Old Chang Kee

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TABLE OF CONTENTS

1 INTRODUCTION TO OLD CHNAG KEE GROUP 4

1.1 Overview 4

1.2 History 5

1.3 Share Price Performance 5

1.4 Products and Services 5

1.5 Brands 5

1.6 Corporate Strategy and Objectives 5

1.7 Sources of Competitive Advantage 5

1.8 Ownership Structure 5

1.9 Capital Structure 5

1.10 Management Structure 5

2 INDUSTRY Analysis 6

2.1 Overview 6

2.2 Industry External Drivers 6

2.3 Market Segmentation 6

2.4 Products and Services Segmentation 6

2.5 Major Market Segmentation 6

2.6 Industry Participants / Competitors 6

2.7 Porter Analysis 6 2.7.1 Bargaining Power of Suppliers 6 2.7.2 Bargaining Power of Buyers 6 2.7.3 Barriers and Threat to Entry 6 2.7.4 Threat of Substitute Products 6 2.7.5 Rivalry among Existing Competitors 6

2.8 SWOT Analysis 7 2.8.1 Strength 7 2.8.2 Weaknesses 7 2.8.3 Opportunities 7 2.8.4 Threats 7

2.9 Industry Outlook 7

3 ECONOMIC Environment 8

3.1 Overview 8

3.2 Macroeconomics Indicators 8 3.2.1 Inflation 8 3.2.2 Interest Rates 8 3.2.3 Exchange Rates 8

3.3 Economic Outlook 8 3.3.1 Estimated Market Return 8

4 Current Issues 9

4.1 Macroeconomic Factors 9

4.2 Microeconomic Factors 9

5 Financial Analysis 10

5.1 Dupont Analysis 10 5.1.1 EBIT / Sales 10 5.1.2 Sales/ Total Assets 10 5.1.3 EBIT / Total Assets 10 5.1.4 Interest Expense / Total Assets 10 5.1.5 Net Before Tax / Total Assets 10 5.1.6 Total Assets / Common Equity 10 5.1.7 Net Before Tax / Common Equity 10 5.1.8 Tax Retention on Ratio 10 5.1.9 Return on Equity 10

6 Valuation Assumptions 11

6.1 Required Rate of Return (CAPM) 11