Improving Performance of Dye-Sensitized Solar Cells (DSSC)

Improving Performance of Dye-Sensitized Solar Cells (DSSC) Suppression of recombination channels of Dye-sensitized solar cells made of SnO2 using core shell structure of SiO2 extracted from rice husk N. F. Ajward, D.L.N. Jayathilaka, J.C.N. Rajendra and V.P.S.Perera Introduction Dye sensitized solar cells (DSC) are one of the most promising types of solar cells for next generation of solar cell technology that has power conversion efficiency as high as 12% (Nazeeruddin et al., 2011). Compared with conventional silicon photovoltaics, DSSCs offer the cost savings in the materials and a range of solution deposition methods for device manufacture. However, there are still many challenges to be met before DSCs can truly compete with current silicon solar cell technology. Device efficiency, stability and lifetimes and scalable methods for device fabrication are the key issues in this field of research. A lot of work has been done to improve efficiency of DSSCs taking different avenues, which includes increasing the surface area of the metal oxide, developing new dyes with broad absorption spectra, suppressing the recombination channels and introducing light-scattering materials in the film. Utilization of mesoporous film made of nano particles of titania for DSSC is the imperative innovation made by Gratzel and co-workers in 1991 to achieve high efficiencies (Regan B O and Gratzel M., 1991). After that it was realized the possibility to achieving high efficiencies even with other high band gap semiconductors such as SnO2 and ZnO made in nano range (Bergeron et al., 205, Keis et al., 2002). However DSSCs of high efficiencies comparable to that made of TiO2 films has been achieved with other high band gap semiconductor films made in the form of composites (Niinobe et al., 2005]. The improvement is principally accepted as the suppression of recombination of germinated charge carriers due to passivation of trap states and charge carrier confinement. Materials such as Al2O3, MgO, and ZrO2 have been used previously as barrier layers in DSSCs, but no record available for the use of SiO2 for the same purpose (Kay and Grà ¤tzel, 2002). But SiO2 particles have been used to scatter light in TiO2 films of DSScs. In this research work we improved the performance of DSSCs by introducing thin barrier layer of SiO2 surrounding the SnO2 crystallite to prevent recombination of charge carriers in the diffusion assisted transportation. Here the thin barrier of insulating material enhance the lifetime of germinated charge carriers of DSSC so as to improve the efficiency. Methodology Rice hHusks (RH) of BG 300 rice variety was collected and initially washed with tap water to remove soils and dirt. It was further washed with distilled water and dried at 120 ËÅ ¡C. The dried RH will bewas fully burnt to white ash at around 700ËÅ ¡C in a muffle furnace and the Rrice husk Husk ash Ash (RHA) was collected. which is white in colour. Extraction of Silica Aforementioned dried RHA was refluxed with 2M HCl and thoroughly washed with distilled water and dried. 10 g of the sample was stirred in 80 ml of 2.5 N sodium hydroxide solution. It was then boiled in a covered 250 ml Erlenmeyer flask for 3 hours and the solution was filtered using a Whatman No. 41 filter paper. Filtrate was allowed to cool down to room temperature and added 5 N H2SO4 until it reaches pH 2. Then NH4OH was added to the suspension until it reaches pH 8.5 and allowed to be at room temperature for 3.5 hours. The precipitated SiO2 was separated by filtration and thoroughly washed with distilled water. The silica obtained was oven dried at 120 0C for 12 hours and cool down to room temperature. Preparation of SnO2 Particles Tin (ivIV) chloride was dissolved in distilled water to obtain 0.5 M solution and ammonia was added stirring the solution to obtain fine particles of SnO2. The SnO2 particles are thoroughly washed with distilled water to remove chlorine ions. Then the particles are suspended in diluted ammonium solution for stabilization. Preparation of SnO2 and SiO2 core shell structures Tin (IV) Oxide particles were coated with ultra thin layer of silica by the following method. 