Obesity †Nutrition Essay

Cheap food is something that each American thinks about. In all probability you, the individual perusing this has had cheap food previously, and most likely delighted in it. Regardless of whether it might be Mcdonalds, Burger King, Taco Bell, Jack in the Box, KFC, and so forth. There is nothing as modest, brisk to get, and delectable as cheap food. With the ever-developing populace of hefty Americans, individuals are searching for an explanation and for most that reason is cheap food. Presently as per the CDC (habitats for illness control) the meaning of overweight is having a BMI (weight list) of 25-29. 9 and the BMI for a corpulent individual is 30 or higher. Might it be able to be that inexpensive food is causing 78 million Americans 20 years or more established to be large, or that 17% all things considered and youngsters in the US are over weight as a result of it? I think not. Without a doubt, inexpensive food may not be the most advantageous decision for you, however genuinely, nobody is constraining you to eat that cheeseburger and nobody is compelling you to drink that pop. You see inexpensive food isn't the issue, the dynamic of the large American populace is. Presently just so we’re clear I have nothing against large individuals and there is a major distinction between somewhat thick, which is alright and hefty. Presently just so your mindful of the stoutness issue here in America, here’s some cool hard realities about heftiness. Here in the US over 35% of grown-ups are viewed as hefty, that’s in excess of 78 million individuals the nation over that are large. Seventeen percent of kids and youthful grown-ups are stout, which is triple the pace of an age back. Studies have demonstrated that heftiness gives you a more noteworthy possibility of getting type2 diabetes and even malignancy. In the event that you are asking why there are such huge numbers of stout individuals in America today simply pose your self a couple of basic inquiries. Okay rather go for a pleasant night run or remain at home and watch your preferred TV appear? Okay rather eat a serving of mixed greens or something not as sound like a burger or pizza? Lastly would you rather go to the rec center or spend time with companions? On the off chance that I needed to figure I’d state the greater part of you would prefer to spend time with companions, eat low quality nourishment, and watch your preferred TV appear. You see the vast majority have the opportunity to work out and eat right they simply decide not to and simply like each decision made in life it accompanies it’s advantages and results. You don’t need to pay for a rec center part transport simply stroll up certain means or play get with your children or go for a stroll at the recreation center, anything is clearly superior to nothing. Presently specialists will contend against my cases, and that’s reasonable. They’ll notice that 33 percent of kids and teenagers in the U. S. expend inexpensive food on a commonplace day; they’ll likewise express that on normal young people will visit a drive-through joint two times every week. Well all I need to state to that is whose deficiency is that? How are these children purchasing the inexpensive food? With their parent’s cash obviously. Why can’t the guardians make them something sound and control what there kids eat as opposed to giving them cash to eat inexpensive food? It’s the parent’s issue that the children are eating cheap food so regularly. Inexpensive food isn’t going to cause you corpulent except if you to eat it more often than not. In the event that you eat it incidentally however you additionally eat your foods grown from the ground you’ll be fine. It is insane to realize that in the U. S. 49% of cash spent on food is spent away from home. Which means individuals are deciding to purchase food from cafés and different places instead of go to the market and cook at home. That rate is continually expanding because of the way that individuals now a days are searching for increasingly helpful methods of arriving food. On the off chance that your pondering exactly how much cash is being spent on brisk help eateries, in 2011 speedy assistance cafés were relied upon to increase 168 billion dollars, 3% more than 2010. On the off chance that individuals would simply go through a large portion of the measure of cash that they as a rule spend on cheap food and cook a decent solid feast rather there would be no issue with inexpensive food. Indeed the choices of the American individuals are to be faulted. Hit the rec center and assist yourself with getting thin. Studies have indicated that physical action assumes a major job in loosing weight obviously you realized that, its presence of mind. In any case, what numerous individuals don’t know is that as indicated by the CDC (place for ailment control) less than 2 out of 10 Americans and under 30 percent of grown-ups get the suggested degree of activity. Likewise that over 25% of U. S. grown-ups don't commit whenever to physical movement, the most exceedingly terrible states being Louisiana, Alabama, Kentucky, Mississippi, Oklahoma, and Tennessee. It is fascinating that relationships have demonstrated that those states with minimal measure of activity have the most medical issues. Type2 diabetes is generally activated by heftiness, and in 1980 5. 5 million grown-ups had it; presently roughly 25. 