Cfpjtfn Jmefs hkr Cfpjtfnjze hkr Ojms Luy Lktthrjem, Wftjk`fn J`vestie`t Lrkup (8=<) 3=8-4=8= luylktthrjemDrftjk`fnjl.cki
J`vestie`t Jmef2 ]ree Jsnf`m Steen Ntm. (]SQ2 ]SN)
Gujnmj`l Trkmucts If`uhfctu If`uhfcturer rer
S`fpsakt Wece`t Trjce
Safres
$6.<5*
37.5 ijnnjk`
Ifroet Cfp
$5< ijnnjk`*
Gfcolrku`m
K`e kh nfrlest if`uhfcturers kh steen wjre prkmucts j` @krta Fierjcf
K`e pnf`t j` GC, taree j` Cfnjhkr`jf? f``ufn cfpfcjty kh 355,444 tk`s
Ajstkrjcfnny prkhjtfgne gusj`ess2 strk`l efr`j`ls hkr ft nefst 65 yefrs* prjkr tk hj`f`cjfn crjsjs
@efrny we`t gf`orupt gehkre gej`l recfpjtfnjzem gy j`vestkr lrkup nem gy gujnmj`l prkmucts j`mustry veterf` Fifr Mkif`
J`stfnnem ajisenh fs cafjrif`, repnfcem hkrier if`fleie`t
Fhter eck`kijc mkw`tur`, spe`t yefrs prekccupjem wjta gfnf`ce saeet, ckst-cuttj`l f`m le`erfnny stfyj`l fhnkft
K`ny j` pfst ckupne kh yefrs afs jt gee` fgne tk sajht hkcus tk sfnes lrkwta
\ay js ]ree Jsnf`m \krta \ krta Zkur Ftte`tjk`;
]rfmes ft 3.8x `krifnjzem hree cfsa hnkw (HCH)
Ifterjfn krlf`jc lrkwta pkte`tjfn hkr yefrs tk ckie wjta njttne j`creie`tfn cfpex
Exceptjk`fnny Exceptjk`fnny wenn-ru`
Ck`sjmerfgne j`sjmer kw`ersajp f`m rece`t guyj`l
\ay js Jt Sk Caefp;
Sifnn, cnkseny-aenm ckipf`y
U`merhknnkwem2 u`tjn ness taf` f yefr flk, afm `k efr`j`ls cfnns kr f`fnyst ckverfle
Gusj`ess afs gee` u`mer-efr`j`l hkr hjve yefrs, kgscurj`l jts true efr`j`l pkwer
Ckipetjtjve Fmvf`tfles
Wjcaik`m, GC pnf`t (fccku`ts hkr guno kh ]ree Jsnf`m‚s Jsnf`m‚s cfpfcjty f`m sfnes) afs jipkrtf`t ckst fmvf`tfles
Turcafsj`l2 mue tk nkcftjk` (gy Hrfser Wjver/Tfcjhjc Kcef`) f`m scfne, cf` skurce steen wjre lnkgfnny ft mrfiftjcfnny nkwer fnn-j` ckst per tk` taf` ckipetjtkrs wakse sjze f`m/kr nkcftjk` hkrces taei tk guy nkcfnny
Jipkrts Jipkr ts hrki nkw-ckst prkmucers j` Caj`f, Skuta Okref, Fustrfnjf, Cajne etc.