0.5g of SnO2 particles were weighted and grinded in an agate mortar with 2 ml of ethanol. Then measured volumes of 0.5M sodium silicate which was prepared by dissolving extracted silica in NaOH was added at a time to different SnO2 samples that has been prepared as described above. After that 1 ml of acetic acid was added drop wise to that mixture. Sodium silicate around the SnO2 particles suppose to turn into SiO2 in the process of acidification. Fabrication of DSSC with SiO2/SiO2 composite The paste as prepared was used to coat films on Cconducting Ttin Ooxide (CTO) glass plates by the doctor blade method that cut into the size of 1.5 x 1 cm2. Prior to coating the films on the CTO glass, they were thoroughly cleaned by detergent, distilled water and acetone with ultrasonic agitation. CTO plates coated with SnO2/SiO2 films were dried on a hot plate heated up to 120 à ¯Ã¢â‚¬Å¡Ã‚ °C for 5 minutes. Then the films were sintered at 450 à ¯Ã¢â‚¬Å¡Ã‚ °C in a furnace for 30 minutes. When the films cooled down to the room temperature they were immersed in Ru-bipyridyl N-719 dye solution (0.5 mM in ethanol) for 12 h. After the dye adsorption, films were rinsed with ethanol and sandwich with platinum sputtered conducting glass substrates using clips. The capillary space in between the two plates of cells were filled with electrolyte containing 0.5M potasium iodide, 0.05M iodine in a mixture of acetonitrile and ethylene carbonate 1:4 by volume. Characterization Techniques I-V characteristics of the cells were measured under the illumination of 100 mWcm−2 simulated light source and computer controlled setup consisting of potentiostat/galvanostat. Elemental analysis of RHA was done using Atomic Absorption Spectroscopy. X-ray diffraction (XRD) patterns and SEM images were also obtained for SnO2/SiO2 composite films. Results and discussion According to the literature reports, silica extracted from RH is in naorange with least impurity levels. Elements that present as impurities in RHA of BG 300 rice variety were analyzed with atomic absorption spectroscopy. Percentages of impurities in RHA after burning and refluxing with HCl are given in table 1. Table 1: Percentages of impurities in RHA after burning and after refluxing in HCl. Impurities % in RHA after burning % in RHA after reflux with HCl Calcium 0.926 0.402 Magnesium 0.537 0.198 Manganese Not detected Not detected Ferrous 0.269 0.060 It is inferred from these results that the impurity level of RHA is low and can be reduced further by refluxing with HCl. That is because these impurities present in the RHA as oxides can be removed easily by acid wash. In this study we have investigated the possibility of using SiO2 thin barrier around the SnO2 particles to impede leakage of electrons for recombination processes which is one approach to increase the efficiency of DSSCs. Figure 1(a) shows the measured open-circuit photo-voltage (Voc) and short-circuit photocurrent (Isc) of DSSCs with different SiO2% by weight in the SnO2/SiO2 films. Figure 1: (a) Open-circuit photovoltage (Voc) and short-circuit photocurrent (Isc) of DSSCs with different SiO2 % in SnO2 films (b) Suppression of recombination of injected electrons in the conduction band of SnO2 by SiO2 shell. Initial increment of SiO2 % in the film gradually covers the SnO2 particles as an ultra thin layer and beyond certain limit of SiO2 contributes to the growth of the SiO2 layer around the SnO2 particles increasing the thickness. This is the reason why both the Isc as well as the Voc increase initially with the increment of SiO2 % in the SnO2 films of DSSCs. The increment of Isc and Voc is attributed to the suppression of recombination of injected electrons by the photo excitation of the dye in the conduction band of SnO2 due to the development of ultra thin layer of SiO2 around SnO2 particles (Figure 1b). The highest photocurrent of DSSCs with the addition of 2.5 % of SiO2 may have been achieved due to the perfect coverage of SnO2 particles with ultra thin layer of SiO2. But Voc continues to increase further up to 4% of SiO2 in SnO2 films. It is noticeable that the decrement of Voc afterward is not significant as in Isc after reaching the maximum. Anyway further increment of the thick ness of the ultra thin layer of SiO2 happens to decrease both Isc and Voc. The amount of dye adsorbed on the semiconductor film is also a detrimental factor on the performance