6 million grown-ups have type2 diabetes. The expanding level of stoutness and diminishing rate in physical action is certainly to fault. A fascinating reality is that by loosing weight and getting from overweight to ordinary you can save money on normal $1400 per year taking drugs. In the event that you don’t have the opportunity to go to the rec center, there are a couple of tips that can assist you with getting fit. By and large on the off chance that you drink a soft drink can a day you’ll increase 15 pounds in a year, that is in the event that you don’t turn out to be obviously. Use the stairwell or stroll around the square, a couple of additional means could be the distinction in consuming some additional calories, lastly anything is superior to nothing, twist some soup jars or do a few crunches while staring at the TV. Any of those things can assist you with your corpulence, at that point you wont need to accuse cheap food. Inexpensive food organizations are presently making a greater push to serve more advantageous things in their stores, yet it is dependent upon the clients to get them else it is totally supportive of nothing. McDonalds is making the greatest stride with there new things like the all natural product smoothies, apple cuts, plates of mixed greens, and there pamphlets that show you there beneath 400,300,200, and 100 calorie things. Jack in the crate is committing to too with their 3 selections of plates of mixed greens, and serving barbecued chicken rather than seared in there sandwiches. These cheap food chains are understanding that sound is the new approach however yet most of individuals in America aren’t. We have to watch what we eat, eat more beneficial earthy colored rice or bread rather than white, more leafy foods and less burgers, next time you go to mcdonalds get a plate of mixed greens rather than a Big Mac it may transform you. Taking everything into account the inexpensive food industry isn't to be faulted for Obesity in the United States of America. They’re making strides the correct way and the individuals of America ought to as well. We have to begin practicing more and getting dynamic since that is the genuine purpose behind the expanding corpulence. Settle on better choices in your way of life, pick a solid one and like I said get a serving of mixed greens next time you go to McDonalds. †http://www. getamericafit. organization/measurements weight in-america. html †http://www. huffingtonpost. com/2012/08/14/corpulence rate-by-state_n_1774356. html.

Interpersonal Communication for Feedback and Organizations

Question: Examine about theInterpersonal Communication for Feedback and Organizations. Answer: Relational correspondence has consistently existed for such a long time since individuals are social in nature and somehow they have to share data or sentiments. The procedure through which individuals can trade importance, sentiments or data is alluded to as relational correspondence (Beebe, Beebe Redmond, 2014). Individual correspondence is the up close and personal correspondence between a person that happens through either verbal or non-verbal modes. Relational correspondence includes how the message is conveyed through highlights, for example, non-verbal communication, the manner of speaking or motions. Input is a significant vital of relational correspondence and successful criticism encourage smooth progression of data. A successful input ought to be plainly heard, comprehended and acknowledged. To give powerful criticism there are a few rules and contemplations to be watched. The input ought to be as explicit as conceivable as this will make it simple for the other party to g et it. The criticism ought to be convenient and you should consider what you are going to state and how at the suitable second. While giving criticism one should focus on conduct and their impact and not on character. The relational aptitude of input is significant in a work environment since it advances cooperation and compelling correspondence inside an association (Amanda, 2013). Great relational correspondence advances great authority since it advances sympathy and trust inside individuals from staff. Successful input abilities assume a basic job in advancing validity and consumer loyalty. Individual connections are significant in the work environment and this can be cultivated and kept up by the presence of viable relational correspondence components inside an association (De Janasz, 2014). All in all, relational abilities comprise of how individuals impart both verbally and non-verbally. Powerful criticism abilities need to follow certain rules that guarantee the input given i s obviously comprehended and acknowledged. References Amanda Baker (2013) Feedback and associations: Feedback is acceptable, criticism agreeable culture is better Year: 2013 Pages: 260-268 Volume: 54 Issue: 4 Journal Title: Canadian Psychology (remaining creators precluded purposely). Beebe, SA, Beebe, SJ Redmond (2014) Interpersonal Communication: identifying with others, seventh edn, Allyn Bacon, Boston (Blackboard Reading List tab, and referenced as a printed version book, not as a part from a book). De Janasz, SZ, Crossman, J, Campbell, N Power, M 2014, Interpersonal aptitudes in associations, second edn, Mc-Graw-Hill Education, North Ryde, NSW (Blackboard Reading List tab, and referenced as a printed version book, not as a part from a book).