Sfnes2 nkcftjk` j` rfjn/truco gfcoafun ifroet e`fgnes jt tk sajp prkmucts caefpny hrki GC tk Efster` Cf`fmf, Ijmwest I jmwest f`m \ester` US
Ft sfie tjie, prktectem k` jts akie ak ie turh hrki rjvfns j` fgkve reljk`s (sj`ce iuca ikre expe`sjve tk sajp hrki taere tk \ester` Cf`fmf taf` vjce-versf)
Cfpfcjty Utjnjzftjk` f`m EGJ]MF 64.4
=4%
:.4
31%
1.4
38%
<.4 8.4 5.4
34%
<.7
3.4 7.4 4.4
37%
7:%
71%
=.4
6.4
3=%
37%
37%
6.3
7464
7466
EGJ]MF
78% 7=%
3.8 4.6
71%
77% 74%
7467
7463
Cfpfcjty Utjnjzftjk`
Trkhjtfgne eve` wjta ij`jscune ~34% utjnjzftjk`, extreieny neverflem tk j`creie`tfn sfnes
Krlf`jc Lrkwta Cfse Stumy2 Leklrfpajc
Ckipf`y neverflj`l jts rfjn ckst fmvf`tfle tk expf`m sjl`jhjcf`tny j` Jnnj`kjs
Fmmem fpprkxjifteny 8,444 tk`s j` f``ufnjzem sfnes yefr-tk-mfte
Wkki hkr ck`tj`uem expf`sjk`? Jnnj`kjs stjnn f sifnn ifroet hkr ]ree Jsnf`m
Krlf`jc Lrkwta Cfse Stumy2 Expnkjtj`l Expnkjtj` l Ckipetjtkr \efo`ess
Flrjcunturfn Flrjcunturfn he`cj`l2 wk` safre hrki rjvfn j` \ester` Cf`fmf gy khherj`l hfriers ikre hreque`t sajpie`ts kh nkwer-vknuie krmers wajne ckipetjtkr j`sjstem k` hunn truconkfm menjverjes
Wjvfn rece`tny wjtamrew hrki Cf`fmjf` ifroet, af`mj`l ]ree Jsnf`m eve` ikre gusj`ess
Z]M fmmem fpprkx. =,444 tk`s f``ufnjzem f``ufnjzem
Krlf`jc Lrkwta Cfse Stumy2 Custkier \j`s
\k` hfste`er gusj`ess gusj`ess wjta Nkwe‚s Cf`fmf Nkwe‚s Cf`fmf j` pfst yefr
Lrkwta pkte`tjfn2 Nkwe‚s Nkwe‚s stjnn afs sifnn prese`ce j` Cf`fmf, seeis j`te`t k` expf`mj`l (e.l. gjm hkr Wk`f W k`f j` 7467)
Kppkrtu`jty tk pe`etrfte Nkwe‚s fccku`t Nkwe‚s fccku`t f`m geckie suppnjer j` \ester` US
Cfse stumjes jnnustrfte strjmes ]ree Jsnf`m js ifoj`l mespjte njttne aenp hrki ifcrk e`vjrk`ie`t? sfnes lfj`s wjnn fccenerfte jh US (jts ifj` ifroet gy hfr) ck`tj`ues tk regku`m
Hurtaer Evjme`ce kh Sfnes ]rfctjk`
Hrki nfte V6 tarkula V7, lrew prkmuctjk` stfhh j` Wjcaik`m gy 7<% f`m ft Cfnjhkr`jf Cfnjhkr`jf pnf`ts pnf`ts gy 63%
Fmmj`l nfgkur ckst-ehhectjveny? ckst-ehhectjveny? nftest rku`m kh u`jk` mefns prkvjmem hkr iuca nkwer wfle rftes hkr `ew wkroers wk roers
Wesunts fctufnny aurt j` V7 mue tk trfj`j`l cksts, j`ehhjcje`cjes fsskcjftem wjta spjoe j` `ew eipnkyees? ge`ehjt hrki expf`mem wkrohkrce yet tk ge see` j` hj`f`cjfns
Stfhh fmmjtjk`s sullest if`fleie`t f`tjcjpftj`l ck`tj`uem pjcoup j` vknuies
If`fleie`t Cfse Stumy2 7467 Megt Wepurcafse
\ae` ]ree Jsnf`m hfcem hj`f`cjfn mjhhjcuntjes, jt kgtfj`em hkrgefrf`ce flreeie`ts k` jts pfyfgnes hrki jts twk ifj` steen ve`mkrs
J`stefm kh gej`l jiiemjfteny mue, fiku`ts wkunm ge repfjm k` j`stfnnie`t gfsjs ft <% j`terest
J` 7467, re`elktjftem taese flreeie`ts fs hknnkws2
Xe`mkr #6 (kwem US$68.
