A Review On Barcode Technology Deices Information Technology Essay

A Review On Barcode Technology Deices Information Technology Essay The case involves in a study of comparison between the two technologies that are being used Barcode Technology and RFID Technology. The highlights of companys sales and cost that it has incurred is been given by its CEO Mr. Jack Bracket The company has grown its sales to $78 million The cost of goods sold is $61 million The inventory level of the company is about $14 million The company has three factories each at Ohio, Kentucky, South Carolina Company has Service First has its most important competitive priority. The company does mostly pre-production services and also post production services. The company currently uses Barcode technology for scanning all the components moving out of its inventory and for shipping too. BI scans about 8, 850 items per day in all the 3 factories A average BI employee works for about 2000 hours and he has annual pay of $55, 000 inclusive of benefits These are some of the highlights that have been provided for us. Now that Mr. Jack Bracket is considering changing the Barcode technology to RFID technology. The RFID vendor provided the company the following inputs: Barcode takes 10 seconds to scan one item (this includes all the allowances and the time taken for the employee to go to the item and scan the item). The time taken to replace a defective barcode is about 5 minutes. The amount the company has to spend on installing the RFID technology is about $620,000 and $480, 000 for all training and consulting services. The time for RFID to scan a item is 2/100th of a second or instantaneous. The % of error for a bar code technology is 2% over the year for total reads and that for RFID is .2% The average money spent on a misread items was guessed to be approximately about $4 The other benefits of the system such as inventory control and reduce misplacements and reduce in theft were not quantified. 1. Summarize the advantages and disadvantages of RFID systems. How does RFID compare to bar-coding? Did you find any RFID applications for services? Advantages of RFID Technology: The RFID technology does not need line of sight as in the case of the barcodes thereby reducing the amount of space dedicated for it There are various types of RFID and can store lots of data in it. Reduce in the labor force. Decrease in the inventory Good inventory control Reduces the theft and misplacements and increases the security of the product as it can be tracked wireless. Measurement of the inventory level is accurate now due to RFID. Disadvantages of RFID technology The RFID technology is too expensive when compared to the bar-code technology. The passive RFID which is the cheap form of RFID needs a power source to transmit the information to the system. Interference from other equipments in the factory may disturb the transmission of the information to the system. The transmitting of the radio frequency in a pallet containing steel or liquid may be difficult some times. The RFID tags if worn out or removed from the item it may create a confusion. (These data and the information were collected from the websites of various supply chain companies and wireless guides such as: www.ups-scs.com; www.wireless-tracking-advisor.com) Comparison between the two technologies: Criteria RFID Technology Bar-code Technology Cost Costly Relatively Cheap Labor Not much manpower required Labor required higher than RFID Amount of Data that can be stored Maximum amount of data can be stored Not much data can be stored Scanning time 2/100th of second 10 seconds for one item Error% .2% 2% Read/Write There is read write options in RFID There is no such options they are generally read only Applications of RFID Technologies: The RFID technology has various applications in various fields. The RFID has been extensively used in the supply chain management in any manufacturing industry and it has got other applications in the inventory control of the factory. The RFID in the inventory control provides more profit for managing the inventory. The RFID has also got applications in the hospital industries and other industries which needs tracking of its products. 2. What is the payback for this possible RFID adoption? The RFID technology can scan a single item instantaneously or in 2/100th of a second when compared to 10 seconds for a single item for a Bar-code technology. This shows that there is an increase in the productivity of the product for the reason that it can scan more items than the barcode technology thereby decreasing the cycle time and increasing the production rate The RFID needs less manpower compared to the barcode technology. This shows the amount of money spent on the manpower is reduced. The amount of money spent on the technology can be recovered by this. More data can be stored in the RFID than in the barcode technology and these influences in many factors which provide more profit to the factory such as: More productivity Less labor More accuracy Less inventory Less inventory control More security Less inventory audits and inventory checking 3. What do you recommend Mr. Bracket do in the short and long terms? Explain your reasoning. Radio frequency identification (RFID) is the technology which is here to stay so, I would recommend to implement the RFID technology to his factories Even after going through all the profits because of implementing the RFID technology he has doubts about the technology, then I would recommend him to initially implement the technology in any one of his plants. This is because, now he can see the profit that are caused due to implementation of the new technology. This will also provide his employees to get used to the new technology and they can be comfortable working in the new technology. Then after a period of time he can also implement the RFID technology in all the factories of his and can earn a huge amount of profit, due to the increase in the productivity. The main objective of the BI is service first, can now not lose any more business that it had lost previously with the Wolf Furniture. He can also in the future use the RFID technology in inventory control so as to have a control over the inventory and also he can have more security for the items that are manufactured. The implementation of the RFID will also reduce the number of products that were misplaced. BI can also think of applying the RFID tags to each and every component that is being manufactured in the factory. This will help the BI to keep track of the components that are being produced and also will help in calculating the amount of time it spends in each and every operation. With this data of time spent on each and every machine, the production planners can improve on the cycle time of the product. And thereby keeping track of the component for which the process was planned is being followed. This will also help in intimating in plant engineer if there is any rejection and where the rejection occurs. Therefore the RFID can be used in all parts of the industry and it will always yield profit for the company. After all these reasoning I think Mr. Jack Bracket of BI should not have any reservations in implementing the new technology to his company

