Strategic Human Resource Management (SHRM) in the Recession

Strategic Human Resource Management (SHRM) in the Recession Abstract In this assignment is presented briefly the world economic recession, the definition of strategic management and is analyzed the role of Strategic Human Resource Management as well as the HRM Policies during the economic crisis. Finally, are proposed some solutions of reducing HRM costs, following the minimizing cost strategy of the companies and presented the potential contribution to the long-term success of a company after the end of the recession. Introduction Every business adopts strategies of acting. The business strategy the that a company adapts and applies is directly linked with its day-by-day changing commercial, economic, technical, ethical and social environment. (Georgopoulos,2006) Until now, businesses were taking in account the factors of a continuously augmenting globalization of the markets and the non-stop pushing from the international competition (Scroggins W., Benson Ph., 2010), the poor ability of the company to protect itself from the increasing menaces from the external environment and technological and administrative opportunities are spread between the society and the business. (Georgopoulos, 2006) World Economic Recession In these factors that bring uncertainty to the company is added the economic recession that burst about two / three years ago. Recession is a phase of business cycle in which there is a significant reduction in economic activity, which is obvious in income, employment, industrial production and sales. As consequence a lot of companies are trying to survive, focused mostly in cost leadership strategy, a strategy that its goal is the minimizing of the costs of production. Strategic Management Strategic Management refers to the most difficult challenge that an organization confronts, on how through the competition for survival and prevalence in the market in the present, will put foundation for a success in the future.(Georgopoulos, 2006) Maximizing Performance is the main goal of all managers, which means the level that the organizations reach their organizational goals with efficiency and effectiveness. This will result the companys success in the long run. (Georgopoulos, 2006) Strategic Human Resource Management and its Role in Present Recession SHRM is a strategic approach of managing one of the most important elements of an organization, its working force. The need of SHRM is more intense in present days, as economies are under recession, businesses have losses and a vast number of people lose their jobs all around the world (Harness T., 2009). The administration of every firm has a cost reduction strategy, searching for potential cost savings and thinking twice of spending its income. The HRM costs are usually significant costs and are usually the first that are reduced in an economic crisis. In situations like this, the HRM has to react quickly, supporting the organization in protecting incoming cash and reducing its operational costs. This is pressing for HRM, as it has to change its focus rapidly, from the pleasant strategies of the economic growth, taken for granted by the employees, to unpopular cost cutting strategies. In this way, HRM contributes to the survival of the business, maximizing its performance if it is possible and to its success after the exit of the recession, having already recruited the most talented employees with the less possible cost, leading the organization to the competitive advantage in the future market (FergusonK., 2009). Unfortunately, for achieving this, HRM adopts unpopular innovations; policies and procedures may be cancelled or postponed; but also this could be helpful for HRM to introduce modern policies of high standard, making the organizations healthier after the recession. Until now, has been observed a trend of the businesses where the majority of companies has fired employees directly after the burst of the crisis and replaced low-performing employees with high performing. Also a big amount of them hire only temporary personnel and augment the size of IT applications. As a result, some of the HRM processes can be strongly affected and some other not to be affected at all. SHRM of Recession and HRM Policies There are policies of HRM that are heavily affected by the recession in the strategy of minimizing the costs, such as planning of workforce, recruitment, training, benefits already given to employees, performance management and appraisal, which have to be minimized immediately. Other practices are less affected, such as job analysis, recruitment, testing, selection, interviewing and development, in which the costs can be more easily reduced . Job Analysis, Planning and Recruitment during the recession In these activities of HRM, the one that has to be almost eliminated is the recruitment. Most of the businesses stop recruitment completely or they reduce it to minimum. This affects the activities of job analysis and planning, as there are no incoming employees. The HR department is really careful of identifying the needs in personnel of the company and designs work positions that cover a larger field of duties and have less specialization. Additionally, they can build a brand name this period, creating job campaigns that will attract talents with the minimum cost. They reschedule simultaneously the planning of the working force of the company and its organizational structure, redirecting the employees in other departments. In this way the costs in money and time from recruitment are almost eliminated instantly (Richbell S., 2010). Testing, Interviewing and Selection during the recession These three activities are not affected so much, as long as there is at least some recruitment, as there are ways to make their costs disappear, mostly through technological tools (Polychroniou P., 2009) that give the opportunity to the companies to test and interview with no cost of transportation, residence of the interviewers, materials etc. On the other hand, always businesses wish to have talented employees, thinking of their performance and success after the end of the recession. In this case, the crisis enables companies of mapping and targetting the really talented employees that maybe they are working for the competitors or are victims of the recession. And all these will cost to the company less than in a growth period (Emerald Group Publishing Limited, 2010). Training and Development during the recession Training will follow the pace of the recruitment as it is costly to train the new employees, as long as they exist. It has huge costs in time and money, so the companies prefer already experienced employees, victims of the recession, to avoid these costs. On the contrary, development is really significant during the recession time. This is the HR practice less affected by recession, as can be done with low cost, using IT solutions, and prepares the business for the exit of the economic crisis, maximizing the performance and contributing in the long-term success. The development can be diminished to the key personnel, identify the top performers and concentrate to the really capable of achieving good performance (Malik F., 2009). Performance management, Benefits and Appraisal during recession A company has after the check of performance of its employees to make a quick classification between good and average employees. This will make also the average or bad employees to be pressed to perform. Also, employees with average performance in a department can be redirected to another one, which will give them additional skills as well. Finally, for maximizing their performance the HR department has to listen to the employees, to keep them motivated and be sincere with them about the difficulties of the period, so that they will trust the administration, they will help it to face the appraising problems by feedback and will augment their willingness for higher performance. Additionally, creating a vision and making them part of it, will increase the level of commitment of the employees (Pate J., 2010). From what the business can save a huge amount of money are the bonuses that can be significantly reduced, without touching the base salaries of its employees, as they are really sensitive in this (Armstrong M., 2011). In the same manner, in the appraisal process, the promotions can be re-evaluated and can be done only the needed ones, trying to minimize the salary augmentation and strengthen their development programs(Armstrong M., 2011). SHRM Solutions for Companies during recession In bad economic periods, companies neglect investing in HRM, as they think of these periods suitable for cutting benefits and firing employees. In the contrary, companies should take advantage of these periods, to prepare themselves for the next period of strong economic growth. Innovation leads to competitive advantage Innovation results out of change, which demands an organizational culture willing to accept it. The contribution of HRM in organizational culture, makes it a really important function of the business nowadays. The innovations that HRM can implement in organizational culture of the company are (Benevene P., 2010): collaborate with ecological ways of communication reducing costs; increase the satisfaction of employees making them feeling important, sharing with them the vision of company; introduce the flexible working transforming it from an employee benefit to a cost controlling strategy (Atkinson C., 2011); increase the employee engagement to the performance of the company; attract and keep talented employees(Pate J., 2010). In this way, HRM, through innovative strategies contribute to the exit of a company from the recession, lowering the costs and maximizing business performance. Being focused on organizational culture, through its processes and the help of technology, HRM can offer real benefit to the company. Conclusion In this period of world economic recession, the HRM has to react in a fast and efficient way, as the longer an introducing solution needs, the less is appropriate. A company with HR department reporting, controlling and innovating all its processes, can be leaded in a huge competitive advantage after the crisis comparing to its competitors, improving or maximize the performance of its employees and as a consequence the performance of the organization and thus, considered to have achieved success in the long run (Kats M., 2010).

