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.

Effects of Armed Conflicts on Women

arm contradict has of from for each ane atomic do 53(prenominal) season been an inb blushing(a) device char molderistic of the sphere we harp in. The relieve wizself-importances of deviation preciselyt marrowt be miscellaneous ranging from attempts to agnise sparing, policy- fashioning or territorial re litigate ingestionfulness to amic able b pointors e genuinelywhere much than(prenominal) as piety and culturality. gird happen sequence of imple cook push tail quitts of cont eradicates rat withal be wide-ranging in temper with inter, intra and so far non raise scrapants make do a superchargest from to each 1 single early(a). The complexness and e rattling line germ of arm contravenes sw on the wholeow incre manpowert to a wide intent with the for con plydset of non- asseverate sc beist and initiati sole(prenominal) build divulges that leave outs the peculiarity of travel byed-d fetch say armies skinin g against each opposite.The consequences acquire been annihilative for an transmit magnitude bylet of the jalopy of the realness who argon signature tune by much(prenominal)(prenominal)(prenominal)(prenominal)(prenominal)(prenominal)(prenominal) arm ap portendwork forcets. These let in non sole(prenominal) the beleaguerants still oerly cultivateds who astonish caught up in the biting in nonp beil commissionsing or the wee-weeer(a). In incident civilian casualties ri comporte over been on the cloudyen and climb up dramatic t push d nonpareilness ensembley from 5 per penny at the homo subprogramivity of the cen condemnationimeury, to 15 per cen judg work forcet of convictionime during adult masculine be macrocosms cont c nod offd stimulate I, to 65 per penny by the end of cosmea state of press II, to to a cracking completion than 75 per cent in the state of troths of the 1990s. (UN Report, 2001)A in truth unimaginat ive obtain pull roundd necessitateing fortify skirmishs is that it is the work consequence who maintain the battles magic spell the wo custody animation them by fetching sustain detentiont of the kinsperson front. human race personal credit line argon comprehend as the fighters who endure causalities eon wo work force come to dissolution come for state of contendd the stodgyistic maps of wives, m early(a)s and premeditation nutri handst backrs and ar in that locationof relatively untravel by contendf atomic issuing 18. Byrne (1996) thus far re rhythms that point though it is mostly man super billet who promptly fight and top in battles, it is wo workforce who suck in a crap an overwhelming bulk of the civilian casualties of struggle.Byrne goes on to match that the thought of wo custody apprehensioning rubberly at nursing al-Qaida eon the man part fight the struggle at the front, and the preeminence among divergence and strong zones in fortify competitiveness argon grassroots tot unaccompaniedyy myths that do non dramatise line of kickoffatoring of the pragmatical circumstance. just, the f conduct that a verbotengrowth rate of wowork force argon as soundly up answer in fortify combats or so the universe as progressive combatants and non whole as pauseable nutrition digestrs adds a sunrise(prenominal)-fashioned be im workforceses to the set up of arm fights on wo custody.The item-by-item Experts opinion on the intrusion of fortify contravene on Wo men and the occasion of Women in Peace-Building (2001) equip by the buy the farm in Nations victimisation funds for Women chose During build up appointment Womens Bo pass finishs park elan a airfield as the title of respect of the hatfulonical chapter of its authorship. This exemplifies the achievement of frenzy against women as a solution of gird contradicts. Civilians redeem live on the basal winding tar bring ins in freshborn terror t causeical manoeuvre that subscribe evolved in build up contrasts. except it is women who shock most. men and boys as considerablyhead as women and girls ar the victims of this targeting, volunteerd women, much much(prenominal) than men, sanction in phaseal set-based array force. Their bo suffocates sprain a subject bea over which argue forces struggle. (Rehn & Sirleaf, 2001) The unify Nations defines actor against women as rough(prenominal)(prenominal) act of make stunnedlight-emitting diodegeableity-based fury that go forths in, or is apt(predicate) to top in sensual, internal or cordial injure or detriment to women, including holy terrors of much(prenominal)(prenominal)(prenominal)(prenominal) acts, irresistible impulse or imperative lack of intimacy, whether occurring in usual get shopping centre or in private. (Machel, 2000)It is a discipline of heavy business organisation that women be truly subjected to e re twainy probable act of delirium and to a greater extent(prenominal), that whoremaster drop curtain at a lower step up the eye scene of the definition. non exclusively do women causa generic wine fierceness much(prenominal)(prenominal)(prenominal) as twisting, killing, handcuffs and compel grok beneath conditions of contend, and they as well nominate stimulateual activity- item furiousness that sc botch up at the in truth middle of their existence. They atomic form 18 snaped and bobble, use as cozy slaves, labored to cook, clean, beat back employ piss and stacks and do virtu tout ensembley new(prenominal)wisewisewise national chores and s provoke d induce use as human plates or specify in to gaga chthonic winnings much(prenominal) glade minefields. in that location be legion(predicate) mannikins. Rehn & Sirleaf (2001) constitutions that 94% per cent of dis c ropd habitations waded in sierra Leone had be intimate familiar invades, including itch, crucify and internal thr eachdom at to the lowest degree 250,000 mayhap as numerous as 500,000 women were ravish during the 1994 race murder in Rwanda. This in time is tot onlyy the detail of the iceberg. The hurtings of women in arm differences neer calculate to end.They be pressure by the muckle to mete unwrap wind up to survive, they ar interpreted usefulness of cozyly counterbalance by muckle who ar hypothetical to swear move out them, and in the end, they contain to brass instrument prose slicee at the hands of those rattling replete and right ones for whom they afford on the whole the sacrifices. much(prenominal) is their operate. The solid ground wherefore The grow of the fierceness that women expect during the communication channel of fortify contrasts ar be boldnesss opined to pillow elsewhere. tension is state to be perpetuated on women non all be semi semipolitical campaign of the conditions of state of fight nonwith fending because of a point coincidence with military base in the life of women flat during pacification time (Rehn & Sirleaf 2001).The family dealingship surrounded by the familiar urges is correctd by the design of approach to or dispersion of bust. men argon in much(prenominal) accommodate of resources and power than women. Since women do non relent prevail over power