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Transcript of Lee Sen Fu & Chien Howh
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Contents1.Introduction Pg 1
2.Business Overview
1. Company¶s Background
2. Competitive strengths
3. Business Strategy and Future Plans
4. Risk factors
Pg 2
Pg 3
Pg 4
Pg 5 - 6
3.Analysis of company performance
1. Financial Report
2. The profitability ratio analysis
3. Debts ratio analysis
4. Investment ratio analysis
5. Other Relevant Information
Pg 7 ± 9
Pg 10 -12
Pg 13 - 14
Pg 15 ± 16
Pg 17
4.Conclusion Pg 18 - 19
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1. Introduction
The objective of this assignment is aimed to provide a fundamental analysis
which is analyzed the Singapore Exchange Securities Trading Limited (SGX-ST) IPOs
company of UE E&C Ltd, to determine whether this IPO company is worth or ideally to
invest, should the company list on the public? In our fundamental analysis, we are based
on historical data analysis, for instance the financial ratio analysis, to overview the
company past performance to decide whether this IPO company is worth to be invested.
The following paragraph is briefly introducing the details of public listed procedures.
This company of UE E&C Ltd was public listed date at 22 February 2011, so
far it was listed in the public not more than 3 months. The company has been offered
70,000,000 shares available to the public (subject to the over-allotment Option) and the
offering price per share which is SGD$0.48. This is the initial public offering of their
ordinary shares. The company is issuing and making an offering of 70,000,000 Shares for
subscription by investors at the Offering Price for each Offering Share. The Offering
consists of, a placement of 60,000,000 Offering Shares to investors, including
institutional and other investors in Singapore and an offering of 10,000,000 Offering
Shares to the public in Singapore. The Offering Shares may be re-allocated between the
Placement and the Public Offer. The Offering will be fully underwritten by Oversea-
Chinese Banking Corporation Limited which is OCBC Bank, the Issue Manager or the
underwriter at the offering price.
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2. Business Overview
2.1 Company¶s Background
The Company was incorporated in Singapore on 9 March 2010 under the name
Ljubica Limited. On 1 December 2010, the Company changed its name to UE E&C and
public listed at 22 February 2011. The Group¶s principal activities are as follows: (a)
provision of construction services; (b) provision of M&E engineering services; and (c)
others comprising property development, rental and supply of metal forms and industrial
equipment and supply of tiles. In respect of its construction services, the Group provides
a wide spectrum of integrated construction services, ranging from design and build to
civil works to general construction for residential, industrial, commercial and institutional
buildings as well as infrastructural works. The principal markets for its construction
business are Singapore and Brunei.
In recent years, the Company has engaged in property development in the private
residential and public housing sectors in Singapore ± through the Housing &
Development Board¶s Design, Build and Sell Scheme (³DBSS´) and Executive
Condominium projects.
However, in respect of its M&E engineering services, the Group provides a wide
spectrum of M&E engineering services. Its primarily undertake projects on an
engineering, procurement and construction (EPC) arrangement and its capabilities
include design, supply, installation, commissioning and service maintenance. The
Group's broad range of M&E engineering services include high and low-voltage
electrical distribution, ACMV systems, fire protection and alarm systems and sanitary
systems. Its M&E engineering division has successfully completed a wide range of M&E
engineering projects for residential, industrial, commercial and institutional buildings,including large scale complex projects for Changi Water Reclamation Plant, ION
Orchard and Marina Bay Sands Integrated Resort. The Group's principal markets for its
M&E engineering services are Singapore and Vietnam.
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2.2 Competitive Strengths
The (UE E&C ltd) company has the strong competitive strengths was established
more than 25 years and almost 30 years of track record in the M&E engineering and
construction businesses. The (UE E&C Ltd) company can continue to leverage on the
established µUnited Engineers¶ brand and reputation after incorporate in the republic of
Singapore due to United Engineers Limited (³UEL³) was become majority control of our
Company. Thus, the company has earned the trust of our customer as a result of the
strong commitment of our management, the reliability of our services and our technical
expertise.