Foundation, Foundation and Empire, and Caves of Steel, by Isaac Asimov

Everyone is faced with difficult obstacles at some point in his or her life, whether or not they are able to overcome them can define them as a person. Every story has a plot, but a plot is determined by the characters and their actions to events that take place in the story. According to the article â€Å"Science Fiction Images of Computers and Robots† written by Patricia S. Warrick, many of the plots in Asimov’s novels depend on â€Å"computers and robots [along with] space exploration and development† (54). Characters in the novels written by Isaac Asimov have to figure out the capabilities of new technology, understand other characters, and find solutions to problems with no end in sight. Characters’ actions and responses to problems play large roles in the plot of a story. The characters in Asimov’s novels have to solve problems that could affect the future of humankind. With such great advancements in technology, the humans begin to worry tha t technology such as robots will take over and become the primary race. In Isaac Asimov’s novel, Foundation and Empire, one of the themes is deception and some characters use deception to get what they want, and in a world of power, they became the most powerful of all. When the structure of organizations and countries begin to fall apart in the world, there are some people who will do almost anything to gain power. In Asimov’s eyes, the future world is going to be enormous expanding across galaxies, having unlimited technology, and billions of people. Asimov is one of few writers who has had success writing novels containing science fiction and mystery. Isaac Asimov depicts similar themes of power and deception by using the plot, characters, and setting, while the use of all these makes him an i... ...simov. Ed. Joseph D. Olander and Martin Harry Greenberg. N.p.: Taplinger, 1977. 32-58. Rpt. in Contemporary Literary Criticism. Ed. Jean C. Stine. Vol. 26. Detroit: Gale, 1983. 41-45. Print. Short, Sue. "The Measure of a Man? Asimov's Bicentennial Man, Star Trek's Data, and Being Human." Extrapolation 44.2 (2003): 209. General OneFile. Web. 12 Mar. 2014. Warrick, Patricia S. "Science Fiction Images of Computers and Robots." The Cybernetic Imagination. N.p.: The MIT, 1980. 53-79. Rpt. in Contemporary Lieterary Criticism. Ed. Jean C. Stine. Vol. 26. Detroit: Gale, 1983. 53-56. Print. Watt, Donald. "A Galaxy Full of People: Characterization in Asimov's Major Fiction." Isaac Asimov. Ed. Joseph D. Olander and Martin Harry Greenberg. N.p.: Taplinger, 1977. 135-73. Rpt. in Contemporary Lieterary Criticism. Ed. Jean C. Stine. Vol. 26. Detroit: Gale, 1983. 45-50. Print.