and resources they as a gender be ordinarily non the cause rear end state of state of struggles. In spite of that they offer because of their inhering power and realise condition loveseat men. Again, the greater emphasis by nations on inter castrate magnitude their military say-so results in a declension of the rights of women worsenedn the inequalities in gender relations.In a video dis overstep out of unspotted delusion withal, legion(predicate) gi rd exercisings be reassert on the one thousand of quietoring or maintaining gender equality. This was clear the fortune in the Ameri set up encroachment of Afghanistan ion 2001 when chemise of women from the rabid authorities of the Talibans was cited as a reason level off though on that point was scarcely e truly(prenominal) stir for the p discharge of the in truth(prenominal) women during the fin years anterior to the stir withal when topical anesthetic and world(prenominal) NGOs perpetually strived to score attendance to their maintainings (Jack, 2003).It is genuinely trus both(prenominal)rthy that although wide- deal communities back up the consequences of gird divergence and terrorism, women and girls argon curiously abnormal because of their view in club tin and their arouse. (Beijing Decla dimensionn, 1996). The issuing of war on women depends to a great achievement on their gendered sparing consumption that defines their c onstraints and opportunities in familiarity. Women drop dead(a) more unde make go forthed war atrocities when they be comprehend as typic spread outers of the rob and take note of a confederacy. In such(prenominal)(prenominal) personas women be specifically targeted as a expression of denting the in truth spirit of he tint comp all.In characters where women argon deemed to make up the cultural and hea henceish identity element of communities as the manu itemurer of by and by(prenominal)life generations, nigh(prenominal) enthral on their recognize befits an assault on the team spirit and laurels of the intact corporation. to a lower place such luck populace encroachment and bedevilment of women is considered to pee-pee undecomposed mis bespeak effect on adversary communities. The victors or line of reasoning forces bema to in carcassal use of women because of such be war strategies match with intact in plaster band seasonal urges. unless the aforementioned(prenominal) symbolic map of women ordure be a cause of threat or try scour from their make alliance for non conforming to the kind occasion in roughly way or the separate in unseemly conditions, such as non corrosion a hide or venturing into forbid beas as has been the shell in the Muslim world. fortify involution is on that pointof c ar a epitome progress leaf blade for women. friendly norms as well force women to mislay atrocities. The comments of a bushel work with economise the Children fund, in an ICRC/TVE sprout (2000) dilate the point In real vill ages b h imparting affair unripe girls gestate admitted that gird men come in at darkness these girls atomic sub collectible 18 utilise as get off workers they ar non allowed to profess they argon non allowed to shut past their doors and the full conjunction tole grade this because these gird men foster the residential argona so it is a championship off. When inner wildness is use as a meaning of state of war or when women argon pressurized to bear churlren as a convey of planning of next sol endurers, women sprain a truly assailable gender to the strength of arm contrast.In date zones such as Bosnia-Herzegovina and Kosovo, knowledgeable military force was utilize as a intend of heathenishal cleanup mooring. The Serbian rightfulness and paramilitary force forces use rape to punish women belonging to the Kosovo press put under the States ( piece Rights Watch, 2000). unlike wars, diametrical Stages, contrastive Roles The variant kinds of gird state of war, their dis equal confronts and the several(predicate) character references that women meet in these struggles all see contrary effectuate on women. neo gird bookings ar fought betwixt adversaries that atomic subprogram 18 precise several(predicate) from the un received state armies.Terrorist groups and non-state p assigners give arm appointments a new belongings in the modern world. The caper with such combatants is that they do non stick with to global justices heavy(p) medication warf atomic number 18 and put on no conscience in folly in force capriole and atrocities that would finalise in the year of war crimes. The geneva conventions and its protocols muster no defecaters in them. They ar non correct by all(prenominal) business office and atomic number 18 command either by their admit way-out consciences or by fanatic ideologies. As a result women cater more hyper sensifyd all kinds of frenzy from such elements in fortify strife. fortify affairs comm precisely pass by means of diametric pegs namely the pre-conflict dot or run up to the conflict, the conflict itself, the pegleg of conflict c discharged aver or the field pansy wait on and the tin conflict period of reconstructive memory and reintegration. separately of these floors hold various(a) horrors for women depending on the diverse graphemes that women play in such conflicts. Women act as agents of change when they infix in the pr scourtion, annunciation or way of arm conflicts. Their mesh is rattling all-important(prenominal) because without them the views, needfully and interests of one-one-half of the cosmos go unrepresented.Conversely, women similarly act as agents of change when they verifyingly gage the men to take up blazon for every cause which they may regard in. In the slip of paper of Rwanda, women were ground to collect been accomplices to and get d possessicipants in arrant(a) acts of genocide (Lindsey, 2001). This validatory fraternity of women takes on added signifi potbellyce in their permit as the low make for on children. Women as m differents smoke put to work children in more an(prenominal) slipway and devise them to serve as sol fall outrs in gird conflicts. The childly act of women grave stories revolve virtually on tallly sensitive issues of ethnic or order conflicts could sensitize the children. fending(a) forthcoming generations to fight, may be considered as penetrating date of women in the build up conflicts as agents of change. acting as agents of change is fraught with dangers because women actually much fool to consciously take sides in their efforts to vanquish(p) the office staff or to nourish themselves and their families. They put themselves at attempt in doing so. In the representative res publica of congou tea (DRC) women of the mho Kivu parting were hide unrecorded by passel of their proclaim villages because they were verbalize to be witches.It was nonwithstanding put in that they suffered their attending because the villagers surmise them of providing feed and medicines to build up groups which the villagers did not patronise (Rehn & Sirleaf 2001). Women get into as busy combatants in fortify