Fundamental analysts use basic fundamentals, which generally based on available public information, to determine a firm’s intrinsic value. Forecasting future performance is one of the key elements for doing fundamental analysis, and historical results are the foundation for future forecast. The analysis of this study is conducted into two sections with case studies in the airline business. Firstly, financial ratios are analyzed to examine whether low-cost or traditional airlines better perform their operations during a certain period. The other section is undertaking fundamental analysis of the case studies to evaluate current stock prices of representative airlines based on the potential future forecast. The model using for this valuation is the Residual Earnings Model. Key assumptions of future forecasts are mainly based on their historical ratios. Other related factor such as the gross domestic product (GDP) is included in forecasting sales growth rate because it is one of the key influences in the airline business. For ratio analysis, the findings suggest that low-cost airlines perform better operations based on five years average. However, the traditional airlines improve their performances significantly in the latest fiscal year. For equity valuation, the findings show that estimates of equity values of the airlines yield inconsistent results comparing to their stock prices. Possible reasons of the difference might be the improvement in key financial ratios of the airlines.

Islamic banking and finance in Pakistan started in 1977-78 with the elimination of interest in compliance with the Principles of Islamic Shari’ah in Islamic banking practices. Since then, amendments in financial system to allow the issuance of new interest-free instrument of corporate financing, promulgation of ordinance to permit the establishment of Mudaraba companies and floatation of Mudaraba Certificates, constitution of Commission for Transformation of Financial System (CTFS), and the establishments of Islamic Banking Department by the State Bank of Pakistan are some of the key steps taken place by the governments.   The aim of this study is to examine and to evaluate the performance of the first Islamic bank in Pakistan, i.e. Meezan Bank Limited (MBL) in comparison with that of a group of 5 Pakistani conventional banks. The study evaluates performance of the Islamic bank (MBL) in profitability, liquidity, risk, and efficiency for the period of 2003-2007. Financial ratios (12 in total) such as Return on Asset (ROA), Return on Equity (ROE), Loan to Deposit ratio (LDR), Loan to Assets ratio (LAR), Debt to Equity ratio (DER), Asset Utilization (AU), and Income to Expense ratio (IER) are used to assess banking performances. T-test and F-test are used in determining the significance of the differential performance of the two groups of banks. The study found that MBL is less profitable, more solvent (less risky), and also less efficient comparing to the average of the 5 conventional banks. However, there was no significant difference in liquidity between the two sets of banks. The reasons are due to the facts that conventional banks in Pakistan have longer history and experience in doing banking business and hold dominating position in the financial sector with its large share in the overall financial assets of Pakistan, as compared to Islamic banks, which in true sense, started only a few years back with all letter and spirit.     Albeit, the study found that MBL is less profitable, more solvent (less risky), and less efficient during 2003-2007, however, it is improving considerably over time indicating convergence with the performance of the conventional banks.

There are many advantages of Epicyclic gear type automobile transmissions. It is composed more densely and weights lighter. It provides higher gear ratio and can transmit power differentially. Therefore, this type of transmissions are applied to almost every automobiles in recent years. However, the design process of an Epicyclic gear type automobile transmission is more complicated than Counter shaft type one. In the world, there are just two kinds of 8-speed Epicyclic gear type automobile transmission in production. This study introduced a design methodology of Parallel epicyclic gear type automobile transmission by decomposing and recomposing of Lever diagram. First we drew the Lever diagram from given rotation speed ratios. Next we listed all 3-point lever diagrams which are decomposed from the original Lever diagram, and deleted those with unreasonable value of K. Then we listed all combinations of 3-point lever diagram which composed the original Lever diagram, and we got all feasible epicyclic gear train mechanisms. After choosing feasible epicyclic gear train mechanism, we set up necessary clutches and breakes in clutch graphs. Finally, based on the clutch graph, we draw the schematic diagram of mechanisms, and embodies out results. Methodology of this study is better than old ones because our methodology based on Lever diagram did not need to find the usable mechanisms from the catalog of epicyclic gear train mechanisms. Thus, the new methodology simplifies the process of designing a epicyclic gear type automobile transmission.

An extensive literature has examined many of the consequences of foreign bank participation in emerging markets. However, research to date has largely focused on the effects of foreign bank participation in domestic banks and yet revealed little about the situation for foreign banks. The thesis, examines Citibank in Turkey as a particular case in order to address this gap. The results show that Citibank

Recent changes in the insurance regulations and laws in Turkey lead insurance industry to gain further importance and turn the insurance industry one of the rising sectors in financial markets. However, while these favorable events for the insurance industry takes place in Turkish markets, on the global markets the economic crisis initiated with the collapse of US sub-prime mortgage markets deepened and the credit crunch arose in the aftermath. In the times of credit stress having good liquidity base is important for the firms. In recent economic crisis, liquidity related troubles resulted in bailouts or takeovers of giant financial companies. In order to prevent negative consequences of inadequate liquidity and to sustain financial stability, having appropriate level of liquidity is especially crucial for financial companies like insurers. In this thesis it is aimed to analyze the Turkish insurance sector&rsquo / s liquidity condition for the period between 2002 and 2008 with the help of liquidity ratios. Considering the nature of the business, a distinction is made between &ldquo / non-life&rdquo / and &ldquo / life&rdquo / insurance companies while assessing their liquidity ratios. Furthermore, panel data regression analysis is conducted to determine the firm specific factors affecting the liquidity decisions of non-life insurers operating in Turkey.

