Heat transfer by convection Essay Example | Topics and Well Written Essays - 1250 words

Warmth move by convection - Essay Example A square pit was utilized whereby its base and top dividers were protected. One of the side dividers was assumed cold while the opposite side hot. Alumina/water nanofluid was utilized as the working liquid. It was presumed that utilizing distinctive thermophysical models may prompt inverse pattern estimations for Nusselt number particularly in high strong volume portions. Impacts of tendency edge (somewhere in the range of 00 and 1200) of a square hole loaded up with Cu/water nanofluid on heat move (Abu-Nada and Oztop). The limit states of the two tests were comparative. Diverse water based nanofluids containing Cu, Ag, CuO, Al2O3 and TiO2 nanoparticles were put in a hole with volume division up to 20%. One side of the dividers was warmed utilizing radiator mounted on the divider; cavity edge changed somewhere in the range of 00 and 900 (Ogut). Expanded fixation builds heat move rate. Normal Nusselt number has a high affectability to consistency contrasted with the warm conductivity at high Rayleigh numbers; reasonable thickness model ought to be chosen (SAEED ZEINALI HERIS, Masoumeh Borhani Pour, Omid Mahian, Somchai Wongwises, 2014). Stream of Cu, Al2O3, and TiO2 nanoparticles is suspended in water in a pit where top and base dividers are protected; right divider is kept cold while the left divider is exposed to the occasional warmth transition. Utilization of Cu and TiO2 with volume parts up to 20% prompts greatest and least warmth expulsion from heat source separately (Ghasemi and Aminossadati). Stream of Cu/water nanofluid (volume portions up to 5%) in a square cavity and the base exposed to steady warmth motion while cooling is directed by entering a nanofluid stream from the left divider and leaving from the correct divider (Shahi et al). It was reasoned that an expansion in the volume portion expanded the normal Nusselt number in the pit. Lin and Voili recreated the impacts of particles size on characteristic convection stream of Al2O3/water nanofluid with volume portion up to 5% in square pit

A More Perfect Union

In the comments on â€Å"A More Perfect Union† Senator Barack Obama talks about the issue of race character as far as American culture. Barack Obama depicts his life focusing on the job the race has played in his life. It is realized that if Obama wins Presdiential races, he will end up being the principal African-American president in the US history.Obama contacts the inquiries of servitude, announcement of freedom in Philadelphia and inceptions of vote based system in America. Affirmation of autonomy in Philadelphia assumed pivotal job in advancing vote based system as ranchers, researchers, nationalists and articulation were given chance to communicate their negative demeanor towards bondage, segregation, oppression and inequality.Declaration of freedom turned into the initial step on the long street to majority rules system, opportunity, freedom and all inclusive human rights. (Obama, 2008)Through battles and fights, through common defiance and common war, American residen ts made a fruitful endeavor to limit the hole between void words and truth of the time they lived in.Therefore, the most significant thought of the discourse is that all residents of the United States ought to be given full rights and commitments in spite of their shading, strict inclinations and beliefs.Obama says that US Constitution is the perfect for residents as it guarantees their legitimate rights, and openings. It is Constitution that guarantees all residents freedom, opportunity, equity and association. Obama includes that association ought to be consummated with time.Therefore, Obama sees the errand of his crusade as one which will proceed with the long walk of to all the more simply, equivalent, free American country. Obama says that he chose to run for administration as he accepted that challenges couldn’t be beaten except if they were fathomed together and except if the association was consummated. (Obama, 2008)Obama burdens that we have various expectations, how ever we all are taking a stab at better future having comparable expectations. Obama contends that â€Å"we may not appear to be identical and we might not have originated from a similar spot, yet we as a whole need to move a similar way †towards a superior future for of youngsters and our grandchildren†. (Obama, 2008) Obama’s convictions, as per his words, are established in his own story. Obama tells he is the child of a dark man and white lady from Kansas.Obama’s granddad endure Depression and assisted with raising Obama. Obama says he visited the best schools in American, and, simultaneously, lived in perhaps the most unfortunate country. She is hitched to an African-American ladies and blood of bondage streamed inside them. Obama’s biography has instructed him that a country isn’t essentially a whole of hereditary make-ups. Rather, country is sharing normal expectations and possibilities for better future.Obama says that racial strains ar e found in all circles of life. Indeed, even he is regularly named as ‘too black’ or ‘not dark enough’. In South Carolina there are ground-breaking alliances of African-Americans and white Americans. Blacks and whites are similarly annoyed and it ought to be halted. Obama shares his encounters at Trinity.He says that Trinity is exemplification of African-American people group as like other African-American temples Trinity offers administrations which are brimming with risqué humor and rambunctious giggling. Obama says that Trinity’s church is brimming with moving, yelling and applauding, just as it joins consideration and brutality, battles and achievement, insight and obliviousness, love and harshness, and so forth. Every one of these parts assemble the experience of Africans in America. (Obama, 2008)