The second point of competitive strengths is company has capable to handling awide spectrum of projects due to our company established with the M&E engineering and
construction businesses, so that our company has a better positioned to take on larger and
technically or more complex building projects to enhance our competitiveness.
As a result, the company was established more than 25 years, so that the company
has already create a strong management team (including four Professional Engineers),
each with more than 15 years of experience in construction, engineering, operations or
finance, some of whom have been with the Group for more than 15 years. Thus, the
company¶s management virtually build a strong competitiveness to this industry.
The last point of the competitive strategic is our company has developed a good
relationship with suppliers allow us to enjoy better service, competitive prices and good
credit terms. Otherwise, our company also confident of continued support from our
customers, suppliers and sub-contractors because some of the suppliers, sub-contractors
have been our business associates for more than 10 years
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2.3 Business Strategy and Future Plans
On the date of 17 Dec 10, the (UE E&C) company had secured contracts
amounting to S$631.8m to be fulfilled over the next 12-36 months. UE E&C intends to
adopt the following strategies to drive future growth:
y Focus on large-scale and complex engineering and construction contracts: To
continue bidding for M&E engineering and construction projects in Singapore.
y Expand by way of JVs, acquisitions and investments into related businesses:
Potential to participate in JVs in private residential developments to secure
construction contracts and develop green technology capabilities.
y Increase presence in overseas markets: Our company will focus on expand
presence in Vietnam through subsidiary UE Vietnam and also to establish a
branch office in Abu Dhabi by mid-11 to achieve our expansion goals.
y Expand power solution business: Expand fleet of power generators to provide a
wider range of product offerings to customers in Singapore and the region.
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2.4 Company Risk Factors
In the marketplace prospectus, all trading or investment activities have involves
the risk, whether the corporation or small firms also involved the risk. In the companyUE E&C Ltd, we can summary the significant risks factor into three aspects. Which are
economic aspect, management aspect and labours aspect. The following are the details of
each aspect:
In the economic aspect, UE E&C company¶s performance of the engineering and
construction industries and the property market in Singapore and the countries in which
our group operates is generally dependent on the general economies in such countries. If
a recession in those economies or countries may result in reduced demand for
engineering and construction activities. Otherwise, the keen competitive market,
fluctuations in prices of construction and engineering materials and unforeseen
circumstances such as adverse soil condition, unfavourable weather condition all may
also affect earnings and increase the costs of the company cause to adverse effect on the
company operation and financial performance.
Nevertheless, the key management of the company were plays an important role
of growth and success to the company. The company growth and continues success will
depend on the company¶s management whether have an ability to retain key management
staff and train new employees. Hence, if member of our senior management are unable or
unwilling to continue in their present positions maybe will cause the company business
adversely affected. Besides, the company¶s management policy and strategic may also be
affect the company performance. Such as services for our sub-contractors and to achieve
our future plans have been set up.
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The last significant factor is company labour aspect. The construction industry
needed highly labour demanding to operation project. With a small local construction
labour force, the Singapore engineering and construction industries are highly dependent
on foreign workers. However, the construction industry was faces to the shortage and
high employment cost of foreign workers due to the Singapore¶s strict immigration policy,
highly levy cost of employing foreign workers were virtually increase the construction
industry risk. Another risk factor of the labours is company training policy. If the
company lack of training the labours, the accident rate maybe raises lead to delays in the
completion of projects and could be liable to pay the damages to our customer.
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3 Analysis of Company Performance
3.1 Financial Report
The company¶s three recently years of Profit and Loss Accounts and the Financial
Position is expressed by following:
UE E&C Ltd
Selected Combined Profit and Loss Accounts
Audited Audited Unaudited
FY 2008S$'000
FY 2009S$'000
FY 2010S$'000
Revenue 327,025 394,801 358,734
Cost of sales (288,406) (349,007) (314,807)
Gross profit 38,619 45,794 43,927
Other items of income
Interest income 2,521 2,276 2,293
Other income 290 7,367 5,023
Other items of expense
Distribution expenses (5,576) (5,770) (5,450)
Administrative expenses (8,230) (9,326) (8,396)Finance costs (2,633) (2,076) (1,634)
Other expenses (21,318) (5,943) (6,529)
Share of results of associate 2,516 2,795 3,297
Profit before tax 6,189 35,117 32,531
Income tax expense (742) (4,079) (5,081)
Profit net of tax 5,447 31,038 27,450
Profit attributable to:
Owners of the parent 4,545 29,023 24,867
Non-controlling interests 902 2,015 2,583
5,447 31,038 27,450
Note: the financial year 2010 of Profit and Loss Accounts are unaudited which is the
account is done by the internal management only.
