You must aware of “Guanxi”
Because you need to keep a good relationship with the local government
to make a successful business
A central idea in Chinese society
Basic dynamic in personalized networks of influence
A state of general understanding between two people
Closely related concepts
: Ganqing(feeling,感情) Renqing(人情) Mian(face, 面)
Social status, propriety,
We compare Yahoo with its industry
Yahoo’s growth rate is quite lower than growth rate of the industry (-20%)
but OP margin is higher (+10%)
Target price: 15.83=0.77*20.56
0.77=Current EPS
20.56=Target P/E
20.56=22.85*(1-20%+10%)
Alpha: 15.83/16.33-1= -0.0305
We use EV/EBITDA also for Toyota for the same reason
Peer company: GM
GM is better than Toyota in growth rate (-10%)
Toyota
Airport management, in common with others involved in the operation of elements of the civil air transportation system, are required to take measures that will provide a high level of protection of buildings and equipment (including aircraft), in addition to ensuring the safety and personal security of passengers and staff using the system. This must be done in manner that disturbs the normal ope