Concentration Consternation COLUMBIA UNIVERSITY - SIPA Admissions Blog

Concentration Consternation COLUMBIA UNIVERSITY - SIPA Admissions Blog During a few recent conversations with prospective applicants some questions have been asked about admission and how it relates to the field of study at SIPA.   Specifically applicants have asked if we have admission targets for specific fields of study.   The short answer is No, however this does require a bit of explanation. First, let me go over some nomenclature.   At SIPA we have degree programs, core requirements, concentrations, specializations, and electives.   What you will find below is a description of these different items as it relates to our full-time, two-year MIA and MPA programs (this does not include our MPA in Development Practice). 1. Degree Programs:   For the purpose of this entry there are two degree programs, the MIA and MPA. Applicants may apply for one program or the other, not both.   We have general admission targets for the two programs however the numbers are not fixed.   The admission rate is roughly the same for both programs. 2.   Core Requirements:   Core requirements are classes that are required to complete your degree program.   Our core requirements include coursework or projects in the following areas: Politics Economics Statistics Management Financial Management Internship Professional Development Workshop (group project) Foreign Language Proficiency: Required for MIA, not required for MPA students unless the concentration is Economic and Political Development 3.   Concentrations:   A concentration is a policy field or the area of study you are most passionate about studying.   In traditional academic terms you can think of your concentration as your major.   We have six concentrations: Economic and Political Development Energy and Environment Human Rights International Finance and Economic Policy International Security Policy Urban and Social Policy 4.   Specializations:   A specialization is an area of study that seeks to provide students with a specific skill set.   Our specializations can generally be divided into what are called functional skills courses or regional skills courses.   In traditional academic terms you can think of a specializations as a minor.   Our specializations are: Advanced Policy and Economic Analysis Applied Science International Media, Advocacy, and Communications International Organization Management Regional Specializations:   Africa Europe Latin America Middle East Russia, Eurasia, and Eastern Europe South Asia United States 5.   Electives:   Classes students will chose to round out their schedule.   Electives can be taken at SIPA or students can cross register for coursework across the University. Popular elective options at SIPA are classes taken as a part of our co-curricular programs which include the following areas of study: Gender Policy Humanitarian Affairs UN Studies The elective courses sponsored by these programs may be used, when appropriate, to satisfy course requirements of a student’s policy concentration or specialization. With all of this in mind, applicants do apply for a degree program (either the MIA or MPA)   and we do ask that applicants list the   intended concentration and specialization on the admission application from a drop down list.   However, as funny as it might sound, we do not have targets for either concentrations or specializations.     There are two important things to consider. First, we are looking for focus in an admission application.   Thus it is wise for applicants to choose a theme if you will and be as specific as possible concerning their proposed course of study in our program.   We encourage applicants to tie together the personal statement and the choice of concentration and specialization listed on the application. Second, we do understand that individuals might only come to understand the best pathway to accomplish their goals in our program after enrolling.   Thus someone who indicated a concentration of Economic and Political Development on their admission application may come to learn during their first semester of study after speaking with alumni, faculty, second year students, and the Office of Career Services that a concentration in Urban and Social Policy might actually be the best pathway to accomplish their goals.   Can a student change their concentration from the one listed on the admission application?   Absolutely.   We do not require that students stay with the same concentration listed on the application. So to sum everything up, applicants apply to a degree program and are required to list a concentration and specialization on the admission application but, we do not have specific admission targets for concentrations and specializations.   We look to admit driven, passionate, focused, creative, capable, and interesting people and we do not set targets for field of study. Thus applicants should be concerned with putting together a clear and focused personal statement, however applicants should not stress out thinking that there are admission targets associated with our concentrations.   A good portion of our students will find that a different concentration will serve them best after enrolling and thus the Admissions Committee does not set targets for different fields of study.

