Icahn Enterprises, a diversified conglomerate holding company based in New York City, is
aiming to expand its operations to the Southeast Asian Region (ASEAN region) and it is
requesting your help to assess which company could be a neat target to establish a presence
in that region.
Your task consist in choosing a particular industry or area of operations suitable for
an activist shareholder for which published accounts are available. The exercise is limited
to publicly listed companies within the following countries: Brunei, Cambodia, Indonesia,
Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
You have to analyse the ”Consolidated” Accounts where a group of companies is considered
you will not need to analyse the accounts for parts of that company operating
under the Consolidated view even when those accounts are provided.
You will need figures for at least 3 years and ideally 5 years for the choosen firm.
Remember that given the 2000 word restriction graphs, charts, tables, show much more
information more clearly than the written word.
5 The requirement
Examine the Directors and Chairman’s Statements in the Accounts.
Examine the Accounts and Notes to the Accounts.
Collect information from the Press etc. to become familiar with the company chosen
and their operating environment.
Record the company share price details.
If company or market reports are available from financial publications, or on the Internet,
analyse these also.
Read Government and Research reports on your chosen market sector.
The aim is to collect a wide variety of opinions, statements, forecasts.
Once you have analyse all the relevant information then produce a report as investments
banks will produce (i.e. simplified prospectus)
Please note that this is individual coursework not group work.
6 Financial report
The Report should centre on why the chosen company would be a good investment opportunity
for Icahn Enterprises:
The below subsections contain some guidelines of things to consider before
writing your report, please note that they are just a suggestion, the aim of the
coursework is that you are able to produce a financial report which is consistent
with the type of report that a top investment bank will produce to a prospective
6.1 Financial Position
State what in your opinion are the most important key Financial Performance Indicators for this company (Only 2 or 3 required).In addition to the above, state what are the most important additional financial Ratios (Only 6 or so need be considered in detail)Explain why these particular key Financial Performance Indicators / Ratios (maximum of 8) are important to the chosen business, as against other available Ratios.Produce a statistical comparison of the company by Ratio Analysis. Graphs will show the figures for each firm over the period studied i.e. 5 years.Undertake and discuss your cross-sectional analysis and trend analysis.How do these compare with the leading index and what are the changes over the period researched.Identify and explain the key trends.From a Shareholder perspective state the appropriate Growth over the period studied. E.g. in Shareholders Wealth; traded value of shares; the Earnings per Share; Dividends Paid; Dividend Cover; ROE or ROCE; or other appropriate indicators. 6.2 Write Statements that summarise the following information:The Business of the firm, their Mission, their key Objectives, their Forecasts etc.Determine the Core Competencies of the firm.What are the essential relative strengths and weaknesses for of the business.Can you determine any particular Threats or Opportunities that may a↵ect future performance, include the things that you consider the firm should be considering now to safeguard the future.Do the companies have a cohesive and clearly stated Strategic Plan?
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