Work in a Team and its Problematic Considering Assignment

Work in a Team and its Problematic Considering - Assignment Example This will help know whether the member truly merited induction into the gathering. To help address the worry of the member, I will ask on the off chance that he/she comprehends purposes behind induction into the gathering. In the event that he/she doesn't have the foggiest idea about the purposes behind joining the gathering, I will ask her/him express any doubt with respect to the individual who composed his/her joining the gathering that could warrant plan for his/her entrance into the gathering. In the event that the existence difficulties of the member and doubt should have activated somebody into arranging his/her induction into the gathering adheres with the end goal of the gathering, I will utilize influence methods to enable the part to acknowledge how he/she needs advising and related administrations. One of the difficult issues that may emerge in the Grief Recovery Group is strict inclination. There may be endeavors by specific individuals from the gathering to adjust along strict affiliations, which may separate and segregate others (Core, Corey and Corey, 2010). This may demonstrate a major test to the entire gathering thinking about that individuals will have various convictions and perspectives that will make it hard to fit thoughts. To deal with strict inclination, I will ask the banding together individuals show how their strict alliance influenced their exhibition in the gathering. I will likewise ask the individuals adjusting along basic religion to portray their emotions towards others when they adjust along strict lines. I will likewise get some information about how they would feel in the event that they were the survivors of the results of strict inclinations and the moves they might want made to guarantee that individuals appreciate solidarity regardless of the disti nctions Another difficult circumstance prone to happen in the Grief Recovery Group includes matured people utilizing illicit medications. A few individuals from the groupâ may choose to start the utilization of illicit medications in offer kill their anxieties and maybe help them out of their issues. As a gathering head, I will handle such an issue by starting an exceptional meeting with the casualty part. I will approach the part describe explanation behind joining the gathering and goals or accomplishments expected out of the gathering sessions.â â

Valediction Forbidding Mourning Free Essays

A Valediction Forbidding Mourning Analysis In the sonnet â€Å"A Valediction Forbidding Mourning†, by John Done, it is about a man who is bidding farewell to his sweetheart as he is going to leave. Done is attempting to make his takeoff simpler for his sweetheart so he thinks of her a sonnet. He utilizes numerous deferent artistic components to improve his sonnet and make It additionally convincing to the peruser. We will compose a custom exposition test on Valediction Forbidding Mourning or then again any comparable point just for you Request Now He utilizes likeness in sound, language structure, code word, and metaphors to Inform the peruser about his adoration. This enables the speaker to contrast his affection with life like highlights to show how profoundly he Is enamored. Done first tells his darling that he won't be gone until the end of time. He clarifies how â€Å"virtuous men pass somewhat away. † What Done Is stating Is that his sweetheart must have the option to acknowledge the way that he Is leaving. Much the same as somebody needs to acknowledge demise. By and large individuals don't settle on the decision to kick the bucket. It Is something that happens to everybody and there Is nothing to do to stop It. So generally speaking, Done Is telling his sweetheart that his exit will occur. Done later discloses to his sweetheart how individuals are stressed over the earth’s pivot. He utilizes this association with show how his sweetheart doesn't need to stress. Done illuminates his darling how, workstation of the spheres,’ Despite the fact that more noteworthy far, is honest. † as it were Done is stating that his darling feelings of dread him leaving, however she shouldn’t on the grounds that he will return. What this meaner is that her stressing is trivial. She fears something that is normally happening. Her dread of him leaving does not merit agonizing over on the grounds that he will return. Done analyzes his affection to gold in the sixth verse. He expresses that their adoration isn't â€Å"a break, yet a development. † The significance of this is their adoration will never self-destruct, just extend. He Is stating that regardless of how far they are away from one another, they will consistently e together. Done analyzes this to gold since when it is extended it grows, it won't break. So he analyzes his affection to this on the grounds that their adoration will never break. In refrains 7 and 8 Done thinks about his affection to a compass. In the seventh refrain he clarifies how the spirit, the fixed foot, makes no show/to move, yet doth, if the’ other do. † The fixed foot of the compass remains in the middle while the other one makes a hover around it. It doesn’t matter how far separated they are, the two feet will consistently remain together. The pivot in the center is the power that holds their affection together. Done likewise shows how it doesn’t matter how far he is away from her. In verse 8 Done portrays how the feet of the compass are contrasted with him and his darling. At the point when he Is discussing the feet he says how â€Å"It learns and notices it,’ And becomes erect, as that returns home. † What this is stating Is that she should remain at home and Walt while he â€Å"roams† around. Be that as it may, when he returns home she will be eager to see him. She needs to realize that since their affection resembles a compass they will consistently be associated. That one day he will get back home and that they will be back together once more. In this sonnet, Done begins by clarifying how he will need to leave and that there Is no way around It. He thinks about this to how individuals die and that they don’t have the decision. He discloses to her that stressing will be trivial and that It won't be justified, despite all the trouble in light of the fact that In the end he will return. Done utilizations the case of how individuals stress over the earth’s common events and how this is an exercise in futility. Continuously stay together. Regardless of how far one of the feet go, it won't break separated, Just like the gold. What's more, at long last when he has finished his Journey, he will return back to her. The most effective method to refer to Valediction Forbidding Mourning, Papers

Federalists vs Ant Federalists Essay Example