of DSSCs. We have noticed that the dye absorbed on SnO2 films decreased with the increment of SiO2%. To quantitatively analyze it, we have desorbed the dye adsorbed on SnO2 films with different SiO2 %. This was done by allowing the films to adsorb dye for determined period and completely desorbing the dye by immersing the dye adsorbed SnO2 films in known volume of 0.5 M KOH solution. The concentration of the dye in the KOH solution was estimated spectroscopically at the wave length of 550 nm. Figure 2 given bellow shows the deviation of dye adsorbed on SnO2 films for different SiO2 %. Figure: 2 (a) Variation of dye adsorbed on SnO2 films for different SiO2 % and (b) structure of the N-719 dye. It is evident from the Figure 2 that the dye adsorption on SnO2 films decrease with the increment of SiO2 %. This may affect adversely on photocurrent of DSSCs. Although dye aggregations on semiconductor films also results to decrease photocurrent there should be sufficient amount of dye adsorbed on SnO2 crystallites for efficient operation of DSSCs. The decrement of Isc at higher SiO2 percentages is main consequence of low dye adsorption on SnO2 films. The adsorption of dye on SnO2 films decrease with the increment of SiO2 % because of the acidity of SiO2 which prevent chelation of N-719 dye on SnO2 films by the carboxylic groups. XRD and SEM analysis was also carried out to characterize the SiO2 ultra thin layer coated on SnO2 particles. Figure 3 shows the SEM of SnO2 film with 4.5% of SiO2. The resolution of the SEM images was not sufficient to identify the SiO2 thin layer. But it can be seen that the SnO2 particles are distributed in wide range of particle sizes which also affect adversely on the performance of DSSCs. The XRD pattern of the SnO2 film with 4.5 % of SiO2 is given in Figure 3(b). There was no any peaks appeared for SiO2 in the XRD pattern of the SnO2 films as well. The insertion in the Figure 3(b) is the XRD obtain for SiO2 powder obtained by acidification of Na2SiO3 with acetic acid and sintering at 450  °C for 30 minutes. It is found to be in amorphous form and most probably the SiO2 around the SnO2 is also amorphous. Because of the amorphous nature of SiO2 and low percentage might produce significant peaks for SiO2 in the XRD pattern. Figure 3 (a) SEM image of SnO2 film with 4.5% of SiO2 (b) XRD pattern of the SnO2 film with 4.5 % of SiO2. Insertion is the XRD obtain only for SiO2 powder. Conclusions The silica extracted from rice husk is with low impurity levels suitable for coating ultra thin layers of SiO2 arround SnO2 to fabricate DSSCs. Deposition of ultra thin layer of SiO2 on SnO2 particles improved the performance of DSSCs. The reason for decrement of cell performance with higher percentages of SiO2 is not only due to the barrier thickness, but also due to the low dye adsorption. It was observed by the SEM images that the particle size of SnO2 is widely diverse because of particle aggregation. It is recommended to use uniform size of SnO2 particles for better performance of DSSCs. some chemical treatment also required to enhance the adsorption of dye on SiO2 ultra thin layer on SnO2 particles. References 1. Bergeron B.V. , Marton A., Gerko Oskam G., and Meyer G.J.; (2005) Dye-Sensitized SnO2 Electrodes with Iodide and Pseudohalide Redox Mediators; J. Phys. Chem. B, , 109 (2), 937–943. 2. Kay A. and Grà ¤tzel M.; (2002) Dye-Sensitized Core−Shell Nanocrystals:à ¢Ã¢â€š ¬Ã¢â‚¬ ° Improved Efficiency of Mesoporous Tin Oxide Electrodes Coated with a Thin Layer of an Insulating Oxide; Chem. Mater., 14 (7), 2930–2935. 3. Keis K., Bauer C., Boschloo G., Hagfeldt A., Westermark K., Rensmo H., Siegbahn H.; (2002) Nanostructured ZnO electrodes for dye-sensitized solar cell applications; Journal of Photochemistry and Photobiology A: Chemistry, 148, issue 1–3, 57–64. 4. Nazeeruddin M. K., Baranoff E, Gratzel M., (2011) Dye-sensitized solar cells: A brief overview; Solar Energy 85 1172–1178. 5. Niinobe D. , Makari Y., Kitamura T., Wada Y., and Yanagida; S.; (2005) Origin of Enhancement in Open-Circuit Voltage by Adding ZnO to Nanocrystalline SnO2 in Dye-Sensitized Solar Cells; J. Phys. Chem. B, , 109 (38), 17892–17900. 6. Regan B O and Gratzel M; (1991) A low cost high efficient solar cell based on dye sensitized colloidal TiO2 films; Nature 353 737.