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Equity, attributable to owners of the parent (10,754) 14,686 13
Non-controlling interests 4,163 5,559
Total equity (6,591) 20,245 4,41
Non-current liabilities
Deferred tax liabilities 2,982 4,452 4,27
Trade and other payables 45,619 49,664 51,65
Borrowings 4,095 2,379 1,13
Finance leases 734 248 7
Total non-current liabilities 53,430 56,743 57,14
Current liabilities
Provisions - 91 5
Income tax payable 427 3,644 4,57
Trade and other payables 154,912 157,249 149,79Borrowings 34,903 29,313 38,86
Finance leases 475 484 41
Gross amount due to customers for contract work 7,446 8,501 12,70
Total current liabilities 198,163 199,282 206,41
Total liabilities 251,593 256,025 263,55
Total equity and liabilities 245,002 276,270 267,96
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3.2 The profitability ratio analysis
Net profit margin ratio = revenue/profit before tax
In the point view of UE E&C Ltd¶s Net Profit margin from the financial year of 2008 to
2010, there has significant increased between FY2008 and FY2009 which has increased
7%, and in between FY2010 and FY2009 also has seldom increased by 0.18%. In the
FY2009, the other expenses have mostly decreased compared with FY2008 and sales also
have increased. This is main ingredients for why the Net profit margin has increased
much compare with FY2008. From the above of information, the company has shown a
good performance in the Net profit margin.
Net profit margin ratioudited udited udited
FY 2008
000
FY 2009
000
FY 2010
000
evenue 27,02 9 ,801 8,7
Profit before tax ,189 ,117 2, 1
Net profit margin of FY 2008 = 1.89%
Net profit margin of FY 2009 = 8.89%
Net profit margin of FY 2010 = 9.07%
0.00%1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Net profit margin of FY
2008
Net profit margin of FY
2009
Net profit margin of FY
2010
Net profit margin
Net profit
margin
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Return on Asset = Profit before tax/Total assets
The Return on Assets (ROA) which means that how much the return earned for per dollar
invested in the assets. In this ROA aspect, company of UE E&C Ltd doesn¶t show a very
good perspective. In the FY2008 is only 2.53%, FY2009 is 12.71% and FY2010 is 12.14%
which means that invested per dollar assets only generated profit of $0.025, $0.127 and
$0.1214. However, between FY2008 and FY2009 have significant improved the
percentage, the reason of this also same as above Net profit margin direction, which is the
other expenses and the sales have decreased and increased by itself result in increasing
the profit.
Return on Asset
Audited Audited Audited
FY 2008
$000
FY 2009
$000
FY 2010
$000Profit before tax ,189 35,117 32,531
Total assets 245,002 27 ,270 2 7,9 4
ROA of FY2008= 2.53%
ROA of FY2009= 12.71%
ROA of FY2010= 12.14%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
ROA of FY2008 ROA of FY2009 ROA of FY2010
Return on Assets
ROA
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Return on Capital Employed=Profit before tax/(Total equity +Total non-current liabilities)
The meaning of Return on Capital Employed which means that how much the return
earned for per dollar invested in the company. In this ROCE aspect, the company has
shown a good perspective. In the FY2008 is 13.21%, FY2009 is 45.61% and FY 2010 is
52.85% which has shown excellent return for FY2009 and FY2010. Especially in
between of FY2008 FY2009 there has significant increased by 32.4%. The reason of the
significant increased which is same direction because the other expenses and the sales
have decreased and increased by itself result in increasing the profit.