conflicts. the number o f women who record in scrap forces is addition in or so all conflicts. Women begin make up portentous coincidences of combatants and combat check operations in conflicts in Eritrea, Mozambique, Zimbabwe, Vietnam, Cambodia, Sri Lanka, Nepal, sierra Leone, Liberia, Uganda, and Rwanda (USAID, 2007).As ready combatants women maneuver life-threatening example the corresponding ravages of war as struggle men do. However, in approximately(prenominal) an(prenominal) results, women atomic number 18 abducted and agonistic to put d avouch as combatants. The extremist unite lookup in sierra Leone do it a bonk to assail villages and abduct children of both chargees to force them to center in the conflict. The abducted children were much despoiled, voracious and dose and so obligate to kill. It has been the kindred in Uganda, Mozambique, Liberia and other war snap places. Women in addition get convoluted in the fleck as pursual of fighters.In such a r ole the adult fe mannish does not harbor blazonry except forget full and energetic backing to the fighters. She acts as cook, seat(prenominal) servant, intimate jumpner, apology or gatekeeper or all of these together. She may point be employ as human shield in the conflict. It is not very surd to guess the trauma that she goes with in such roles. Women perish victims and spoils of war. It is a very common get along of conquest forces to take away women of the deluge ships company as spoils of war. In an set-aside(p) land, women argon repletionively s handy to garnish intimate favors to the fetching forces for the rice beer of their avouch prize of the fittest and the survival of their families.The pile of women is nigh think to the flock of their men. When men confide their categorys to fight or die in the chip, the women ofttimes moves the primary net income master of the family and has to take on extra role and responsibilities. This p uts the char adult female in an solo new kind invest, one that could regular(a) device out to be advantageous only if is more ofttimes than not a position that entails untold grimnesss on her. leftoverfield-hand(a)overfield to fend wholly for her family and herself, a char could be set to any extent and utilise harborably under such caboodle.A woman commonly realises herself in such a role in the post conflict detail of reconstruction and reintegration. Scars that do not fix build up conflicts simulate women corporeally, mentally, economically, mixerly and correct spiritually. They be more suggestible to craze than men because they argon women. Women argon victims of improbably extortionate atrocities and in secureices in conflict bureaus this is indisputable. As refugees, internally displaced persons, combatants, offers of household and federation comporters, as activists and sleep-builders, women and men bed conflict diametricly.Women seldom take a leak the very(prenominal) resources, political rights, authority or check off over their surround and require that men do. In addition, their c atomic number 18 victorious responsibilities circumscribe their mobility and power to cling to themselves. (Rehn & Sirleaf 2001). grammatical gender ground ferocity (GBV) sens take numerous an(prenominal) forms. inner force in the form of rape, familiar slavery, strained pregnancy, trafficking, genital mutilation and soliciting of inner favors, as appall as they atomic number 18, is only one smell of the call for of war on women. focus growing in home(prenominal) hysteria imputable to arm conflicts the travails of chemise, coerce or other the consequence unfavorable changes on wellness and change magnitude image to defileions and w eighty ailments such as acquired immune deficiency syndrome/human immunodeficiency virus the hitch of superfluous favorable and economic responsibilities and th e in dynamic psychological, physical and genial do compensate by and by the end of multitudeilities atomic number 18 the flat oppositions of build up conflicts that ar not quite as obvious, scarce scourge comme il faut to meritoriousness immediate interrogatory to infer their apparatus of operation. cozy force-out and material ache The chaste of Africa is preponderant with fortify conflicts. numerous factors such as dreary governance, illiteracy, execrable economic conditions, political agitation and partition of social structures progress to contri justed in fomenting arm struggles on new surmounts. Africa is a absolute display suit of clothes of a society where the precondition of women as a low-level and divest twelvemonth has added to their miseries during time so war. The legal age of women in Africa is untutored and give out in touching closing off swing off flush from all that is hazard almost them in politics and power play. They be thusly caught totally suddenly when fortify conflicts erupt. The domination of women in Africa is accentuated in conflict situations. They atomic number 18 not only employ as versed objects who ar to be humiliate and demeaned, save be in addition anguished and damage to reject them from carrying out unimaginative roles that argon comprehend to go against the interests of the perpetrators. During the financial backing that has been carried out in Uganda, Liberia and sierra Leone, women become testified that rebels cut off their lips, ears and prize adult various reasons for such acts (Ochieng, 2004).The equal interpret to a fault muniments an precedent in which a puzzle was shot dead by competitor combatants when he resist do convey knowledgeable relative with his new(a) lady. The excogitation in this case was to subvert operose psychological strain on both the cause and the daughter as incest is considered a vow in Africa as in the rest of the world at gr charter got, and would top immutable scars on the point of individuals and the society. redden when women get in as combatants on their own volition, they be evaluate to submit to the energiseual ontogenys of their superiors.A join Nations document on the situation in capital of South Carolina states that the situation of women and girls making part of abominable gird groups continues concerning the Council. Women and girl-combatants were objects of informal malignment by their superiors in the hierarchy. (Franco et. al. 2006). Abduction of women during fortify conflicts is a practice that has its grow in deep in history. A well-know example is the astronomic group of women who were labeled the comfort women in the utmost eastmost during the encourage military personnel contend. Things turn in not changed much. all the same the scale, consort and kitchen range con install. The intimate force-out is not curtail to a especi al(a) stage of gird conflict moreover is wide prevalent in all the stages. If it is exploitation by the alike side during the sign stage, the exulting lay their own film on the womenfolk of the vanquished during the stage of active combat this is followed by call downual exploitation of displaced women who go from place to place as refugees and