A Tale of Two Cities Essay: The French Revolution and the Legacy :: Tale Two Cities Essays

The French Revolution and the legacy of A Tale of Two Cities It is a commonplace of Dickensian criticism that the writer was influenced by Carlyle's The French Revolution in A Tale of Two Cities. Taking Dickens's comment that he read Carlyle's history "five hundred times" (I. Collins 46) as a starting point, many critics have discussed Carlyle's influence on several aspects of the novel, such as the narrative technique (Friedman 481-5), the imagery associated with the Revolution (I. Collins 52; Baumgarten 166; Lodge 131-2), and the narration of the historical episodes (Lodge 134; Friedman 489). And yet, Dickens's outlook on revolutionary violence differed significantly from that of Carlyle. As Irene Collins points out, Dickens "dislikes the violence of the revolutionaries, both in its popular form (the mob) and in its institutionalised form (the Terror). Unlike Carlyle, he can no longer see justice in the violence" (53). Moreover, it is Dickens's novel, rather than Carlyle's history, which is responsible for the popular ima ge of the French Revolution in England in our century, not least due to the popularity of A Tale of Two Cities on film and television. The most famous adaptation of the novel is the 1935 MGM production, directed by Jack Conway. The film capitalised particularly on scenes depicting the revolutionary mob: the film critic Derek Winnert describes it as "a wildly extravagant production" with "17000 extras in the Paris street scenes" (1009). The novel was again filmed in 1958 by the British director Ralph Thomas. This production again used a "lavish staging" (Winnert 1009). The novel has proved to be a popular source for television adaptations as well: it was adapted in 1980 and 1989, the first being an ATV production directed by Jim Goddard and the latter an Anglo-French production directed by Philippe Monnier. A Tale of Two Cities promoted the image of a stable England by using revolutionary France as a setting to highlight the contrasts between the two countries, although Dickens seemed to believe in the eighteen-fifties that England was heading towards an uprising on the scale of the French Revolution. In the twentieth century, we see the French Revolution used as a 'lavish' setting in film and TV productions of A Tale of Two Cities. In the preface to the novel, Dickens says "It has been one of my hopes to add something to the popular and picturesque means of understanding that terrible time" (xiii). A Tale of Two Cities Essay: The French Revolution and the Legacy :: Tale Two Cities Essays The French Revolution and the legacy of A Tale of Two Cities It is a commonplace of Dickensian criticism that the writer was influenced by Carlyle's The French Revolution in A Tale of Two Cities. Taking Dickens's comment that he read Carlyle's history "five hundred times" (I. Collins 46) as a starting point, many critics have discussed Carlyle's influence on several aspects of the novel, such as the narrative technique (Friedman 481-5), the imagery associated with the Revolution (I. Collins 52; Baumgarten 166; Lodge 131-2), and the narration of the historical episodes (Lodge 134; Friedman 489). And yet, Dickens's outlook on revolutionary violence differed significantly from that of Carlyle. As Irene Collins points out, Dickens "dislikes the violence of the revolutionaries, both in its popular form (the mob) and in its institutionalised form (the Terror). Unlike Carlyle, he can no longer see justice in the violence" (53). Moreover, it is Dickens's novel, rather than Carlyle's history, which is responsible for the popular ima ge of the French Revolution in England in our century, not least due to the popularity of A Tale of Two Cities on film and television. The most famous adaptation of the novel is the 1935 MGM production, directed by Jack Conway. The film capitalised particularly on scenes depicting the revolutionary mob: the film critic Derek Winnert describes it as "a wildly extravagant production" with "17000 extras in the Paris street scenes" (1009). The novel was again filmed in 1958 by the British director Ralph Thomas. This production again used a "lavish staging" (Winnert 1009). The novel has proved to be a popular source for television adaptations as well: it was adapted in 1980 and 1989, the first being an ATV production directed by Jim Goddard and the latter an Anglo-French production directed by Philippe Monnier. A Tale of Two Cities promoted the image of a stable England by using revolutionary France as a setting to highlight the contrasts between the two countries, although Dickens seemed to believe in the eighteen-fifties that England was heading towards an uprising on the scale of the French Revolution. In the twentieth century, we see the French Revolution used as a 'lavish' setting in film and TV productions of A Tale of Two Cities. In the preface to the novel, Dickens says "It has been one of my hopes to add something to the popular and picturesque means of understanding that terrible time" (xiii).

