...Marble Cluster Strategy February 2006 CCCA OTF Confidential Information — Copyright © 2004 by OTF Group, Inc Afg Marble DGE 01-06 1 Agenda Introduction to the OTF Group & the Afghanistan Competitiveness Project Step 1: Situation Analysis Step 2: Setting Goals Step 3: Understanding Marble Buyers’ & Importers’ Needs Step 4: Articulate Afghan Marble Positioning Step 5: Develop Action Guidelines Afg Marble DGE 04-09-05 2 OTF Confidential Information — Copyright © 2004 by OTF Group, Inc 1 Who is The OTF Group? The OTF Group (OTF = On The Frontier) is a private sector consulting firm that provides cutting-edge solutions to help firms and industries in emerging markets confront the challenge of developing successful business strategies. Confidential Uganda Trade Statistics Analysis Fixed Investment as a Percentage of GDP Uganda’s Fixed Investment as a Percentage of GDP vs. Selected Nations, 1981-1995 Japan Korea, Rep. Tanzania United States Kenya Sudan Uganda Zair e 50% Tension Moral Purpose OTF Client List (Partial) World Bank Group 40% Percent of Nation’s GDP 30% 20% Leadership 10% 0% 1 981 1983 1985 1987 1989 1991 1993 1995 '89 '91 '93 Receptivity Note: Statistics for years not represented on the chart were not reported Source: World Bank, World Development Indicators, 1997 XCG-ACM-Uga nda- 4-2 0-98 -JR 4 Copyr ight © 1 998 M onito r Comp any, In c. — Confid ential — CAM ...
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...Sri Lanka | Beverage, Food & Tobacco Initiation of coverage EQUITY RESEARCH 19 December 2013 Cargills (Ceylon) PLC (CARG.N0000) A consumption play Cargills (Ceylon) PLC (CARG) is the largest organized food retailer by market capitalization listed on the Colombo Stock Exchange (CSE), and also manufactures a range of fast-moving consumer goods (FMCG) and operates a fast-food chain. The company is majority owned by its parent company CT Holdings PLC (CTHR), itself one of the largest traded conglomerates on the CSE. We expect the typical signs of consumption growth, such as rising GDP and private consumption expenditure, to support CARG’s revenue growth, at an 11.3% CAGR over FY14E-FY16E. We also forecast CARG’s EBIT margin to expand to 4.3% in FY16E from 4.1% in FY13. Margin development across all segments is likely to be tempered by persisting high operating costs, particularly electricity and fuel expenses, as well as currently underwhelming results from the brewery and biscuits businesses. CARG’s debt and gearing levels in the past three years have risen due to a string of acquisitions and investments to expand capacity of several product lines. Our SOTP and P/E analyses yield a valuation range of LKR110-149, compared with the share price of LKR149 as of 18 December 2013. We forecast revenue to post an 11.3% CAGR over FY14E-FY16E as consumption levels are set to improve. CARG’s revenue is likely to be driven by its retail segment, which we forecast to also grow at an 11.2% CAGR...
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...Sri Lanka | Diversified Holdings Initiation of coverage EQUITY RESEARCH 5 September 2013 CT Holdings PLC (CTHR) Cashing in on consumption growth CT Holdings (CTHR) is the fourth-largest Sri Lankan diversified company by market capitalization. The company holds controlling interests in Cargills (CSE ticker: CARG, CTHR’s 70%-owned food retail company), the country’s largest chain of supermarkets, as well as in several companies in the food processing, restaurant, real estate, entertainment and financial services sectors. We expect CTHR’s revenues from continuing operations to post an 11.1% CAGR over FY14E-FY16E and net margin to expand 40bps to 2.3% by FY16E. Rising disposable income should continue to boost consumer demand and benefit Sri Lanka’s modern food retail market, driving CTHR’s retail and wholesale distribution segment (84% of revenue in FY13) at an 8.8% CAGR over FY14EFY16E. We expect margins to benefit from higher food sales and economies of scale in food processing. However, high finance costs resulting from CTHR’s recent spate of acquisitions may pressure earnings. We arrive at a valuation range of LKR126-153 for CTHR, compared with the current share price of LKR140, as at 4 September 2013. Sri Lanka’s organized food retail penetration grew to 15% in 2012 from 10% in 2004. This growth was supported by rising disposable income (12.6% CAGR over 2010-2012) and a slowly increasing preference for shopping at modern retail outlets. However, penetration remains lower...
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...62118 0/nm 1/n1 2/nm 3/nm 4/nm 5/nm 6/nm 7/nm 8/nm 9/nm 1990s 0th/pt 1st/p 1th/tc 2nd/p 2th/tc 3rd/p 3th/tc 4th/pt 5th/pt 6th/pt 7th/pt 8th/pt 9th/pt 0s/pt a A AA AAA Aachen/M aardvark/SM Aaren/M Aarhus/M Aarika/M Aaron/M AB aback abacus/SM abaft Abagael/M Abagail/M abalone/SM abandoner/M abandon/LGDRS abandonment/SM abase/LGDSR abasement/S abaser/M abashed/UY abashment/MS abash/SDLG abate/DSRLG abated/U abatement/MS abater/M abattoir/SM Abba/M Abbe/M abbé/S abbess/SM Abbey/M abbey/MS Abbie/M Abbi/M Abbot/M abbot/MS Abbott/M abbr abbrev abbreviated/UA abbreviates/A abbreviate/XDSNG abbreviating/A abbreviation/M Abbye/M Abby/M ABC/M Abdel/M abdicate/NGDSX abdication/M abdomen/SM abdominal/YS abduct/DGS abduction/SM abductor/SM Abdul/M ab/DY abeam Abelard/M Abel/M Abelson/M Abe/M Aberdeen/M Abernathy/M aberrant/YS aberrational aberration/SM abet/S abetted abetting abettor/SM Abeu/M abeyance/MS abeyant Abey/M abhorred abhorrence/MS abhorrent/Y abhorrer/M abhorring abhor/S abidance/MS abide/JGSR abider/M abiding/Y Abidjan/M Abie/M Abigael/M Abigail/M Abigale/M Abilene/M ability/IMES abjection/MS abjectness/SM abject/SGPDY abjuration/SM abjuratory abjurer/M abjure/ZGSRD ablate/VGNSDX ablation/M ablative/SY ablaze abler/E ables/E ablest able/U abloom ablution/MS Ab/M ABM/S abnegate/NGSDX abnegation/M Abner/M abnormality/SM abnormal/SY aboard ...
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