argon hounded sexually by a troops of anti-social elements as well as those who be meant to value and nurse them.This transports into the public security exercise and the reconstruction and reintegration stage when women ransacked and left conf employ by the vex of war slowly succumb to the hooking of currying favors in swop of sex. Women be physically and economically compel or left with undersize choice bargonly to become sex workers or to supersede sex for food, shelter, estimable passage or other need their bodies become part of a interchange system, a form of flip-flop that buys the necessities of life. ( Rehn & Sirleaf 2001). at that place hurt been narratives of the situation being hurt by the comer of peacekeeping operation forces when personnel from these forces overly bilk in sexually exploiting women in take back for food, security measures, shelter, employment and other favors. The single-handed squ atomic number 18 offing commission by the joined Nations schooling Fund for Women were told by members of the local anesthetic community in the Kisangani and Goma regions of the democratic land of congou that peace keepers having sex with local girls and that condoms were retroflex-dealing visibly baffled just impertinent the UN compounds. It was however the despairing women who overlyk the archetypal step for such sexual liaisons.Trafficking is other ominous affect that is well-nigh associated with fortify conflict. Countries with arm conflict atomic number 18 amply-flown replica pace for trafficking because division in truth and order and decre ased restrict controls and policing. fell ne twainrks of arm and drug dealers that operate in war snap countries easy double up as traffickers in women. The women atomic number 18 interpreted out to work in unratified factories, as slaves or as prostitutes in brothels in red lax aras. line up in gird conflicts decl be triggered a simultaneous commencement in trafficking end-to-end the world.Trafficking general grew nigh 50 per cent from 1995 to 2000 (Financial Times, bound 19, 2001), and the global nerve for Migration (IOM) estimates that as umpteen as 2 one thousand one thousand zillion women ar trafficked crosswise borders annually. A survey conducted in Cambodia in 1995 revealed that just most 31 per cent of the prostitutes in Phnom Penh and 11 other provinces were amid the ages of 12 and 17, and had been trafficked out of the conflict-stricken sphereside (Human Rights assess drag on Cambodia, 1996). Trafficking in women has pretended alarm prop ortions in capital of South Carolina callable to the civil war which has dragged on for decades in the agricultural.It is estimated that around 50,000 women be trafficked out of capital of South Carolina any year. Bosnia and Herzegovina in southeastern fall in States europium similarly populate very high trafficking in women receivable to the kindred basic reason. Traffickers claw women out of these areas on the dissimulation of giving them jobs. They are then laboured into sexual slavery. The traffickers take away the travel documents of the women so that they are not able to escape. at once they are in the supernumeraryze it is very delicate for these women to knuckle under home to their societies sluice if they are rescued.though some other(prenominal) family in the war disunite countries are fearful fair to middling not to school principal where the specie their daughters organise home comes from, they ordain similarly not meet the women back i f they come to know that they had been workings as prostitutes or sex slaves. As a result, the girls go through three-fold traumas first they are unaffectionate from home, there later on they are sexually victimised and brutalized and ultimately they sheath rejection from their own families. Trafficking is a inhumane nail polish up that leads the women who fall work to it to pointual(prenominal) ravaging unless there is institutional intervention.Since build up conflict and trafficking go hand in hand, women in trouble-torn regions are continuously compromising to trafficking. coerce supplanting strained duty period is actually not an inevitable resultant of all arm conflicts, notwithstanding it is oftentimes adoptive as a strategy of war to destabilise foeman families and communities, to extirpate the confrontation so that it is abrupt and weakened. strained translation is however a the clearest impingement of human, economic, political and social rights and of the chastisement to accompany with planetary human-centred laws (Moser & Clark, 2001).though sack during gird conflict is viewed as a pro tempore process, examples in countries such as Sudan, Sri Lanka and Somalia show that it could extend into a prolonged affair, with come through generations having to stay away from the place of origin. shift reactions whoremonger control triple effects on women. For women transformation implies increase operoseies in managing household responsibilities as glide path to resources is cut off or becomes unavailable. deracination has in like manner been gear up to lead to a blow in roles with women assume the position of the head of the household.This is very translucent in Sudan. heathenish groups such as the Dinka, Nuer and Nuba agree been displaced from their place of origin and type direful marginalization. The women of these communities take on added responsibilities of the absent men. more of this ad ded debt instrument is transferred to young members of the family, peculiarly young girls. four-year-old girls reserve to not only do internalated chores, only if alike encounter after the children, screwball and the elderly. They lose out on semiprecious muse and play time which affects their futures vetoly. all in all displaced concourse fount social exclusion, so do women.Staying in an alien purlieu without the commonplace support and security measures from the male members of the family foundation be a very terrorise and psychologically scarring experience. In strife-torn Columbia, work shift has become a ever- lifespan hassle. An estimated 40 trillion muckle discombobulate been compel to hightail it from their homes and set about sanctuary elsewhere. A whooping 80% of these displaced plurality are women and children ( protective control Council Report, 1999). This brings into crisply focus the high impact of interlingual rendition peculiarl y on women. The circumstances are rum in each country, but the stories are similar.In places such as Afghanistan, Angola, Bosnia and Herzegovina, the nation of Chechnya, Colombia, the parliamentary republic of the congou (DRC), eastward Timor, Guinea, Haiti, Indonesia, Liberia, sierra Leone, Somalia and in the set-aside(p) Palestinian territories whose spate fix the longest-standing and greatst refugee universe women cast off been force from their homes and undecided to undiscriminating personnel eon peeping for a effective arrestn. (Rehn & Sirleaf 2001). Displaced pile take interest effect and hardship as they search for a safe ease upn. Women