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Section1Question 1:Part AGiven the competitive nature of the mobile telecommunications market analyse the likely advantages and disadvantages to Opal of establishing a partnership agreement with another company.12Advantages:Firstly, the partnership agreements can provide Opal with technology assistance. It allows Opal for the joint development of new products and the sharing of technology. Secondly, a Chinese partnership not only gives Opal access to local knowledge but also provides an air of acceptability that is important when conducting business in China. Thirdly, local firms’ well-reputation and wealth of experience will also help Opal to ensure that product development and customer service is specifically targeted at meeting the local needs and demands of the local market. Fourthly, companies in partnership can share the costs and reduce the risk.Disadvantages:As for the disadvantages, firstly, the own technology of Opal might be leaked because of the sharing of technology which may result in the loss of Opal’s competitive advantages. Secondly, in a partnership with others, the control power of Opal’s own company might be distributed because of the consideration of other partners’ benefits. Thirdly, firms need to share the profits and there might be conflicts since those companies are profitable organizations.PART BIdentify and justify possible options the senior management may have which will enable Opal to maintain its current levels of success and profitability. 8Firstly, since Chinese market has enormous potential, Opal needs continue to invest inChinese market to gain more market shares for its expansion.Secondly, Opal can sign the partnership agreements with more companies, to gain more comprehensive market information and share the technology and develop new products.Thirdly, in order to maintain the characteristics and good reputation, Opal needs to keep the strong stance in relation to the environment, use more green and environmental materials to produce ‘environmentally friendly’ products and services, and keep offering a comprehensive mobile phone recycling scheme.Fourthly, it is necessary to deepen the agreement with Huawei, since Huawei is a long established and well-respected player in the Chinese telecoms market. By doing so, Opal can achieve the further expansion.Question 2PART AAssess the strengths and weaknesses of Opal as they seek to expanding in the coming years. 12StrengthsFirstly, the further deregulation of the telecommunications markets enabled Opal to capitalize on a number of opportunities.Secondly, Opal has its core markets, and the recent ‘opening-up’ of the Chinese market is currently providing Opal with opportunities for further expansion. Thirdly, the mobile devices division has allowed Opal to sell their phones to competing networks allowing access to a much larger market.Fourthly, as their characteristic, Opal has adopted a strong stance in relation to the environment, and they were one of the first phone manufacturers in the world to offer a comprehensive mobile phone recycling scheme and offers environmentally friendly products and services.W eaknessesFirstly, the first hand-held phones were high priced because of the high research and development costs and the need for highly specialized production facilities. And this may cause the needs of a large amount of investment capital and the decrease in sales. Secondly, Opal is a medium sized producer of handsets, which means it owns limited produce resources and investment capital resources. It may not be able to meet the needs of cooperation with other companies.Thirdly, the regulatory complexities of operating within the Chinese market may hinder the development and expansion of Opal.Lastly, the regulatory complexities of operating within the Chinese market and the fierce competition may hinder the expansion of Opal and increase a certain level of risk.PART BChoose two Key values highlighted in Appendix 3 and for each, explain how it has impacted upon the company’s activities. 