Parental Pressure Within High School Students Essay -- essays research

Parental Pressure within High School Students I. I became interested in this topic because my entire academic life has been filled with pressure from my parents. This pressure was mainly in school and grades, and in high school, the amount of pressure increased dramatically. This is because my parents now realized that everything in high school counts towards college. When I first came to high school, my grades were not as good as they were in middle school. I needed a little time to adapt to high school before I could improve my grades. During this time, my parents became upset because I brought home a report card that was not as good as they were expecting. Then I really noticed the pressure getting higher and higher. I did not only notice this with me, but I noticed this with many of my friends. I heard phrases like â€Å"My parents are going to kill me† and â€Å"I'm going to be grounded for 10 years† many times so when the opportunity to do research on this came up, I chose this as my subject. II. How does parental pressure influence students in high school? If there is an influence, is it positive or negative? I would like to do research on this because it raised my curiosity. For me personally, I do better in school if I am calm and have little pressure, but there might be students out there at Ramapo High School that think differently. These are some of the things that I will try to find out through this I-Search. III. At the beginning of my search, I had a really hard time finding secondary sources. First, I went to the school library. Since the school library has this computer program called BELS, there was no need to go to the other libraries. BELS is a program that lists all the books in Franklin Lakes, Wyckoff, and Oakland. It is a network that unites the two public libraries and the one in Indian Hills. I then went to an article search. I had no luck here either. When I went home, I went on America Online to try to find some articles or any secondary sources. I went to the article search and still found nothing. After a few days, I asked the school librarian to help me find some books. She guided me to a section that had books about social problems. Luckily, I found two books on families and parents. These were two good books, but I still needed at least one more to fulfill my requirement. I w... ... Kelly states, â€Å" My whole family is smart, and they all go (or went) to good colleges." In the issue of pressure affecting their school performance, Tyler said that he has a good amount of pressure and that without it, he would probably do worse. Kelly on the other hand, said that she would do a lot better if she had less pressure from her parents. Being a good parent means being there and having confidence in a child. A parent should provide outstretched arms for a safe place when the child might need it. The child should be relaxed and should be enjoying school. Maybe the child will get good grades because he/she wants to (Webb pg.25). Works Cited Gaillard, Lee â€Å"Hands Off Homework?† Education Week 14 December 1994 Guetzloe, Elennor C. Youth Suicide: What the Educators Should Know. New York: The Council for Exceptional Children, 1989. Leaman, Kelly - interview Mills, Tyler - interview Rubin, Dr. Jeffrey and Dr. Carol When Families Fight. New York: William Morrow and Company, Inc. 1989 Webb, Margot Coping with Overprotective Parents. New York: The Rosen Publishing Group, Inc. 1990

school hazing :: essays research papers

People are obsessed with the interrelation between different demeanors. Weather it be art and literature, matching shoes and shirts, or between men and women. We live in a society full of irreverent and dysfunctional relationships. In-fact, we were lucky enough to live during the time of The Break-up Heard 'Round the World, other wise known as when Jennifer Aniston and Brad Pitt broke up. The reason why the masses of literate minds are sucked into this timeless display of courtship is because they themselves have experienced similar relationships and knowing that they are not alone in the miserably bleak world of despair in