investinginequity_8aug10
Transcript of investinginequity_8aug10
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(Money Market) ( 1 )
(Capital Market) ( 1 )
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(Initial Public Offering)
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()
SET
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... .. 2517
30 2518
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.. 2535
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1. 2. 3.
SET
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30 2518 100
SET Index
SET Index = * 100
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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)
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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)
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2.
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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
.
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(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
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(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)
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** 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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Corporate ActionCorporate Action
()
*
Right
Issue
Stock
DividendStock Split
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10%
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/ x 100 -
()
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3.
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(Underpriced)
(Overpriced)
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(ABC) XYZ,000,MNO,JKL,PQR
ABC
:
:
:()
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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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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)
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(Financial Ratio) ()
=
(Inventory Turnover)
2.
(Inventory Turnover)
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= * 100
(Return on Asset)
3.
(Return on Asset)
(Financial Ratio) ()
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= * 100
(Return on Equity)
3.
(Return on Equity)
(Financial Ratio) ()
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=
(Debt Ratio)
4.
(Debt Ratio)
(Financial Ratio) ()
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=
(Debt to Equity Ratio)
4.
(Debt to Equity Ratio)
(Financial 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
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(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
()
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(Price to Book Value : PBV)
(BPS)*
PBV Ratio
* (Book Value Per Share : BPS)
(BPS) = ()
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PBV PBV
= PBV * BPS
()
PBV
PBV
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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)
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(Dow Theory)
4.
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(Buy Signal) (Sell Signal)
1.
()2. 3.
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1. /(Primary Trend)
2. (Secondary Trend)
3. (Minor Trend)
(Dow Theory)
3
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(Trend)
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Demand Supply
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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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1.
//
2.
3.
4.
UESTIONS &
NSWERS