Part 2 of my Kingsmen analysis will focus on the segmental discussions, namely on two aspects – divisional revenue and margin analysis using segmental information; as well as segment analysis by geography using information provided by the Company. The segmental analysis and breakdown numbers can be obtained from Note 13 (Additional Information) to be found in Kingsmen’s FY 2010 financial announcement for FY 2010. The other numbers were obtained from my analysis of purchase. Geographical revenue spread can also be obtained from the same note but is presented in a separate table for clarity and ease of discussion and analysis. Divisional Revenues Taking a look at the table above, I’d like to first focus on the divisional revenues breakdown. One can see that historically, Kingsmen’s Interiors division has always had the greater share of the revenue pie as compared to Museums & Exhibitions (M&E). M&E division started to catch up ......