Federalists versus Ant Federalists Essay Example Federalists versus Ant Federalists Paper Federalists versus Ant Federalists Paper What is Federalism? Federalism is an arrangement of government wherein power is separated between a focal position and constituent political units. (The American Heritage Dictionary, 2005). The framework is separated into levels: the national government, territorial and nearby governments. Every one of these levels has regions in which they have power. The levels in any case, without anyone else can't change the force that the constitution has given them. Each level works through its own organizations and acts legitimately on the individuals through its own authorities and laws. Review of the Federalists The Federalists supported a solid focal government, approaches were positive to exchange, money and business. The Federalists were likewise for national bank and supported approval of the Constitution. The principal Federalist development was recognized by a conviction that the national government under the Articles of Confederation was excessively powerless and that a more grounded central government was required. The Federalists had the option to get the national government to authorize a show to repair the Articles. Nelson and Lynn state, â€Å"Federalism empowers positive collaboration among state and national governments in programs relating to training, interstate parkway development, natural assurance and wellbeing, joblessness and standardized savings concerns. † Overview of the Anti-federalists The principal Anti-federalist development of the eighteenth century was against The Anti-federalists during the 1780s restricted the production of a more grounded national government under the Constitution. There were various explanations behind this resistance; they accepted that a more grounded government would compromise the power of the states and people. : Also, the Anti-federalist accepted that the current government was adequate and getting a national government under the constitution would be excessively solid. The Anti-federalists had confidence in unhindered commerce, a legislature constrained by conventional residents, arrangements that were ideal for ranchers, craftsmans, and talented specialists and needed solid ties with France. Endorsement of the Constitution The appropriation or in any case called sanction of the Constitution occurred from September 1787 through July 1788. The debate of the endorsement had the supporter of the constitution (Federalists) against the Anti-federalists who didn't bolster the Constitution. The Anti-federalist straightforwardly denounced the constitution as a concentrating authoritative document that would stop American opportunity and lead away from the essential laws of the Revolution. The federalists then again, had importuned unequivocally that the nation’s issues were an immediate aftereffect of the feeble inadequate Confederation. They likewise accepted just the Constitution would permit the individuals of America to keep up unaltered their opportunity and autonomy, which was a result of the Revolution. The Federalists had a few points of interest; they introduced a reasonable declaration for the nation’s issues. The Federalists were sorted out and had cash. The Federalists had the benefit of reasoning broadly and working with the government officials from the states, also, the federalists were bolstered by Benjamin Franklin and George Washington, the main genuine political figures of the time. The benefits of the Anti-federalist were that they had the help of the state legislators and the way that the individuals didn't have any trust in the possibility of a solid focal government. Critically, the Anti-federalist’s most impressive contention was that the constitution didn't have a Bill of Rights. End The approval of the Constitution battle was a challenge for votes and a moving contention about established hypothesis and legislative issues. The endorsement was additionally the first occasion when that a nation’s people uninhibitedly settled on the sort of government they needed. As per Bernstein (2007 â€Å"Ratification was an impetus for the production of a national political network. † Americans would now be able to state that the endorsement of the constitution was instrumental in the kind of society that exists today. References Bernstein, Richard B. (2008). Sanction of the Constitution. Recovered March 13, 2008 from answers. com/theme/endorsement of-the-constitution Drake, Frederick D. Nelson, Lynn R. (2002). Educating about Federalism in the United States. Recovered March 14, 2008 from ericdigests. organization/2003-1/usa. htm The American Heritageâ ® Dictionary of the English Language, Fourth Edition (2005) Retrieved 13, 2008 from inquire. com/reference/word reference/ahdict/38776/federalism

The Reflected Appraisal Process and Self Concept

The Reflected Appraisal Process and Self Concept Basics Print Reflected Appraisal Process and Self Concept By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on October 11, 2019 PeopleImages.com / Getty Images More in Psychology Basics Psychotherapy Student Resources History and Biographies Theories Phobias Emotions Sleep and Dreaming In social psychology, the reflected appraisal process is considered one of the influences on the development of self-concept. The term refers to a process where we imagine how other people see us. In many instances, the way we believe others perceive us is the way we perceive ourselves. We all make judgments about the people, objects, and events in the world around us. We are also aware that other people make judgments about us. Think about the last time you went to a party. You probably spent quite a bit of time getting ready, selecting the clothes you would wear as well as other aspects of your physical appearance. Once you are at the party, you immediately become aware that other people are taking in your presence and making judgments about not only how you look, but how you present yourself, your personality, and even your preferences. It was sociologist Charles H. Cooley who first described how the reflected appraisal process works in his concept of the looking-glass self. Cooley suggested that a persons sense of self emerges based upon his or her understanding of how he or she is perceived by others. According to this concept, social interactions play a central role in the development of a sense of self. Psychologist Harry Stack Sullivan was the first to use the term reflected appraisal in his 1953 book The Interpersonal Theory of Psychiatry. How Self-Awareness Develops and Why It Matters How This Practice Affects You There are a number of different factors that can influence how strongly this reflected appraisal can impact an individuals self-assessment. For example, people tend to be more affected by judgments delivered by someone deemed highly credible. Imagine that you are an aspiring artist and that you are having your first gallery show at a local university. One of your most esteemed mentors looks at your work and delivers a glowing review. Since you see this individual as a highly credible source, the compliment will carry much more weight than if it was delivered by a random stranger off the street. Receiving similar appraisals from a variety of sources can also play a role in how strongly the individual is affected by the process. If you receive compliments from an acclaimed local artist, from several art professors at the university and a local art critic, the sum of all these appraisals will likely carry more weight and have a greater impact on your self-concept. Family relationships can also play a role in how reflected appraisal influences feelings about the self. For example, children who grow up with parents who consistently offer positive and supportive appraisals will be more likely to experience a stronger sense of self and better self-esteem as they grow up. In such instances, credibility continues to play a role in how these appraisals are viewed. A positive judgment from a parent will carry greater weight than an appraisal from a younger sibling.