the vain quest for love and acceptance. The many degrees of alliances, how strong they are, why they are being maintained, and what possible stresses can be applied to them by antagonists are all real world situations. People like to critique other people, and Hamlet is full of many archetype characters. Hamlet is based off of consanguinity, and the ext ream effe ct it has on people. People have aspirations and people want love. The relationships displayed in Hamlet revolve around personal lives clashing around ambitions. Ambitions driven by greed or revenge. "The serpent that did sting thy father's life/Now wears his crown." (Ghost 1,5) Hamlet talks to his fathers ghost and finds out that his uncle, his fathers own brother killed his father. From here on he is driven to get revenge for his fathers death. The rest of the play he puts on an antic disposition so he can get the information he wants and not have to explain why he is acting they way he is. If everyone thinks that Hamlet is crazy then they will not be suspicious. Hamlet is determined at all costs to kill Claudius from then on. "Does it not, think the, stand me now upon-/He that hath killed my king, and whored my mother,/...is't not perfect conscience/ To quit him with this arm?" (Hamlet 5,2) Hamlet is on the brink of killing Claudius and will soon have the chance. "Here, thou incestuous, murderous, damned Dane,/ Drink off this option. Is thy union here?/ Follow my mother." (Hamlet 5,2) This was said after his duel with Leartes, after he knew he was going to die. He makes Claudius drink from the poisoned cup his mother drank from. One of the last things he does is ensure that his vengeance is complete.

Percy Jackson and the Olympians: The Lightning Thief Essay -- mytholog

My original thought when comparing Percy Jackson and the Olympians: the Lightning Thief the movie and Classical mythology was that there would be many more references to the myth of Perceus than any other myth throughout the movie in its entirety. That’s where I was wrong. After watching the movie again and researching the different hero myths my opinion has changed. My new thoughts are that the movie is not influenced by the myth of Perceus any more than other hero myths. The movie ties together many different heroes’ stories and mixes them together to make a wonderful story about a young boy. The movie was based on a book series written by Rick Riordan. Percy Jackson and the Olympians: the Lightning Thief the movie is about a young boy who has just discovered that he is a demi-god Percy Jackson. His father is Poseidon and his mother has been keeping it from him for many years. There is a lightning bolt that is stolen from Zeus on Mt. Olympus and Zeus believes that Percy has stolen it and demands its return by the summer solstice. In the mean time Percy gets attacked by multiple magical and mythological beings. There is a camp that demi-gods are safe from these things which is where Percy’s mother and his protector, Grover, take him to. This is where Percy’s journey begins. After a few days of being at the camp he realizes what he has to do. His mother was taken by Hades to the underworld and Percy has to save her all while trying to prove to Zeus that he did not steal the Lighting bolt. This is the true start to Percy’s quest. He made a few friends in the camp and they agreed to go on this journey with him. Those accompanying him were his protector Grover and Athena’s daughter Annabeth. They also get some helpful tools fro... ...but they also believe that it is influenced by current day books such as Harry Potter more than Greek myth. Even though the movie and book may be influenced by these pop culture books that is to say that those books are not influenced by Greek myth. There are influences of mythology all through the world and most things in the world are influenced by mythology in some way. References "Percy Jackson & the Olympians: The Lightning Thief." IMDb. IMDb.com, n.d. Web. 27 Nov. 2013. . Siegel, Dr. Janice. "Dr. J's Illustrated Lectures." Dr. J's Illustrated Lectures. Dr. Janice Siegel, 26 Nov. 2005. Web. 30 Nov. 2013. . "Camp Half-Blood Wiki." Wikia. Wiki, n.d. Web. 5 Dec. 2013. .

