...through its subsidiaries, engages in the ownership and operation of restaurants in the United States. It owns and operates two restaurant concepts, P.F. Chang's China Bistro and Pei Wei Asian Diner. STOCK PERFORMANCE (%) 3 Mo. Price Change 32.17 GROWTH (%) Revenues Net Income EPS Last Qtr -1.88 109.58 -15.63 12 Mo. 0.30 26.11 8.55 3 Yr CAGR 9.97 2.73 9.70 Weekly Price: (US$) 1 Year 2 Years 55 50 45 40 35 TARGET PRICE $54.35 TARGET PRICE $54.35 TARGET PRICE $54.35 PRICE $54.35 1 Yr. 131.08 3 Yr (Ann) 0.36 30 25 20 15 Rating History HOLD Volume in Millions BUY 20 10 RETURN ON EQUITY (%) PFCB Q3 2009 11.86 Q3 2008 11.87 Q3 2007 10.70 P/E COMPARISON Ind Avg 9.91 25.50 33.38 S&P 500 3.25 9.77 15.84 2008 2009 2010 0 COMPUSTAT for Price and Volume, TheStreet.com Ratings, Inc. for Rating History RECOMMENDATION We rate P F CHANGS CHINA BISTRO INC (PFCB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel these strengths outweigh...
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...asset that all people need and of course want more of. Choosing your professional career can be a very tough decision between the jobs that will provide a higher income or the outcome of your personal satisfaction. Indeed having a high-paying job saves the financial stress that millions of people have, but what happens when your satisfaction runs out? Society has brainwashed each other to believe that the higher the income the happier you are, but is money really the key to happiness? Working for the satisfaction can make an employee develop stronger and steady goals rather than someone that dreads going into work could create more of a negative attitude towards work. There are other things that are by far way more important than salary when deciding on a job or career. Researching the truth if money really can buy happiness is a study that takes more than just filling out a bubble survey. Lisa Henderson, author of the 2010 Salary and Satisfaction Survey, mentioned that more pharmaceutical companies are looking for more regulatory, stronger qualities, and knowing the clinical roles while hiring employees. Henderson (2010) also states that employees struggle with the workload pressure that tan employee can develop due to not being fully satisfied with the work environment. Situations that threaten your personal income or the fear of unemployment create an enormous level of stress. Authors Bang-Cheng Liu and Thomas Li-Ping Tang developed a study in China on the satisfaction...
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...Insights No. 96 May 2012 The Middle-Income Trap: Comparing Asian and Latin American Experiences by Anna Jankowska, Arne J. Nagengast and José Ramón Perea ♦♦ Chinese Taipei; Hong Kong, China; Korea and Singapore (the East Asian Newly Industrialised Countries or NICs) have been successful in attaining income convergence with high-income countries while Latin American countries remain caught in the Middle-Income Trap. ♦♦ The East Asian NICs pursued export-led growth by targeting strategic industries which facilitated gradual diversification and upgrading into new products that required similar skills and inputs. ♦♦ Comparing the experience of the NICs to Latin American economies reveals that successful diversification and upgrading of a country’s export structure requires coherent and complimentary policies in the areas of education, infrastructure, innovation and access to finance. The experience of Latin American with the Middle-Income Trap has been very different from that of the NICs. While the latter were able to surpass middle-income status in a relatively brief period of time, Latin American countries have remained in the middle-income zone for decades. This contrast can serve as an illustrative basis for comparison for new countries entering the middle-income group. The East Asian NICs’ recipe for income convergence: gradual upgrading towards higher value industries The Asian NICs’ experiences suggest that escaping the Middle-Income Trap is a function of structural transformation...