Enjij`ftem ckipf`y‚s gjllest ckipf`y‚s gjllest njfgjnjty ft ckigj`em mjscku`t kh ~85% wjtakut reskrtj`l tk gf`oruptcy f`m wjta `k equjty mjnutjk`, creftj`l treie`mkus safreaknmer vfnue
J`sjmer Guyj`l Seve` j`sjmers afve gkulat <% kh ckipf`y k` kpe` ifroet j` pfst 65 ik`tas
J`sjmer purcafses sj`ce Buny 7463 Mjnutem safres kutstf`mj`l Turcafses2 % kh safres
7,665 37,534 8.5%
CEK, CHK f`m XT Sfnes afve fnn pfjm getwee` $7.34 f`m $7.=4 per safre j` pfst afnh yefr (36% tk 3<% preijui tk curre`t prjce)? CEK afs gkulat safres j` seve` kh nfst `j`e qufrters
Akw Iuca Cf` ]ree Jsnf`m Ifoe j` @krifnjzem E`vjrk`ie`t; E`vjrk`ie`t;
Hrki 6::1 tk 7447 (prjkr tk k`set kh US akusj`l guggne), f``ufn EGJ]MF rf`lem hrki $73ii tk $3=ii, fverflem $71ii*
EGJ]MF kh $75ii j` 7448* mespjte Skutawester` US akusj`l ifroet gelj``j`l tk ckkn taft yefr
Kperftj`l efr`j`ls sakunm retur` tk $75ii rf`le f`m ckunm exceem taft neven – ]ree Jsnf`m afs le`erftem ijnnjk`s kh mknnfrs j` hjxem ckst cuts sj`ce Mkif` cfie fgkfrm
@krifnjzem HCH Iuntjpne EGJ]MF Ifj`te`f`ce cfpex J`terest ]fxes HCH Ter safre T/HCH
$75.4 (6.5) (7.3) (5.3) $65.: $4.=: 3.8
Ft HCH iuntjpne kh te`, eve` jh jt jt tkko hjve yefrs tk fttfj` `krifnjzem resunts, j`vestkrs j`vestkrs wkunm stjnn efr` CFLW CFL W kh 73%
Cftfnysts
Ck`tj`uem sfnes trfctjk`
]uco-j` fcqujsjtjk`s
Efr`j`ls, HCH wjnn skfr fs cfpfcjty utjnjzftjk` regku`ms hrki 34%-rf`le
\jnn fmm ckipneie`tfry prkmucts/renftjk`sajps, prkmucts/renftjk`sajps, e`af`ce efr`j`l pkwer
Mjvjme`m resuiptjk`
Mkif` afs ajstkry kh hfvkurj`l mjvjme`ms ft j`vestee ckipf`jes Nkw cfpex requjreie`ts, cnkseny-aenm `fture kh safres (ifoj`l guygfcos mjhhjcunt) suppkrt rftjk`fne hkr mjvjme`ms
Ck`cnusjk`
Ifterjfnny u`mervfnuem
Excenne`t if`fleie`t if`fleie`t wjta ifbkr „soj` j` tae lfie’
Cnefr strftely tkwfrm restkrj`l hkrier prkhjtfgjnjty, strk`l evjme`ce kh successhun executjk`
J`vestie`t Jmef2 ]errfXest Cfpjtfn J`c. (]SQ2 ]XO)
Mjversjhjem Aknmj`l Ckipf`y
S`fpsakt Wece`t Trjce
Safres
$8.74*
61.8 ijnnjk`
Ifroet Cfp
Mjvjme`m
$665 ijnnjk`*
$4.=4* (8.5% yjenm)
]errfXest ]kmfy2 ]aree Tfrts
WBX Lfs Hjenm Servjces
Lestjk` Berjck
If`uhfctures wennaefm prkcessj`l equjpie`t hkr kjn f`m lfs j`mustry j` \ester` Cf`fmf
If`uhfctures jteis suca fs prkpf`e mjspe`sers, resjme`tjfn f`m ckiiercjfn njqujm ck`tfj`ie`t u`jts, guno prkpf`e trucos
Mjfik`m E`erly Servjces
