4 ,404 126 2. 9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6. 4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10. 6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4. 2 1. 0 13. 8 0. 9 8. 6 0. 8 6. 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 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive 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 from Inv in Associates Pretax Profit Income Tax Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit M argin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 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 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6. 0 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant 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 Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interest s 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 1,427 255 486 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 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 Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balan ce 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 (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) 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. 4 13. 1 10. 6 8. 5 12. 9 9. 8 8. 4 0. 8 1. 0 0. 9 0. 8 4. 2 13. 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. 9 20. 6 16. 6 1. 8 1. 6 1. 6 1. 6 11. 7 -4. 8 5. 0 5. 0 -40. 5 -56. 5 33. 4 14. 3 -44. 7 -66. 8 52. 2 20. 3 -59. 4 -34. 4 45. 2 23. 7 6. 1 4. 2 3. 9 5. 0 18. 1 17. 1 19. 5 19. 5 2. 5 3. 2 3. 8 3. 8 2. 3 1. 5 2. 2 2. 7 5. 5 4. 3 6. 4 7. 4 53. 8 8. 1 10. 7 15. 6 129. 6 175. 8 162. 5 146. 2 105. 6 111. 0 115. 1 119. 8 -18. 0 -4. 9 -16. 9 -27. 9 689. 5 45. 6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 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 Growth (13F, %) RR Market EPS Growth (13F, %) 19. 1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62. 6 52-Week Low (W) 10,00 0 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37. 38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to Hold from Trading Buy. We believe that the companyEs earnings and cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the 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 profit markedly due to high capital requir ements 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. Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. . 2) There is a growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near fu ture. 3) There are many labor-management 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 needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real estate market slump. Indeed, the company needs more capital to engage in the development project near the Incheon port. Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr). 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. 9 -54. 3 Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,8 92 108 3. 7 -97 2,547 63 2. 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. 1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1. 0 0. 5 0. 4 0. 4 0. 4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16. 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 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 from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controllin g Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating 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. 4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7. 0 2. 7 -0. 4 12/14F 3,071 2,764 307 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2. 7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant 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 Total Liabilities Controlling Inter ests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders' Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,687 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and 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 Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equi ty Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 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 Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19. 9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35. 9 -9. 8 RR 3. 3 8. 9 3. 2 -1. 3 -5. 1 2 . 4 276. 9 96. 3 163. 0 0. 5 12/12F -112. 3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0. 0 -11. 9 -25. 9 -41. 8 RR 3. 3 8. 0 3. 9 -1. 5 -5. 7 1. 4 278. 9 90. 0 166. 5 0. 3 12/13F 5. 9 0. 4 16. 9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31. 8 20. 1 RR 3. 6 9. 8 4. 1 -0. 2 -0. 6 2. 1 262. 6 87. 1 152. 8 0. 4 12/14F 10. 1 0. 4 18. 0 -466 989 24,030 0 0. 0 0. 0 9. 9 -5. 8 9. 9 RR 3. 6 10. 0 4. 0 -0. 5 -1. 8 2. 4 267. 0 81. 7 157. 4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies. As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financi al 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. , Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% Industry Ratings Overweight Neutral Underweight Fundamentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our inves tment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research 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 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 Certifica tion The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have 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 connection with this report.No part of t he 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 revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo Securities Co. , Ltd. except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently ve rified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, 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 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 any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principle s and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide inves tment banking, market-making or other financial services as are permitted under applicable laws and regulations. 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 investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a 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. n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U. 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. Securities Exchange Act of 1934. All U. S. ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates. Any U. S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc. , which accepts responsibility for the contents of this report in the U. S. The securities described in this report may not have been regi stered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U. S. or to U. S. ersons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd. , which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person.All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction. KDB Daewoo Securities International Network Daewoo Securities Co. Ltd. (Seoul) Head Office 34-3 Yeouido-dong, Yeongdeungpo-gu Seoul 150-716 Korea Tel: 82-2-768-3026 Daewoo Securities (Europe) Ltd. Tower 42, Level 41 25 Old Broad Street London EC2N 1HQ United Kingdom Tel: 44-20-7982-8016 Shanghai Representative Office Unit 13, 28th Floor, Hang Seng Bank Tower 1000 Lujiazui Ring Road Pudong New Area, Shanghai 200120 China Tel: 86-21-5013-6392 Daewoo Securities (Hong Kong) Ltd.Two International Finance Centre Suites 2005-2012 8 Finance Street, Central Hong Kong Tel: 85-2-2514-1304 Tokyo Representative Office 7th Floor, Yusen Building 2-3-2 Marunouchi, Chiyoda-ku Tokyo 100-0005 Japan Tel: 81-3- 3211-5511 Ho Chi Minh Representative Office Centec Tower 72-74 Nguyen Thi Minh Khai Street Ward 6, Di strict 3, Ho Chi Minh City Vietnam Tel: 84-8-3910-6000 Daewoo Securities (America) Inc. 600 Lexington Avenue Suite 301 New York, NY 10022 United States Tel: 1-212-407-1022 Beijing Representative Office Suite 2602, Twin Towers (East) B-12 Jianguomenwai Avenue Chaoyang District, Beijing 100022 China Tel: 86-10-6567-9699 KDB Daewoo Securities Research 17