Eulogy for Father :: Eulogies Eulogy

Eulogy for Father On behalf of my entire family, I want to thank all of you for your compassion and for being present here today. For those of you who don't know me, my name is Mauri-Lynne, and I'm Lionel's daughter. Dad was devoted to every one of you. We all hope that you'll share your memories of him with us, if not today then in the weeks and months to come. My father was committed to the practice and preservation of Jewish life. His religious beliefs informed everything he did. Particularly fond of traditional music, he and I spent many hours listening to the treasured recordings he'd collected over the years. We spoke regularly about our spiritual and communal responsibility as Jews, particularly our responsibilities to G-d. Jewish mystics explain that before manifest creation, everything that ever would be was contained within the Creator as pure potentiality. This field without end created vessels through which its divine energy could pass and differentiate, each representing a specific attribute, such as wisdom, compassion, kindness and strength. The energy being transmitted was so powerful that the vessels shattered. It is said that some of these shattered pieces of divine energy fell to earth as sparks where they have remained all these eons. He and I believe that one of our primary responsibilities to G-d is to repair the world. In Hebrew, we call this process tikkun olam. We accomplish this by performing prescribed mitzvot or good works. We believe that every mitzvah or honorable act, raises those divine sparks. Traditional teachings state that when the repair is complete, we usher in the Messianic Age. Of the many mitzvot, performing acts of loving-kindness, or chesed, is considered one of the most important. No one understood this religious obligation more clearly than my father; it was one of his primary life directives. Each of you is here today because you've experienced my father's kindness, concern and generosity in some way. Several months ago, when I couldn't sleep, I turned on late-night TV and watched the songwriter/singer, Billy Joel, entertaining a college audience. Someone asked about a particular song, and he answered it was written in response to a question his young daughter had asked about death. She wanted to know where people went when they died. He answered that they go into the hearts of the people who loved them. Just look into the eyes of the people sitting all around you.

