...Introduction……………………………………………………………………… . 4 2. Market And Company Review……………….………………………….…. 6 2.1 Hong Kong Hotel Market industry……………………………………. ..… 6 2.2 Company Review………….…………………………..………………...… .. 7 3. Assessment of Profitability………………………………..…….…..….… . 8 4. Assessment of Operating Performance……………………………...... 10 4.1 Operating expenses……………………………………………………........ 10 4.1.1 Operating expenses ratios………………………………….…….... 10 4.1.2 Days Debtors and Days Inventory……………………………..… 11 5. Assessment of Liquidity and Cash Flow…………………..………. .. 12 5.1 Liquidity…………………………………………………………………….... 12 5.2 Solvency………………………………………………………………….….. 14 5.3 Cash Flow Analysis……………………………………………………..…. 15 5.3.1 Cash Flow from Operations (CFO)……………………….…… .. 15 5.3.2 Cash Flow from Investing (CFI)………………………….………. 16 5.3.3 Cash Flow from Financing (CFF)…………………………..…….. 16 6. Assessment of External Performance………………………..……..… 17 6.1 Price -earnings (P/E ratio)………………………………………..…….… 17 6.2 Earnings per share……………………………………………………...…. 18 6.3 Dividend Yield……………………………………………………… …....... 18 6.4 Dividend payout……………………………………………………… .….. 18 7. Conclusions………………………………………………………………. …… 19 8. Recommendations………………………………………….……….…..…… 20 References…………………………………………………………………….…... 21 Appendix……………………………………………………………………….…... 22 List of Figures Figure 1: Hong Kong Tourism Performance………………………………………… 6 Figure 2:...
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...I. Overview of the Hong Kong Capital Market Located in the heart of Asia, Hong Kong positioned itself to be a major international financial center of the continent. Its capital market is comprised of integrated network of institutions and markets which provide a wide range of products and services to local and international customers and investors. Hong Kong’s financial markets are characterized by a high degree of liquidity and operate under effective and transparent regulations, which meet international standards. The Government of the Hong Kong Special Administrative Region (HKSAR) abides by the principle of keeping intervention into the way in which the market operates to a minimum and has endeavoured to provide a favorable environment in which business operates. Its policy of low and simple taxation allows maximum room for business initiatives and innovation. There is a strong emphasis on the rule of law and fair market. There are no barriers of access to the market by foreign businesses and no restrictions on capital flows into and out of Hong Kong. Hong Kong’s privileged location in the Northeast Asia, on the other hand, makes it a gateway to China. Moreover, Hong Kong is situated at appropriate time zones that allow 24-hour continuous trading of foreign exchange and gold when the two markets in New York and London are closed. II. Financial Players and Intermediaries in Hong Kong Preview:A closer look at the financial markets As of July 2010, there were...
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...DigitalCommons@Pace. For more information, please contact rracelis@pace.edu. CASE STUDIES No. 26 March 2002 Disney in Asia, Again? by Raymond H. Lopez, Ph.D. Professor of Economics and Finance Lubin School of Business Pace University DISNEY IN ASIA, AGAIN? by Raymond H. Lopez, Ph.D. Raymond H. Lopez is Professor of Finance at the Lubin School of Business of Pace University. Introduction INTRODUCTION “We could be getting close to the time for a major Disney attraction in the world’s most populous nation.” 1 “I am completely confident that Chinese people love Mickey no less than they love a Big Mac.” 2 Early in 1999, Michael Eisner, CEO of The Walt Disney Company, voiced his opinions concerning potential markets for his firm’s entertainment products and services. A major thrust for the new millenium would be development in Asia. The firm had now achieved a certain level of experience with owning and/or managing assets and operations outside the United States. They had two competing models that would be utilized to analyze and ascertain the financial and operating structure of their next foray into the global business arena. Their first experience was Tokyo Disneyland. Modeled after Disneyland in California and located six miles from downtown Tokyo, the park opened in 1983 and was literally a cultural and financial success from its start....
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...Disney in Asia, Again? Raymond H. Lopez, Ph.D. Contact Person: Raymond H. Lopez, Ph.D. Pace University Lubin School of Business 1 Martine Avenue, 5th Floor White Plains, NY 10606 Tel: (914)422-4165 Fax: (914)422-4184 E-mail: rlopez@pace.edu December 2001 Disney in Asia, Again? “We could be getting close to the time for a major Disney attraction in the world’s most populous nation.” [i] “I am completely confident that Chinese people love Mickey no less than they love a Big Mac.” [ii] Early in 1999, Michael Eisner, CEO of The Walt Disney Company, voiced his opinions concerning potential markets for his firm’s entertainment products and services. A major thrust for the new millenium would be development in Asia. The firm had now achieved a certain level of experience with owning and/or managing assets and operations outside the United States. They had two competing models that would be utilized to analyze and ascertain the financial and operating structure of their next foray into the global business arena. Their first experience was Tokyo Disneyland. Modeled after Disneyland in California and located six miles from downtown Tokyo, the park opened in 1983 and was literally a cultural and financial success from day one. However, not all of the potential financial benefits accrued to Disney shareholders, since the facility was entirely owned by The Oriental Land Company. Disney generated a large and growing stream of fee...