Kossans Return And Market Return Essay Example Pdf - Free Essay Example

Chart 1 represents the return of Kossan Rubber Industries and KLCI index. In year 2004, the Kossans stock return is higher than the market return which is 1.1174% and 1.0131%. This implies that Kossan have a high performance in year 2004. The following year, both of Kossan and KLCI index have a negative return which is -1.9569% and -0.0381% respectively. However, the situation has been improved in year 2006. The Kossans return has increase to 8.3246% which is highest return during the five years while the market returns is 1.6952%. Nevertheless, the return of Kossan dropped to -1.1743% in year 2007 adversely market return increase to 2.4065% which is higher than Kossan stock return. In year 2008, both returns are dropped to negative return which is -2.1616% and -3.9557% respectively. It is because the inflationary pressures attributed to 5 fold increases of oil prices. Although the Kossan stock return are negative but it also is higher than the market return. In consequence, overall the five years, the Kossan Rubber Industry have a good performance and well prospective for the future. Industry Analysis Malaysian glove industry started in late 80s and it has been the largest rubber glove exporter in the world for the past 20 years. Malaysia currently controls about 65 percent of the worlds consumption and still remains highly competitive in the world market even for the next 5 to 10 years. The global demand for rubber gloves has increased and expected to grow by 10% annually driven by greater health awareness, more stringent health standards and an aging population. At present though rubber gloves have not been affected much from the global crisis, but the rubber gloves industries are facing stiff competition and higher production costs including latex, crude oil and labor input. Only handful efficient and sizeable glove manufacturers are able to survive and secure the growing demand in gloves. Sime Darby and KLK which were unsuccessful in growing their rubber glove operations would have dominated the industry. Instead, Kossan have successful in its rubber glove operations. It is because Kossans operational efficiency and cost management has managed to minimize the impact of rising costs on operating margins. Kossan is also ambitious and nimble players, who have invested tremendous time and effort to improve quality, achieve efficiency and grow export markets. It is for this reason that the Kossan will continue to dominate the industry as it will become increasingly difficult for new entrants to entry in this industry and achieve economies of scale. Looking forward, Kossans management continues to emphasize on higher value added products, focusing on the premium powder-free medical gloves, both in the natural rubber (NR) and nitrile segments. Its management also appears poised to meet any variance in the consumption trend between natural rubber and nitrile gloves, with the company setting in-place highly versatile production lines. Financials KOSSAN TOP GLOVE SUPERMAX Bursa S.Code 7153 7113 7106 Mkt cap (RMmillion) 372. 5 1083.8 254.7 Mkt price (RM) 2.33 3.60 0.96 YTD price chg (%) (40.3) (44.6) (56.0) Cons. TP (RM) 3.43 4.49 1.55 TP upside (%) 47.2 24.7 61.5 EPS (RM) 0.38 0.37 0.22 P/E (x) 6.1 9.7 4.4 BV/share (RM) 1.97 2.27 1.54 P/BV (x) 1.2 1.6 0.6 Div/share (RM) 0.09 0.11 0.03 Div yield (%) 4.0 3.1 3.4 (Figure 2: YEAR 08 GLOVE PEER COMPARISON) Figure 2 represent the rubber glove peer comparison between Kossan, Top Glove and Supermax on year 2008. Over the all, Kossan Rubber Industries Bhd has a good performance compare to other rubber industries. The EPS of Kossan is 38 sen which is higher than 37 sen (Top Glove) and 22 sen (Supermax). This implies that Kossan have a high earning for each share outstanding compare to other rubber gloves industries. At the same time, Kossan have a RM2.33 market price which is higher than Supermax RM0.96 but lower price than Top glove is RM3.60. This also implies that Kossan Rubber have a high value compare to Supermax. Dividend per share of Kossan is also more than Supermax which is RM0.09 and RM0.03 respectively. Based on Kossans EPS and P/E ratio, we set the fair value of RM3.43, which is 47% above its current market price. For Top Glove, the fair value is RM4.49 which is 25% above its current market price, and fair value for Supermax is RM1.55 which is 61% above its market price. Du e to the intrinsic value is higher than the current market price, so that we duly maintain our buy call. Kossans results have matched our expectations despite facing cost pressures and slower global