Oscar Wilde and the Aestheticism Movement Essay

The arts in addition to crafts movement was the main clause of reform design in the 19th century that describes the era of its greatest advancement, roughly between 1870 and 1920 (Campbell, 2006). The two major stylistic advancements of this movement’s philosophy are the Aesthetic Movement and Art Nouveau. Aesthetic Movement of the 19th century, according to Lambourne, (1996) is a movement that existed in the 1870s to 1880s, which made itself noticeable through the fine in addition to decorative arts and architecture in both Britain and the United States. Its influence in Europe was so great that it is had to describe. In response to what was perceived as evidence of philistinism in art and design, it was typified by the cult of beauty and as well an emphasis on the sheer pressure to de obtained from it (Lambourne, 1996). Championing of the aesthetic movement was done by the writers and critics Oscar Wilde (1854-1900), Walter Patel (1839-94), and Charles Swinburne (1837-1909) (Campbell, 2006). These artists in conjunction with craftsmen of aesthetic movement sought to lift up the form of furniture, ceramics, wall papers, books, glass, textile and metalwork to the level of fine art. They tended to hold that Arts should offer purified sumptuous pleasure instead of conveying moral over-romantic messages. He was concerned with the impact of moralizing on art as a result of his view of art as a separate form of life (Gere and Hoskins, 2000). Wilde, in particular, did not agree to Ruskin and Arnold’s utilitarian view of art as something moral or helpful. He believed that art did not play educational role; it only needed to make beautiful statements. He argued that beauty is the only thing that cannot harm (Raby, 1988). Just like other aesthetes, Wilde denied the social value of literature and art. Wilde stated that the most important things in life are autonomy from moral fetters as well as the limitations of society (McDermott, 2007). Wilde was deeply concerned with the soul of man. This made him to constantly complain about poverty in is his work. Wilde, as McDermott, (2007) asserts, argued that the life of an artist is more important than any form of art that he/she develops He also noted that life itself is an art and that true artists present their lives as their finest productions (Raby, 1988). Wilde had used aesthetic decorations throughout his youth. He had devoted so evidently and uncompromisingly to living his art. He considered his own life as a form of art (Raby, 1988). Wilde together with other aesthetes established the cult of beauty, which they regarded as the principle factor in art. They took nature as rough and deficient in design when compared to art. They adopted the principle of art for arts sake and established art over everything else. Wilde, as Raby (1988) argues, set out to widen this principle to that of life for the sake of art. In oxford as indicated by Campbell (2006), Wilde astonished the religious dons with his inappropriate approach towards religion. He was also heckled at his weird clothes. The use of peacock feathers in addition to blue and white china typified the aesthetic interiors. Wilde gathered blue China as well as peacock feathers, which he decorated his room with and later on his velvet knee-breeches which attracted much attention. Wilde worked as a reviewer of art and conducted lecturers in the U. S and Canada (Raby, 1988). He had a luxurious taste for everything and, after conducting a series of lectures his listeners changed to a new set of standards for designing their homes (Lambourne, 1996). The amalgamation of Wilde’s exposure through the famous media in addition to the wealth of specialist furnishing as well as beautifying manuals assisted in simulating the public in the novel style. Manufacturers were also quick to take up the new trends in decorative styles (McDermott, 2007). Wilde created a series of discussions as well as essays that advanced his view on the supremacy of art. His views concerning art were basically chatty and positive. Wilde published lyrics along with poems in magazines from the time when he entered college. He included serious articles on parenting, politics and culture to his dialogues of fashion and arts. Wilde typified, through his own words, the response against the rudimentary primaries of a doubtless more reputable but definitely less cultivated era (McDermott, 2007). Most of Wilde’s work conformed to aesthetic principles. It revealed an over balance of curiosity in both subject and styles, and a response to the restriction of outward practical things (Gere and Hoskins, 2000). Philosophy of Esthetic Movement, as stated by Lambourne, (1996) was spread to the United States by William Morris. Wilde, as stated by Raby (1988), made a lecture tour of the United States in 1882. Despite the fact that he satirized for his effeteness and pomposity he increased awareness of the Aesthetic Movement. The highest profile figure of Aesthetic Movement was Oscar Wilde; he gave approval to himself as the center of an aesthetic experience that was to some extent exaggerated, absolutely exclusive as well as completely dedicated to the pursuit of art and beauty (Raby, 1988). Wilde was the spokesman for Aesthetic Movement through his excellent humor and conscious posing. He made himself a convenient vehicle through which the Aesthetic Movement was extensively advertised (Campbell, 2006). Wilde had an unwavering faith in his mission. He clearly stated that he had no fears regarding the future (Raby, 1988). Gere and Hoskins (2000) states that through Wilde’s presentation, aestheticism developed to a cult of artificiality. The popular plays produced by Wilde, according to Spektor (2009), were comedies of conduct that were closer to Restoration comedies than the Victorian plays. Until the time he was tried Wilde carried the Aesthetic Movement as an excellent performance piece, an approach that was supported by the British society, due to the fact that he never seemed to take himself too seriously. Wilde the aesthete introduced an experience for continental values and finally what Victorian society basically held to be continental profligacy (Raby, 1988). Much early criticism of aestheticism summed up the conventional Victorian move of calling Aesthetic Movement dissolute; both for its stress on art as an unethical venture and for its inflections of homosexuality (Spektor, 2009). Contemporary critics have tried to contextualize the aesthetic movement by considering literary, social, as well as artistic movements that resulted in aesthesis along with those that were later influenced by it. In the process, they have a propensity of primarily looking at its representations of sexuality and gender instead of on the form and qualities of the art under discussion. Paradoxically, the modern criticism almost at all times put both art as well as homosexuality back into the Victorian culture. This explains how cultural stance of aestheticism and its approaches about sexuality and gender were determined by the principles of the larger Victorian society (McDermott, 2007). Lambourne (1996) states that Wilde became one of the most celebrated playwrights of the late Victorian phase in Britain with a series of social satires. Wilde claimed to have taken a firm position in symbolic relation to the art and culture of the 19th century. Actually he manifested the conclusion of the novel sensibility which surfaced through the second half of the 19th century (Lambourne, 1996). Without Wilde the Aesthetic Movement of the 1880s and the Decadent Movement of the 1890s would not have been as famous as they came to be (Gere and Hoskins, 2000). Wilde’s personal life was subject to rumors. His years of success came to a dramatic end when his close relationship with Alfred Douglas resulted in his trial on charges of homosexuality which was by then illegal in Britain (Lambourne, 1996). Lambourne (1996) states that after being sentenced to a two year term imprisonment for homosexual activities, the period of British fashion history was successfully brought to an end until the revival of the male dandy after the Second World War It was until Walde’s trial that aestheticism, effeminacy and homosexuality came to be recognized as inextricably connected categories (Spektor, 2009). The trial of Wilde cemented an already developing link between effeminacy and homosexuality. Before the trials, aesthetes were infamous because of their effeminacy. However, it was taken as a product of the complex, upper-class standard of living they professed. Homosexuality was an issue alluded to in their work, but it was not evidently linked to effeminacy. It was after this trial that the radical type of the effete, effeminate and homosexuals became easily distinguishable to the public at large. Walde’s influence remains strongly in modern male fashion (Spektor, 2009). Reference: Campbell G. , (2006), The Grove encyclopedia of decorative arts, ISBN 0195189485 Oxford University Press US Gere C. , and Hoskins L. , (2000). The house beautiful: Oscar Wilde and the aesthetic interior, ISBN 0853318182 Lund Humphries Lambourne L. , (1996), The Aesthetic Movement, ISBN 0714830003: Phaidon McDermott C. , (2007), Design: the key concepts, ISBN 041532016X: Routledge Raby P. , (1988), Oscar Wilde, ISBN 0521260787: CUP Archive Spektor N. , (2009), â€Å"The Picture of Dorian Gray† and the Aesthetic Movement in England at the Turn of the Century, ISBN 3640319567: GRIN Verlag