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...The study of Chinese Canadian women looked at why there is a higher cervical cancer incidence and lower screening test rates that the general Canadian population. British Columbia has a high population of Chinese immigrants that have twice the incidence of cervical cancer than the white women population (Hislop et al, 2003). This study discusses the Cervical Cancer Screening Program (CCSP) that was first established in British Columbia. Although the program has been effective, there continues to be more than 1.3 million women that have not been recently screened (Hislop et al, 2003). The importance of the study was trying to determine facilitators and barriers among the Chinese population and use the information to improve the program and continue education about Pap testing that is culturally and linguistically appropriate for the Chinese community (Hislop et al, 2003). The Precede-Proceed model was used to determine predisposing, enabling, and reinforcing factors by comparing women who had never had a pap test in relation to women who had, but not within the last 2 years. The Precede-Proceed model was the conceptual framework used for development and analysis of the survey questionnaire and interviews. There are 10 steps in the model. The first five deal with defining and analyzing the problem and establishing the objectives and the last 5 involve implementation/ follow-up and evaluation (Hislop et al, U.S. Dept of Health and Human Services, 2003, 2011). First...
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...in the financial crisis 2008. As changing in government regulators and American banking system, US still the largest and richest economy, with a normal GDP more than twice the size of China. But according to Paulson, he warns “It’s not a question of it, but when, China’s financial system, particularly the trust companies, will face a reckoning and have to content with a wave of credit losses and debt restructuring”. Obviously, we need China to help power global growth, balance global investment flows. That’s why in his new book, Paulson argues that the United States needs a more clear-eyed, coordinated and consistent approach toward the formidable challenge from China. If they need more investment from China, they should be more open to Chinese investment. No one can ensure that whether the...
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...is the world’s largest cosmetics company, which has developed activities in the field of cosmetics, concentrating on hair color, skin care and so on. In 1973, L’Oréal purchased Synthelabo to pursue its ambitions in the pharmaceutical field. Later on, Synthelabo merged with Sanofi in 1999 to become Sanofi-Synthelabo, which merged with Aventis in 2004 to become Sanofi-Aventis. In the same year, L’Oréal acquired Yue Sai. L’Oréal also purchased The Body Shop in 2006 and acquired major Chinese beauty brand Magic Holidings in 2014. Timeline of L’Oreal Group II. Current Situation and Major Issues 1. Current Situation 1) Global market: L’Oréal is the world’s largest cosmetics company, with worldwide sales of €19.5 billion in 2010. 2) Chinese market: * L’Oréal is the second largest beauty and skincare player in China and No.1 in the luxury segment. Five of its brands, including Lancôme and Maybelline New York, are No.1 in their respective categories. * However, the acquired Chinese brand- Yue Sai does not perform well. a. No substantial profit b. Barely improved sales 2. Major Issues * L’Oreal wants to expand its market share in China’s cosmetics market but it meets some specific problems on...
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...Powered by S&P Capital IQ INDUSTRY SURVEYS Technology Hardware, Storage & Peripherals April 2015 ANGELO ZINO, CFA Equity Analyst www.spcapitaliq.com 2 April 2015 INDUSTRY SURVEYS Technology Hardware, Storage & Peripherals PERFORMANCE Sector Overview Industry Overview Revenues Expenses Profits & Margins Valuation Capital Markets INDUSTRY PROFILE Trends INQUIRIES & CLIENT SUPPORT 800.523.4534 clientsupport@standardandpoors.com SALES 877.219.1247 wealth@spcapitaliq.com Key Ratios And Statistics CONTACTS How The Industry Operates How To Analyze This Industry Glossary Industry References Comparative Company Analysis MEDIA Michael Privitera 212.438.6679 michael.privitera@spcapitaliq.com S&P CAPITAL IQ 55 Water Street New York, NY 10041 All of the views expressed in these research reports accurately reflect the research analyst’s personal views regarding any and all of the subject securitiesor issuers. No part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. For important regulatory information, go to www.standardandpoors.com and click on Regulatory Affairs and Disclaimers. Copyright © 2015 Standard & Poor’s Financial Services LLC, a part of McGraw-Hill Financial. All rights reserved. 3 April 2015 INDUSTRY SURVEYS Technology Hardware, Storage & Peripherals ...