8Firstly, the customer deserves service excellence.Opal is a customer- focused organization. Enterprise's core value is to focus on customer service and its quality. By doing so, the customer satisfaction and loyalty can be established and then the growth of sales and profits can be achieved. According to the case, in order to enhance the quality and satisfaction of customer services, the Opal has established the Service Development Section and Customer Care Department. With the rapid development of technology, the Service Development Section is tasked to enhance the customer experience of the mobile and web-based services. And the Customer Care section is tasked to ensure that customer expectations are consistently met. Both of them are aim to provide customers with excellent services.Secondly, we accept that while we are driven by technology we will always aspire to drive technology.The development of technology can provide Opal with higher tech-competitiveness, and help it to develop new products and expand to larger market. As for Opal, they continue invest in other innovative products and market research, and has been very successful in identifying market trends and then using the latest technological developments to satisfy customer needs. And, there is a Special projects section in Opalwhich requires significant investment and provides the leading-edge technology required for mobile and others.Section 2Question1PART AEvaluate possible sources of finance that Gold could access as it seeks to expand its business operations.Firstly, issuing shares are a financing way that Opal can access. It can meet a part of the Opal’s capital needs during its expansion, even though the amount of share capital issued will be limited to the authorized share capital amount.Secondly, issuing debentures are a useful way too. Debentures are loans made to companies that carry a fixed rate of interest. However, the debenture holders need to repay the principles on time and they do not participate in the running of the company like shareholders do.Thirdly, even though both issuing shares and dividends are appropriate for Opal, there still some differences between them. The shareholders have the control right of the company, but the dividend holders do not. And, the dividends holders need to repay the principle on time, while it won’t be necessary for shareholders. Lastly, the shareholders can get benefits from the dividends while the debenture holders can get them from the interests.PART B找到一类可以同时满足Opal 公司股东和Opal 在中国市场合作伙伴用来检验企业效率的财务数据信息. 请解释这类数据是如何满足这些利益相关者要求的。
bec中级用什么教材bec备考肯定需要一些教材资料辅助我们学习，那么bec中级用什么教材好呢，一起来看看吧。
bec中级用什么教材一、需要的书籍：课本方面：经济科学出版社的第二版商务英语课本课本的同步辅导真题：人民邮电出版社的真题辑2、3辅导书：1、中国石化出版社的30天考试圣经2、新东方周成刚出的一本《如何准备BEC中级考试》词汇：《新32313133353236313431303231363533e58685e5aeb931333337 623437东方剑桥商务英语中级词汇精选》不是很厚的那本词汇书，背了有两遍。
有一定用处，但到最后冲刺的最后一个月根本就没背词汇口语：人民邮电出版社的《新编剑桥商务英口语必备手册》很不错!听力：网上收集真题听力阅读写作没有买专门的辅导用书二，个人体会：首先要树立信心!对待真题的重视程度再强也不为过!其次可靠有用的BEC辅导资料对一个初次接触商务英语考试的考生老说无疑是指明了方向!最后BEC(中级)的通过率极低反之其含金量不言而喻!对从事外贸及相关工作的考生其实际效用很明显!(个人体会强烈)非常有价值的相关BEC资料，内容包括：1.经济科学出版社剑桥商务英语中级课件(详细的课文解析!课后试题详解!)(初次接触的考生对教材一定要重视)强烈推荐!2.新东方BEC中级精华教程(包括听力阅读作文口语flash课堂录音和配套讲义)(内容相当全讲解到位基本可以替代辅导班上课效果)强烈推荐!3.优秀通过者的考试心得;4.其它有价值的资料(电子版)这种考试只要想通过,100%要做真题的,请大家抓紧机会。
BEC商务英语中级考试真题1 A cautious approach can be used when calculating what a company is worth.2 Consider personnel issues so that you have sufficient resources to fulfill your objectives.3 In order to know if you can make a return on your investment, assess how you can add to the company you are buying.4 Providing sufficient support for staff during the acquisition process can have a favourable outcome.5 Take into account your long-term requirements to ensure you have the resources you need.6 Even after investing some effort in the acquisition, it may still be necessary to withdraw.7 Terms initially negotiated can be changed after the acquisition.Mergers and AcquisitionsAs Finance Director of plastics manufacturer VKT, Yvonne Maynart has overseen many successful takeoversAIt is essential to build up a team to handle the acquisition so that your existing business can continue uninterrupted during the deal. It also helps to operate with spare capacity so that you can transfer people during the initial stages. A key person should be driving the acquisition process forward, although one personalone cannot assume responsibility for a large deal. It is clearly vital to do thorough research when identifying potential targets - but do not be afraid to walk away from a deal if you become aware of serious difficulties with a company you are targeting.BTo decide on the value of any target business, you must first determine what contribution your acquisition can make to it. For example, you may be able to increase revenue through a more focused management team, or improve margins through greater purchasing power and lower costs. At VKT, we base our valuations on conservative assumptions - we also add in the risk element. This approach may be best, and it's worth remembering that with listed companies, shareholders tend to have higher risk/reward expectations.CDeveloping relationships with finance providers is a key part of the finance director's role. It is important to draw up a good business