Return on Capital Employed
udited udited udited
FY 2008
000
FY 2009
000
FY 2010
000Profit before tax 6,189 35,11 32,531
Total equity (6,591) 20,245 4,412
Total non-current liabilities 53,430 56, 43 5 ,140
ROCE of FY 2008= 13.21%
ROCE of FY 2009= 45.61%
ROCE of FY 2010= 52.85%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
ROCE of FY 2008 ROCE of FY 2009 ROCE of FY 2010
Return on Capital Employed
ROCE
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3.3 Debts ratio analysis
Debts to equity ratio = Long-term Debts + Value of Leases/Shareholders Equity
If a lot of debt is used to finance increased operations (high debt to equity), the company
could potentially generate more earnings. However, if taking too much the debts for the
company, this can lead to bankruptcy, which means that taking higher risk and getting
higher return. The company gets the debts to equity ratio in FY2008 is 2.78 FY2009 is
Debts to equity ratioudited udited udited
FY 2008
S 000
FY 2009
S 000
FY 20 0
S 000
Trade and other payables , 9 9, ,
Finance leases 7 2 8 79
Share capital 2, 0 2, 0 2, 0
on-controlling interests , , 9 ,27
Debts to equity ratio of FY 2008 = 2.78
Debts to equity ratio of FY 2009 = 2.7Debts to equity ratio of FY 20 0 = .08
2.50
2.60
2.70
2.80
2.90
3.00
3.10
3.20
Debts to equity ratio of
FY 2008
Debts to equity ratio of
FY 2009
Debts to equity ratio of
FY 2010
Debts-to-Equity ratio
Debts to
equity
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2.76 and FY2010 is 3.08, in this ratio, it cannot be concluded that whether higher is better
or lower is better, we only can concluded that which is the company takes the higher
debts in order to seek for higher return. From the point view of Net profit margin, this
ratio shown that these three years has constantly increased, it is a reasonable for this
company takes the higher debts.
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3.4 Investment ratio analysis
Earnings per share=Profit net of tax/Number of share of common stock
Earnings per share (EPS) which means that how much the return earned for per share
invested in the company. EPS is generally considered to be the single most important
variable in determining a share's price. Normally, in the higher EPS, it is represented the
valuable share price. It is also a major component used to calculate the price-to-earnings
valuation ratio. The EPS of the FY2008 is $0.027, FY2009 is $0.155 and FY2010 is
$0.137. In this EPS analysis, we can obtain the higher EPS if the profit net of tax
increased, at the same time the number of share of common stock remain unchanged.
Earnings per Share
udited udited udited
FY 2008
S$'000
FY 2009
S$'000
FY 2010
S$'000
Profit net of tax 5, 7 31,038 27, 50
Number of share of common stock 200,000 200,000 200,000
EPS of FY 2008 = 0.027
EPS of FY 2009 = 0.155
EPS of FY 2010 = 0.137
0.000
0.020
0.0400.060
0.080
0.100
0.120
0.140
0.160
0.180
EPS of FY 2008 EPS of FY 2009 EPS of FY 2010
Earnings Per Share
EPS
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Price to Earnings ratio=Market Share price/EPS
Price to Earnings ratio
Audited Audited AuditedFY 2008
S$FY 2009
S$FY 2010
S$
Market Share price 0.48 0.48 0.48
EPS 0.027 0.155 0.137
Price to Earnings ratio of FY 2008 = 17.6
Price to Earnings ratio of FY 2009 = 3.1
Price to Earnings ratio of FY 2010 = 3.5
The P/E shows how much investors are willing to pay per dollar of earnings. If a
company were currently trading at a P/E ratio of 10, the interpretation is that an investor
is willing to pay $10 for $1 of current earnings. For the company¶s P/E ratio of FY2008 is
17.6, FY2009 is 3.1 and FY2010 is 3.5, which means that in the FY2008, the investor is
willing to pay $17.6 for $1 of the current earnings, same direction with other two of financial year. The denominator (EPS) is based on an accounting measure of net profit
after tax that is susceptible to manipulation, making the quality of the P/E only as good as
the quality of the underlying earnings number.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
P/E ratio of FY 2008 P/E ratio of FY 2009 P/E ratio of FY 2010
Price to Earnings ratio
P/E ratio
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3.5 Other Relevant Information
Offering Price S$0.48
NAV (Net Assets Value)
NAV per Share based on the unaudited pro forma statement of financial position
of our Group as at 30 June 2010 after adjusting for the Share Consolidation:
Before adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the pre-Offering share capital of 200,000,000 Shares 30.5 cents
After adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the post-Offering share capital of 270,000,000 Shares 33.2 cents
Premium of Offering Price over the NAV per Share as at 30 June 2010:
Before adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the pre-Offering share capital of 200,000,000 Shares 57.40%
After adjusting for the estimated net proceeds from the issue of the Offering Sharesand based on the post-Offering share capital of 270,000,000 Shares 44.60%
Market Capitalisation
Market capitalisation based on the Offering Price and the post-Offering share capital
of 270,000,000 Shares
S$129.6
million
Current Share price As at Monday, 9 May 2011:
S$0.435
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4. Conclusion
Based on our data finding and analysis to the company (UE E&C Ltd), we find it
difficult to assume that the company share is overprice or underprice when listing to the
Singapore Exchange Securities Trading Limited (SGX-ST). We will discuss why it was
difficult to assume that the company is underprice or overprice.