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...Introduction Professor Elvin renders Chinese history through an economic perspective instead of using the common dynastic classification by attempting to answer three questions: -What contributed to the continuity of the Chinese empire? -Why was the Chinese economy the most advanced in the world from the Song dynasty (960-1279) up until the latter half of the Qing dynasty (mid-1800's)? -Why did China fail to maintain her technological advantage after the mid-fourteenth century while advancing economically? Part One In the first section of the book, the author elucidates the staying power of the Chinese empire was due to the following factors. The economics of defense in relation to the size of empire and the power of its neighbors never became an extreme burden that it rendered the state impotent for any consecutively long period of time. It was always able to reformulate itself after a short disunity or rule by a foreign power of the whole, which only happened twice within a two thousand year period (Mongol and Manchu rule). Two other factors that contributed to the continuity of the Chinese state include a relatively isolated existence from the rest of the Eurasian landmass and the important placed on cultural unity, beginning with the first emperor's destruction of local records in order to quell local loyalties (pp.21-22). Both of these factors had been built up over time through a revolution in communication and transportation. Part Two The second section of the book...
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...effects are short-term while others are long lasting. Opium use overdose can cause anxiety, chills, coma, constricted pupils, depression or usual weakness. It is a very addictive drug, making it very important for proper monitoring of its use (Lovell, 5). Two Opium in China was not first introduced by the British. Opium was first introduced in China by both the Turkish and the Arab traders in the early 7th Century. The British only helped in the growth of the opium trade in China. They developed the various opium traffics in the 18th and 19th centuries. The British took advantage of the opium grown in India and sold it in the growing opium market. The British only used the trade of opium in China to have their hands on the Chinese silk, pottery work, and tea. British used opium trade to fix the trade imbalance between...
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...“LAST TRAIN HOME” A CASE STUDY OF THE CHINESE RURAL MIGRANT WORKER Introduction China's massive population has always been a major difficulty for the government as it has struggled to provide for it. The major economic changes of China in the last decade have brought on new and different economic and social challenges. Some of these issues are depicted in the documentary film “Last Train to China.” The purpose of this paper is to discuss some of these points that the film brings to light and see how they affect China today. Media reports on social and economic conditions in China present a contradictory picture. The cliché that hundreds of millions of people have been 'lifted out of poverty' is repeated again and again, alongside lurid accounts of worsening social problems which threaten to engulf the country in conflict. Both of these claims have a basis in fact. Most people, not only the rising class of millionaires, have gained materially as a result of China's huge increase in GDP. However, because of the increased role of the influence of the market and the breakdown of socialist institutions, this added wealth has been accompanied by many damaging effects such as mass unemployment, inhumane and dangerous working conditions, and inadequate health care. Some of these effects and the consequent breakdown of the traditional Chinese social structures, especially in the rural areas are seen in real life in the “Last Train”, and will be analyzed in this paper. ...
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...has not been able to penetrate the international markets as well as Avon did. The head of MKC’s Dandurand has identified at four reasons, according to the case study. Dandurand’s analysis of MKC’s limited international success was due the following reasons: 1. Marking strategy: MKC applied its U.S. marketing strategy to different foreign markets without making sufficient local modifications. For example, the application of its U.S. style one-on-one, personal, and direct selling strategy to countries outside the U.S. did not always work well because it did not fit local culture and customs. 2. Pricing: MKC’s overseas pricing strategy was a replicate of its U.S. strategy without much consideration of the local market condition such as the income level and buying power of the customers living in those less developed countries. 3. Communication: There are many layers within the company’s organizational structure that caused communication and decision issue between its headquarter, regional offices, and local subsides. 4. Products: MKC’s product line has 225 SKUs while Avon has 1500 SKUs. Considering the type of skin of Americans as opposed to Asians, MKC provided limited selections for its overseas customers to choose from. 5. Brand awareness: MKC has a poor image overseas. Dandurand blamed the company did not provide sufficient marketing resources to develop its brand. According to the case, a market research conducted in 1993 indicated that “MKC was perceived by some Canadian...