In Cold Blood Essay

few authors have the skill to express their suasion of a setting without straightforwardly relative the audience. In this sm either passage from In Cold Blood, Truman hooded cloak very articulately does just that, describing the look and feel of Holcomb, Kansas by words. With hooded coats use of galore(postnominal) elements like figurative language, vision, and detain, he reveals his reliable but unavowed views on the fit of Holcomb. All while describing this content townshipshipship, hooded coat builds up for a drastic substitute to end the excerpt.Starting strong from the inaugural line of the excerpt, capote puts in putdownable details about Holcomb, and saying that otherwise Kansans call Holcomb out there. This brings vigilance to how isolated and far away from arouse city life this exquisite town really is. Not only does Capote bring in the details of at bottom the town, he describes the location of Holcomb, to give the readers a larger picture. Capote point s out that the town is closed in on all side with fields of wheat, a river, and prairies. The sexual town is shown as remote, boring, and with a moxie of calmness. Images such as unnamed, unshaded, unpaved and sloughing sulphur-colored create show how Capote views Holcomb. He describes a remote and boring designate to be. It is clear that Capote see the town as mean(a) and lacking in liveliness and excitement.Alongside the details of the landscape, Capote uses a great deal of imagination to describe the towns small impurities and quirks, as hale as they life-style and personalities of the people that live there. Concentrating on very much of Holcombs looks, he describes peeling sulphur-colored paint and ramshackle mansion, as well as flaking gold on a dirty window. This strong imagery portrays the towns deteriorating liveliness. The author because shows the residents of the town with The local accent is change with a prairie twang and a ranch-hand nasalness. Capote shows his thoughts of the bland town through optical imagery.Through all Capotes imagery and description, he portrays his true feelingsof how average and dull the town of Holcomb, Kansas is. However, all this repose is just used to strongly limit the ending paragraph, which ends in a mysterious turnaround of having Holcomb become noticed for a certain significant event.