According to the ratio analysis, firstly we looked at the profitability ratio such as
net profit margin, return on assets and return on capital employed. The performance of
these ratios of the company was shown excellent perspective although the company¶s
return on assets performance was poor but this ratio has significant increased from the
year 2009. Secondly we looked at the company debts ratio. The company debts ratio was
shown that company taking the higher risk because company¶s debts was much higher
than the company equity. As a result, company was taking the high risk in order to earn
the high returns. Thirdly we looked at the investment ratio analysis. Under this ratio, the
company FY 2010 earning per share performance was decreased compare with the FY
2009 but the company price to earnings ratio was increased at the FY 2010. Overall to thecompany performance, the ratio analyses were shown the good perspective for the
company.
However, to decide whether the company offering share price is underprice or
overprice, we also need to consider at the company net assets value. From the company
perspective, the company offering share price at $48 cents, before adjusting for the share
consolidation share price is $305 cents and after adjusting for the Share Consolidation
share price is $332 cents. Which mean that before adjusting for the share consolidation
company earn 57.40% as share premium and after adjusting for the share consolidation
company earn 44.60% as share premium. As a result, company share price was
overpriced based on the company¶s net assets value.
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Thus, company offering share price at $48 cents we cannot assumption that
whether the share price is underprice or overprice because from the point of analysis is
different and we don¶t know what is the pivot on the share price to decide whether is
underprice or overprice. We only can conclude that for the long-term investment point of
view, this company has a good perspective and it was worth to be invested, although the
company¶s current share price is $435 cents as at Mon 9 May 2011.
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Name: Lee Sen Fu QB101008001A
Chin Chien Howh QB101008002A
Assignment Topic (Total 100 marks)
You are to select a recently listed company from the Malaysian or Singaporean Stock
Exchanges and carry out a fundamental analysis on the valuation of the company
based on the accounting and financial concepts you have learned during your course.
You are to make the appropriate comments on your valuation methodologies used
and highlight its strengths and limitations.
Criterion*
Please see the below for the content specific criteria and also the attached
Generic University Assessment Marking Criteria
Indicative
Weighting*
%
Mark or
Grade
Definition of topic/objectives/scope 10 7
Literature review/conceptual analysis 30 25
Research methodology and/or application of concepts 30 25
Findings/evaluation and/or conclusions/recommendations 10 7
Referencing and Presentation 10 7
Reflections 10 7
Total 100 78
Markers Comments
Weak in English sentence construction.
Very good presentation. Good knowledge and understanding of key concepts and ability to critically engage with and apply the
concepts involved linking them to appropriate areas. Good selective use of source material which supports most points clearly.
Content is wholly relevant and is coherently structured.
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UNIVERSITY UNDERGRADUATE ASSESSMENT MARKING CRITERIA
Level 0 Level 1 Level 2 Level 3
9
0 %
1 0 0 %
Exceptional work with
presentation of a very
high standard.
Demonstrates an
extremely thorough
knowledge and
understanding through
identification and
description of key
concepts and principles
relevant to the topic
area. Evidence of wideand relevant reading,
very effective use of
appropriate source
material and accurate
referencing.