economic. We like Kossan for its production efficiency, high production capacity utilization rate and its focus on the higher-margin nitrile / NR powder-free glove segment growth. Company Analysis Kossan Rubber Industries Bhd was established in 1979. The companys manufacturing plants are centered within Klang Valley, Malaysia for ease of management and logistic control which translates into better synergistic effects. Its principal activity is manufacturing latex examination gloves, manufacturing and trading rubber products, fabricating and installing machineries as well as investment holding. The companys subsidiaries include Kossan Latex Industries (M) Sdn. Bhd., Perusahaan Getah Asas Sdn. Bhd., Hibon Corporation Sdn. Bhd., Doshin Rubber Products (M) Sdn. Bhd., Ideal Quality Sdn. Bhd., Kossan Engineering (M) Sdn. Bhd., and Top Calibre Sdn. Bhd. During the time, Kossan offered a range of cutless bearings that were often used in the marine industry. With a growing market demand for Kossans products, Kossan Rubber Industries Bhd continued to progress rapidly and was one of the first companies in Malaysia to venture into glove manufacturing. It then introduced the first glo ve production line in August 1988. Today, Kossan has a full capacity of 49 state-of-the-art production lines that are able to produce a stunning 3.9 billion pieces of gloves annually. Kossan joined the Main Board of Bursa Malaysia in 1996 and has been classified as one of the fastest growing companies in Malaysia. Kossans stellar performances and strong reputation of good product quality, timely delivery and excellent customer service, numbers of multinational companies in developed countries have resulted in a business network that extends to more than 160 countries around the world and commanding significant world market share in both rubber products and medical gloves. Kossan products are mainly distributed in countries such as United State of America, China, Japan, Korea, Europe, Canada, Europe, Middle East and Australia. Kossan continued to grow and extend its line of quality products. With wide acceptability of its rubber rollers and cutless bearing, it took a step further to introduce PU products 1988 and Ethylene Vinyl Acetate (EVA) products in 1994. In year 2000, Kossan progressed further by developing high-end rubber products such as bridge bearing pads and bridge expansion joint. These products are created to meet current and possibly, future industrial requirements. In 2001, Kossan chalked a new milestone by becoming the OEM manufacturer of marine dock fenders. The following year, Kossan reengineered the facilities to introduce technical rubber and rubber-to mental bonded automotive parts for OEM and replacement markets. With a progressive management and dynamic outlook, Kossan will continuously strive towards better quality, reliability, and services. Kossan are always thinking ahead and their customers satisfaction will always be the main focus in everything they do and produce. In the year 2008 was a year full of challenges from the inflationary pressures attributed to 5 fold increases of oil prices from under $30 to $147 per barr el in the first half of the year which lead bulk latex prices to spiral and hit a high of RM7.20 per kg in the month of July. High commodity prices and unprecedented increases in energy costs announced by the Government severely impaired the well being of not only the glove manufacturers but also manufacturers and exporters across many industries. The year under review saw Kossan operating in a challenging market environment characterised by great fluctuations in RM/USD exchange rate, record high production cost as a result of stiff increments in natural gas and electricity tariff, and volatile raw material costs including both natural and synthetic latex. Nevertheless, Kossan was able to ride over the challenge and delivered a strong set of financial and operational performance through strong business partnerships with world renowned multinational companies from the developed nations, aggressive capacity growth and focused on manufacturing capability building initiatives. To maintain their market leader position in premium medical gloves and TRPs, the Group will continue to focus on RD. Greater emphasis will be placed on RD activities that are able to bring down overall production cost through more consistent and stable production flows, minimum idle production times, and reduced production rejects and wastages. With more competitive pricing, Kossan Group is well positioned to compete more effectively in the world market. With their concerted RD efforts, they achieved another