Purchasing Behaviours of Three Major Races in Malaysia

INDIVIDUAL ASSIGNMENT III Name: FAWWAZ AIMAN SAKARIA Student Id: 2012645664 Programme: BBA (Hons) Marketing Part: 3 Course: Understanding Consumer (MKT531) Lecturer: Mdm Sharifah Nurafizah Date: 16/11/2012 Answers There are only few differences that can be found on the three major races of Malaysia (Malays, Chinese and Indians) in terms of purchasing behaviour. Based on the household expenses, the Malays purchasing behaviour are influenced by the Islamic religions needs and regulations which concern on the ‘HALAL’ label of the product.Islam constitution plays roles in the daily life of the Muslims. In addition, the Malays are quite incompetent in handling product and market information which may result in the confusion and information overload. From the perspective as consumers, Malays shows much interest in acquiring technologically produced and high quality products, without being materialistic or conspicuous buying.Chinese is the second largest groups in Malaysia and they are viewed as the powerful economics compare to the other two groups. For the Chinese, it’s important to conduct wide information achievement to reduce the uncertainty purchases. The self-pride also play the important roles for the Chinese to decide on their products purchasing. For instance, the more expensive of the products, the more it reflects to the wealthy and level of socials of that person.Indians in Malaysia has quite similar with the Malaysians Chinese buying behaviour but they are viewed as a high degree in product value orientation. Indian consumers are also concerned with the values of natural, care and affection. These values are far more dominant that values expensive and social level purchasing style. The preference for the Indians is more to the traditional products value rather than buying the technology invented products. (253 WORDS)

Healthcare Finance Essay

Houston Dialysis content is a incision of Houston General Hospital, a full- attend, non-for-profit acute cope infirmary with 325 beds. The bulk of the infirmarys facilities are devoted to inpatient bearing and emergency services. However, a 100,000 full-strength- flowerpot section of the hospital complex is devoted to outpatient services. Currently, this put has devil primary uses. About 80 per centum of the space is used by the Outpatient Clinic, which handles alone routine outpatient services offered by the hospital. The rest 20 share is used by the Dialysis pertain.The Dialysis focus on performs hemodialysis and peritoneal dialysis, which are alternative processes for removing wastes and excess water from the contrast for patients with end-stage renal (kidney) disease. In hemodialysis, linage is pump from the patients arm finished a shunt into a dialysis machine, which uses a cleansing solution and an artificial tissue layer to perform the functions of a health y kidney. Then, the cleansed blood is pumped back into the patient finished a second shunt.In peritoneal dialysis, the cleansing solution is inserted directly into the group AB cavity through a catheter. The dust natur all in ally cleanses the blood through the peritoneuma thin membrane that lines the abdominal cavity. In general, hemodialysis patients require three dialyses a week, with each(prenominal) treatment lasting close four hours. Patients who use peritoneal dialysis switch their own cleansing solutions at home, typically about six times per day. This influence can be done manually when active or automatically by machine when sleeping. However, the patients general condition, as well as the perspective of the catheter, must be monitored regularly at the Dialysis kernel.The hospital allocates facilities be (which primarily harp of edifice depreciation and interest on long-term debt) on the rear of fledge footage. Currently, the facilities salute apportionm ent rate is $15 per square foot, so the facilities be tryst is 20,000 $15 = $300,000 for the Dialysis Center and 80,000 $15 = $1,200,000 for the Outpatient Clinic. alone other command processing strike be, such as administration, finance, maintenance, andhouse carry throughing, are lumped together and called general overhead. These be are allocated on the basis of 10 percent of the revenues of each patient service incision. The up-to-the-minute apportioning of general overhead is $270,000 for the Dialysis Center and $1,600,000 for the Outpatient Clinic, which results in total overhead trysts of $570,000 for the Dialysis Center and $2,800,000 for the Outpatient Clinic.Recent growth in good deal of the Outpatient Clinic has created a need for 25 percent more space than genuinely assigned. Because the Outpatient Clinic is much larger than the Dialysis Center, and because its patients need browse access to other departments inside the hospital, the finish was made to kee p the Outpatient Clinic in its live location and to incline the Dialysis Center to other location to free up space. much(prenominal) a move would give the Outpatient Clinic 100,000 square feet, a 25 percent maturation. later on attempting to find new space for the Dialysis Center within the hospital complex, it was soon mulish that a new 20,000 square foot building must be