Servjce rjl kperftkr j` Sfsoftcaewf`
Gfcolrku`m
Hkrierny f ck`lnkierfte wjta sjx mjvjsjk`s
Strullnem fs severfn sugsjmjfrjes u`merperhkriem, cunij`ftj`l j` mjvjme`m suspe`sjk` j` 744:
Hrki 7464 tk 7467, mjvestem hkur kh jts sjx mjvjsjk`s, usem prkceems hkr specjfn mjvjme`ms, safre repurcafses
Fctjvjst j`vestkr tkko ck`trkn kh ckipf`y
Wej`stftem relunfr mjvjme`m j` 7463
Efrnjer tajs yefr, fcqujrem Berjck f`m gelf` tk pursue ck`sknjmftjk` strftely
\ay js ]errfXest \krta Zkur Zk ur Ftte`tjk`;
HCH iuntjpne kh 8.< gfsem k` ru`-rfte kh curre`t gusj`ess
J`vestkrs pfyj`l `ktaj`l hkr serjkus lrkwta prkspects
Xfnuem ft bust 3.8x estjiftem HCH j`cnumj`l njoeny njoeny fcqujsjtjk`s fcqujsjtjk`s
Fllressjveny pursuj`l ck`sknjmftjk` ft WBX f`m Berjck? `uierkus tfrlets fvfjnfgne ft nkw-sj`lne-mjljt EGJ]MF iuntjpnes Cf` mkugne HCH j` `ext taree yefrs
Weckrm kh excenne`t cfpjtfn fnnkcftjk`
Ck`sjmerfgne j`sjmer kw`ersajp f`m rece`t guyj`l
\ay js Jt Sk Caefp;
U`merhknnkwem2 `k f`fnyst ckverfle kr efr`j`ls cfnns gehkre Fulust
Z]M resunts u`merstftem gecfuse Berjck fcqujsjtjk` cnksem ijm-yefr? fgse`t hrki 6.5 kut kh 3 qufrters* j`cnumj`l sefsk`fnny-strk`l V6
U`merfpprecjftem lrkwta pkte`tjfn2 ]errfXest j` efrny stfles kh fcqujsjtjk` strftely fhter yefrs kh sarj`oj`l
Ck`sknjmftjk` Kppkrtu`jty2 WBX f`m Berjck
Gkta mjvjsjk`s j` hrflie`tem j`mustrjes wjta if`y sifnn kperftkrs
@uierkus tfrlets fvfjnfgne ft nkw vfnuftjk`s (=-=.5x ( =-=.5x stf`mfnk`e EGJ]MF)
Gkta WBX f`m Berjck afve j`aere`t fmvf`tfles taft e`fgne taei tk crefte sjzefgne ckst sy`erljes
WBX2 j`-akuse if`uhfcturj`l cfpfgjnjtjes fnnkw jt tk cut kut ckstny ck`trfctkrs, efr` iuca ajlaer ifrlj`s taf` peers
Berjck2 cf` skurce steen ft ief`j`lhunny nkwer prjces taf` ckipetjtkrs (tajs fnsk aenps WBX, wajca skurces hrki Berjck)
Ckigj`em, WBX f`m Berjck afve kppkrtu`jty tk mepnky $644ii-pnus ft 7.5-3x EGJ]MF fhter ckst-cuttj`l ckst-cutt j`l
Cfpjtfn Fnnkcftjk` Fnnkcftjk` Cfse Stumy2 @\T J`mustrjes
WBX ckipetjtkr, hjrst fcqujsjtjk` u`mer `ew ck`sknjmftjk` strftely? mefn cnksem j` Fulust
Tfjm =.75x EGJ]MF gfsem k` curre`t resunts
Ifbkr ckst-cuttj`l kppkrtu`jty hrki expnkjtj`l WBX‚s WBX‚s f`m Berjck‚s ckst Berjck‚s ckst fmvf`tfles f`m hrki kverfnn ehhjcje`cjes
If`fleie`t afs o`fco hkr hj`mj`l wfy tk reikve cksts
@\T `kt f`kifnkus? iuntjpne trf`sfctjk`s wjta sjijnfr eck`kijcs gej`l expnkrem gy gkta WBX f`m Berjck
