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2011 AIA Case Study Competition


AIA 杯 上海大学生 财务案例 分析大赛

Ng Jit Chuan?

The Kerk Group is an established listed group of companies in Malaysia. It has it’s headquarter in Kuala Lumpur. The Group is well diversified in businesses which cover sugar and palm oil refineries, rubber plantation, petrol chemical products, electrical goods, foods, property development and education, etc. Mr Kerk is the founder of the group of companies. He was born and grew up in a small village in the Malay Peninsula. As a result of poverty, he had no chance to continue his education. He started to work as an apprentice after his primary education and spent most of his childhood days learning all sorts of business skills and techniques. With his hard work and intelligence, he has acquired vast business experiences in his early age and he decided to start his own business. By early 40s, his businesses under the Kerk Group had already grown to a gigantic group with many listed arms in Malaysia and Singapore. As the founder of the business empire, Mr Kerk understands the hardship in maintaining and sustaining the growth of a group of successful businesses. Mr Kerk believes in prudence. Though he was very aggressive at the beginning, subsequently, after his success in the business, especially in the recent years, Mr Kerk has changed his strategies from aggressive to conservative. Mr Kerk is already in his late 60s and has being arranging his next generation to slowly take over the management of the Group. However, Mr Kerk still sits in the position of the Group Managing Director and actively involved in decision making. The recent financial turmoil had slowed down the economic growth in Malaysia and in other neighboring countries in the region. The Group considered that it is time for the Group to expand its businesses to other region especially mainland China. With the rapid economic growth in China over the last decade, like many other listed groups in the region, Mr Kerk is considering to divert part of his businesses to mainland China. However, there were serious debates over the diversion of the business to mainland China. This matter was heavily debated at many general meetings and finally, Mr Kerk confirmed to venture into mainland China. The initial investments in China were not really successful. Instead, the Group lost substantial amounts on these investments. The reasons were many. The main reason is that the Group faced new challenges as a result of differences in business practices, cultural and economic differences, differences in consumers demand and legal system, and an important issue is the continuing appreciation of the Chinese Yuan, etc. It appears that there is still a long way before the Group’s investments could contribute profit to the parent company in Malaysia. On the other hand, the board has been subjected to shareholders’ queries at every general meeting as to whether the Group should continue to finance the investments in China or should the Group shift the investments to countries like Vietnam, Cambodia or Indonesia. Operating costs in these neighboring countries appear to be relatively cheaper than in China. At the moment, the investments in China are still in red. The board considered that the Group was a bit late to come to China to have a share in the business of

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Ng Jit Chuan?

the country. If the Group were to withdraw its investments in China, this may call for a series of disinvestment and corporate restructuring. On the other hand, if the Group persisted to continue its investments in China, the consequences could be either good or bad. If the Group could be able to rectify its weaknesses and to have clear and proper strategies, the investments may turn from red to black thereby giving positive contributions to the group. On the contrary, if no proper strategy being developed and the problems been un-rectified, the investments in China could affect the Group contribution and might even affect the performance of the Group at the head quarter. It is high time that crucial decision has to be made by the management of the Group on whether to continue to invest or to divest its investments in China. Another important factor that the Group has to consider is whether to invest substantial amount in research and development so as to improve the Group’s productivity as well as to have more innovative products to sustain its market share. Finally it may lead to another issue which is capital requirement in order to continue the investments and to promote the research and development. At the moment, investors are reluctant to invest further because of worldwide inflation and the confidence that investors have on world economy. Both the equity and the debt markets are not performing well as investors are worry about the possibility of another round of financial crisis as all the world’s major stock markets are not performing well. There is a worry that global economy may enter into a period of recession. REQUIRED At a recent board meeting, the Group decided to engage a reputable consulting firm to advise the board on the appropriate direction that the Group should head towards especially with strong emphasis on the Group’s investments in China. Assume your team is the consulting firm engaged by the Group; prepare a report to advise the board on the above issues.

1、分析案例的基本方法分析案例首先要站好角度,案例分析应注意从两个基本角度 出发:当事者的角度。案例分析必须站到案例中的主要角色的立场上去观察和思考, 设身处地的去体验,与主角同命运。 全面综合的角度。这是综合型案例而言的。 要 针对相关案例选用恰当的理论知识来分析案例。 2、案例分析的具体技巧。案例分 析包括两个互相关联的方面。 第一方面就是要对所指定的将供集体讨论的案例做出深 刻而有意义的分析(包括找出案例所描述的情景中存在的问题和机会,找出问题产生 的原因及问题间的主次轻生关系,拟定各种针对性的备选行动方案,提出它们各自的 支持性论据, 进行权衡对比后, 从中找出抉择, 制定最后决策, 作为建议供集体讨论。 ) 第二方面是以严密的逻辑、清晰而条理的口述方式,把自己的分析表达出来。案例分 析过程包括五个主要步骤:确定本案例在整个课程中的地位,找出此案例中的关键问 题。 确定是否还有与已找出的关键问题有关。 选定适合分析此案例所需采取的一般 分析方法。 案例分析一般可采用三种具体的分析方法:系统法。就是把所分析的组 织看成是处于不断地把各种投入因素转化成产出因素的一个系统。 行为法。这种方 法,在分析时看眼于组织中各种人员的行为与人际关系。 决策法。就是要使用各种

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Ng Jit Chuan?

规范化、程序化的模型和工具评价并确定各种备选方案。 明确分析的系统与主次关 系,并找出构成自己分析逻辑的依据。 将分析转化为口头发言的有效形式。 3、 分析案例应注意的问题。在案例分析中要做好学习记录; 对撰写案例的方面分析报 告要简明扼要,一针见血,开门见山,一般不超过 2500 字。要用一句话把案例分析 的主要成果概括出来,并成为报告的主题。

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Ng Jit Chuan?

ANNEXURE FINANCIAL HIGHLIGHTS OF KERK GROUP

Year ended 30 June 2007 RM’000 Turnover Profit before taxation Net profit attributable to shareholders Paid-up share capital Net assets per share (RM) 1,498,500 309,850 154,710 366,370 1.90 2008 RM’000 1,673,800 412,500 310,900 400,560 2.03 2009 RM’000 1,872,600 257,960 342,780 453,100 2.11 2010 RM’000 2,001,200 229,240 128,550 466,700 1.87 2011 RM’000 2,263,490 225,790 114,600 470,000 1.62

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Ng Jit Chuan?

KEY RATIOS Year ended 30 June 2007 Gross dividend rate Interest cover Operating cash cycle Cash flow ratio Current ratio Acid test ratio 6.8% 2.2 times 130 days 1.8 times 1.9:1 0.9:1 2008 9.5% 2.4 times 105 days 2.0 times 2:1 1:1 2009 7.5% 2.2 times 103 days 1.7 times 1.8:1 0.9:1 2010 6.3% 1.6 times 136 days 1.2 times 1.1:1 0.6:1 2011 5.5% 1.1 times 150 days 0.9 times 0.9:1 0.5:1

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