Exceptional work with
presentation of a very
high standard. There is
coherence of ideas and
demonstration of a
thorough knowledge and
understanding.
Arguments are supported
by wide reading with very
effective use of source
material and accurate
referencing.
Exceptional work with
presentation of the highest
standard The work
contains coherent
arguments and ideas.
There is a detailed
understanding of subject
matter and critical analysis
of issues/problems. Points
are made clearly and
concisely, always
substantiated byappropriate use of source
material. There is
evidence of a sound ability
to critically interrelate
theories with examples
from practice where
appropriate.
Exceptional work.
Presentation is logical,
error-free and, where
appropriate, creative.
There is an in-depth
understanding of
issues/problems and
excellent critical/deep
engagement with the
material and concepts
involved. Very skilful
interpretation of data. Arguments, ideas and,
where appropriate,
solutions are presented
coherently and fully
underpinned by thorough
research and reading.
8 0 % -
8 9 %
Outstanding work with
presentation of a very
high standard.
Demonstrates a very
good knowledge and
understanding of the key
concepts and principles
relevant to the topic
area. Evidence of
significant independent
reading and effective
use of source material,
accurately referenced.
Outstanding work with
presentation of a very
high standard. There is
coherence of ideas and
demonstration of a
thorough knowledge and
understanding.
Arguments are supported
by wide reading with
effective use of source
material and accurate
referencing.
Outstanding work with
presentation of a very high
standard. There is
comprehensive
understanding of key
concepts and knowledge
and evidence of critical
analysis and insight.
Accurate interpretation of
data with arguments,
ideas and solutions
presented effectively and
based on strong research
and reading.
Outstanding work with
presentation of a very
high standard. There is
comprehensive
understanding of key
concepts and knowledge
and clear evidence of
critical analysis and
insight. Accurate
interpretation of data with
arguments, ideas and
solutions presented
effectively and based on
strong research and
reading.
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7 0 %
- 7 9 %
Extremely good work
with presentation of a
high standard.
Demonstrates strong
knowledge and
understanding of the key
concepts and principles
relevant to the topicarea. Evidence of
independent reading and
good use of source
material, accurately
referenced.
Extremely good work
with presentation of a
high standard. There is
coherence of ideas and
demonstration of
thorough knowledge and
understanding.
Arguments are supportedby wide reading with
appropriate use of
source material and
accurate referencing.
Extremely good work with
presentation of a high
standard. Evidence of
strong knowledge and
understanding together
with some critical analysis
and insight. Source
material is used effectivelyto support arguments,
ideas and solutions.
Extremely good work with
presentation of a high
standard. Demonstrates
an excellent knowledge
base with a clear
understanding of the
issues and application to
practice whereappropriate. There is
some effective critical and
analytical application of
relevant research and
reading.
6 0 %
- 6 9 %
The work is well
presented. There is
evidence of sound
knowledge and
understanding through
identification of key
concepts and principles
relevant to the topic
area. Some evidence of
independent reading and
use of source material,
accurately referenced.
The work is well
presented and coherently
structured. There is
evidence of a sound
knowledge and
understanding of the
issues with theory linked
to practice where
appropriate. Most
material used has been
referenced /
acknowledged.
Very good presentation.
Sound knowledge and
understanding with an
emerging ability to
critically engage with and
apply the concepts
involved linking them to
practice where
appropriate. Good use of
source material which
supports most points
clearly. Content is wholly
relevant and is coherently
structured
The work is very good,
logically structured and
presented to a high
standard. Demonstrates a
strong knowledge base
with a clear
understanding of the
issues and application to
practice where
appropriate. There is
some critical and
analytical application of
relevant research.
5 0 % -
5 9 %
Presentation acceptable
but with some errors.
Demonstrates adequate
knowledge and
understanding through
the identification and use
of key concepts and
principles relevant to thetopic area. Some use of
source material.
Presentation is
acceptable but with some
errors. There is
knowledge and
understanding of issues
under discussion and
some evidence of the
application of knowledgeand ideas where
appropriate. Some use
of relevant source
material.