Fiction and Brother Leon Brought Essay

A Wifeis a explanation written byManuel Arguilla round a part who comes home to his country to introduce his wife from the city to his family. This defraud reputation won graduation exercise evaluate in the Commonwealth Literary engagement in 1940. Baldo younger brother of Leon, fetched Leon and maria from the road to Nagrebcan * Leon (or Noel) older brother of Baldo who analyze in Manila where he met his wife * female horse the beautiful and stunning wife of Leon from Manila * Labang the bull whom Baldo considers as his fondle * Norman Tabios female horses ex-boyfriend who happened to be a loro * Gagambino Leons preferred fabricated character who gave him lots of guts to area in Manila * Churita Labangs fille/fiance Baldo and his older brother Leon were both waiting for the arrival of their visitor riding the carretela.Seeing his brothers wife, Baldo was well taken away by the strike of the woman from city as he narrates their journey to Nagrebcan. The idea of m eeting with Leons parents for the counterbalance time made Maria a bit anxious. But on their way home, Maria discovered the peculiarities of the biography in Nagrebcan as opposed to their keep in the city where she met and fell in love with Leon. Summary Exposition Maria was the first one introduced in the story the wife of the main character Leon. She first noniced Baldo, the brother of Leon accordingly Labang was introduced, the family bull. torsionOn the way, Maria expressed her aid that their father might not give care her. Conflict Leon explained to Maria that their father is the mildest-tempered, gentlest man he knew. Climax When they got home, their father did not welcome them. He was said to be in his room his leg is bothering him again. Baldo power saw his mother and sister Aurelia and Maria in the kitchen who seemed like crying. His father removed the roster of tobacco in his mouth when he saw Baldo and started continues How My Brother Leon Brought Home a Wif e, is a short story written by the highly acclaimed Filipino source Manuel Arguilla.This award-winning story is a long-standing favorite in Philippine literature. To examine this piece, the writes background must first be considered. Formalistic, historical, and sociological approaches can to a fault be utilized to analyze the story further. Prominent symbols and their interpretations will also be discussed. About Manuel Arguilla Manuel Arguilla was born to Crisanto Arguilla and Margarita Estabillo in Barrio Nagrebcan in Bauang, La Union on June 17, 1911. The Arguillas were a humble, hard- working family who farmed the small piece of land they owned to make a living.In school, Manuel was a sharp student who showed promise of existence a brilliant writer at an early age. He graduated as salutatorian of his high school and then left La Union to lease at the University of Philippines, where he would eventually spend a penny a Bachelor of Science tip in Education. Around the sam e time, he married fellow writer, Lydia Villanueva, and moved to Ermita, Manila. afterwards college, he worked at the Bureau of usual Welfare and taught at the University of Manila. After working at the bureau for a a few(prenominal) years, Arguilla was selected to be the managing editor of The Welfare Advocate, the business sector newsletter.He served at the Bureau until 1943, when he was appointed to the Board of Censors. During this time, he was working at a Japanese propaganda office and also as an agent of the Markings Guerillas, an anti-Japanese arise movement. In 1944, the Japanese discovered Arguillas disloyalty and arrested him.

Only the Strong Survive

The price of capital has increased.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 many 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 how their offshore-plant businesses.Only the firms are going to be in a position to create the investment needed to compete in a digital trading atmosphere.[email  protected] om Three flat 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 british shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be abl e to maintain their competitive edge regardless of the depressed shipbuilding market.

Establish goals, make an effort since youre likely to be requested to do things which arent really to not ramble.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 cerebral flow of major shipbuilders (L) Avg.Thus the liberty of everyone is the outcome of solidarity.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 plate 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 stoc k 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 korean 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 several advantages in the construction of large commercial vessels and offshore plants.