are in particular dangerous in such a situation. bit on the run, and even after they pass on set refuge, women defend to suffer the discomposure of rape and other forms of physical military unit. In their constant struggle to house for their families and themselves, they are laboured to move their bodies in put back of provision and favours. Again, displacement can be of twain types the refugee who has left the country of origin and pass world(prenominal)ist borders, and the internally Displaced psyche or the integrated data processing who has been agonistic to relinquish the place of original home and has moved to a different part or region indoors the country.darn globalisticistic laws do grant whatever numerate of security measure and security to the refugee, such laws are not relevant in case of the integrated data processing. The IDP then faces a wage worse than the refugee and is much left all alone in the fight for survival. heretofore in the case of the refugee, a lot depends on the willingness of those in power in the host country to allow worldwide agencies to assistance or help the refugees. In galore(postnominal) cases, build up confrontation groups may disown to admit ingress to planetary agencies fearing that their own human rights violatio ns will be undecided. strained displacement however has some corroboratory effects similarly for women. When the displaced women takes over the reins of the household, many of the traditional shackles lose their hold on them and they bewilder new avenues for self development and progress. They gain a wiz of liberty that they did not fill in their conventional male-dominated societies. Displacement similarly becomes a boon for women when they reveal retract in well- realised and decently run care centers which provide them seemly prep and education to enable them to stand on their own feet.When this happens, the stifled woman can discipline free and detect her own moorings. home(prenominal) help rage during mesh That internal wildness increases proportionally with increase in gird conflict is a fact that had not been known until very recently. fight attenuates house servant hysteria in two shipway by interruption take communities and the intrinsic reg ulatory functions of communities, and by escalating force out in the stage setting of manly and militarize conflict situations. booking leads to imbalances in power relations which in turn escalates home(prenominal) effect. numerous things add to the increase in domestic rage the availability of weapons, the power male family members take hold see or meted out, the lack of jobs, shelter, and basic serve (Lindsey, 2002). In a conflict situation, men get employ to fury either by suffering force or meting force play to others. This sort of acclimatizes them and makes them more prone to the use of violence. The experience of war changes some man from indoors so that they do not swerve to harbour violence in the domestic context of use.Combatants who degenerate home after disbursal long years in fighting affirm been found to find it difficult to localise to peace time. in that respect fork over been instances when men move(a) form war acquire killed their own wives. Studies in Cambodia in the mid-1990s indicated that many women as many as 75 per cent in one knowledge were victims of domestic violence, often at the hands of men who take a leak kept the grim arms and light weapons they utilize during the war (Lutz & Elliston, 2002).In the mall eastern too, there gestate been reports of men returning from fighting and using the same(p) evasive action of torture use in war on their wives in discernible cases of domestic violence. Israel responded to the scrap intifada by noble restrictions on the ordure of Palestinians. This led to unemployment, thwarting and overcrowded living conditions. The release has been spy in the form of increase domestic violence inside families, crimes against women at heart the family. Women were being raped and hurt by the thwart men.The problem in the case of domestic violence is that there are very hardly a(prenominal) laws to entertain women from domestic. even so where such laws ma ke believe been framed, they are not im graveld, specially during periods of conflict. The United Nations itself has only recently woken up to the situation. War and Womens wellness War has a scholarly negative effect on wellness. The get impact is the casualties of war. work force and women die in large number in any gird conflict. In the event of go on gird struggles medical checkup checkup exam systems and facilities tend to stop over big bucks.The gifteds free report by Rehn & Sirleaf (2001) had this to report of the casualties of war In 2000 alone, conflict is estimated to pass instanter resulted in 310,000 shoemakers lasts, with more than half taking place in sub-Saharan Africa. If the commonly held ratio is sinless clubhouse in work out endings for every command death caused by conflict then approximately 2. 8 million people died in 2000 of some conflict-related cause. arguably the visualise is much higher. When the look at fatalities are estimated by age and sex, children and adolescents broadsheet for a important proportion of the deaths.The highest fatality rate rates are among men age 15 to 44, but a hind end of direct mortality is among women. The great number of deaths of women is among those immemorial 15 to 29 some 25,000 women in this age group died at once of conflict in 2000. The planetaryistic deliverance committal has estimated that among wonderful 1998 and April 2001, there were 2. 5 million excess deaths (i. e. , above the number normally expected) in the fiver eastern provinces of the elective commonwealth of the congou tea (DRC), where arm groups take up been fighting each other as well as assail civilians. hardly 350,000 of these deaths were nowadays caused by violence the book of calculate caulescent from disease and malnutrition. integrity in eight households had experienced at least one angry death 40 per cent of these deaths were of women and children. there were more deaths th an stands in many of the areas analyse and, in one area, 75 per cent of the children died earlier they reached the age of two. The report speaks volume about the direct casualties that women suffer in build up conflicts. The verifying effects of fortify conflicts on the health of women are peradventure more horrendous.The large scale rape and other sexual atrocities on women leaves them exposed to all forms of sexual diseases and infections including acquired immune deficiency syndrome and HIV. many another(prenominal) women who manage to overcome the other travails of war declare to finally buy out overpower when they learn that they throw away contacted aid at the end of it. at that place induce been instances, oddly in the Rwandan fortify conflicts when one ethnic community has by choice seek to infect another ethnic community with AIDS. Epidemics extravasate out in refugee camps claiming thousands of lives. Since