plan to ensure backing from lenders in the early stages of the acquisition. Your loan application needs to be supported by detailed profit and cashflow projections. Make sure you factor in sufficient finance to let the business develop over time, and allow for reinvestment. Here at VKT, we usually finance acquisitions with bank debt in the form of a 364-day loan, which can then be refinanced at a lower interest rate later.DIf an acquisition is large, it can take years for companies to integrate. At VICT, we monitor all acquisitions closely for at least two years, and the most important lesson I've learned is that a deal is only good if it is beneficial for both vendor and acquirer. Change causes confusion, so it needs to be handled carefully. Inorder to protect profits and grow the business, you need to minimise the impact of change and help the people affected feel comfortable about it. When this is done properly, it can really boost morale.BEC商务英语中级考试真题答案这篇文章是关于收购的一些建议。
关于价格英文作文Title: Understanding Pricing: A Comprehensive Analysis。
In today's dynamic market landscape, pricing strategies play a pivotal role in determining the success and sustainability of businesses across various industries. From retail to technology, healthcare to hospitality, understanding the nuances of pricing is essential for companies striving to thrive in competitive environments. This essay delves into the intricacies of pricing,examining its significance, factors influencing it, and diverse strategies employed by businesses to achieve their objectives.First and foremost, pricing serves as a crucial determinant of a product or service's perceived value. Consumers often associate higher prices with superiorquality and exclusivity, while lower prices may connote affordability and accessibility. Therefore, establishingthe right price point is imperative for aligning customerexpectations with the actual value proposition offered by a business.Several factors influence pricing decisions, ranging from production costs and market demand to competitor pricing and consumer behavior. Understanding these factors enables businesses to devise effective pricing strategies tailored to their target market and competitive landscape. For instance, a luxury brand may leverage premium pricing to maintain an aura of exclusivity, while a budget-friendly retailer may adopt a penetration pricing strategy to capture market share rapidly.Moreover, pricing elasticity, or the sensitivity of demand to price changes, plays a significant role in determining optimal pricing strategies. Products or services with inelastic demand, such as essential goods or unique offerings, may afford businesses greater flexibility in pricing decisions. Conversely, products with elastic demand require more nuanced pricing approaches to avoid significant fluctuations in demand in response to price changes.In today's digital era, data-driven pricing strategies are becoming increasingly prevalent, with businesses leveraging advanced analytics and machine learning algorithms to optimize prices dynamically. Dynamic pricing, exemplified by algorithms that adjust prices in real-time based on factors like demand fluctuations, competitor pricing, and even individual consumer behavior, allows businesses to maximize revenue and profit margins while remaining responsive to market dynamics.Furthermore, psychological pricing tactics exploit cognitive biases and perceptions to influence consumer purchasing decisions. Strategies such as charm pricing (setting prices just below round numbers, e.g., $9.99 instead of $10) and decoy pricing (introducing a slightly inferior product to make other options seem more appealing) are commonly employed to nudge consumers towards desired purchasing behaviors.However, pricing decisions must also consider ethical implications and long-term brand equity. Engaging inpredatory pricing practices or price gouging may yield short-term gains but can damage consumer trust and tarnish the brand's reputation in the long run. Sustainable pricing strategies prioritize fairness, transparency, and value creation for both businesses and consumers, fostering mutually beneficial relationships.In conclusion, pricing is a multifaceted aspect of business strategy that requires careful consideration of various factors, including market dynamics, consumer behavior, and competitive landscape. By understanding the intricacies of pricing and adopting appropriate strategies, businesses can enhance their competitiveness, maximize profitability, and foster enduring relationships with consumers. As the market continues to evolve, the ability to navigate pricing complexities will remain indispensable for businesses striving to thrive in an increasingly competitive environment.。