A Journey into Drama An Analysis of Setting in Feminist...

The treatment of women in the modern era has come quite far compared to recent history. This is shown in numerous works of art of the feminist age of fiction. In the three works: Trifles, by Susan Glaspell, â€Å"The Yellow Wallpaper†, by Charlotte Perkins Gilman, and A Streetcar Named Desire, by Tennessee Williams, the setting and the home in which the women are depicted in play a major connecting symbolic role within the feminist plays. The setting of a dilapidated or enclosed home is ever present in each of the four aforementioned plays, and each depict a symbol of the ownership, and enclosement of women in the late nineteenth century, and early twentieth century America. In the short play Trifles by Susan Glaspell, the setting in the†¦show more content†¦The theme of feminine incompetence plays a role in the leading up to the final enclosement, and the concluding setting of the play. In the diary of the narrator, she writes of her large home as â€Å"A colonial mansion, a hereditary estate. I would say a haunted house.†(1684). The narrator’s husband John, a physician, believes that the narrator is not able to connect with society, and does not believe the narrator when she exclaims that she is sick. The ownership of the narrator is depicted heavily when she states â€Å"I lie here on this great immovable bed - it is nailed down.†(1688). The immovable, nailed down bed is symbolic for the ownership of this woman, as the bed is merely an appliance, and kept in one place, just as the narrator, for the entirety of its use. The narrator’s situation is also noted in other places in her room. The narrator states after she finds a woman in the wall paper in her room that â€Å"The faint figure behind seemed†¦ just as if she wanted to get out.†(1689). This is symbolic for the woman’s own destiny. Just as the narrator is, the woman in the wallpaper is a possession, and is trapped in something that she can not get out of. This connection to the woman is a blatant symbol for the enclosement of the narrator, and the notion that the narrator’s own husband does not trust her to live up with normal society. John, the husband, is also seen treating the narrator as a small child; â€Å"JohnShow MoreRelatedMovie Analysis : The World Apart 1739 Words   |  7 PagesUtshab Chakraborty October 27th, 2016 SLAV 88H Essay 1 Cinema and literature have been traditionally portrayed with women demonstrating typical traits of emotional and physical characters. Men usually play the role of the hero, and usually following a journey to success. Men sometimes were defined by what the females lacked, and women were tied to their male lover. As time passed, women’s images remained the same as the gender gap grew. Women’s roles have always been tied to the male counterpartsRead More19th and 20th Century Gender Expectations in Literature2483 Words   |  10 Pagesproduced a myriad of successful authors, poets and play-writes that often incorporated the local customs, traditions and expectations of the time (and perhaps their own experiences) into their work. A fact of the times, even into early 20th century, is that women were not equal to men and the expectations of women were not equal as well. This point will be illustrated by comparative analysis of two separate forms of literature: Tristan Bern ard’s humorous play I’m Going! A Comedy in One Act, and Kate Chopin’sRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pageslamentable. Taken together, the key themes and processes that have been selected as the focus for each of the eight essays provide a way to conceptualize the twentieth century as a coherent unit for teaching, as well as for written narrative and analysis. Though they do not exhaust the crucial strands of historical development that tie the century together—one could add, for example, nationalism and decolonization—they cover in depth the defining phenomena of that epoch, which, as the essays demonstrate