milestone with the invention of a new generation of nitrile glove which is accelerator free and able to minimize risk of chemical allergy. This nitrile glove offers many advantages to its users compared with the conventional nitrile gloves available in the markets. Supported by encouraging feedbacks from their buyers, they are putting more resources and capacity to produce this new product. Relative valuation techniques Growth rate (g) = ROE ÃÆ'Æ’- b Year Growth rate (g) 2004 0.162 ÃÆ'Æ’- 0.783 = 12.68% 2005 0.18 ÃÆ'Æ’- 0.834 = 15.01% 2006 0.224 ÃÆ'Æ’- 0.814 = 18.23% 2007 0.219 ÃÆ'Æ’-0.831 = 18.20% 2008 0.1974 ÃÆ'Æ’- 0.812 = 16.03% Average growth rates 12.68% + 15.01% + 18.23% + 18.20% + 16.03% 5 = 16.03% 2008 Expected Price/earnings ratio Market value per share Earnings per share = RM 2.88 0.3668 = 7.8517 Expected EPS = EPS ÃÆ'Æ’- (1+g) = 0.3668 ÃÆ'Æ’- 1.1603 =0.4256 Expected market price = 0.4256 ÃÆ'Æ’- 7.8517 = 3.3417 Intrinsic value = Expected market price 1+ Required rate of return = 3.3417 1.021 =RM 3.27 Price/cash flow ratio Market value per share Operating cash flow per share = RM 2.88 57549081/159866976 = 8.00 Expected Cash flow per share = Cash flow per share ÃÆ'Æ’- (1+g) =0.36 ÃÆ'Æ’- 1.1603 =0.4177 Exp ected market price =0.4177 ÃÆ'Æ’- 8 =3.3416 Intrinsic value: = Expected market price 1+ Required rate of return =3.3416 1.021 = RM 3.27 Price/book value ratio Market value per share Book value per share = 2.88 299858657/159866976 = 1.535 Expected book value per share = book value per shareÃÆ'Æ’- (1+g) =1.8757 ÃÆ'Æ’- 1.1603 =2.1763 Expected market price =2.1763 ÃÆ'Æ’- 1.535 =RM 3.34 Intrinsic value: = Expected market price 1+ Required rate of return = 3.34 1.021 = RM 3.27 Price/sales ratio Market value per share Net sales revenues per share = 2.88 897194335/159866976 = 0.5132 Expected net sales revenues per share = net sales revenues per share ÃÆ'Æ’- (1+g) =5.61 ÃÆ'Æ’- 1.1603 =6.51 Expected market price = 6.51 ÃÆ'Æ’- 0.5132 =3.34 Intrinsic value: = Expected market price 1+ Required rate of return =3.34 1.021 =RM 3.27 According to the above valuation, the intrinsic value of the stock price is RM3.27 per share. Below is the Kossan yearly stock price performance during year 2004 to year 2008 . Calculation Of Holding Period Return ( HPR) HPR = Ending Price Beginning Price + Dividen Beginning Price Year HPR 2004 3.15 2.03 + 0.072 2.03 = 0.5872 2005 1.83 3.46 + 0.03 3.46 = -0.4624 2006 4.57 2.02 + 0.046 2.02 = 1.2851 2007 3.88 4.68 + 0.058 4.68 = -0.1585 2008 2.88 3.77 + 0.07 3.77 = -0.2175 Measuring Investment Returns over Multiple Periods Arithmetic Average = Total HPR (%) No. of the period = 58.72% + -46.24% + 128.51% + -15.85% + -21.75% 5 = 103.39% 5 = 20.678% So the annual return is 20.678%. Since this value ignores compounding, it does not represent an equivalent, single quarterly rate for the year. Geometric Average = [(1+HPR2004) ÃÆ'Æ’-(1+HPR2005) ÃÆ'Æ’- (1+HPR2006) ÃÆ'Æ’- (1+HPR2007) ÃÆ'Æ’- (1+HPR2008)]1/5 _ 1 = [(1+0.5872) ÃÆ'Æ’-(1-0.4624) ÃÆ'Æ’-(1+1.2851) ÃÆ'Æ’-(1-0.1585) ÃÆ'Æ’-(1 -0.2175)] 1/5 _ 1 = [1.2839] 1/5 _ 1 = 5.13% A geometric average return is the constant return applied to each period in a range that would result in the compounded return over that range which is 5.13%. Financial Ratio Analysis Financial Ratios 2004 2005 2006 2007 2008       Liquidity Ratio      1) Current Ratio 1.32 times 1.22 times 1.11 times 1.04 times 1.00 times 2) Quick Ratio 0.89 times 0.83 times 0.76 times 0.68 times 0.62 times       Leverage      3) Interest Burden 91% 91% 87% 85% 87% 4) Leverage 1.79 times 1.96 times 2.26 times 2.13 times 2.18 times       Asset Management Ratio      5) Average Collection Period 90 days 80 day 72 day 70 day 61 day 6) Total Asset Turnover 1.23 times 1.35 times 1.53 times 1.45 times 1.51 times       Profitability Ratio      7) Return On Asset (ROA) 14.31% 14.13% 14.84% 14.16% 14.02% 8) Return On Equity (ROE) 16.82% 19.39% 22.47% 24.87% 21.46% 9) Earning Per Share (EPS) 33.22 sen 18.11 sen 24.79 sen 34.46 sen 36.68 sen       Market Ratio      10) Price/Earning Ratio (PE) 9.48 times 10.10 times 18.43 times 11.26 times 7.85 times 11) Market/Book Ratio (MB) 1.51 times 1.82 times 3.82 times 2.46 times 1.54 times Liquidity Ratio The current ratio is an excellent diagnostic tool as it measures whether or not the business has enough resources to pay its bills over the next 12 months. Then, the quick ratio is measurement of the liquidity position of the business. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a businesss quick ratio will be lower than its current ratio. A current ratio of over 1 is good news, generally. On year 2004, the company Kossan has 1.32 times current ratio, after that, the current ratio has a continually drop to 1.00 times on year 2008. Same at the current ratio, the quick ratio of company Kossan has a continually drop from 0.89 times year 2004 to 0.62 times year 2008. However, the liquidity ratio Kossan has decrease year by year, it still have a good liquidity. Leverage The graph indicates that leverage ratio has increasing steadily from 1.79 times in year 2004 to 2.18 times in year 2008. Leverage ratio is measure of debt to total capitalization of the firm. Too high leverage ratio indicate company will face the risk such as, cant to solve their indebtedness at the time, but too lower leverage ratio indicate company do not efficiency invest their money because too many assets keep on hand. The company Kossan has quite optimum leverage ratio during year 2004 to year 2008 because they maintain between 1.79 times to 2.26 times. Asset Management Ratio Average collection period indicates how rapidly a firm is collecting its credit, as measured by the average number of days it takes to collect its accounts receivable. On year 2004, the company Kossan has 90 days average collection period, that mean the company average can collect all accounts receivable on year 2004 during the 90 days. The company has improves its collection period during the year 2004 until year 2008. It is speed up the collection period. On year 2004 to year 2008, the company has short down 29 days to 61 days on year 2008. The rapidly company to collecting its credit is good for company because the company can use the cash to invest the other place. The total asset turnover indicates the efficiency of the firms use of assets in the sense that it measures the annual sales generated by each RM of assets. We see the result of 1.23 times for year 2004 this means that turnover is 1.23 times bigger than total assets. Another way of saying that is the company Kossan was able to generate sales of RM1.23 for every RM1 of assets it owned. For the year 2006, it was even higher at 1.53 times. For the year 2007, it was drop a lot of times to 1.45 times, but after year 2007 the total asset turnover was rise a lot of times to 1.51 times. Profitability Ratio The return on asset (ROA) is measure the company ability to utilize its assets to create profits. The graph indicates that (ROA) has maintaining around 14.02% to 14.84% during the year 2004 to year 2008, that mean the company Kossan can create around 14% profit for each assets. However, the return on equity (ROE) has increasing steadily from 16.82% in year 2004 to 24.87% in year 2007. The net result that (ROE) increase from 16.82% to 21.46%. It is fall a little from year 2007 to year 2008. ROE is measure the income earned on the shareholders investment in the business. Overall ROE for company Kossan has increase during year 2004 to year 2008. This is good for each shareholders because they can gain more return compare to the previous. Market Ratio The price-to-earnings ratio (P/E) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. The graph show the company Kossan has a highest P/E ratio on year 2006 compare the other year. A higher P/E ratio indicate bad news for company because investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower P/E ratio. However, market-to-book ratio (MB) is measure how much a company worth at present, in comparison with the amount of capital invested by current and past shareholders into it. At the same with P/E ratio, MB ratio has highest on year 2006 compare the other year. A higher MB ratio implies that investors expect management to create more value from a given set of assets. Conclusion From the above information, we can conclude that the stock price of Kossan Rubber Industries is undervalued. While Kossans beta (correlation factor) to the KLCI is 0.179 and based on our forecast the intrinsic value for that stock is about RM 3.27 per share which is 13.54% above its current market prise RM 2.88 per share. So we recommended to the investor to Buy this stock. Besides that we also can see the company performance is better than group Peer Company such as Supermax Company. Earnings is also expected to be more stronger because of additional capacity and a stronger output of higher value added nitrile glove as the management has also made plan to convert some existing latex glove lines to produce nitrile gloves. We like Kossan for its production efficiency, high production capacity utilization rate and its focus on the glove segment growth. Besides that analysis from Standard Poors also suggest Buy recommendation on Kossan with a lower 12-month target price of MYR3 .10. (See Appendix)