built. This building provide be situated ii blocks away from the hospital complex, in a location that is much more contented for dialysis patients (and Center employees) because of ease of parking. The new space, which can be more efficiently apply than the old space, allows for a substantial ontogeny in patient volume, although it is unclear whether the move will result in additional dialysis patients.The new dialysis easiness is expected to apostrophize $3 million. Additionally, furniture and other fixtures, on with relocation expenses of current equipment, would be $1 million, for a total cost o f $4 million. The funds needed for the new facility will be obtained from a 20-year loanword at local bank. The loan (including interest) will be paid off over 20 years at a rate of $400,000 per year. Because the specific financing detail are known, it is possible to estimate the demonstr adequate annual facilities costs for the new Dialysis Center, well-nighthing that is non possible for units located within the hospital complex.Table 1 (see transcend spreadsheet) contains the intercommunicate profit and loss (P&L)statement for the Dialysis Center before adjusting for the move. The hospitals department heads receive annual bonuses on the basis of each departments parting to the bottom line (profit). In the past, whole direct costs were considered, but the hospitals brain executive officer (CEO) has decided that bonuses would now be establish on full (total) costs. Obviously, the new begin to awarding bonuses, coupled with the potential for ontogenesiss in indirect cost tryst, is of great tinct to Linda Rider, the director of the Dialysis Center. Under the current parceling of indirect costs, Linda would have a presumable chance at an end-of-year bonus, as the herald puts the Dialysis Center in the black. However, any increase in the indirect cost apportionment would likely put her out of the money.At the next department heads meeting, Linda expressed her connect about the impact of any tryst stirs on the Dialysis Centers profitability, so the hospitals CEO asked the chief financial officer (CFO), Roger Hedgecock, to look into the matter. In essence, the CEO said that the final allocation is up to Roger but that any allocation changes must be made within outpatient services. In other words, any change in cost allocation to the Dialysis Center must be offset by an equal, but opposite, change in the allocation to the Outpatient Clinic.To get started, Roger created Table 2 (see Excel spreadsheet). In creating the table, Roger assumed that the new Dialysis Center would have the same number of station as the old one, would serve the same number of patients, and would have the same reimbursement rates. Also, in operation(p) expenses would differ only slightly from the current situation because the same personnel and equipment would be used. Thus, for all practical purposes, the revenues and direct costs of the Dialysis Center would be unaffected by the move.The data in Table 2 for the expanded Outpatient Clinic are establish on the assumption that the expansion would allow volume to increase by 25 percent and that two revenues and direct costs would increase by a like amount. Furthermore, to keep the analysis manageable, the assumption was made that the overall hospital allocation rates for both facilities costs and general overhead would not materially change because of the expansion.Roger knew that his trial fly allocation, which is shown in Table 2 in the columns labeled Initial Allocation, would create some controv ersy. In the past, facilities costs were aggregated, so all departments were charged a cost based on the average embedded (historical) cost regardless of the actual age (or value) of the space occupied. Thus, a basement room with no windows was allocated the same facilities costs (per square foot) as was the fifth floor executive suite. Because many another(prenominal)(prenominal) department heads thought this approach to be unfair, Roger wanted to begin allocating facilities overhead on a true cost basis. Thus, in his initial allocation, Roger used actual facilities costs ($400,000 per year) as the basis for the allocation to the Dialysis Center. unnecessary to say, Lindas response to the initial allocation was less than enthusiastic, but before Roger was able to address Lindas concerns, he shortly left the hospital to take a new position in another city. The task of completing the allocation paper was given to you, Houston Generals current administrative resident. You believe t hat any cost allocation system should be comprehend as being fair, but you in like manner realize that in practice cost allocation is very complex and clean arbitrary. Some department heads argue that the lift out approach to overhead allocations is the Marxist approach, by which allocations are based on each patient service departments ability to cover overhead costs, but this approach has its own disadvantages.Considering all the germane(predicate) issues, you must develop and justify a new facilities cost allocation intent for outpatient services. Be prepared to justify your recommendations at the next department heads meeting.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.