The Great Depression Of Indiana - 1757 Words

Research Joshua Kehoe Indiana University East March 22, 2017 Abstract Farmland, Indiana has a vibrant history from its early days as a Beeline stop to the days of Ansel Tony, the kite man, and now as a lively town. Farmland experienced some downtime in its history because it was a town that had to go through the Great Depression. Today Farmland has become lively and is starting to thrive again with some businesses moving in and run-down houses being restored to new again. Farmland, Indiana has been a town since 1852 in Randolph County Indiana and was a station on the Bellfontaine Railroad, or as others may call it the Bee Line. Commerce based on agriculture and, by late 1880s, gas and oil production†¦show more content†¦Housing crews have repaired most, if not all, of the run-down houses that have burdened the cities appeal over the years. I know of 3 houses that have in the last year been repaired to new and are now being sold. The History of Farmland Farmland got its start in 1852 after being founded by Henry D. Huffman and William Macy as a station on the Bellfontaine Railroad. On July 28th 1852 the two gentlemen platted Farmland on their farms. The town consisted of 152 lots including 6 streets, all of which are present today. Many cities that started on the railroad were thrust into a thriving economical environment. Being a station this allowed the city to quickly increase its population and annual revenue. There were many people that saw this economic opportunity and started forming farms alongside the town because it gave them quick access to the railroad. Thus their transportation costs were lower than other farmers. The agricultural business started to boom in the small town and drew more people into the town. People seized the economic opportunities that presented themselves. Sadly though the town did grow slow. But in 1870 the census found 532 people residing there. Starting from just two families the town ga ined over 500 residents in just 18 years. That is truly remarkable for the time that our nation was in. The fires. Farmland was almost completelyShow MoreRelatedGreat American Authors: Kurt Vonnegut890 Words   |  4 Pages Kurt Vonnegut When people are asked to name great American authors names come up like Mark Twain, Harriet Beecher Stowe, Louisa Alcott, but Kurt Vonnegut would not make their lists. This is because no one really knows who he is because he is taught in school. His book Slaughterhouse five show the destructiveness of war and cannot really be taught like Uncle toms Cabin where that book showed the real side of slavery. There are many well-known American authors but very few that defined American LiteratureRead MoreEssay on Theodore Dreiser1291 Words   |  6 Pages Theodore Dreiser Theodore Dreiser was born August 27, 1871 in Terre Haute, Indiana. The younger brother of Paul Dresser, a well-known songwriter, Theodore was a famous novelist known for his outstanding American writing of naturalism. He was also a leading figure in a national literary movement that replaced the observance of Victorian notions of propriety with the unflinching presentation of real-life subject matter. Even though a majority of his works were about his life experiences, he alsoRead More Role of the States In Health Care Policy Essay1050 Words   |  5 PagesThe government’s responsibilities concerning health care has grown over the last 100 years. After the Great Depression, Social Security was formed; and in the 1960s, Medicare and Medicaid were enacted. Federal responsibilities grew until the â€Å"New Federalism† of the 1990s increased reliance on the states for health care (Longest, 2010, pp. 30-33). Smaller, more local government can represent its citizen’s values better, and it knows the nature of its citizens’ problems. The New Federalism did notRead MoreThe World and Literature Changes in the 1930s823 Words   |  3 PagesDuring, the 1930’s the world was in a time of great depression, with economic and political uncertainty fueled after the stock market crash in 1929. Many US banks failed, mortgages were foreclosed on homeowners. Croplands in the Midwest lost their topsoil and were ruined during the Dust Bowl drought, with many farmers relocating to California. Unemployment affected a large part of the work force, leaving a population of long-term joblessness. Ultimately, the stock market crash left a dramaticRead MoreThe Problem Of Criminal Behavior Among Juveniles980 Words   |  4 Pagesrecidivism continues to be a huge problem. One could only wonder what is in place to help decrease the repetition of criminal behavior among juveniles? In this research they examined the provision of behavior al health services to youths detained in Indiana between 2008 and 2012 and the impact of services on recidivism. For the purpose of the research study, they defined recidivism as â€Å"a new arrest charge within 12 months after release from a youth’s first detention stay† (Aalsma). Juvenile detentionRead MoreAmeric The Rise Of Organized Crime873 Words   |  4 Pagesday America. There are many different forms and types of organized crime today but where did they arise from? The rise and growth of organized crime in America can be attributed to government intervention in the social lives of the people, the Great Depression, and the jurisdictional limitations set on the authorities at local, state, and federal levels. Government intervention into the social aspects of citizen’s lives ultimately set the stage for organized crime. Mandating certain activities andRead MoreCase Study Of Kevon Collins1542 Words   |  7 PagesAdministration of Wechsler Intelligence Scale for Children – III (09/01/2017). †¢ Administration of Bender Motor Gestalt test with immediate and delay recall (09/02/2017). †¢ Administration of Wide Range Achievement Test (09/03/2017) †¢ Administration of Reitan-Indiana Aspasia Screening Test (09/04/2017). †¢ Administration of House-Tree-Person Drawing Test (10/13/2017). †¢ Administration of Kinetic Family Drawing Test (10/14/2017). †¢ Administration of Rorschach Inkblot Test (11/07/2017) †¢ Reviewed of August 17, 2017Read MoreEssay about John Dillinger1736 Words   |  7 PagesOn June 22nd 1903 John Herbert Dillinger was born to John and Mollie Dillinger . His parents ran and owned a grocery store in Indianapolis, Indiana, and at the age of three his mother died . John Dillinger’s father described his son as a â€Å"restless and aggressive† child . Beginning from a young age, the dark side of Dillinger became evident, as he created and led a gang called ‘The Dirty Dozen’ . The worst criminal act the ‘Dirty Dozen’ participated in consisted of stealing coal from the nearby railroadRead MoreThe Energy Industry Of The Electric Utilities Industry1477 Words   |  6 Pages$1.808 billion with revenues in 2015 of $16.5 billion and assets of $61.68 billion with approximately 17,600 employees from all locations. The company serves Arkansas, West Virginia, Texas, Tennessee, Michigan, Oklahoma, Kentucky, Louisiana, and Indiana with a service territory of over 200,000 square miles. AEP is also known as the parent company to SWEPCO in some states. There are four main values at AEP: Zero Harm, Integrity Stewardship, Adapt Achieve, and Customer Focus. â€Å"AEP’s Mission: BringingRead MoreGraduation Speech On My Freshman Year936 Words   |  4 Pagesfinancial situation improved with him, so I enrolled in Austin for my first semester of sophomore year. Although, he became abusive. I also found out he had felony charges for molesting his own kids. Throughout their relationship, I suffered from depression, but I could not get professional help because my biological dad removed me from his health insurance. Therefore, I used the gym as therapy. I did competitive cheerleading my sophomore year at Gymtyme in Louisville, Kentucky. I worked the day camp