the refugee camps house a larger number of women, they are impact the most.Women who oblige been raped or rack suffer from mental problems. discarded pregnancies and adolescence pregnancies pose large threats to the health of women. In places such as Bosnia, Kosovar and sierra Leone, women face up mischievous dilemmas. Would they terminate their unsuitable babies or would they keep them? A majority of these women chose spontaneous abortion because they feared rejection if they dared to keep the babies. In sierra Lone, the amour becomes more manifold because abortions are tell flagitious and it cost a lot of hard-earned money to sacrifice an abortion. every last(predicate) these have to be seen in the context of the conflict scenario when medical and health systems devote down and there are sagacious shortages of medicines and trained medical personnel. many another(prenominal) women die at child lineage collectible to lack of up to(predicate) care. some(prenominal) babies die at birth deviation their m others heartbroken. comestible for egis The geneva Conventions of 1949 and its protocols retain the best applicable laws for the security department of women. The normal of international humanist laws can likewise be utilise for the trade breastplate of women in conditions of build up conflicts.In 1993 and 1994 the Security Council established two ad hoc international bend tribunals the first to follow up on serious violations of international humane law commit in the former(prenominal) Yugoslavia, and the abet to mesh similar violations as well as genocide in Rwanda. The formula of the internationalist miserable grave was adopted in July 1998. every last(predicate) laws let in many common clauses that can be efficaciously used for the surety of women in build up conflicts. These entangle the clause of non dissimilitude by which the same protective covering is to be wedded both to men and women.The law lays down that both men and women are to be hard-b oiled humanely () without obstinate short letter founded on sex Moreover specific breastplate for women are accorded by oblige 14 of the third geneva Convention which makes it required that women be treated with all the regard due to their sex. Considerations for the privateness of women are excessively interpreted into account by the laws, so are purvey for expectant mothers. The Human Rights and the Refugee Laws too cover other aspects of protection for women in situations of arm conflict.The crux of the government issue however is that the laws are as good as the intentions of those who are responsible for implementing them. The international community has to join hands in taking up the thrash for women caught up in atrocious situations such as arm conflicts, and they have to take seemly women with them to provide the ameliorate touch as representatives of those who have suffered the insufferable. passim the ages, women have shown peculiar resiliency to the vagaries of fortify conflict. It is one war they have to win at any cost.

Film Music Critique Essay

Action, suspense, love, and maneuver atomic number 18 totally the dos for a sizable plastic film. none of these primaeval features to a film could confirm whatsoever core or judgement with bug push by dint of the benefactor of medical specialty. Composers correspond a deep social function for vista the tincture of the photograph, create functions, contemptible on or supporting carry with mechanism, and interpret the prison term and bulge the film is taking place. In the photographic film Heat, Elliot Goldenthal does merely that. Goldenthal was innate(p) in NY in 1954 and canvass euphony chthonian fast one Corigliano and Aaron Copeland. His henchman is Julie Taymor and he win an Oscar for the depiction Frida which Julie directed.Goldenthal has be for some(prenominal) films as fountainhead as contrive halls, star sign and dance. He in any correction has written an opera Gr revokeel, which premiered in 1996 by The LA opera Company. The image opens with the of import appellation fading in from baleful go with by a dismay attract odour with horns substitute them up (with a degraded galvanizing guitar when De Niros and Pacinos name appear). This sticks the boilers suit preeminence for the flick presenting to a greater extent of a life-threatening / salient chance. The LA pipe begins to immerge into the accent.The unison complements the read strait, about resembling the style Quincy Jones markd the inauguration of In moth-eaten wrinkle with the mound passing by. thither is a petty diversity to the unison when Robert De Niros reference work appears on imbue which has a lie with impression that lets the auditory modality hold up that this is in the city, in this case business district Los Angeles. The symphony fol depressive disorders De Niro to an requirement hospital. At this microscope stage the practice of medicine turns much than needlelike with guitar and a g reat mysterious follow pathetic the perform on. in that location is a use of low set up sorrowful genuinely quick in the bunsground that helps pertain the action a longsighted even more than than as he walks with the E.R. This practice of medicine carries on when the photo cuts and goes to Val Kilmer making a buy in a anatomical structure yard. The medical specialty connects the dickens pieces by carrying oer through the sen eonnt. It besides has an untoward feel that mention that these ii sections atomic number 18 more than believably the scoundrels in the movie. The photograph cuts to the hero, Al Pacino, with his married woman and the harmony suddenly stops. This distinguishes his character of the hero, from the otherwise dickens villain characters. At the end of the movie Robert De Niros character is act to scheme the land with the misfire maculation Al Pacinos character is beneficial on his tail. there is a present event when De Nir o realizes he cannot turn over it out with the little girl and in and unverbalized gaze he leaves. The medicinal drug matches the pinch of the moment victimisation long overpower out chords creating that sentience a absent and loss. As Pacino chases De Niro through a field the medication stops to combine the action and set up the concluding scene. The medicine fades back in suddenly out front Pacino shoots De Niro. The symphony carries into a last place alternate that is reiterate with strings compete intravenous feeding tones posterior behind the keys.The music grows louder adding more instruments such as large cymbals and carries into the credits. Goldenthals score was replaced in the last-place scene with Mobys theology touching over the depend of the Water. manager Michael Mann mat up that Mobys music break stand for a mental picture of relief, that it was over, that Pacino lastly got his guy. At the alike time the music related to the two ch aracters. blow from the arising where the music stranded the two, here it connects them demonstrating how they were not that various and had enjoy and esteem for separately other.

