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
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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