Movie Review Muallaf Free Essays

Rohana and Rohani experiences were attributed by their father and their step-mother. There is a main locus of causality attributing to their experiences. The two sisters ran off home as the father was being abusive, mainly towards Rohani where she was bald by him and the father was driven by their step-mother to behave in such abusive way. We will write a custom essay sample on Movie Review Muallaf or any similar topic only for you Order Now This whole scene is projected more towards the external attribution on the two sisters where the cause would be the father being abusive on his two children to fulfil his second wife’s inquires. Rohana and Rohani lived together in an old bungalow and survived on one small income which was being earned by Rohani. Rohani took a job in a pub to support herself and her sister, even though it is beyond her religious views. She did this because she had to protect her sister during the day from their father finding Rohana and taking Rohana away from her. And Rohani knew that she will be holding on to that job for only awhile until she reaches the legal age, where she will be handed over the trust fund that was left by their late mother. Brian’s experiences are mainly attributed by his parents. One day, Brian was secretly reading an inappropriate magazine at a young age and his dad caught his act of doing so. Brian was dragged out of the house and abandoned naked by his dad on a street far away from his home. Brian was extremely infuriated on the embarrassing punishment that his father had carried out. Plus, his mother did not even say a word or helped him when he was dragged out of the house. At this point, the parents were trying to shape a better son and punishing him for his wrong doings. Under the stability concept of making attribution, the whole situation was an unstable cause, the father’s mood changed where he turned angry when he caught his son doing an inappropriate act. Brian held grudge against his parents by not returning home and being rude to his mother whenever she calls him back home or to church. He lives independently and he serves as a teacher in a public school. The two sisters, Rohana and Rohani left home at a young age as well as Brian but they are judged differently based on the cause. Rohana and Rohani viewed that Brian left home due to his personality where he held grudge against his parents by not returning home and being rude to his mother when he was the one to be blamed for reading an inappropriate magazine. The dad punished him so that he could raise a better son. Brian was internally attributed due to his negligence of learning from the mistake and his attitude which he’s not able to respect his parents in a verbally mannered way. Rohani found Brian very rude when he spoke on the phone to his mother eventough the embarrassing situation took place many years back and even when his father has passed away. Brian viewed that the two sisters left home was due to a situational cause when Rohani told him what had happened. Rohana and Rohani’s father was physically abusive towards Rohani. He bald Rohani’s head when she refused to head over to the saloon with her step-mother who wanted Rohani to cut and style Rohani’s hair exactly like hers. The sisters were externally attributed by their father who was siding more towards their step-mother instead of his own children. My reflection of thoughts on the movie changed as it progressed. Rohani was abused by her dad because of her step-mother, which was why she and her sister ran off home. They hid away from him for his cruel behaviour towards them. I was attributing that they hated their father for not showing enough love on them as for the way he had behaved. But later on, my views changed when Rohana was snatched back by her father and Rohani went back looking for her sister when she found that her father had stroke. Rohani then stayed by her father’s side, taking care of him and not even bothering about the past of what he had done to her. Apart from that, Brian is a type of guy who doesn’t believes in god and never tends to step into church for his mass prayers. He was also being rude whenever his mother calls him home or to church. I attributed that he isn’t a person to be proud of himself for not believing in god and I was stereotyping him for not respecting his religious views. But then my views changed as the movie revealed that, he was punished to be naked and abandoned by his father in a street after he was caught reading an inappropriate magazine as a child. He felt that there wasn’t love from his parent for treating him that way; also, his mother did not save him when he was punished. He was traumatizing skeletons in his closet from his childhood days. How to cite Movie Review Muallaf, Papers

