East African Breweries LTD Alcoholic beverages industry

Equity research report

Growth strategies in tourism entertainment industry - a pratical application-

In the past few years, prompted by the globalization and the quality and ease of travel, the world has witnessed a boom in the tourism sector. The forecast is that this tendency will continue in the upcoming years, representing a set of opportunities for companies operating in this business area. Boost Tourism operates in the tourism entertainment industry. Its revenues growth has been exponential so the founders decided that it was time to take it to new heights. This Work Project aims to study three alternative growth strategies and, based on a comprehensive analysis of the industry and the market, provide recommendations to outline the optimal expansion path.

Sources to study Antiquity: Between texts and material culture. Abstract Book

FCT

Sonae MC: The road model of Kaizen

Sonae MC is considered the first success case of Kaizen in the retail industry. Before becoming a true role model for so many companies, there was a long road to walk. However, it may still be hard to understand the steps taken on the way. How could a training program develop into an integral continuous improvement system, and how did it affect the company – its people, culture, operations and strategy? How was it possible to get everyone on board? How could it be sustained until today, when Kaizen usually fails in the West? What were the critical factors for success?

The hospitality industry

This study of independent Portuguese hotels‘ positioning strategies regarding adopting, or not, a soft brand affiliation seeks to determine what motivates this choice. Surveyed hotels were asked to enunciate the benefits and disadvantages associated with their strategic decision, and other difficulties experienced in their business. The results indicate that international brand awareness and the hotel owners‘ long-term goals are the core factors affecting the choice. In practice, we conclude that there isn‘t a ‗one size fits all‘ strategy. Nevertheless, affiliated hotels experience an operational advantage over non-affiliated ones stemming from the affiliating organization‘s accumulated experience in sales, distribution channels and marketing resources.

The relationship between liquidity and profitability in the food & beverage industry evidence from Europe and United States

This Work Project clarifies the relationship between liquidity and profitability based on a sample in the Food & Beverage (F&B) industry, and comparing the largest European and United States companies. The research concludes that liquidity, proxied by current ratio or quick ratio, correlates with return on assets taken as the measure of profitability, and so does the cash conversion cycle and its components. Moreover, company size correlates with liquidity, and indirectly affects ROA. This research contributes and addresses to managers in the F&B industry and recommends how they should act in order to improve profitability in the industry.

Return on assets in the Tobacco Industry analysis of the four main Tobacco Manufacturers

This paper studies operating profitability drivers in the Four Main Tobacco Manufacturers for the period 2004-2014. The operating profitability is analyzed as return on assets (ROA) based on the DuPont Extended Model breakdown in degree of operational risk, gross sales margin and assets turnover. The sources of ROA are market share and price strategies appraised through the drivers: firm-size, global value and strategic choices. Using consolidated data, results suggest that firm-size and global value holds a positive relationship with ROA. Also innovation through less harmful tobacco products can lead to better ROA despite no correlation between R&D and ROA.

Osteogenic differentiation of adipose stem cells by endothelial cells co-culture within liquified capsules

Inspired by the native co-existence of multiple cell types and from the concept of deconstructing the stem cell niche, we propose a co-encapsulation strategy within liquified capsules. The present team has already proven the application of liquified capsules as bioencapsulation systems1. Here, we intend to use the optimized system towards osteogenic differentiation. Capsules encapsulating adipose stem cells alone (MONO-capsules) or in co-culture with endothelial cells (CO-capsules) were maintained in endothelial medium with or without osteogenic differentiation factors. The suitability of the capsules for living stem and endothelial cells encapsulation was demonstrated by MTS and DNA assays. The osteogenic differentiation was assessed by quantifying the deposition of calcium and the activity of ALP up to 21 days. CO capsules had an enhanced osteogenic differentiation, even when cultured in the absence of osteogenic factors. Furthermore, osteopontin and CD31 could be detected, which respectively indicate that osteogenic differentiation had occurred and endothelial cells maintained their phenotype. An enhanced osteogenic differentiation by co-encapsulation was also confirmed by the upregulation of osteogenic markers (BMP-2, RUNX2, BSP) while the expression of angiogenic markers (VEGF, vWF, CD31) revealed the presence of endothelial cells. The proposed capsules can also act as a growth factor release system upon implantation, as showed by VEGF and BMP-2 quantification. These findings demonstrate that the co-encapsulation of stem and endothelial cells within liquified injectable capsules provides a promising strategy for bone tissue engineering.  

In vitro chondrogenic commitment of human Wharton's jelly stem cells by co-culture with human articular chondrocytes.

Wharton's jelly stem cells (WJSCs) are a potential source of transplantable stem cells in cartilage-regenerative strategies, due to their highly proliferative and multilineage differentiation capacity. We hypothesized that a non-direct co-culture system with human articular chondrocytes (hACs) could enhance the potential chondrogenic phenotype of hWJSCs during the expansion phase compared to those expanded in monoculture conditions. Primary hWJSCs were cultured in the bottom of a multiwell plate separated by a porous transwell membrane insert seeded with hACs. No statistically significant differences in hWJSCs duplication number were observed under either of the culture conditions during the expansion phase. hWJSCs under co-culture conditions show upregulations of collagen type I and II, COMP, TGFβ1 and aggrecan, as well as of the main cartilage transcription factor, SOX9, when compared to those cultured in the absence of chondrocytes. Chondrogenic differentiation of hWJSCs, previously expanded in co-culture and monoculture conditions, was evaluated for each cellular passage using the micromass culture model. Cells expanded in co-culture showed higher accumulation of glycosaminoglycans (GAGs) compared to cells in monoculture, and immunohistochemistry for localization of collagen type I revealed a strong detection signal when hWJSCs were expanded under monoculture conditions. In contrast, type II collagen was detected when cells were expanded under co-culture conditions, where numerous round-shaped cell clusters were observed. Using a micromass differentiation model, hWJSCs, previously exposed to soluble factors secreted by hACs, were able to express higher levels of chondrogenic genes with deposition of cartilage extracellular matrix components, suggesting their use as an alternative cell source for treating degenerated cartilage.