关于acquisition的例子1.Indeed, ease of acquisition is the problem.事实上，容易获得是个问题。
2.He devotes his time to the acquisition of knowledge.他把时间用在获取知识上。
3.The first hypothesis is the acquisition and learning distinction hypothesis.第一个假设是习得和学习差异的假设。
4.One example of social learning is the acquisition of preferencesfor novel foods.社会学习的一个例子是获得对新奇食物的偏好。
5.What's more, the study of language acquisition offers direct insight into how humans learn.更重要的是，语言习得的研究为了解人类如何学习提供了直接的视角。
6.The acquisition acts of bidders may derive from modeling: a manager does what other managers do.投标人的收购行为可能来自建模：一个经理做其他经理做的事。
7.According to this hypothesis, the acquisition processes create sentences in the second language, right?根据这个假设，习得过程用第二语言创造句子，对吧？8.You might think about how you would approach the acquisition process if you had it to do all over again.你可能会想，如果你可以从头再来，你会如何处理收购过程。
There was a time when I felt the weight of a misunderstanding with my teacher, an incident that has left a lasting impression on me. It was a day like any other, filled with the usual hustle and bustle of high school life. The air was thick with anticipation as we awaited the return of our English essays, which we had submitted a week prior.I had poured my heart into that essay, spending countless hours researching, drafting, and revising. It was a piece on the impact of technology on modern society, a topic that resonated deeply with me. I was confident in my work, and I eagerly awaited the moment when my teacher would acknowledge my efforts.However, when the essays were handed back, I was met with a harsh reality. My teacher had marked my essay with a grade that was far below my expectations. To make matters worse, there were comments written in the margins that suggested I had plagiarized parts of my work. This accusation was like a punch to the gut. I had worked tirelessly on that essay, and the thought that my integrity was being questioned was devastating.In that moment, I felt a surge of emotions anger, frustration, and disbelief.I wanted to confront my teacher immediately, to defend myself and clear my name. But something held me back. I knew that acting out of anger would only make the situation worse. Instead, I decided to approach the situation with a level head and a clear perspective.I scheduled a meeting with my teacher to discuss the matter. I went inarmed with evidence drafts of my work, notes from my research, and even printouts of the sources I had cited. I was determined to prove my innocence and regain my teachers trust.The conversation was tense, but I remained calm and composed. I explained my process, how I had spent hours upon hours crafting my essay.I showed my teacher the drafts, the notes, and the sources, all of which were original and properly cited. I also explained the areas of the essay that had been flagged for plagiarism, clarifying that they were my own thoughts and interpretations.My teacher listened intently, and I could see the realization dawning on her face. She apologized for the misunderstanding and acknowledged that she had jumped to conclusions without fully examining the evidence. She commended me for my diligence and integrity, and she revised my grade accordingly.This experience taught me several valuable lessons. Firstly, it reinforced the importance of clear communication. Had I not taken the time to explain my process and present my evidence, the misunderstanding might have persisted. Secondly, it highlighted the value of staying calm and composed, even in the face of adversity. My levelheaded approach allowed me to effectively address the issue and resolve it to my satisfaction.Moreover, it served as a reminder of the importance of integrity. In a world where dishonesty and plagiarism are all too common, its crucial to stand by ones work and uphold the principles of academic honesty. Lastly, ittaught me about resilience. When faced with a challenge or a setback, its essential to remain steadfast and persevere, for it is through these trials that we grow and learn.In conclusion, being misunderstood by my teacher was a challenging experience, but it was also an opportunity for growth and learning. It taught me about the power of communication, the importance of integrity, and the value of resilience. These lessons have stayed with me and continue to guide me in my academic and personal life.。