Vinamilk Research free essay sample

Throughout the years, Vinamilk has expanded its production capacity by acquisition and construction of new plants around the country. At present, the Group operates nine dairy factories with a total capacity of 504 thousand tons per year and one coffee factory with a capacity of 1,500 tons of instant coffee and 6,000 tons of roasted ground coffee. Invest Rationale The largest player in the domestic dairy market The Group is the largest dairy producer in Vietnam, capturing around 37. 0% of the market share in the domestic dairy market. In terms of product segments, the Group accounted for nearly 85. % of the market share in the yoghurt and condensed milk segment; and around 45. 0% of the market share in the liquid milk segment in 2008. These segments jointly contributed to around 68. 0% of its total revenue in 2008. Besides that, Vinamilk’s powdered milk-infant cereals segment accounted for about 29. 0% of its total revenue in 2008. The management has set an ambitious target to expand the market share of this segment from 15. We will write a custom essay sample on Vinamilk Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 0% in 2008 to at least 35. 0% over the next two years. Strong brand name Over the years, the Group has built a reputable brand name for its major products. Its highly-popular brand, ‘Vinamilk’, is viewed by many domestic consumers as the most trusted brand for nutritional dairy products. The Group is ranked first in ‘The Top Ten High-Quality Vietnamese Goods’ from 1995 to 2009. According to AC Nielsen, Vinamilk’s contributions in the ‘favorite brand index’ and the ‘brand-used most-often index’ have increased by 14% and 12% y-o-y, respectively, in 2008. Extensive nationwide distribution network Vinamilk has established the largest distribution network compared to its sector’s peers. The Group has 250 distributors selling its products to 125,000 retail outlets covering 64 provinces in Vietnam. This traditional distribution channel accounted for 80. 0% of the Group revenue last year. Its modern distribution network through hypermarkets and supermarkets contributed to about 12. 0% of the Group’s total revenue, while the remaining 8. 0% of its revenue comes from hotels, restaurants, and cafeterias (Horace). Besides that, Vinamilk has consistently been reaching out to assist its distributors in order to strengthen its foothold. The Group has invested in 7,000 fridges, coolers for chilled products and 300 mini-vans to support distributors last year. In 2009, the management plans to invest more than VND 127. 0bn in vans and refrigerators to support its distributors and outlets. We believe that such an extensive distribution channel will continue to give Vinamilk a competitive edge against its foreign and domestic peers. The wide market reach also serves as the biggest barrier for its competitors to enter and/or expand their market share in this market. Continuously expanding product offerings The Group has continuously launched new product offerings to meet the increasingly diversified demand of consumers. In 2008, the Group has developed more than 40 new products and successfully FIN 332 Troy Spring Page 3 Company research VINAMILK introduced 12 new products to domestic and overseas markets. These include â€Å"Probi† yogurt, which help people to enhance the absorption of underlying nutrients and ‘Dielac Diecerna’ for diabetes consumers. The management plans to re-categories its product range tailored for specific consumer classes such as pregnant women, infant, children, teenagers, and elderly. This is expected to help the target consumer group to easily recognize the benefits of the products. Catalysts for upside potential Rising demand Rapid urbanization has boosted domestic demand for dairy products. We expect improved living standards and rising health awareness to encourage the consumption of dairy products going forward. Although domestic per capita fresh milk consumption has increased from 3. 8kg in 2001 to around 9. 0kg in 2008, it remains substantially below the fresh milk consumption per capita in the regional market such as Thailand (25kg) and Singapore (33kg), thus implying favorable growth potential. Upbeat growth prospect According to Agroinfo, Vietnam has the highest retail price of milk in the world. The persistently high consumer milk price, coupled with the robust domestic consumption, has enabled the dairy market to grow exponentially over the past five years. Vietnam’s dairy market has been accredited as the ‘rapid growing sector’ given that it has registered a respectable growth of 15. 2% per annum from 1996-2006, only lagging behind the 16. 