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...CSR 2014 www.educationpost.com.hk/csr2014 MBAs and social responsibility The green trend in business Lowdown on courses and events Hong Kong Brazil Singapore Miami Manchester Shanghai Dubai 25 Nobel Prize Winners 22 4 Top in Hong Kong * | World 34 # | 6th in UK * | 14th in Europe * years in Hong Kong 3 Accreditations + Registration No. 250144. It is a matter of discretion for individual employers to recognise any qualification to which this course may lead. Source: * Financial Times ranking 2014 # Financial Times 3 year average rank (2012-14) + Part of 1% of business schools to be awarded tripe accreditation status (AMBA, EQUIS, AACSB) Original Thinking Applied CONTENTS CSR 2014 04 The Trend The rise of CSR in business education 07 Case Study 10 Teaching CSR 14 16 18 Event The green trend in business Advertorial Economy MBAs and social responsibility Industry 08 CSR 2014 Lowdown on courses and events Oil companies and MBAs: a pipeline for corporate social responsibility www.educationpost.com.hk/csr2014 MBS stresses importance of social responsibility Teaching China’s business leaders the importance of CSR PolyU means business when it comes to creating a better world 04 07 08 10 14 16 18 Corporate social responsibility will revitalise the world’s economy CUHK CSR case competition winner will be awarded a Swire...
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...largest bank in the United States by assets and market capitalization, JPMorgan Chase is a major provider of financial services with assets of $2 trillion and according to Forbes magazine is the world’s largest public company based on a composite ranking. Being one of Disney’s top 10 relationship banks, Chase was the third largest bank in the United States with more than $400 billion of assets and $175 billion of loans in 1999, and was a leader in the field of syndicated finance. In 1999, Chase was the lead arranger for 34% of total syndicated loans by dollar volume in the world’s largest market, the United States, compared to 21% for the next largest competitor.6 In the U.S. market for loans greater than $1 billion, its dominance was even more pronounced: it led 47.5% of the deals, three times more than its nearest competitor. Years of leading performance in the field of syndicated finance has led JPMorgan Chase a world’s well-known expertise in arranging large volume syndicated loans and thus significantly improved its returns as an underwriter, and its credit exposure as a lender, which reflect its high criteria of service. In addition to the great reputation, Chase has established relationships with many of the world’s famous companies and groups, which will bring it lots of business opportunities. It had over 400 professionals in its Global Syndicated Finance Group with offices in New York, London, Hong Kong, Tokyo, and Sydney. Each office had structuring...
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...Investing in a Rebound The 2010 A .T. Kearney FDI Confidence Index® The Global Business Policy Council is a strategic service that assists chief executives in monitoring and capitalizing on macroeconomic, geopolitical, socio-demographic and technological change worldwide. Council membership is limited to a select group of corporate leaders and their companies. The Council’s core program includes periodic meetings in strategically important parts of the world, tailored analytical products, regular member briefings, regional events and other services. Global Business Policy Council A.T. Kearney, Inc. 8100 Boone Boulevard Suite 400 Vienna, Virginia 22182 U.S.A. 1 703 891 5500 telephone www.atkearney.com I n the two years since A.T. Kearney released its last Foreign Direct Investment Confidence Index, the global economy has faced unprecedented turmoil—a housing market collapse, a banking system teetering on the edge, rising unemployment and falling sales across almost all industries. In the 2010 FDI Confidence Index®, we examine the future prospects for international investment flows in the context of these tumultuous times. While conditions have improved, senior executives at the world’s largest companies remain wary of investing during the current climate, and few expect a full turnaround before 2011. Amid the economic downturn of the past two years, several emerging markets remain attractive to foreign investors. China, India and Brazil are in...
