Friday, May 18, 2012

Acquisition : 你喜欢吗?

1) "Build empires," increasing the size and scope of the firm well beyond that which maximizes shareholder wealth.
Motivations for undertaking acquisitions
1) it has been suggested that managers may be able to increase their compensation by increasing the sizes of their firms.
2) managers may be able to increase their prestige or standing in thebusiness community by purchasing other firms
"Jensen (1989:66) argues "managers have many incentives to expand company size beyond that which maximizes shareholder wealth. Compensation is one of the most important incentives."

Dako : On A Mission to fight cancer

Dako's Mission
-We fight cancer!

-As a world-leading expert, Dako continuously challenges and raises the global standards for fast and accurate answers for:
*Cancer Patients
*Doctors making vital decisions for treatment

Dako's Vision
-We want to be the first choice for pathology laboratories around the globe which strive to deliver the highest standards for speed and accuracy in cancer diagnostics

Global presence
  • Two major business areas: 1) Anatomic pathology, our primary strategic focus which accounts for 85% 2) Reagent Partnership Division which accounts for 15%
  • Two manufacturing and research sites: - Glostrup, Denmark, - Carpinteria, California, USA
  • More than 1,000 employees
  • Global presence: - Sales offices in 20 countries - Distributors in more than 60 countries
  • Owned by private equity fund EQT V
  • 2010 revenues-- DKK 1.9 billion (~$340M USD)

  • Founded in 1966 by the Danish medical doctor Niels Harboe
  • Dako earned its reputation for innovation and quality by introducing the first conjugated antibodies for immunohistochemistry
  • In 1998, Dako launched HercepTest™ as the first FDA-approved pharmDx™ product on the market
  • Today, Dako provides solutions based on 45 years of experience in anatomic pathology
  • Dako’s antibodies and reagents touch one in two of all specific tissue-based cancer tests worldwide.

  1. Leader with ~50% of the IHC reagent market by volume
  2. Most comprehensive range of antibodies with 95%+ coverage
  3. One of the largest installed bases of staining instruments
  4. Comprehensive suite of pharmaco-diagnostic (pharmDx™) reagent kits
  5. A strong R&D organization with 190 employees
  6. 14% of annual turnover invested in R&D
Area of Business
Cancer Diagnostics: Dako has more than 40 years of experience within pathology and has played a pioneering role in the standardization of antibodies. Dako has grown into a well-established global company with a leading position in the pathology segment of the in vitro diagnostics (IVD) industry.

Retail and OEM: Through Dako’s Reagent Partnership Division, Dako manages and sells a comprehensive portfolio of specific proteins and high-quality reagents for flow cytometry. In addition to the retail  portfolio, RP sell monoclonal and polyclonal antibodies as bulk solutions to OEM customers.

Dako is one of business unit under Agilent Technologies Inc.

DAKO - Big Brother?

Dako, based in Denmark, is a global leader in tissue-based cancer diagnostics. Hospital and research laboratories worldwide use Dako’s know-how, reagents, instruments and software to make accurate diagnoses and determine the most effective treatment for patients suffering from cancer. Employing more than 1,000 people and being present in more than 100 countries, Dako covers essentially all of the anatomic pathology markets globally.
Market Capital : USD2 billion
Slogan : "We connect to fight cancer"

Wednesday, May 16, 2012

Top 10 Most Expensive Cities to Rent an Apartment in Asia

Property rents are on the rise throughout Asia on the back of strong economic growth, with Singapore's 15 per cent rise last year earning it the accolade of the world's 5th most expensive city to rent a two-bedroom property.

Tokyo is the most expensive location globally, according to a report by international human resources solutions provider ECA International.
Within Asia the Japanese capital is followed by Hong Kong (3rd in the global rankings), Singapore (5th), Seoul (15th) and Shanghai (24th). Bangkok is ranked 7th in Asia and 28th globally, Jakarta 9th and 36th globally, and Kuala Lumpur positioned at 14th place in Asia and 92nd globally.
In Singapore, the recession along with a wave of new housing hitting the market prompted rental prices for an unfurnished two bedroom property to fall by approximately 17 per cent in 2009, according to the report.
This pattern was reversed last year when rents rose 15 per cent to US$2,810 a month. Singapore rose from 6th to 5th position in the overall ranking.
"The rebound in Singapore has been driven by a general recovery in house prices along with increased demand," said Lee Quane, Regional Director, ECA Asia. "Assignee numbers are up again in Singapore following falls during the economic downturn.
This has placed pressure on rental accommodation, particularly in areas popular with expatriates."

Hong Kong has witnessed some of the biggest price increases in the world, reflected in a jump up the ranking from 9th to 3rd position over the year.

The price of renting two-bedroom accommodation rose by 22 per cent to US$ 2,830 a month between 2009 and 2010. This contrasts with rent falls of around 25 per cent the previous year.
"Land in Hong Kong is already expensive due to the lack of space," said Quane. "Additionally, low interest rates, high liquidity in the market and a shortage of supply have contributed to pushing rents up."
Asia's most expensive cities to rent a two-bedroom apartment.
1 Tokyo
2 Hong Kong
3 Singapore
4 Seoul
5 Shanghai
6 Hanoi
7 Bangkok
8 Mumbai
9 Jakarta
10 Beijing
11 Ho Chi Minh City
12 Metro-Manila
13 Taipei
14 Kuala Lumpur
15 Guangzhou
16 New Delhi
17 Suzhou
18 Shenzhen
19 Karachi
Published annually, ECA's Accommodation reports provide information on rental costs in more than 120 locations worldwide, concentrating on the areas and types of accommodation commonly inhabited by international assignees.
The data enables managers to make informed decisions about the provision of housing or housing allowances as part of their international assignment packages.

Tuesday, May 15, 2012

Special Situation Porfolio @KLSE Malaysia

1) Genting Berhad
2) Sunway Holdings Incorporated
3) AMMB Holdings
4) CIMB Berhad
5) Parksons Holdings
6) Hong Leong Financial Group
7) IJM
8) Mudajaya Group
9) WCT Engineering Berhad
10) Boustead Berhad

Monday, May 14, 2012


Singapore, 3 May 2012 – Oversea-Chinese Banking Corporation Limited (“OCBC Bank”) tops the list in Bloomberg Markets magazine’s annual ranking of the world’s strongest banks for the second consecutive year. Other banks in the top three positions are BOC Hong Kong Holdings and Canadian Imperial Bank of Commerce.

Mr Samuel Tsien, CEO of OCBC Bank, said, "We are pleased to be ranked as the World’s Strongest Bank by Bloomberg Markets for the second time. It is an accolade that is only made possible because of the loyal support of our customers and the dedication of our employees. Being so recognised for a second consecutive year affirms the strength of our customer franchise, which has been built on product innovation, quality and differentiated customer experience, as well as our disciplined credit management practices and robust risk management capabilities. The solid foundation that we have established puts us in good stead to reach an even higher level of accomplishment.”

Using information from Bloomberg’s database, Bloomberg Markets magazine drew up a list of the world’s strongest banks, comprising top 78 global banks with total assets of US$100 billion or more as of mid-March 2012. The team then assessed the banks using weighted criteria which included their Tier 1 capital ratio, ratio of non-performing assets to total assets, ratio of reserves for loan losses to non-performing assets, ratio of deposits to funding and efficiency ratio. The banks were scored on each criterion and the scores of each bank were totaled. The overall score achieved by a bank determined its position in the ranking where banks with a lower score were ranked higher on the list.