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marketing (Buyer Behaviour)代写

    Question1
    1.1
    (a) Gross profit (%) measures the difference between sales revenue and cost of sales ( and its proportion in the sales revenue), mainly concerning the price of products and the purchasing raw material and inventory cost. It may reflect the price or cost advantages and strategies of the company. The greater, the better.
     marketing (Buyer Behaviour)代写
    (b) ROE measures company’s profitability status through calculating the ratio of net profit to the company’s average total equity during the financial year. It also means the ability of acquiring profit from the equity capital and the efficiency of the capital utility. The greater, the better.
     marketing (Buyer Behaviour)代写
    (c) Inventory Turnover measures how long the inventory could be sold out and the efficiency of the inventory management. Generally, the shorter or less is the value of inventory turnover (days), the better the company’s management is.
     
    (d) Accounts Receivable Turnover measures how long the debt from the buys could be received and reflects the management efficiency of the company. The shorter the turnover days, the better is the cash liquidity and the management will be. However, longer turnover days could also reflect the dependence on credit sales strategiesand less strength in the market.
     
    (e) Liquidity ratio measures the company’s ability to handle short-term solvency problem, especially concerning those could be turned to cash quickly. Also, the ratio reflects the business efficiency of management.
     marketing (Buyer Behaviour)代写
    (f) Equity ratio measures the company’s financial structure, the portion of financing from the equity and from the debt. The smaller value of ratio means greater leverage of the company, and the long term risk aroused from the debt would be increased.
     
    1.2
      2012 2013 Calculations
    Gross Profit 50% 46% 129400/280000
    Net Profit 5.7% 7.0% 19700/280000
    ROE 6.5% 13.1% 19700/((201850+99050)/2)
    Inventory Turnover (Times) 10.9 10.1 150600/((12200+17600)/2)
    Inventory Turnover (Days) 33 36.1 365/10.1
    Accounts Receivable Turnover(Times) 10.1 9.0 280000/((26050+35850)/2)
    Accounts Receivable Turnover(Days) 36 40 365/9
    Current Ratio 1.70:1 1.15:1 60350/52300
    Liquid ratio 1.27:1 0.82:1 60350-17600/52300
    Equity Ratio 59% 29% 99050/346350
    1.3
    Profitability:
    The company’s net profit ratio increases from 5.7% to 7.0% while the gross profit shows a decrease. This means the expense management has been done better. For example, advertising expense is even cut and saved by 2,000. Administrative expenses are also controlled well.
    The company’s ROE more than doubled on the 2012 basis. Although it means the profitability status is enhancing to a great extent, specifically, the capital is observed to be drawn out by almost half of the 2012 amount. The business is now more supported by the debt capital, indicating higher risk of business operation.
     
    Managerial Performance is generally going down due to the Inventory Turnover and Accounts Receivable Turnover are deteriorating. Longer inventory turnover days may indicate thatproducts are more difficult to be sold and longer Accounts Receivable Turnover probably reflects the tightening of the liquidity and more serious short-term insolvency risk.
     
    Financial Stability is also deteriorating concerning both short-term and long-term as Current Ratio and Liquid ratio are decreasing by a comparably big degree and the equity capital is shrinking. Although the short-term ratios are still above critical value of 1, more risk would be added on to the company in the short-term and long term.
     
     
    1.4
     
    1. Adjust the business strategies concerning products differentiation or cost management.
    2. Increase inventory efficiency
    3. Control debt scale and cost of debt
    4. Control equity capital loss and absorb more
    5. Improve liquidity status (Increase cash and lower short-term payable)
    6. Control bad debt
     marketing (Buyer Behaviour)代写
     
    Question 2
    2.1
      Jackson Hansen Jackson Hansen
    EPS 1.64 1.37 900000/550000 820000/600000
    PE 13.4 21.2 22/1.64 29/1.37
    DPS 0.53 0.30 290000/550000 180000/600000
    DY 0.32 0.22 290000/900000 180000/820000
     
     
    2.2 The market expects Hansen to perform better mainly because Hansen has a higher value of PE. Although Hansen’s EPS is lower than Jackson, higher price means that market investors prefer to buy Hansen’s shares reflecting their optimism on Hansen’s stock.
     
    2.3 Jackson would provide the best cash flows for its investors in the next several years. As investors cash flows come from the dividends, and the dividends in the next several years are normally stable, thus investors could benefit more in the aspect of cash flows if the DPS is greater. Obviously, Jackson gain the obvious advantage in this round.
     
    2.4 Roughly EPS could measure the return on equity. One Jackson share could grant the investor $1.64 of return, greater than one Hansen share. Greater return could mean greater dividend or capital gains. Plus, the cost of purchasing a Jackson share is lower assuming the cost is the current market share price, enlarging the return on equity.
     marketing (Buyer Behaviour)代写
    2.5 Retained earnings are the portion of the company’s profit which is not distributed to investors in the form of dividends. Thus, the Retained earnings for each company are as follows.
    Jackson: 900000-290000=610000
    Hansen: 820000-180000=640000
     
    Therefore, Hansen, though with less net profit, retains more profit to develop its business and the growth rate of its business might increase by a certain degree.