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...International Management Project WS2015/2016 “Pure and Sensitive ” Nancy S AKUAMOAH 1879411 Submitted to: Prof Michael Erner This paper is a fictitious market entry project in partial fulfillment of the International Management Project course at Hochschule Heilbronn. It outlines a project plan for the launch of NIVEA baby products (PURE and SENSITIVE) on the Chinese market using Hong Kong as an anchor. 1 Table of Contents Chapter 1 ....................................................................................................................................... 5 Chapter 2 Company analysis ..................................................................................................... 7 2.1 History ................................................................................................................................ 7 2.1 Management Philosophy .................................................................................................. 7 2.2 Company strategy .............................................................................................................. 8 2.4. Competitive strategy......................................................................................................... 9 Chapter 3 Market Review ......................................................................................................... 10 3.1 Segmentation Targeting and Positioning of NIVEA BABY........................................ 11 ...
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...Tom’s months of hard work had resulted in a successful initial public stock offering (IPO). He faced the welcome challenge of making effective use of these new funds. FOSSIL’S CREATION AND GROWTH After he dropped out of Texas A&M, Tom set up business outside Texas Stadium in suburban Dallas. He worked as a ticket-broker, or as some would say, scalper, and sold enough hard-to-get tickets to sporting events and concerts to build his savings to over $200,000. In 1984, at the age of 24 and not looking forward to a future as a ticket scalper, he sold out to his partner and began a search for new opportunities. Tom’s older brother, Kosta, 31 at the time, was a merchandise executive at a large Dallas department store chain, Sanger Harris. Kosta had noted the recent success of Swatch fashion watches and was aware that watches and other goods could be imported from the Far East at very low cost. On a visit to Hong Kong, Tom studied a number of potential products for import including toys and stuffed animals before following Kosta’s advice and returned to the U.S. to develop a watch import business. Enlisting the aid of two friends, Lynne Stafford for her sense of design and Alan Moore who had a master’s degree in accounting, he invested his savings of $200,000 to found Fossil as a Texas corporation in 1984. Fossil’s initial purchase of watches from a Hong Kong manufacturer included some retro and jumbo designs that Macy’s thought were “hot,” and...
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...700707-07-5174 RIVERBANK ACADEMY SDN BHD NO 3-3 & 5-3, JALAN PUSAT PERNIAGAAN 1, PUSAT PERNIAGAAN SG.JELOK, 43000 KAJANG SELANGOR TEL: 03-87375009 FAX: 03-87395418 WEBSITE: www.riverbankacademy.com.my EMAIL: info@riverbankacademy.com.my 1 CONTENTS DESCRIPTION PAGE Executive summary Introduction To Standard Chartered Bank Introduction to Bond Sales & Literature Review Purpose of Study Objective of Study Problem Statement Literature Review Methodlogy Limitation of Study & Data Anaylsis Summary and Conclusions Recommendations page 3 page 4 page 15 page 19 page 21 page 23 page 25 page 27 page 29 page 31 page 32 2 Executive summary Business research functions to study the internal and external factors that affect profitability and market share for a company. There are several methods used in business research that helps executives to focus the energy of developers, production staff and distribution forces. The concept of sales "theory" or marketing "theory" is problematic. This is because these are really subsets of a broader microeconomic approach to the manipulation or creation of demand. The concept of "translating purchasing power into demand" is nothing other than this. Therefore, sales "theory and practice" is an aspect of microeconomics and revolves around the response to demand. Nowadays, it is very difficult to find dedicated employees who could be relied on when the going gets tough. It takes an encouraging supervisor to motivate an employee to stay on his/her...
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...This case study provides a glimpse at Research in Motion’s (RIM’s) entry into the Chinese market during a time when many distractions—principally a patent dispute with NTP—occupied management’s attention. Norm Lo had been in charge of the Asia Pacific region for eight months, though he had been with RIM for five years. Lo was successful in signing new partners throughout Asia, but China remained a difficult market to crack. One holdup was an impasse with regard to RIM’s use of encryption technology and the Chinese authorities’ desire to monitor e-mail traffic and content. Here the technical and political concerns were entangled. Even calling in Ontario Premier Dalton McGuinty to pay the Chinese federal authorities a visit (during a trade mission) provided no resolution. To further complicate things, the entirety of RIM had until recently been preoccupied with the legal settlement with NTP in the United States. There was much concern that NTP’s patent infringement claims could sink or substantially stymie RIM’s economic progress. Even as the NTP matters were settled, additional distracting infringement suits arose. Those holding patents thought they could get rich just by having a lawyer knock on RIM’s door. The study shadows Norm Lo trying to bring BlackBerry’s entry into mainland China to fruition. Should he “play hardball?” Is slow and steady going to do it? Is RIM getting walked all over in China, or is this what an outside firm should expect? Wishful...