Cfpjtfn Fnnkcftjk` Cfse Stumy2 Sugstf`tjfn Jssuer Gjm
J` 7467, ]errfXest khherem tk repurcafse 5ii safres (75% kh safres kutstf`mj`l) tarkula sugstf`tjfn sugstf`tjfn jssuer gjm ft $7.<5
Safreaknmers te`merem <.7ii safres? j`stefm kh prk-rftj`l taei, ckipf`y enectem tk fccept e`tjre fiku`t
Gkulat gfco 38% kh jts safres ft nkw-sj`lne-mjljt HCH iuntjpne f`m ness taf` afnh kh curre`t prjce
J`sjmer Guyj`l @j`e j`sjmers afve gkulat 1% kh ckipf`y k` kpe` ifroet sj`ce Hegrufry ft fverfle ckst kh $8.76 per safre
J`sjmer purcafses sj`ce Heg. 746=
6,=78
Mjnutem safres kutstf`mj`l
61,5:=
Turcafses2 % kh safres
<.<%
@kt j`cnumem fgkve2 Cafrnes Tennerj` (ru`s Berjck) recejvem ajs pkrtjk` kh Berjck fcqujsjtjk` prjce e`tjreny j` stkco, fnjl`j`l ajs f`m ]errfXest‚s j`terests? ]errfXest‚s j`terests? `kw kw`s 67% kh ckipf`y
HCH Iuntjpne2 Curre`t Gusj`ess EGJ]MF ru`-rfte Ifj`te`f`ce cfpex J`terest ]fxes HCH Ter safre T/HCH
$34.4 (=.4) (3.6) (5.<) $6<.7 $4.:7 8.<
Ikmest vfnuftjk` eve` jl`krj`l fcqujsjtjk`s? j`vestkrs pfyj`l `ktaj`l hkr ]errfXest‚s ]errfXest‚s sjzefgne sjzefgne lrkwta prkspects
HCH Iuntjpne Iuntjpne Fmbustem hkr Trkgfgne Fcqujsjtjk`s Fcqujsjtj k`s j` @ext ]wk tk ]aree Zefrs Trese`t ru`-rfte EGJ]MF hrki WBX fcqujsjtjk`s EGJ]MF hrki Berjck fcqujsjtjk`s J`creie`tfn cfpex, j`terest, tfxes HCH
$6<.7 63.3 74.4 (67.3) $31.7
Mjnutem safres kutstf`mj`l2 prese`t Safres jssuem hkr fcqujsjtjk`s Fmbustem safres
61.8 3.8 77.7
HCH per safre T/HCH
$6.<7 3.8
J` nk`ler teri, sjl`jhjcf sjl`jhjcf`t `t caf`ce kh fmmjtjk`fn trf`sfctjk`s geyk`m neven fssuiem j` tajs cfncunftjk`, ifoj`l stkco eve` caefper
Cftfnysts
Hurtaer fcqujsjtjk`s
Nfrle pjpenj`e kh mefns fvfjnfgne ft gfrlfj` prjces \jnn resunt j` rfpjm lrkwta hkr hkreseefgne huture
Ik`etjzftjk` kh Mjfik`m – k`ny selie`t `kt tfrletem hkr lrkwta
Stfgne efr`j`ls, nefmj`l safre j` jts reljk`? wkunm ge fttrfctjve fmmjtjk` hkr nfrler e`erly servjces hjri \kunm prkvjme sjl`jhjcf`t cfpjtfn tk remepnky j`tk WBX f`m Berjck
Ck`cnusjk`
F`kifnkusny caefp
Ajla melree kh j`sjmer fnjl`ie`t, reckrm kh jipressjve cfpjtfn fnnkcftjk`
J`vestkrs afve`‚t cfulat k` tk e`krikus lrkwta pkte`tjfn
]SN f`m ]XO2 Jipkrtf`t Ckiik`fnjtjes
Ijsu`merstkkm2 ifroet jl`krj`l hu`mfie`tfn caf`les ft efca gusj`ess
Meik`strfgny caefp? ckipennj`l ifrlj` kh sfhety
Strk`l if`fleie`t f`m sugstf`tjfn j`sjmer guyj`l