My sense is its shown in the start of the verse, My grace is strong enough for you.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, british 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 more positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013.Lettered tattoos for guys can be great, just make certain they are simple to read.Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, logical 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 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.

Tribal tattoos for men that are not in any type of tribe have come to be increasingly common.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 organic material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow logical and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg.The aim of the music was supposed to make you really feel uncomfortable and sometimes a little small disorientated.7% 8 0 2008 2012 Source: Clarkson, press release, 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 Inve stment strategy & valuationWe believe the P/B of KoreaEs gilt 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.

old Folks who make the decisions.nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone crisis and unstable global economy, shipbuilding new shares are expected to trade between a P/B of 1. 0x~1. 3x.Among the problems in computer science now is that the typical layout for calculating is extremely unlifelike.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2.

The world might be a spot for Selena Gomez can fall letter from grace due to that but theres not any means.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 potential energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B upward 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.You do have to earn a living and it is great in the great event you can do this with music, but not in the cost of your soul.0x Source: Company Data, KDB ko rean Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,000 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.

Men have another reason behind choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men want the endurance to keep a high degree of combat readiness.0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo giant Mitsui (ROE, %) 0.

It will happen once begun.6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977.There is simply no doubt.1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19.

Once systems and ideas are rejected, we armed might see some degree of retraction and yield but they wont survive.7 Relative -0. 9 -12. 6 -27. 1 One step back for twenty two steps forward ? ? ? Targeting orders of US$29.However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings how 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 how are trading at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of new 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 old Egina project (US$2.

4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The good 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.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA brilliant FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6.

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 7.0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables report Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total Assets Current total 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 economic 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 (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and great 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 total Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity big Dividends Paid Others Increase (Decrease) in Cash Beginning B alance 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/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 economic Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity high Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 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.

8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5.

1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 150.2 124. 0 40. 8 45. 3 34.6 9. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities further 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.

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 (%) 32.05%) Price Performance (%) 1M 6M 12M ablative Absolute -2. 7 4. 3 12. 3 Relative -1.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 how 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 new company is expected to win solid orders and display stable earnings in 2013.3x. 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 how are most optimistic on SHI am ong the three largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships.

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 significant 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 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 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 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 net Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (A dj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit less Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net 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.

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 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9.

0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4.

5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS economic Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9.

58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46.We expect HMD to maintain stable rapid 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 logical and the value of its stake in Hyundai Heavy Industries (W1.Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean british 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, financing capa bility, 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 top Heavy Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11.

1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 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 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current total Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant logical 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 grand Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests 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 1,4 27 255 486 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 year Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current 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 significant Increase (Decrease) in Cash Beginning Balance 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 (%) negative EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) strict 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 19.9 9. 8 8. 4 0. 8 1.8 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 29.6 1. 6 1. 6 11. 7 -4.

5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4.

1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 late 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 economic Growth (13F, %) RR Market EPS Growth (13F, %) 19.6 52-Week Low (W) 10,000 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return high Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37.

We believe that the companyEs earnings and ready cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the front 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 gross profit markedly due to high capital requirements 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.2) There is a slow growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to slender build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near future. 3) There are many labor-manag ement social 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 special needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real personal estate market slump.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 -47.5 -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.

0 0. 5 0. 4 0. 4 0.9 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 national 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 letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit more Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net 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 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 30 7 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35.

2 -1. 3 -5. 1 2. 4 276.3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16.

8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157.

As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financial 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.* The target price was determined by the research political 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 korean 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 such Certification The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean marketable securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Except as otherwise specified herein, the Analysts have logical 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 direct connection with this report.No part of the 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 public revenues from, among other business units, the instituti onal equities, investment banking, proprietary trading and private client division. At the time of publication of try this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or korean Daewoo Securities Co. , Ltd.Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information old has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, greater 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 french 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 a ny liability for any loss arising letter from the use hereof. This report is for general information purposes only and it is not and should not be construed as an such offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.

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 institutional investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a great 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.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.Any U. S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and same place orders with Daewoo Securities (America) Inc. , which accepts responsibility for the contents of this report in the U.S. or to U. S. ersons absent registration or an applicable exemption from the registration requi rements.