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...DETERMINANTS OF FDI IN CHINA DETERMINANTS OF FDI IN CHINA Shaukat Ali and Wei Guo1 ABSTRACT Why and how firms take advantage of foreign opportunities, especially via foreign direct investment (FDI) has been much documented. China, as a major emerging market, has attracted significant flows of FDI, to become the second largest receipt. This paper briefly examines the literature on FDI and focuses on likely determinants of FDI in China. It then analyses responses from 22 firms operating in China on what they see as the important motivations for them to undertake FDI. Results show that market size is a major factor for FDI especially for US firms. For local, export-orientated, Asian firms, low labor costs are the main factor. The paper concludes with managerial implications for businesses wish to exploit opportunities in China. INTRODUCTION The past few years has seen a tremendous growth of foreign direct investment (FDI) that has exceeded both world output and world trade. China is by far the largest recipient, and in 2004 surpassed the USA as host destination. It has consequently attracted an increasing attention from multinational businesses. Since China adopted the reform and opening-up policy in the late 1970s, foreign investment has played an increasingly important role in its economic growth. According to the World Investment Report for 2004 by the United Nations Conference on Trade and Development, China absorbed a total of US$53.5 billion worth of ...
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...CASE STUDY 129 BlackBerry in Red China: Research in Motion Navigates Institutional Barriers in an Emerging Market By Prescott C. Ensign Nicholas P. Robinson Research in Motion’s (RIM’s) entry into the Chinese market during a time when many distractions—principally a patent dispute with NTP—occupied management’s attention was not a foregone conclusion. China remained a difficult market to crack. One holdup was an impasse with regard to RIM’s use of encryption technology and the Chinese authorities’ desire to monitor e-mail traffic and content. Here the technical and political concerns were entangled. To further complicate things, the entirety of RIM had until recently been preoccupied with the legal settlement with NTP in the United States. Issues in this study highlight real-world dilemmas in a thriving firm. The founders are still in charge, and new markets present themselves regularly. A very real challenge is divided attentions. The standstill over market entry calls for integrative thinking—bringing together disparate and contradictory elements for resolution. RIM’s way out will invariably involve embracing complex relationships in order to find a resolution to the various conflicting institutional forces. © 2008 Wiley Periodicals, Inc. Correspondence to: Prescott C. Ensign, University of Ottawa, Telfer School of Management, 55 Laurier Avenue East, Ottawa ON, K1N 6N5, Canada, 613.562.5800 x4925 (phone), ensign@telfer.uOttawa.ca. Published online in Wiley InterScience...
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...Study of Hong Kong and other Chinese Cities Hong-kin Kwok Published online: 7 March 2012 Ó Springer Science+Business Media, LLC 2012 Abstract Understanding the encounter of different generations may be a determining factor in the success of organizations. In order to have a clear understanding about the new generation, this article examines the working encounter of Generation Y. Generation Y in the Hong Kong Special Administrative Region and four cities in mainland China were studied. How the social environment influenced their attitudes and behavior in work and geographical mobility, and how geographical mobility created problems to the migrants were studied. We find that the Generation Y in Hong Kong is facing more competition than the Generation Y in mainland. In geographical mobility, most of the respondents accept geographical mobility. The findings provide some insights on how the social environment shapes the generation. Keywords China Á Generation Y Á Geographical mobility Á Globalization Introduction Nowadays, human resource managers and owners are becoming interested in how to recruit, manage, and work with people from different generations in the workplace. Understanding the attitudes of different generations will be H. Kwok Department of Sociology and Social Policy, Lingnan University, 8 Castle Peak Road, Tuen Mun, Hong Kong, China H. Kwok (&) Flat S, 11/F., Braemar Terrace, 1 Pak Fuk Road, North Point, Hong Kong, Hong Kong SAR, China ...
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...Introduction Marks & Spencer Plc (from now on M&S) is an international retailer with 718 locations across 34 countries. The group sells clothing, footwear, gifts, home furnishings and foods under the St. Michael trademark in its chain of 294 stores in the United Kingdom. Approximately half of the group's overseas stores are franchised to local partners. The group also owns the clothing retailer Brooks Brothers and the Kings Super Markets chain in the United States of America. Direct mail helps M&S meet the core objective of providing customers with wider, easier access to their products such as home furnishings, flowers, hampers and wine. The financial services comprise of operations of the groups financial services companies providing account cards, personal loans, unit trust management, life assurance and pensions. Retailing accounted for 96% of fiscal 2000 revenues and financial services, 4%. The company was always considered to have a great management support that helped in its growth. But the last years, M&S’s managers seem to fail on their strategic decisions, leading the group to lower and lower sales and profits. The share price is also dropping and shareholders feel insecure for the future (figure 2). Group structure and financial performance The group’s performance measures for the year ended at 31 March were disappointing (figure-5). The return on equity ratio and the earnings per share were zero as the company had only £1.3m profit this year. For the...
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