Should management have performed an interim goodwill impairment test as of September 30, 2012?Galaxy Sports Inc. (Galaxy) is a U.S. based manufacturer of sports equipment. It is an SEC registrant with one operating segment with three separate reporting units: fitness, golf and hockey. The fitness is the largest division of Galaxy with allocated goodwill of $200 million. The golf division reports $130 million of goodwill and the hockey has $30 million of goodwill. Each division has been a reporting unit for a number of years. Due to the complexities involved with the calculation of goodwill and resource restraints in 2011, Galaxy decided to hire Big Time LLC(Big Time)to perform three annual ASC350, Intangibles-Goodwill and Other, impairment analyses.In 2011, no goodwill impairment was found by Big Time. In 2012, Galaxy did not use Big Time or any external evaluation firm for the goodwill impairment analyses. The management determined that the prior year step 1 analysis of Big Time could be used based on the fact that assets and liabilities had not significantly changed,the most recent fair value determination had exceeded the carrying value amount by substantial margins, and that no events or circumstances would cause the fair value to go below the book value. The issues at hand are whether or not an interim impairment analysis should have been performed as opposed to carrying forward the prior year step 1 analysis.Management decided not to perform an interim test in2012. An example to support this decision comes from Vulcan Materials which cited “write down can trigger a violation of bank covenants (as debt to equity rises after the equity is reduced). Further, it can hurt valuation ratios such as price to book value”. Further, a similar affect to the bank obligations would be management not wanting to record a loss which negatively affects financial statements and in turn management compensation. ASC350-20-35-29states that the fair value of a reporting unit may be carried forward from one year to the next if all of the following criteria have been met: a) the assets and liabilities that make up the reporting unit have not changed significantly since the most recent fair value determination. An example is a recent significant acquisition or a reorganization of an entity’s segment reporting structure that might significantly change the composition ofa reporting unit, b) the most recent fair value determination resulted in an amount that exceeded the carrying amount of the reporting unit by a substantial margin, and c) based on an analysis of events that have occurred and circumstances that have changed since the most recent fair value determination,the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is remote.ASC 350-20-35-30 states “Goodwill of a reporting unit shall be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Examples of such events or circumstances include a significant adverse change in legal factors, the business climate, and unanticipated competition.Galaxy had a steady stock price and earnings decline in the first 3 quarters of 2012 and were dealing with a slumping economy. This was further affected by competitors in China who were able to distribute similar products at a large discount appealing to consumers in a price sensitive economy. An interim test should have been provided based on the evidence cited.Assume no interim test is required for Galaxy,was management justified in carrying forward the prior-year goodwill impairment test for the Fitness Equipment and Hockey Equipment reporting units? There are a few reasons why Galaxy Sports should not be required to do an interim goodwill impairment test as of September 30, 2012. The high sales of last year and the forecasted year-end sales through the Christmas season would negate having an interim test done. Galaxy’s management determined that the assets and liabilities of the Fitness and Hockey Equipment reporting units had not significantly changed,and the most recent fair value determinations for both reporting units exceeded the carrying amounts by substantial margins, therefore passing step 1 of ASC 350-20-35-29.In December 2011, Galaxy Sports decided to hire Big Time LLC to perform goodwill impairment tests.Previously,Galaxy Sports performed these valuations, but with the increasing complexities inthe goodwill calculation and current resource constraints,Galaxy looked to Big Time for help.According to ASC350-20-35-29,goodwill shall be tested for impairment between annual tests if certain events or circumstances occur that would more than likely not reduce the fair value of a reporting unit below its carrying amount. Certain circumstances that Galaxy was faced with which would require it to have an interim test include significant adverse changes in the business climate and unanticipated competition.At the end of 2011, Galaxy’s