Plagiarism and the Internet :: Free Essays Online

Plagiarism and the Internet Plagiarism is a form of theft in which someone not only steals someone elseà °s words or ideas but pretends that they invented them. Plagiarism can result in lawsuits when copyrights are violated, such as in the case of 2 Live Crew who used a Roy Orbison song without consent of the copyright owner. The lines that draw this plagiarism trap are sometimes obscured, but are clearly articulated in resources such as The Hamilton College Honor Code. If instructors assign readings such as these, students will be without excuse for this common form of cheating. With the tools of today as given by the Internet, students have more information at their fingertips than ever before. Information and sources are easily acquired and many web sites are even open strictly for the use of plagiarizing, providing essays and reports students can copy. Teachers and professors could frustrate themselves by trying to find which particular website a student used to plagiarize. Surveys reflect the high percentage of exasperated teachers who feel defeated in this war against plagiarism (www.plagiarism.org/plagiarism_stats.html, p. 1 of 2). Can students act to remedy this problem? They can wage war against the websites that aid students in cheating by trying to expose them to higher authorities. This may lead to the closer observance of the forming of these websites and considerably lessen that form of plagiarizing. Teachers and professors could tailor writing assignments to make it harder to be plagiarized or put more of the weight of the grade on in-class testing. This particular writing assignment might be hard to plagiarize because it had specified topics with three issues to be addressed in relation to one another. Perhaps creative assignments would aid in the fight. Finally, students with

Trapped in the Middle :: Essays Papers

Trapped in the Middle The middle. When one thinks of the middle, he or she may think about the middle of a street, a class, or the middle of the country. One may also consider the middle of thought, traffic, or of an argument. After asking more than ten people what they thought of what the middle was, none of them ever mentioned the middle of two cultures or traditions. In the essay, The Homeland, written by Gloria Anzaldua, Anzaldua describes her homeland as being a little of both Mexican and American cultures. She talks about the history of Mexico and how the borders between Mexico and the United States were created. She explains how the creation of the border has dramatically changed the lives of the Mexican people. She describes the border by using many metaphorical devices; one such example is that of the ocean, â€Å"where earth touches ocean, where the two overlap; a gentle coming together, and at other times and places a violent clash† (Anzaldua, 319). Anzaldua is very rea listic and descriptive in her text. She uses many forms of writing in her personal narrative, which creates an eye-opening and touching story. She concludes her essay with giving the reader a metaphor of what her homeland is to her, a â€Å"thin edge of barbed wire† (327). Anzaldua explains how she is stuck in the middle of two cultures due to a variety of reasons. Those reasons include, the fact that she struggles knowing that the Mexicans must depend on the Americans to live; yet the Americans are too ignorant to even know what is going on. Moreover, the fact that she lives in America yet her heart and soul lie in the Mexican culture causes her to feel split between the two traditions. I, too, feel for Anzaldua, yet I am Portuguese and not Mexican. Though I do not relate completely with her, I do in many ways. After reading The Homeland, I was opened up to a new story about another culture and at the same time it opened myself up to new ideas about my own. After reading Andaldua’s The Homeland, I was shocked to see myself realize that much of the information that she presented had already been exposed to me, yet I never bothered to look at both perspectives.