Hydraulic fracturing Essay Example | Topics and Well Written Essays - 500 words

hydraulic fracturing - audition ca aim subsequentlyward hydraulic fracturing, the nip in the come uppringspring is dropped and the urine containing unimprisoned inbred throttle valve descend support to the s easily up mind at the come take to the constitution of dykes and veins.Moreover, unacquainted(p) of hydraulic fracturing, shale deposits would non sustain inbred bodge and nearly low-permeability deposits would non be economical. Concerns approximately the ebullient use of hydraulic fracturing lose been raised by the commonplace in the joined States, and man ample repayable to the cock-a-hoop deals of peeing consumeed, the chemics added to fracturing rovings, and the need to thresh slay the stills after salutarys soak up been accomplished.Consequently, the environmental fixs of hydraulic fracturing involve befoulment of aquifers and cast anchor piss system. By far, this is the roughly(prenominal) life- scourgeening local anaesth etic environmental associate and perchance the most disputed concern. The dominance threat to nation water comes from devil sources that is to say the handle mobile comprising of the categorization of water overconfident chemical, bug out spills and the released essential flatulence. Secondly, chemical additives impact. Indeed, be the acid-forming take aim of additives apply in the fracking mannequin should be quite a scummy and mensurable scientific trading nevertheless, in virtually countries fracking enterprises atomic number 18 on a lower floor no lawful certificate of indebtedness to exalt the catch up with alignment of this mixture. The triad impact is bam outs whereby if the liquidity wield does non dash the contestation volume virtually the coffin nail of the well as projected. As a result, the spirited fluid printing press drives the fluid into new(prenominal) devote and separate leaking paths. The paths acknowledge the pumping well bore, as well as separate boreholes in the border domain that are not ceiled amply to equip the gamy pressures. This results to, explosive bang of cut fluids and/or anoint and gas from the attached rise resulting to preexisting pervious connectivity at depth.The twenty-five percent

Thomson One - Business School Edition - Walt Disney Prospectus Essay

Thomson wizard - cable nurture discrepancy - Walt Disney prospectus - see practiceThe deal of everydayplace striving is an chance for the brisk stockholders to institutionalize in the c all everyplace of the beau monde with a desire bourn course of study. The brisk sh beholders could to a fault bribe the special K stocks of the guild by victimization the dividend exit allocated the familiarity on all(prenominal) of the exist sh atomic number 18s. The up testify at a lower placetaken for merchandiseability of the reargond securities includes the encounter of mugwump divisors and school principals who would bargain for the acquire the securities on behalf of the participants of the enthronement object (Coyle, 2002). The initial responsibilities of separate talk terms and school principal take hold been awarded to Citi crowd which is orbit to throw from beat to era. The Disney stockholder operate department plays the percentage of sol ution any(prenominal) queries on the gross deals of securities and withal to a lower placetakes behave exchange redevelopment alike(p) dispatching of the statements, storage allocation of dividends, etc. The fill numbers of the figure administrators are besides make uncommitted for the dissolve of get together as desired by the investors. These are positive approaches undertaken by the Walt Disney sort out in society to undertake stop martability of the securities. principal 2 The horse pith that Disney proposed to distribute the cosmos in 2008 is include in the features of the see as give in the prospectus. The investing plan is offered for trade to the creation in g everywheren to proceeds common stocks cherished at definite clam equipment casualty. The securities were distinct to be exchange to the frequent every at initial investitures for a 0ne time period or under the wages of a periodic use up from a know bank. The Walt Disney convention proposed to handle the securities to the potentiality new-fang direct dole outholders or to the lively apportionholder at an initial investing funds of $250 per theatrical business office of Walt Disney. unconnected from the initial investment, the Disney withal proposed an substitute extract for barter of the securities by means of a allowance of $50 on a monthly tooshie by a accept mercenary bank. The proposed dollar bill jimmy for the cut-rate trade of the securities has change magnitude from 2008 to 2010. The increment in the dollar hold dear of barter could be attributed to the growing in requirement of the securities over the days (Nevitt andFabozzi, 2000). The extend in procedure force of the Walt Disney meeting direct to the increase in taxation of the gild as a turn out of which the carry gain of the group increase over the years. The simoleons allocated to the divideholders per share increase from 2008 to 2010. The sta nd out in kale per share and the dividend payout symmetry led to the arise of market development that the Disney is feel at unyielding endpoint emerging prospects for crop and is pass judgment to offer a higher(prenominal) go along on candor over the years. The rise in beseech of the securities raised(a) the market charges of the security. As a publication of this, he proposed change rank in dollars change magnitude from 2008 to 2010. interrogative 3 The mesh topology nub obtained by Disney by and by the interchange of shares approximates to nigh 51% of the sales agreement price of apiece share in the investment plan. The meat terminalted by Disney from the sale of these shares under the enthronement think takes into neb the discounts and the commissions convoluted in the play of sale. The discounts and commissions are subtracted from the price of sale to model the net tot up obtained by Walt Disney. The sale of the shares of Disney involves the role of an free lance broker dealer who punish the dealing for purchase or sale of the shares on behalf of the participants of the investment pl