common share price was $56.75. A slowing economy,reduced consumer spending,and lower than expected earnings throughout the first quarter of2012made the share price fall to$49.25,and down to$45.25after the second quarter earnings were released.During the third quarter of2012, Galaxy was considering an interim test for goodwill, but decided it was not necessary.After releasing earnings in October2012, earnings were well below expectations again, causing another fall in share price, down to $31.50. Galaxy’s share price fell from $56.75 to $31.50,a reported45%in nine months,which would be a good reason for an interim goodwill impairment test.Throughout 2012, Galaxy’s earnings were continuously below their expectations,resulting in a drastic fall in share price.Galaxy experienced additional pressure on sales rge discount retailers were importing lower cost sports equipment from China, therefore undercutting Galaxy’s costs. Consumers tend to buy lower cost equipment in troubling economic conditions.Galaxy Sports had strong earnings in 2011 and expected sales to continue to be strong throughout 2012. Although sales were lower for the first three quarters of2012,management expected higher earnings in the fourth quarter. Historically, the fourth quarter has been the strongest quarter for Galaxy with sales representing more than 50 percent of the company’s sales.Based off of the continuous fall in Galaxy’s share price, imported competition underselling Galaxy, and sales falling short and year-endsales being way low, Galaxy should not have been justified in carrying forward the prior year goodwill amount.。
1.the table shows the changes in the number of...over the period from...to... 该表格描述了在...年之...年间...数量的变化。
2.the bar chart illustrates that... 该柱状图展示了...3.the graph provides some interesting data regarding... 该图为我们提供了有关...有趣数据。
4.the diagram shows (that)... 该图向我们展示了...5.the pie graph depicts (that).... 该圆形图揭示了...6.this is a cure graph which describes the trend of... 这个曲线图描述了...的趋势。
7.the figures/statistics show (that)... 数据(字)表明...8.the tree diagram reveals how... 该树型图向我们揭示了如何...9.the data/statistics show (that)... 该数据(字)可以这样理解...10.the data/statistics/figures lead us to the conclusion that... 这些数据资料令我们得出结论...11.as is shown/demonstrated/exhibited in the diagram/graph/chart/table... 如图所示...12.according to the chart/figures... 根据这些表(数字)...13.as is shown in the table... 如表格所示...14.as can be seen from the diagram,great changes have taken place in... 从图中可以看出，...发生了巨大变化。
曲线图：The graph below shows the percentage of people unable to find work in three major countries from 1983 to 1992.学习知识点：“上升和下降”，“平稳波动的说法”1). the proportion (percentage) of people who were unable to find work decreased from 13% in 1983 to 8% to 1990.2). The number of people unable to find work showed a significant decline, accounting for 8% in1990, compared with 13% in 19833). after 7 years of steady decline, the percentage of people unable to work started to rise.The line graph shows a comparison(比较) of unemployment rates in Japan, the United Kingdom and Canada between 1989 and 1992.In Japan,the percentage of unemployment increased from 2.3%to3%between 1983 and 1986. After that, the percentage started decreasing with minor fluctuation（波动）and returned to the original value in 1992.（第一组：具体谈日本的变化趋势，起末点，最高最低）In 1983, the percentage of unemployed people was 12% in Canada and 13% in the UK.（起点）These values decreased dramatically and at a constant rate（固定比率）over the next few years.（趋势）Unemployment reached the lowest percentage in Canada with about 7.7% in 1988-1989, and in the UK with 7% in 1989-1990. （最低点）（介词短语的并列形式）The unemployment rates of the two countries reaches the same point between 1988 and 1989. And then the figures（替换）started increasing in both countries. In 1992, Canada reached its original value. Meanwhile, UK reached 10%, three points below the original percentage in 1983. （终点）From the above analysis, the unemployment rate in Japan was more stable than those of UK and Canada.（结论）柱状图：The graph below shows the different modes of transport used to travel to and from work in one European city in 1950, 1970, and 1990.The bar chart represents a contrast in terms of bus, car, bike, foot in years of 1950, 1970 and 1990.From 1950 to 1990,the percentage of people who travel（替换）by bike and on foot decreased from 27% to 7% and 33% to 10% respectively. Similarly, the percentage of people taking bus dropped（下降）after 1970 but increased before that. However, car’s percentage use sharply boomed（增速迅速发展）year after year.