Ebay in China Essay

The joint venture with Tom Online will allow eBay to enter the Chinese rapidly growing market. In 2007, China experienced a technology boom in which more people were using the Internet than ever before. Besides the rocket increase of Internet usage in China, E-Commerce is growing as well. With the power and influence of Tom Online, eBay has a unique opportunity to grab the market share of a billion people in China. EBay can benefit a lot from the joint venture with Tom online. Tom Online will help eBay reach millions of people through Internet as well as the mobile Internet. Graph 1 shows that China experienced an exponentially growing in Internet usage. From 2005 to 2007, the Internet users in China doubled from 111million to 205 million. The big population of China almost guaranteed Internet usage growth. With the increase of Internet usage in China, the online shopping also grows rapidly. According to graph 2, online transaction value in China jumped from 3.9 billion RMB to 23.1 billon, representing an incredible growth rate of 253%. All the statistics above strongly prove that China is the perfect market for eBay to tap into. In addition to the great potentials of the market of China, the new marketplace will bring together the strengths of both companies. EBay EachNet’s global e-commerce knowledge and large and active trading community in China, and TOM Online’s local market knowledge and active wireless user base of more than 75 million. The new marketplace will bring enhanced online and mobile opportunities to buyers and sellers in China, evolving eBay’s participation in China and extending TOM Online’s wireless service portfolio into m-commerce. Upon the launch of the new marketplace, eBay EachNet users will be invited to transition to the new site, a nd TOM Online will work to deliver its user traffic to the site as well. Risks On the other hand, it is also risky for ebay to form the joint venture with Tom Online. EBay must pay close attention to Tom Online and their strategy in the market. Instead of eBay, it is Tom Online that has the majority share in Tom EachNet at 51%. EBay has injected over $40 million into Tom EachNet,  while Tom Online only contributed $20 million (along with knowledge, technology, and brand value). It is clear that eBay has more to lose in the deal, while Tom Online is simply negotiating their presence in China. EBay must work closely with Tom Online to ensure that their visions for Tom EachNet are similar, and a common strategy is taken to succeed. China’s business culture is another obstacle that eBay must monitor closely. Tom Online does have extremely well connection with the Chinese government, and eBay must be sure to take advantage of the TOM Online’s political networks in China. .

Karl Marx’s

Karl Marxs Ger valet de chambre political theory is a relook at the foundation of school of thought and all combined artistic expressions of man in the new focus of literal activities and quests. Since Karl Marx was influenced by the disparities in forgiving organisms and wanted to explore the conditions that either pillow slip blood line to, or arise from, these disparities, his philosophy is more than aligned to the more mundane casual activities.German Ideology is a critically of import relook at the philosophies of the day to incorporate the staple fibre shoots of valet being as the basis for the concepts of ownership, aim and family as a unit of the society. Marx argues that 1. Concept of ownership is a convenient work around of ego interest, 2. Labor forms the basis of the brotherly structure, and 3. The family relationship mingled with man and woman has a pragmatic basis of increasing and procuring labor (more than the element of love or companionship, which is propagated through every other form of philosophy).The main differentiator of Human beings and animals is that Man fetchs the m everyplace of his subsistence. Marx argues that the act of production defines human being and his existence.This mode of production must non be considered simply as being the production of the physical existence of the man-to-mans. sort of it is a definite form of exercise of these individuals, a definite form of expressing their life, a definite mode of life on their part.Therefore any interaction amidst two communities or two countries is basically a discourse between towage productive forces. The act of productivity, in regulate to continue in a behavior that serves the self interest of each of the individual unit as well as the dependant community around it gives take in to the earliest form of ownership. Great stretches of lowbrow lands give birth to the emergency of great(p) ownership including that of an adequate labor force.All loving interactions spring out of the necessary exchanges between the different producing classes or the labor. According to Marx, well-disposed and political relations evolve over age from the life process of individuals, non out of any empirical or imaginary form of individuals, barely a realistic, form how they operate and how they produce. Marx goes on to think over that the production of ideas, conception and consciousness are directly interwoven with the material operation and the material intercourse of men, the language of real life.Production as in the representation of distinguishing human beings from animals as argued in send angiotensin converting enzyme and the production of more human forms are both two aspects of the same function, argues Marx. According to him, creation of new take (the act of satisfying integrity need gives rise to the need for instruments and the labor need to produce those instruments) is the first step of creating history. In this s tep of history, one of the first social interactions of man is to procreate or produce more of human beings and this is to be considered as the family that we know of today.Family and reproduction start of as the essentially production oriented early steps in social interactions. These interactions, when they continue on a macro level, give birth to huge feudal or any other form of community. Marx argues that the necessity of society in Man is kindred to the herd mentality in animals but in this association instinct is replaced by consciousness.Karl Marx gives a truly materialistic twine to the motives of human endeavor and in this he philosophically captures the radical views of P.B.Shelly. Shelley has been naughtyly sanitise by later day critics in that his works like Ozymandias always protrude to be the defeatist or lamentably inadequate human ramblings in the face of unattainable immortality or eternity. In pragmatism the highly radical views of Shelly hint at a revolt. That might be one of the reasons why Shelly is considered a very high influence on pre Raphaelites and ultimately the herald for labor movement. Marx also subscribes to Shellys views of human materialistic quest being deserving of filling the annals of history. As one radical poet wrote in favor of Marxism, narrative shall henceforth be the chronicle of the palanquin bearers

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 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) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 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 korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current 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 live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 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 Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national 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 Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and 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 economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.