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...Introduction The origin of the Chinese culture derives from the Mainland China. This culture is the world’s oldest and most complex civilizations with the history of more than 5,000 years. According to Wikipedia, “Chinese culture (Chinese: 中華文化) is a broad term used to describe the cultural foundation, even among Chinese-speaking regions outside of mainland China.” It is a broad term that covers almost all the aspects of life and the Chinese culture is considered very rich. Culture is defined as “the ideas, beliefs, and customs that are shared and accepted by people in a society” (Longman Dictionary of Contemporary English, 1995). In every culture, one aspect is considered essential and that is politeness. It goes the same with the Chinese culture where politeness is hardly regarded and one element under politeness is highly crucial, which is the importance of ‘face’ or face work. Politeness is best expressed as the practical application of good manners or etiquette. Politeness can vary from one culture to another and what is considered polite in one culture might be considered not in another. Politeness includes behaving and speaking correctly with consideration of other people’s feelings. For example, giving your seat to a disabled person in the LRT. Since culture is considered the institution of life, politeness is highly dependent on its culture. It goes the way the culture goes and it shapes the society under that particular culture through the family up-bringing...
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...would dream of driving themselves everyday, but still don’t have ability to buy their own car yet. This group of people always enjoys new technology things and they spread out the messages to peers soon. So more and more people get to know about Uber and want to try them. Supply In order to survive in the Chinese market, Uber’s first action was lower the price to ingratiate the citizens who are from different income levels to enjoy this car service. They offer things, for example: coupons as the gift to attract more consumers. After a long while, the consumer is already adapted to Uber’s service, even Uber has adjust the price higher now and they do not provide discount or coupons anymore, the customers are still willing to pay and enjoy the service that Uber has provided. And, in technology aspects, Uber did a great job than other companies, like the GPS is more accurate than other car-hailing service application. Localization Another important reason that Uber have a good development in China because they are having a partnership with Baidu which provide the company a local service. Firstly, Baidu offer a local payment tool (baidu wallet) due to Chinese people don't like to use credit card, visa. And this kind of payment is quite convenient for customers. After that Baidu also provide baidu map to let Uber make a better...
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...Foxconn emerged as the leader supplier of electronics for world leading companies that included not only Apple but also other household names such as Sony, Dell and Nintendo Chinese integration with the world economy resulted in a rapid increase of wages and the wealth of the Chinese people. Not only were Chinese wages low, but also so was its unit labor cost, that is, wage as a percentage of labor productivity Foreign investors in these zones received special advantages, ranging from concessionary tax policies to exemptions from export and import duties for equipment and instruments. Chinese state owned enterprises (SOEs) who received subsidies in the form of grants and tax breaks but were running at a loss were under particular scrutiny and were expected to phase out within five years as stipulated by the Agreement on Subsidies and Countervailing Measures China’s economic development had been and continued to be driven by industrialization an increase in the share of manufacturing and a decline in the share of agriculture as a fraction of GDP The Chinese labor force was on of the indispensable factors in achieving economic advancement The workers spent their wages they increase the demand for consumer products contributing to further industrialization. In China the surplus of workers was so great and its industrialization as a catch up economy so rapid that the necessary demand came not only domestically but also crucially from abroad China’s rise as a manufacturing...
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...Executive Summary In today’s business environment, the economic boundaries become blurred because of the rapid development of technology which shortens the distance between countries. As different countries have different culture, language, political, geographical and economic factors, we should know how to take advantages from other countries to maintain competitiveness to gain success in the global marketplace (Rothenberg LE 2003). GARSON Corporation is one of the most famous automobile accessories companies in Japan and it already expanded its business to United State as the first step of internationalization. In this report, we are going to explore the possibilities of expanding business in China. The report includes the analysis of the existing automobile accessories market in China, and the country analysis from different perspectives is used to see if China is a good environment to expand the business in it. It is then recommended with the internationalization process, market entry strategy, human resources management strategy in investing in China. All the analysis can help GARSON to confirm its move to investing in China as its 2nd country for business expansion. It also raises some points for GARSON to pay attention to when investing in China. 1. Company Background GARSON Corporation is an automotive accessories company which is originated in Japan. It is established in July 1990 and is dedicated to research and development of high-grade automobile accessories...
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