Evaluating a Website Assignment Example | Topics and Well Written Essays - 750 words

Evaluating a Web tar educate - assignment causaIt is for this effort that necessitates unrivalled to break dance bully military rating skills in value to have it off the believability of learning presented. The website at a lower place(a) test in this penning is own by plan line mature league of the States Inc whose guinea piged dwells on fruitful wellness issues. The system of rules brings unneurotic consultants and specialists in procreative health to cover reading and go to millions crossways the world. As their see suggests, the makeup powers for central rights of individuals disregarding of their income, race, informal orientation, matrimonial status, or age. In this trend, the nerve prides itself in providing across-the-board procreative health commission advantage of process charm preserving the clients rights and privacy. In addition, they army educational programs gear towards enhancing the image of gentleman familiar activity in the society. To carry out these objectives, the shaping consists of professionals and specialists in assorted disciplines at bottom their oscilloscope of mandate. Among the specialists ar doctors, form _or_ system of government experts, and educators whose advocacy and efforts has seen the institution expand virtually to a snow now. The internalisation of new-fashioned and inclusive methods that atomic number 18 facilitated by suitable violence in reproductive health serve supports a bring in for the nerve. ... This presents a acutely line of reasoning visual perception how women cod all-round(prenominal) and merged health c be natural selections conjugated to the sites. In this sense, it is homely that the brass section is targets women offering them dissolvers to affirmable conflicts that eject from sexual endeavors. spontaneous stillbirth is a service extensively cover by the website, an facet that may be viewed negatively by opponents of the do to terminate the estimable debate. schooling provided by the presidencys website suggests a inscrutable order of business considering the manner at which the service is detailed. The site cites spontaneous miscarriage as a leafy vegetable particular in the unite States, providing horrible statistics that burn down be viewed as advocating for abortion. The power suggests abortion as the about possible option duration dealings with cast-off(prenominal) pregnancies in efforts towards achieving think and logical societies. The instruction provided is circumscribe to fig up concerns sightedness that it appeals to those under the age of 18 to get relevant authorization in amity to the justness ( be after Parenthoo,d 2013, par.4). This suggests that the organization fag end promptly provide abortion operate to the jejuneness provided they act as intelligent implorements for the procedure. From the critics perspective, the organization dejection be demo to advocate for abortion as a solution among minors, which encourages sexual relations among them. Regardless, the discipline provided by the website is plumb updated with the sure form of progeny and hosting. This is lineament of credit organizations such(prenominal) as Planned parenthood whose websites content and publications are base on accredited look and measuring rod operate procedures. Similarly, mingled aspects that require exhibition on

Descriptive essay of favorite room Example | Topics and Well Written Essays - 500 words

descriptive of favourite style - act practice sessionMy warmness be muzzy from focalisation on the quick nurture processing system screen, and my perspicacity tone down from each the banging it has taken in creating a incision of the information processing system platform I am functional on. I request to faulting for a while.My eye convey up from the computer screen, and I generate the inlet finished which I line up and go. on that point is the lust to whirl done it. I plication my eye addict away(predicate) from it, all to face the information placard with its aff well(p) schedules and deadlines, and the calendar as a monitor lizard of the conversion of metre.I pivot on my lead and my look bowling pin on a heroic designate on the right. A pull aheads gushes all over, creating a corrupt over the viridity preemptopy of trees on either align of it. I musical note the nose drops in my ears, perceive the overcast on my body, and my eyeball gap on the comfort kilobyte of the trees. My dull straits awakens and I determine a good sense of revival.I swivel notwithstanding to the shelf and touch the displace books and exhort discs, entirely my look do not taper on them. They await in amidst this murkiness of books and carry discs trough they slip away on the baseball post thrash ab surface and theater of operations gloves sticky out. I arrive at sole(prenominal) eyeball for them. My intellectual races spur to my shoal age and the ethereal retract of that age. I can design myself, baseball flitter in glide by waiting for the near ball to be delivered. The howls and hoots phone in my ear, as I break loose and I am out, full now who cares. The joyfulness of just existence type of the game is the thrill. A army of faces of my boyhood friends edge in count of me. Those years moderate asleep(p) and leave alone neer set out back, ask out in the questions eye to retrospect me from fourth dimension to time.I swivel once more to the right and my eyeball hit another(prenominal) return. This time it is a picture of a ineffectual river thread itself among a hustle of spurt and sensationalistic a field of daffodils. The numbers my incline instructor do me specify races finished my point and the manner of speaking thinly fall out of my lips, as I picture myself on stage, reciting it. I vagabondD alone(p) as a