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given that both interest rates and dividend payout
” it is a key component of the Blueprint plan and should not be
with nearly 80% of the drag coming from the Consumer Discretionary and
currency rates and pricing power. On one
operating expenses are 20% of sales and an initial
operating expenses are 20% of sales and an initial tax rate of 35%
and find those funds elsewhere. We find it unlikely that the
there are victims and beneficiaries here. Corporations that have high
and those that have recurring long-term debt needs
and 3) our own estimate if neither (1) or (2) are available
and dividing it by (1-current tax rate).
regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia
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