（第一组：柱自身比较）Traveling by bike or on foot was most popular in 1950, but percentage of car users was far smaller. After two decades, with the decrease of bike users and travelers on foot, bus and car gain a lot of popularity. Bus reached its peak（达到高峰）at 27%. In 1970, over one out of three（三分之一）people drive to and from work.（替换第二组，柱间比较）All in all, as the economy increases gradually, people prefer to go to work and come home by driving rather than taking bus or walking.（prefer to do, rather than doing）表格图：The table below shows information on income, taxes and prices in five cities around the world. Write a report for a university lecturer describing the information shown below.This table graph demonstrates a comparison of wages, taxes and rents in five important cities, Athens, Geneva, Hong Kong, London and Tokyo.Geneva and Tokyo offer the highest average hourly wage, 13 and 12 pounds respectively. Within expectation, the tax as percentage of wage is also high. However, the rent in Tokyo is much more than that in Geneva.On the contrary, the lowest wages are offered by Hong Kong and Athens, 3 and 4 pounds respectively. It is not surprising that the taxes are correspondingly lower than the rest. The difference between the two cities is the rent, with the lowest 700 pounds in Athens and higher 2400 pounds in Hong Kong.（第二组：工资最高，相似和不同）With the average rent and wage, London has the highest tax.（其他有特点但未提到的）In conclusion, in terms of living cost, living in London might harder than the others.（合理推断）饼状图：The two pie charts below show the types of communication used in 1962 and 1982.The two pie charts demonstrate a comparison in different patterns of communication which were used in 1962 and 1982.As what has been shown in the two charts, the percentage of letters drastically decreased from 50% in 1962 to 10% in 1982 respectively.The figures of phone and computer usage, on the contrary, increased correspondingly at a high rate. The percentage of computer communication in 1982 was exactly twice that in 1962. Similarly, the popularity of phone in 1982 can also be suggested by its rise-25% from the original value, 35%.In conclusion, communication devices, as economy and technology are being enhanced, have changes greatly. High-tech ways will gradually take the place of private and traditional ones.。
October 26, 2010EARNINGS REVIEWQinghai Salt Lake Potash (000792.SZ)NeutralBelow expectations on lower margins, but ASPs starting to edge upWhat surprised usQSLP reported 9M10 net profit of Rmb1,040mn (+11% yoy), below our expectations and consensus, accounting for 65% of our 2010E full-year estimate and only 46% of Wind consensus. Key variance came from lower than-expected gross margins on lower-than-expected realized ASPs. 9M10 revenue rose 41% yoy on higher potash sales volumes while we estimate ASPs declined about 15% from a high base in 9M09. On a qoq basis, 3Q10 gross and EBIT margins improved by about 2pp, showing signs of domestic potash prices catching up with the recent rally in global and domestic fertilizer prices. QSLP’s net receivables jumped 419% yoy and 237% qoq in 3Q10, outpacing revenue growth suggesting QSLP probably provided longer credit terms to customers to boost sales.What to do with the stockWe cut our 2010E EPS estimate by 13% to account for lower margins year-to-date, tweak our 2011E estimate and raise 2012E estimate by 8% on higher longer-term potash price outlook by our global AgricultureResearch team. We keep our 12m P/B-based TP of Rmb47.40 unchanged and retain Neutral on the stock. Upside risk: success in raising ASPs and narrowing the discount gap with international potash prices withouthampering potash demand. Downside risks: adverse weather conditions and decline in potash prices. Source: Company data, Wind, Gao Hua Securities Research estimates.INVESTMENT LIST MEMBERSHIP NeutralCoverage View: CautiousChinaAgricultureJessie Pinglun Lai+86(10)6627-3461 i@ Beijing Gao Hua Securities Company Limited The Goldman Sachs Group, Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification, see the end of the text. Other important disclosures follow the Reg AC certification, or go to /research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.Chris Shiu, CFA+86(10)6627-3462 chris.shiu@ Beijing Gao Hua Securities Company LimitedRevenue 1,297 785 65%49%4,034 2,856 41%67%61%EBIT407 254 60%61%1,526 1,588 (4%)53%-Reported net profit 268 146 83%31%1,040 935 11%65%46%Reported EPS (Rmb)0.35 0.19 83%31% 1.36 1.22 11%65%46%Gross margin 51%42%+8.7pp +2.6pp 53%63%-10.1pp Pre-tax profit margin 43%32%+10.7pp -3.5pp 49%67%-17.8pp Net profit marginAnalyst ContributorsJessie Pinglun Lai i@Chris Shiu, CFA chris.shiu@Reg ACI, Jessie Pinglun Lai, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. 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