Presentation is of a good
standard but some
shortcomings. Evidence of
a sound knowledge base
but limited critical and
practical application of
concepts and ideas.
Content is largely relevantalthough points may not
always be clear and
structure may lack
coherence. Contains
some critical reflection and
some use of source
material to illustrate
points.
The work is clearly
presented and logically
structured. It shows
evidence of a sound
understanding of the topic
and addresses major
issues. The work contains
some discussion andinterpretation of relevant
perspectives although
further development of
the arguments presented
would be beneficial.
There are examples of
critical reflection and
evidence of application of
theory to practice.
8/6/2019 Lee Sen Fu & Chien Howh
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4 0 % -
4 9 %
Presentation is
acceptable but attention
is needed to the
structure. There is
limited though sufficient
evidence of knowledge
and understanding
through the identificationand use of key concepts
and principles relevant
to the topic area. Some
use of relevant source
material.
Presentation is
acceptable but attention
to structure and style is
required. The content is
relevant but largely
descriptive. There is
evidence of a reasonable
level of knowledge andunderstanding but there
is limited use of source
material to support the
arguments, proposals or
solutions. Some links are
made to practice where
appropriate.
Adequate presentation.
The work is descriptive
and/or lacks critical
analysis where required
but is relevant with limited
though sufficient evidence
of knowledge and
understanding. There issome evidence of reading
although arguments /
proposals / solutions often
lack coherence and may
be unsubstantiated by
relevant source material or
partially flawed. Links to
practice are made where
appropriate
Adequate presentation.
The work displays basic
knowledge and
understanding of the topic
but is largely descriptive.
There is an attempt to
bring together different
ideas and conceptsalthough this would have
been strengthened by the
inclusion of further key
issues. The structure of
the work requires
attention to its coherence
and logical development
of content. The link
between theory and
practice, where
appropriate, is somewhat
tenuous and its
development would
enhance the work
considerably
3 0 % -
3 9 % F
A I L
The work is poorly
structured and
presented.
Demonstrates
inadequate and flawed
knowledge and
understanding of key
concepts and principles
relevant to the topic
area. Some material is
irrelevant. Insufficient
use of supporting
material.
The work is poorly
structured and
presented. Some
material may be
irrelevant. Content is
based largely on taught
elements with very little
evidence of reading
around the topic and little
or no reference to
practice where
appropriate.
Poorly structured,
incoherent and wholly
descriptive work. Evidence
of a weak knowledge base
with some key aspects not
addressed and use of
irrelevant material. Flawed
use of techniques. Limited
evidence of appropriate
reading and no evidence
of critical thought. Little
reference to practice
where appropriate.
The work is poorly
presented and contains
numerous errors,
inconsistencies and
omissions with limited use
of source material. The
work displays a weak
knowledge base and a
lack of sufficient
understanding of the
topic. There is little or no
evidence of the
application of theory topractice where
appropriate. It contains
many unsupported
statements with little
attempt to bring issues
together and lacks critical
analysis and reflection.
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2 9 % A
N D B
E L O W -
F A I L
The work is very poorly
structured and
presented. It
demonstrates seriously
inadequate and flawed
knowledge and
understanding of key
concepts and principlesrelevant to the topic
area. Much material is
irrelevant. Insufficient
use of supporting
material.
The work is very poorly
structured and
presented. Much material
is irrelevant. Content is
based almost entirely on
taught elements with
very little evidence of any
purposeful readingaround the topic. No
effective reference to
practice where
appropriate.
Very poorly structured,
incoherent and wholly
descriptive work. Evidence
of a very weak knowledge
base with many key
omissions and much
material irrelevant. Use of
inappropriate or incorrecttechniques. Limited
evidence of appropriate
reading and no evidence
of critical thought. No links
to practice where
appropriate.
The work is very poorly
presented and contains
numerous serious errors,
inconsistencies and
omissions with little use of
source material. The work
displays a very weak
knowledge base and alack of sufficient
understanding of the
topic. There is little or no
evidence of the
application of theory to
practice where
appropriate. It contains
many unsupported
statements with little
attempt to bring issues
together and there is a
complete lack of critical
analysis and reflection.