The document appears to be a presentation from Hindustan Unilever Limited outlining their direct selling compensation plan called the HUL Network. It describes the various ways distributors can earn income, including bonuses for sales, recruiting, and leadership. It also details the requirements and rewards for different distributor titles ranging from Consultant to President. The presentation promotes the compensation plan as a way for distributors to build an unlimited business opportunity and change their lives completely.
• B-Toto is worth a bet now as i) its core gaming operations remained resilient even
during the post-CNY off-peak period and appear likely to surpass our 6-7% gaming
revenue growth target for FY4/09, ii) 2009’s special draw allocations for all three
NFOs could take place over the next few weeks and iii) there is upside potential to its
6-8% gross dividend yield based on its policy of a minimum payout of 75% if B-Toto
dishes out higher dividends to lend its parent a helping hand.
• Adjusting earnings but implied yields still decent. We raise our FY09-11’s
revenue per draw growth assumptions by 2-4% pts following the stronger-thanexpected
YTD showing. But FY10-11’s bottomline is lowered by 4-5% as we also
raise our blended prize payout assumption from 62-64% to 63-64% to better reflect
the payout trends seen so far. FY09’s numbers are largely intact despite these
adjustments. Even after a 3-5% cut in our FY10-11 DPS projections (unchanged
80% payout ratio), our forecasts still imply a decent yield.
• Reiterate OUTPERFORM. Our DPS downgrades trim our end-CY09 target price
from RM5.95 to RM5.65, based on an unchanged 5% discount to its DDM value. We
continue to like B-Toto for its steady, low-risk topline growth, superior ROEs and
sustainable dividend yields. Being a low-beta stock, B-Toto may fall out of favour in a
rising market. However, we flag the likelihood of bumper dividends over the short
term. This is a potential share price catalyst that underpins our OUTPERFORM
recommendation, along with the normalisation of luck factor and market share gains.
• B-Toto is worth a bet now as i) its core gaming operations remained resilient even
during the post-CNY off-peak period and appear likely to surpass our 6-7% gaming
revenue growth target for FY4/09, ii) 2009’s special draw allocations for all three
NFOs could take place over the next few weeks and iii) there is upside potential to its
6-8% gross dividend yield based on its policy of a minimum payout of 75% if B-Toto
dishes out higher dividends to lend its parent a helping hand.
• Adjusting earnings but implied yields still decent. We raise our FY09-11’s
revenue per draw growth assumptions by 2-4% pts following the stronger-thanexpected
YTD showing. But FY10-11’s bottomline is lowered by 4-5% as we also
raise our blended prize payout assumption from 62-64% to 63-64% to better reflect
the payout trends seen so far. FY09’s numbers are largely intact despite these
adjustments. Even after a 3-5% cut in our FY10-11 DPS projections (unchanged
80% payout ratio), our forecasts still imply a decent yield.
• Reiterate OUTPERFORM. Our DPS downgrades trim our end-CY09 target price
from RM5.95 to RM5.65, based on an unchanged 5% discount to its DDM value. We
continue to like B-Toto for its steady, low-risk topline growth, superior ROEs and
sustainable dividend yields. Being a low-beta stock, B-Toto may fall out of favour in a
rising market. However, we flag the likelihood of bumper dividends over the short
term. This is a potential share price catalyst that underpins our OUTPERFORM
recommendation, along with the normalisation of luck factor and market share gains.
SME Advisor Middle East, published by CPI, is aimed at business owners and senior executives across the GCC. Armed with practical advice, it has been highlighting key business issues for the small and medium enterprise segment since its launch in 2005.
методические указания по разработке программы дисциплиныDemanessa
В методических рекомендациях освещены особенности разработки рабочих программ по учебным дисциплинам с учетом компетентностного подхода, лежащего в основе стандартов нового поколения (ФГОС СПО). Составлено на основе разъяснений по формированию примерных программ учебных дисциплин начального профессионального и среднего профессионального образования на основе Федеральных государственных образовательных стандартов начального профессионального и среднего профессионального образования (утвержденных 27.08.2009 г. директором Департамента государственной политики в образовании Министерства образования и науки Российской Федерации И.М. Реморенко).
SME Advisor Middle East, published by CPI, is aimed at business owners and senior executives across the GCC. Armed with practical advice, it has been highlighting key business issues for the small and medium enterprise segment since its launch in 2005.
методические указания по разработке программы дисциплиныDemanessa
В методических рекомендациях освещены особенности разработки рабочих программ по учебным дисциплинам с учетом компетентностного подхода, лежащего в основе стандартов нового поколения (ФГОС СПО). Составлено на основе разъяснений по формированию примерных программ учебных дисциплин начального профессионального и среднего профессионального образования на основе Федеральных государственных образовательных стандартов начального профессионального и среднего профессионального образования (утвержденных 27.08.2009 г. директором Департамента государственной политики в образовании Министерства образования и науки Российской Федерации И.М. Реморенко).
A global revolution is in full swing, and the Sustainable Brands Conference is where sustainability, brand and innovation leaders gather to learn, share and strategize to shape the future. SB'12 was the largest gathering to date, a kinetic convergence of innovators from more than 150 companies from around the world finding new ways to create monumental disruption in traditional models of commerce and consumption.