0% annual growth rate registered by China’s dairy market. Among the dairy products, we foresee that powdered milk and fresh milk segments could experience the highest growth rate going forward, given their increased popularity among the domestic consumers and the low market penetration rate. Ambitious target to fulfill the domestic supply gap of milk inputs Domestic dairy producers continue to rely heavily on imported milk inputs. At the end of 2008, Vietnam had 107,983 dairy cattle producing about 262,160 tons of fresh milk input, supplying less than 22% of the milk inputs for domestic production. To reduce the country’s dependency on the imported dairy milk inputs, the authority has set an ambitious target to increase the number of dairy cattle that could fulfill around 40. 0% of the domestic demand for fresh milk inputs by 2010. We believe that Vinamilk, being the largest fresh milk purchaser in Vietnam, could benefit enormously from this government measure. Risks and Safeguards Price volatility of imported milk input As mentioned before, the Group is highly dependent on imported milk inputs. We understand that milk inputs account for more than 75. 0% of the Group’s raw materials cost and 60. % of its cost of goods sold (COGS). Our sensitive analysis shows that every 10. 0%-increase in milk input price will translate into a 22. 4%-decline in the EPS, assuming that the ASP of its major product remains constant. Nonetheless, we believe that the active cost control policies engaged by the management will minimize the Group’s exposure to the external volatility of the global milk input prices. Furthermore, the ability of the Group to pass on its increased cost to end-users will mitigate the risk of margin erosion, in our opinion. Rising cost components The Government has approved the hike of the electricity rate by 9. % as of 1 March 2009, which is expected to increase the Group’s total cost by 1. 0%. Furthermore, we expect the Group to incur higher FIN 332 Troy Spring Page 4 Company research VINAMILK marketing expenses going forward to strengthen its market position. Again, the ability of the Group to pass on its increased cost to end-users will mitigate the risk of margin erosion, in our opinion. Competition of high-end product segment to intensify Domestic dairy manufacturers have faced intensified competition from foreign players such as Dutch Lady, Abbott, Meat Johnson and Nestle. We observe that Vietnamese consumers, particularly the young and affluent people, may prefer the popular foreign brands to domestic brands. Despite the intensified competition, we believe that the Group is able to maintain its dominant position in the market given its popular brand name, extensive distribution network and aggressive marketing campaign. Furthermore, we observe that the challenging economic environment has led to a down trading consumption pattern that favor’s the competitive priced products distributed by Vinamilk. Regulatory risk Given that majority of the Vinamilk’s products serve as essential goods for its consumer, we do not discount the possibility that the Government may restrict the Group’s ability to raise its retail price should the inflation become a concern to the economy. Peer Comparison Market Information Product overview VNM has a wide range of products including various kinds of milk such as: fresh milk, yoghurt, powdered milk, ice cream and beverage (juice, tea†¦). Previously there were some kinds of coffee products but they are stopped producing now. Market overview Vietnam’s boasts incomparable demographics. It has a large population of 84 million people and more than half of them under the age of 25. Furthermore the country is urbanising rapidly and an urban wealthier population is strongly corelated with a higher per capita dairy consumption. Given that existing per capita consumption is currently very low we believe that annual double digit growth is FIN 332 Troy Spring Page 5 Company research VINAMILK virtually built-in to the market. Currently the market is relatively immature but it is certainly large enough. Dairy products consumption CAGR in Vietnam was 16. 3% between 2004 and 2006, well above the regional average of 13 4%. Going forward, we expect growth to be sustained at above average regional growth rates of around 14. 5%. The main drivers would be higher per-capita consumption, in line with strong GDP growth. Vietnam’s GDP grew by 8. 17% in 2006, the second highest in ten years. The Economist Intelligence Unit forecasts that Vietnamese GDP growth will moderate to 7. 5% by 2010. Vietnamese currently consume around 9 kg of dairy products per capita annually, which is well below the global and region averages for per-capita consumption. However this is increasing due to five key drivers.