investinginequity_8aug10

8/23/2019 investinginequity_8aug10

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(Money Market) ( 1 )

(Capital Market) ( 1 )

6

(Initial Public Offering)


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()

SET

..

8

... .. 2517

30 2518

...

.. 2535


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1. 2. 3.

SET

10

30 2518 100

SET Index

SET Index = * 100


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0

200

400

600

800

1000

1200

1400

1600

1800

2

5

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Black

Monday

(.. 2530)

Mini BlackMonday(.. 2532)

(.. 2533)

. (.. 2534)

(.. 2535)

(2532)

(.. 2538)

(.. 2538)

-. (.. 2540)

(.. 2540)

IMF (

.

. 2540)

(2540)

(14 .. 2542)

(.. 2542)

(.. 2544)

MSCI (.. 2544)

(.. 2542)

(11 .. 2544)

(2522)

(2524)

(.. 2524)

(.. 2528)

(.. 2529)

(.. 2545)(.. 45-.. 46) SARS(.. 46)(..-.. 46)

(..-.. 47) 3 (..- .. 47).

(.. - .. 47)

(.. .. 47)

.. 2518 - 2550 2519 76.43 17 .. 2519

2537 1,753.73 4 .. 2537

Source : The Stock Exchange of Thailand

(.. 2549)

30%

(.. 2549)

12

1

3

4

5

6

..??

2


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14

0.18 - 1%

0.11 - 1%

* VAT 7%** Commission 1 .. 53

1X > 20

> 0.11-1> 0.15-1> 0.18-110 < X < 20

> 0.13-1> 0.18-1> 0.22-15 < X < 10

> 0.15-1> 0.20-1> 0.25-1X < 5

Cash Balance/Credit BalanceCash Account

Commission* (%)

Commission* (%)

()


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(Cash Account)

( ATS-Automatic Transfer System)

(Cash Balance/Pre-paid/ Cash Deposit)

**

** Broker

15% Broker


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(Margin Account)

18

1

2

3

3


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1.

2.

20

1. -

2. 3.

4. Price Then Time Priority

5. Ceiling & Floor

6.


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-

Off-hour

Trading and

Market

Runoff

Period

Call

Market

Afternoon Trading

Session

Pre -

Opening II

IntermissionTrading Session IPre -

Opening I

9.30 T1 12.30 14.00 T3T2 17.0016.30

T1 9.55 10.00 .

T2 14.25 14.30 .

T3 16.35 16.40 .

: ()

: 9.30 17.00

.

22

(ARMS)


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Advanced Resilience Matching

System

ARMS

1

1

(Bid) (Offer)

Automatic Order Matching (AOM)

(Price Then Time Priority)

Ceiling/Floor ( 1 Board Lot = 100 )

24

11:041011,00011:061001,500

2,500

1,000

1,500

Vol

103

102

101

Offer

99

99.5

100

Bid

11:06

11:05

11:03

Time

11:10

11:07

11:05

Time

3,500

1,000

1,000

Vol

Price Then Time Priority


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1,500

1,000

2,500

Vol

100

99.5

99

Bid

101

102

103

1,000

1,000

3,500

OfferVol

500

1,000

2,500

Vol

100

99.5

99

Bid

101

102

103

1,500

1,000

3,500

OfferVol

Bid 100 500

Bid 101 1,000

Bid 102 2,000

-- Bid 100

101

- 101 102 - 500 Bid 102

Price Then Time Priority

1,500

1,000

2,500

Vol

100

99.5

99

Bid

101

102

103

1,500

1,000

3,500

OfferVol

2,500

Vol

102

100

99.5

99

Bid

103500

1,000

1,000

3,500

OfferVol

26

(Price Spread)

2.00400

1.00400200

0.50200100

0.2510025

0.102510

0.05105

0.02520.012


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Ceiling & Floor Price Spread

PTT1,000

244.50

30% (Close)

28

** Internet Trading

-

- ATC

(Pre-close)

- (Market Close)**

-.

- MP

(Market Open)

-

- ATO

(Pre-Open)

(Limit Price Order) (/)

At-the-open order (ATO)

At-the-close order (ATC)

Market Price (MP)

Immediate or Cancel (IOC)

Fill or Kill (FOK)

Publish Volume

First

Priority


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(Main Board): (Board Lot)

(Big Lot Board): 1 3

(Foreign Board):

(Odd Lot Board): 1

(Board Lot) :

(Trading Boards)

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1. XD (Excluding Dividend):

2. XI (Excluding Interest): 3. XR (Excluding Right): 4. XW (Excluding Warrants):

5. XA (Excluding All):


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6. NP (Notice Pending):

7. NR (Notice Received): NP NR 1

8. SP (Suspension):

9. H (Halt):

()

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2.


