Outperform as the stock has underperformed by 13% over the past year and could be catalysed by the completion of KLIA2 and Malindo’s surprise entry. The latter leads to a higher DCF‚ against which we factor in a new 10% discount to derive our end-2013 target price until KLIA2 completion risks pass. Our FY12-13 EPS are cut for higher staff costs. 3.9% to 5.3% to account for Malindo’s entry into Malaysia. We are only assuming that Malindo expands to 70 aircraft over 10 years on the basis of rational behaviour
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Introduction Ann Harrison 1 Overview More than one billion people live in extreme poverty‚ which is defined by the World Bank as subsisting on less than one dollar a day.1 In 2001‚ fully half of the developing world lived on less than two dollars a day. Yet poverty rates are much lower today than twenty years ago. In the last two decades‚ the percentage of the developing world living in extreme poverty has been cut in half. While poverty rates were falling‚ developing countries became increasingly
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Poverty is general scarcity or dearth‚ or the state of one who lacks a certain amount of material possessions or money.[1] Absolute poverty or destitution refers to the deprivation of basic human needs‚ which commonly includes food‚ water‚ sanitation‚ clothing‚ shelter‚ health care and education. Relative poverty is defined contextually as economic inequality in the location or society in which people live.[2][3]After the industrial revolution‚ mass production in factories made production goods increasingly
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Economic stimulus using low interest rates – a fantasy or reality? Low interest rates are observed in developed economies as an attempt to discourage savings and encouraging borrowing from banks or other financial institutions . It further aims to create wealth for citizens‚ while boosting consumer and investor confidence. The economy is believed to grow and inflation to increase when interest rates are low. On the other hand‚ high interest rates cause consumer spending to decrease‚ putting a hold
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One example would be conversion therapy. Conversion therapy is a therapy that claims it can change a person’s sexual preference from homosexual to heterosexual. There is no professional standard for conversion therapy. Some methods of conversion therapy include electric shock therapy‚ talk therapy and estrogen treatments. (Pappas‚ 2012) Conversion therapy is a pseudoscience because it has been disproven by several experts
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card Secure Digital 16MB to 1GB Flash memory card xD Picture Card 64MB to 512MB Flash memory card Memory stick 128MB to 1GB Flash memory card Micro drive 1GB to 4GB Magnetic media USB Flash Drive Upto 2GB Flash memory card Important points: These miniature‚ rewritable media are usually in the form of flash memory cards Miniature devices are also called as Solid – State Devices. They are entirely of electronics and contain no moving parts. Operate like desktop sized counter parts
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Unit 01- Child and Young Person Development (1.1) 1. Explain the difference between sequence of development and rate of development and why the difference is important. (1.1) It is important to know the difference between the sequence and the rate of development as it gives us direction when it comes to monitoring child/young person’s needs during stages of their school years. We can then plan effectively to make sure the child receives the help and support they need in areas they could find difficult
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The relationships between inflation and exchange rate The existence of linkages between the level of the exchange rate and the rate of inflation has been more commonly established in the theoretical literature. Using this definition‚ we can show the link between inflation and exchange rates. What is exchange rate and what is inflation? An exchange rate is the value of one currency expressed in terms of another currency. Exchange rates are expressed as a comparison of the currencies of two countries
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Part 3 Valuation of Securities Chapters in this Part Chapter 6 Interest Rates and Bond Valuation Chapter 7 Stock Valuation Integrative Case 3: Encore International © 2012 Pearson Education‚ Inc. Publishing as Prentice Hall Chapter 6 Interest Rates and Bond Valuation Instructor’s Resources Overview This chapter begins with a thorough discussion of interest rates‚ yield curves‚ and their relationship to required returns. Features of the major types of bond issues are
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Increasing Student Interest in Science‚ Technology‚ Engineering‚ and Math (STEM): Massachusetts STEM Pipeline Fund Programs Using Promising Practices Prepared for the Massachusetts Department of Higher Education March 2011 Acknowledgements Increasing Student Interest in STEM Acknowledgements The concept for this report evolved from valuable conversations with the former Pipeline Director‚ David McCauley and from Program Manger‚ Keith Connors. Information in this report has been
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