There can be little doubt that competition in the pharmaceutical industry has increased considerably over the past few years. Growth in the pharmaceutical industry in South Africa has been affected adversely in recent years by the increased competition from generic drug manufacturers. As soon as a drug comes off patent, competitors are ready with generic copies, resulting in price drops. Pharmaceutical companies are therefore forced to continually evaluate their existing strategies, to ensure that their financial performance remains at the desired level. This study aims to determine the importance that entities in the pharmaceutical industry attach to competition during the strategy-formulation process. The study will also attempt to provide an understanding of how entities have adapted their product-market strategies, as identified by Ansoff, over the past five years. As an ancillary objective, this research aims to determine whether the level of competition in the industry has adversely affected the financial performance of the entities competing within the industry. Entities within the pharmaceutical industry consider the level of competition in the industry to be very high, and, accordingly, it is one of the major factors that they consider when determining which product market strategy to adopt. Because of this, the product-market strategies adopted by entities in the pharmaceutical industry have changed substantially over the past five years. No strategy is, however, dominant. Over the past five years, most of the entities in the pharmaceutical industry have displayed improved profitability, risk and cash flow-ratios, as well as growth in revenue, net profit and net asset value. This improvement in financial performance is despite an increased level of competition. It can therefore be concluded that the level of competition in the pharmaceutical industry is not reflected directly in the overall financial performance of companies in the industry. / Thesis (M.Com. (Management Accounting))--North-West University, Potchefstroom Campus, 2005.

There can be little doubt that competition in the pharmaceutical industry has increased considerably over the past few years. Growth in the pharmaceutical industry in South Africa has been affected adversely in recent years by the increased competition from generic drug manufacturers. As soon as a drug comes off patent, competitors are ready with generic copies, resulting in price drops. Pharmaceutical companies are therefore forced to continually evaluate their existing strategies, to ensure that their financial performance remains at the desired level. This study aims to determine the importance that entities in the pharmaceutical industry attach to competition during the strategy-formulation process. The study will also attempt to provide an understanding of how entities have adapted their product-market strategies, as identified by Ansoff, over the past five years. As an ancillary objective, this research aims to determine whether the level of competition in the industry has adversely affected the financial performance of the entities competing within the industry. Entities within the pharmaceutical industry consider the level of competition in the industry to be very high, and, accordingly, it is one of the major factors that they consider when determining which product market strategy to adopt. Because of this, the product-market strategies adopted by entities in the pharmaceutical industry have changed substantially over the past five years. No strategy is, however, dominant. Over the past five years, most of the entities in the pharmaceutical industry have displayed improved profitability, risk and cash flow-ratios, as well as growth in revenue, net profit and net asset value. This improvement in financial performance is despite an increased level of competition. It can therefore be concluded that the level of competition in the pharmaceutical industry is not reflected directly in the overall financial performance of companies in the industry. / Thesis (M.Com. (Management Accounting))--North-West University, Potchefstroom Campus, 2005.

No description available.

Thesis (D. Comm.(Economic and management sciences))-University of Pretoria, 2004. / Summary in English. Includes bibliographical references. Available on the Internet via the World Wide Web.

<p>Islamic banking and finance in Pakistan started in 1977-78 with the elimination of <em>interest</em> in compliance with the Principles of Islamic Shari’ah in Islamic banking practices. Since then, amendments in financial system to allow the issuance of new interest-free instrument of corporate financing, promulgation of ordinance to permit the establishment of Mudaraba companies and floatation of Mudaraba Certificates, constitution of Commission for Transformation of Financial System (CTFS), and the establishments of Islamic Banking Department by the State Bank of Pakistan are some of the key steps taken place by the governments.</p><p> </p><p>The aim of this study is to examine and to evaluate the performance of the first Islamic bank in Pakistan, i.e. Meezan Bank Limited (MBL) in comparison with that of a group of 5 Pakistani conventional banks. The study evaluates performance of the Islamic bank (MBL) in profitability, liquidity, risk, and efficiency for the period of 2003-2007. Financial ratios (12 in total) such as Return on Asset (ROA), Return on Equity (ROE), Loan to Deposit ratio (LDR), Loan to Assets ratio (LAR), Debt to Equity ratio (DER), Asset Utilization (AU), and Income to Expense ratio (IER) are used to assess banking performances. T-test and F-test are used in determining the significance of the differential performance of the two groups of banks. The study found that MBL is less profitable, more solvent (less risky), and also less efficient comparing to the average of the 5 conventional banks. However, there was no significant difference in liquidity between the two sets of banks. The reasons are due to the facts that conventional banks in Pakistan have longer history and experience in doing banking business and hold dominating position in the financial sector with its large share in the overall financial assets of Pakistan, as compared to Islamic banks, which in true sense, started only a few years back with all letter and spirit.</p><p> </p><p> </p><p>Albeit, the study found that MBL is less profitable, more solvent (less risky), and less efficient during 2003-2007, however, it is improving considerably over time indicating convergence with the performance of the conventional banks.</p>