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/


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Corporate ActionCorporate Action

()

*

Right

Issue

Stock

DividendStock Split


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10%

38

/ x 100 -

()


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3.

40

(Underpriced)

(Overpriced)


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(ABC) XYZ,000,MNO,JKL,PQR

ABC

:

:

:()

42

1. (Economic Analysis)


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-

-

- (Discount Rate)

- (Open Market Operation)

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1

Expansion

5

Revival

4

Depression

3

Recession

2

Boom

(Gross Domestic Product : GDP)

(Industrial Production)

(Personal Income) (Consumer Price Index) (Producer Price Index) (Unemployment Rate)

(Retail Sales)


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2. (Industry Analysis)

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(Industry Life Cycle)


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4 (Pure Competitions)

(Imperfect Competitions)

(Oligopoly)

(Monopoly)

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(Qualitative Analysis)

(Quantitative Analysis)

3. (Company Analysis)


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50


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x x

ROE

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1.

(Current Ratio)

=

(Current Ratio)

(Financial Ratio)


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(Financial Ratio) ()

=

(Receivable Turnover)

2.

(Receivable Turnover)

58


=

(Inventory Turnover)

2.

(Inventory Turnover)


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= * 100

(Return on Asset)

3.

(Return on Asset)


60

= * 100

(Return on Equity)

3.

(Return on Equity)



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=

(Debt Ratio)

4.

(Debt Ratio)


62

=

(Debt to Equity Ratio)

4.

(Debt to Equity Ratio)



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4.

()

2.

()

3.

()

1.

()

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1. Growth Stock: (Under Valued)

2. Defensive Stock:

3. Cyclical Stock:

4. Speculative Stock:

4


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1. (Intrinsic Value)

(Dividend Discounted Model)2.

(P/E Ratio : PER)

(Price to Book Value : PBV)


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(Dividend Discounted Model : DDM)

(Intrinsic Value)

P = D

t= t t = 1,2,3,

ks

= (Required Rate of Return)

P0

= =t

s

t

ssk

D

k

D

k

D

)1(

...

)1()1(

2

2

1

1

+++

++

+

= +1 )1(tt

s

t

k

D

Discount Cash Flow

68

(P/E Ratio : PER)

(EPS)*P/E Ratio

* (EPS) = -


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P/E Ratio

= PER * EPS

P/E

()

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1 (EPS) 3 15

PER = 15 / 3 = 5

PER 7 PER

PER x EPS 21 ( 7 * 3 )

()


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2 ABC (Price) 100 (Earnings Per Share)20 PER = 100 / 20 = 5 ABC 5

DEF 200 20 PER = 200 / 20 = 10 DEF 10

ABC DEF

P/E Ratio P/E Ratio

()

72

(Price to Book Value : PBV)

(BPS)*

PBV Ratio

* (Book Value Per Share : BPS)

(BPS) = ()


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PBV PBV

= PBV * BPS

()

PBV

PBV

74

1 40 4 BPS = 40 / 4 = 10

PBV 1.2 Price = PBV * BPS

= 1.2 * 10 = 12

2 9.85 BPS 4.14 PBV = 9.85 / 4.14 = 2.83

PBV 3

12.42

(

3 * 4.14)

PBV

()


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Good Company

, ,

++ Good Stock

... ???

(Technical Analysis)

76

(Dow Theory)

4.


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(Buy Signal) (Sell Signal)

1.

()2. 3.

78

1. /(Primary Trend)

2. (Secondary Trend)

3. (Minor Trend)

(Dow Theory)

3


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(Trend)

80


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Demand Supply


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5.


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(Good Advice)

(Best Execution)

/

90

CLASSC Capital L License

...A Advice /S System & Control

S Staff

()


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( Confirm) (Statement)

Back Office

92

DOs

1. ()2.

3. Confirm Statement

Back Office4.

5. Back Office


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DONTs ...

1. 2. 3. 4. (Blank Form)5.

6. 7.

()

94

1. : 2. :

3. : /

/


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//

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UESTIONS &

NSWERS

Date post:	08-Aug-2018
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