Project management: evaluation of the problems in the portuguese construction industry

During recent decades it has been possible to identify several problems in construction industry project management, related with to systematic failures in terms of fulfilling its schedule, cost and quality targets, which highlight a need for an evaluation of the factors that may cause these failures. Therefore, it is important to understand how project managers plan the projects, so that the performance and the results can be improved. However, it is important to understand if other areas beyond cost and time management that are mentioned on several studies as the most critical areas, receive the necessary attention from construction project managers. Despite the cost and time are the most sensitive areas/fields, there are several other factors that may lead to project failure. This study aims at understand the reasons that may cause the deviation in terms of cost, time and quality, from the project management point of view, looking at the knowledge areas mentioned by PMI (Project Management Institute).

Seismic-resistant building practices resulting from local seismic culture

Considering that vernacular architecture may bear important lessons on hazard mitigation, this chapter focuses on the European Mediterranean countries and studies traditional seismic-resistant architectural elements and techniques that local populations developed to prevent or repair earthquake damage. This area was selected as a case study because, as a highly seismic region, it has suffered the effect of many earthquakes along the history and, thus, regions within this area are prone to have developed a Local Seismic Culture. After reviewing seismic resistant construction concepts, a wide range of traditional construction solutions that, in many cases, have shown to improve the seismic performance of vernacular constructions of these regions is presented, as a contribution to the general overview of retrofitting building systems provided in this book. The main motivation is that most of these techniques can be successfully applied to preserve and to retrofit surviving examples without prejudice for their identity.

Step towards of a homemade business intelligence solution: A case study in textile industry

Nowadays, organizations are increasingly looking to invest in business intelligence solutions, mainly private companies in order to get advantage over its competitors, however they do not know what is necessary. Business intelligence allows an analysis of consolidated information in order to obtain more specific outlets and certain indications in order to support the decision making process. You can take the right decision based on the data collected from different information systems present in the organization and outside of them. The textile sector is a sector where concept of Business Intelligence it is not many explored yet. Actually there are few textile companies that have a BI platform. Thus, the article objective is present an architecture and show all the steps by which companies need to spend to implement a successful free homemade Business Intelligence system. As result the proposed approach it was validated using real data aiming assess the steps defined.

Quantitative image analysis as a tool for Yarrowia lipolytica dimorphic growth evaluation in different culture media

Yarrowia lipolytica, a yeast strain with a huge biotechnological potential, capable to produce metabolites such as γ-decalactone, citric acid, intracellular lipids and enzymes, possesses the ability to change its morphology in response to environmental conditions. In the present study, a quantitative image analysis (QIA) procedure was developed for the identification and quantification of Y. lipolytica W29 and MTLY40-2P strains dimorphic growth, cultivated in batch cultures on hydrophilic (glucose and N-acetylglucosamine (GlcNAc) and hydrophobic (olive oil and castor oil) media. The morphological characterization of yeast cells by QIA techniques revealed that hydrophobic carbon sources, namely castor oil, should be preferred for both strains growth in the yeast single cell morphotype. On the other hand, hydrophilic sugars, namely glucose and GlcNAc caused a dimorphic transition growth towards the hyphae morphotype. Experiments for γ-decalactone production with MTLY40-2P strain in two distinct morphotypes (yeast single cells and hyphae cells) were also performed. The obtained results showed the adequacy of the proposed morphology monitoring tool in relation to each morphotype on the aroma production ability. The present work allowed establishing that QIA techniques can be a valuable tool for the identification of the best culture conditions for industrial processes implementation.

Public service culture collections of microorganisms: are they important for biotechnology?

Microbiology as a scientific discipline recognised the need to preserve microorganisms for scientific studies establishing from its very beginning research culture collections (CC). Later on, to better serve different scientific fields and bioindustries with the increasing number of strains of scientific, medical, ecological and biotechnological importance public service CC were established with the specific aims to support their user communities. Currently, the more developed public service CC are recognised as microBiological Resources Centres (mBRC). mBRC are considered to be one of the key elements for sustainable international scientific infrastructure, which is necessary to underpin successful delivery of the benefits of biotechnology, whether within the health sector, the industrial sector or other sectors, and in turn ensure that these advances help drive economic growth. In more detail, mBRCs are defined by Organisation for Economic Co-operation and Development (OECD) as service providers and repositories of the living cells, genomes of organisms, and information relating to heredity and functions of biological systems. mBRCs contain collections of culturable organisms (e.g., microorganisms, plant, animal cells), replicable parts of these (e.g. genomes, plasmids, virus, cDNAs), viable but not yet culturable organisms, cells and tissues, as well as database containing molecular, physiological and structural information relevant to these collections and related bioinformatics. Thus mBRCs are fundamental to harnessing and preserving the world’s microbial biodiversity and genetic resources and serve as an essential element of the infrastructure for research and development. mBRCs serve a multitude of functions and assume a range of shapes and forms. Some are large national centres performing a comprehensive role providing access to diverse organisms. Other centres play much narrower, yet important, roles supplying limited but crucial specialised resources. In the era of the knowledge-based bio-economy mBRCs are recognised as vital element to underpinning the biotechnology.