Equity research - Kweichow Moutai Co., Ltd.

Mestrado em FinançasEste relatório engloba uma avaliação da Kweichow Moutai Co., Ltd elaborada como Projecto de Trabalho Final de Mestrado em Finanças no ISEG - Universidade de Lisboa. Este trabalho segue o formato recomendado pelo Instituto CFA. Para realizar esta pesquisa, consideramos dados públicos disponíveis em 29 de junho de 2018, coletados de várias fontes, como relatórios de empresas e Bloomberg L.P., entre outros. Portanto, eventos após essa data não são refletidos nessa análise. Há três razões pelas quais decidimos analisar a indústria de alcoólatra no mercado chinês e a Kweichow Moutai Co., Ltd. Em primeiro lugar, a China, como um país em desenvolvimento localizado na Ásia, tem uma economia de crescimento rápida e estável. A China contribui com cerca de 15% para o PIB global. Não há dúvida de que a China é um enorme mercado potencial. Em segundo lugar, o mercado de alcoólatras estagnou e o crescimento da indústria de baijiu continua aumentando. Finalmente, a Kweichow Moutai Co., Ltd como a principal marca do mercado tem uma posição importante, ao mesmo tempo, está tornar-se num gigante global de baijiu de luxo. Para chegar a nossa recomendação, usamos o modelo DCF para avaliar o patrimônio da empresa, bem como uma análise múltiplos para complementar o modelo anterior. Com uma tornar preço de Rmb 744,19 para o YE18 e um upside potencial de 1,74% do preço atual de Rmb731,46, nossa recomendação final para a Kweichow Moutai Co., Ltd (600519 CH) é "Hold".This report encompasses a valuation of the Kweichow Moutai Co., Ltd elaborated as a Master's of Finance Final Work Project at ISEG - University of Lisbon. This work follows the format recommended by the CFA Institute. To conduct this research, we considered publicly available data on June 29th, 2018, collected from various sources, such as company reports and Bloomberg L.P., among others. Therefore, events after this date are not reflected in this analysis. There are three reasons why we decided to analyses the liquor industry in Chinese market and the Kweichow Moutai Co., Ltd. First of all, China as a developing country located in Asia has a rapid and stable increase economy. China contributes about 15% to global GDP. There is no doubt that China is a huge potential market. Secondly, the liquor market has expended, and the growth of baijiu industry remains increasing. Finally, the Kweichow Moutai Co., Ltd as the top brand in the market has an important position, at the same time, it's transforming itself into a global luxury baijiu giant. To reach a recommendation, we used DCF model to value the equity of the firm, as well as a multiples analysis to complement the previous model. With a price target of Rmb744.19 for YE18 and a upside potential of 1.74% from the current price of Rmb731.46, our final recommendation for the Kweichow Moutai Co., Ltd (600519 CH) is "Hold".info:eu-repo/semantics/publishedVersio

Midwest China Oral History Interviews

Early Life: family background; education. China Experiences: married woman\u27s role in China; response to the Calvert education course; journey to Kweichow by river; living situation in Kweichow; description of Chinese students; evangelical work; relationship with other foreigners; memories of Robert McClure; experiences bearing and raising children in China; the Japanese bombing of Yuanling; memories of amah; children\u27s adjustments to America; things gained from the China experience; work with orphans; bandit attacks on the compound.https://digitalcommons.luthersem.edu/china_histories/1032/thumbnail.jp

Whole-genome sequencing of native sheep provides insights into rapid adaptations to extreme environments

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Report on the working of the Chinese Post Office

https://digitalrepository.trincoll.edu/moore/1072/thumbnail.jp

GROWTH ANALYSIS OF CHINESE LIQUOR LISTED COMPANIES BASED ON PRINCIPAL COMPONENT ANALYSIS

Online shopping has been increasingly popular in recent years due to the spread of the Internet, and the livestream sector has increased. Many traditional companies, such as Chinese liquor enterprises, tried to engage in livestreaming to keep pace with their new customers. The overall perceived value’s impact on user behavior has been examined in social commerce research, but the livestream context has received less attention. This study proposed and empirically tested a theoretical model, considering online word-of-mouth, and investigated the effect of consumer perceived value on livestream purchase intention of Chinese liquor. The findings demonstrate that online word-of-mouth serves as a mediator between the three dimensions of perceived value - functional, emotional, and social value - and livestream purchase intentions of Chinese liquor

The Journal of Chester Fritz: Travels Through Western China in 1917

Chester Fritz embarked on a six month journey through China in 1917. He kept a detailed journal and took many photographs along the way. This journal was edited by UND History Professor Dr. James Vivian and published by the University of North Dakota Press in 1981. Dan Rylance, curator of the Orin G. Libby Manuscript Collection at the the Chester Fritz Library, wrote the introduction.https://commons.und.edu/und-books/1101/thumbnail.jp

A Surgeon in Wartime China

233 p. illus. 22 cm

Equity research - Wuliangye Yibin Co., LTD.

Mestrado em FinançasEste projeto inclui uma avaliação detalhada e a respetiva estimação do valor das ações da Wuliangye Yibin para o final do ano de 2018, de acordo com as regras do projeto final do Mestrado em Finanças do ISEG. A escolha da empresa Wuliangye Yibin deve-se ao meu interesse pessoal na indústria de Baijiu, que é uma das indústrias mais tradicionais da China. O preço-alvo foi obtido através do método de avaliação absoluta, mais especificamente o método do Flow to Equity (FTE). Adicionalmente, utilizamos o método de avaliação relativa, o método dos Múltiplos, como método complementar para apoiar a recomendação final. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas para analisar a robustez das estimativas obtidas. Com um preço-alvo de CNY 72.63 para FA2018 e um potencial de desvalorização de 3.78%, face ao preço de CNY 75.49 do dia 8 de março de 2018, a nossa recomendação final para a Wuliangye Yibin é de VENDA. A avaliação de risco estima um risco elevado para a empresa.This project contains the detailed valuation and the respective estimation of Wuliangye Yibin Co., Ltd. intrinsic share value for the year end of 2018, according to ISEG?s Master in Finance final work project. The choice of Wuliangye Yibin Co., Ltd. comes from my personal interest in the Baijiu industry which is a traditional industry in China. The price target was obtained through an absolute valuation method, more specifically the Discounted Cash Flow (DCF) method. In addition, we used Relative Valuation Method approach, as a complemented method, in order to support the final recommendation. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of CNY 72.63 at YE2018, a downside potential of 3.78%, from March 8th, 2018, current price of CNY 75.49, our final recommendation for Wuliangye Yibin Co., Ltd. is to SELL, taking into consideration, the risks that may occur and that can affect the company?s performance. Our risk assessment estimates a high risk for the company.info:eu-repo/semantics/publishedVersio