?

23 2551
(.)
4

.
(...)
.
(.
)

(marginalized)
()

(
)

(Initial
Public Offering )


. ...


/
/
.
...
1.

1,500 1,000

Regulatory Watch

1,000


(operating profit) (net profit)

. 1
(.)
(core business)



.


(net profit)

(
)

. ( 7) .. 2547 29
2547 2 5(4)

 .
(

) .


2. (Free Float)
3,000
25 20
(Strategic Shareholders)

5%
Regulatory Watch
(Free Float)
Free Float

( bid-ask
spread)

Free Float
Free Float
( 3,000
) .
.
.

 Free Float .
38-40
Free Float () 25
( , , , ( 30)) .
Free Float 3,000 20

()

75
20
( 80
)


hostile takeover
3. (Silent Period)
Silent Period


65 55
1 6 1
Regulatory Watch
Silent Period 1 6 1
65 55
.

Silent Period


1 3 ...
Silent Period 1 6 1 1 3

( . 5 2551 Silent Period

. 5 2552
3
2551 31 2552) Silent Period 1

.
Silent Period 1 6



4.



5

Regulatory Watch




6






. .

.



.

()

SET 7/2551 23 2551 .

.

2550 (...)
...
(cross-holding) (issuer)

issuer cross-shareholding company
3
1) ( 50)
2) ( 25 50)
10
3) ( 25 25
50 )

...

2550 ...
Regulatory Watch

(cross-shareholding
cross-holding) (
25
60)


1

 ... issuer
(IPO)
issuer (.) (PO)
... .

2551
... .
. . .
...
.
.

... .

... Regulatory Watch

...
- ( 50) (
)

... 25 25
50
:
1. ...
5
(ultimate
beneficiary) ...
5 (
)

2



... . ...

2.
( . )
(
)

(
) 25 50
...

.
...
(
) ...
Regulatory Watch 3.
...

1) ( 50)
2) ( 50) 10
()
... .


()
... .

. ( PO)
3

.
2551 ...

. 1/2550
(cross-holding)

(http://capital.sec.or.th/webapp/phs/upload/phs1187861646crossholding.pdf)

 ?




(voluntary delisting)

100%

(free float) (
)
18 2550 (.)

1. Call Market


2.

- ?

.
.
( 15)


. (SHIN)
( 3.76
) .

Regulatory
Watch

...

(
) 2549
2 0.77

1.58
free float


( . )
free float

Regulatory Watch .




.

(/ 01-11) 18 2550

(price discovery)




(.)
(order-driven market)
(open auction) (
)
(tick size)
(price range) 2
2-5
-
1

. (Main Board)
(Foreign Board) 2
2

(Non-Voting Depository Receipt NVDR)

 11

2 2551 .
10 8


.

Regulatory Watch
.

1.
.

.
10 2
.
( 800 ) 1 3
400 800 7
( 2544)
2, 5, 7, 8

2.



- (average bid-ask spread)
16.4 (basis point 1/100
2

10 2 0.01 2-5
0.02 5-10 0.05 10-25 0.10 25-50 0.25
50-100 0.50 100-200 1.00 200-400 2.00
400-800 4.00 800 6.00
3
(), 9 .. 2551

11

)
5.1, 12.2, 9.6 6.5



-

3.
.




(market impact)

(second-round effect)

.

Regulatory Watch
.

. Regulatory Watch
.



.

 11

1.
Basket Order
2 .. 2551.
2. .,
http://www.set.or.th/th/regulations/supervision_market/tradingsystem_p3.html



2551
(...)
(Turnover List) (
Turnover List)
(warrant) (MAI)
Turnover List
(.) Turnover List
21 2551 .
Turnover list ... (
)
Cash Balance Turnover List
Turnover ratio
50 P/E ratio 50
100

(Net Settlement) (Margin Trading)
1 2551
.
SETSMART
.
Turnover List
3 (
3 ) Turnover List

Turnover List 3

 15

Regulatory Watch ... .

Turnover List

Turnover List

Turnover List (
)
(day
traders)
.
Turnover List ...
Net Settlement Margin
Trading

1) .
Turnover List Net Settlement Margin Trading
.
2544
.
.. 2544 9 2544 3

(Net Settlement)
(Margin Trading)
. Turnover List

. Net Settlement Margin Trading
(

15

() (IEC) . 2549
3,000 )
2) Net
Settlement Margin Trading .

() ()


2
(
) () ()
3 (T+3)
(
() TSD) 12.30 .
( ) (Good Fund)
15.00 . 2

12.30 .
Net Settlement Net
Settlement



Net Settlement
Turnover List

 15

Turnover List

1)
(Cash Balance) .. 2551 21
2551
2)
( 2) ..
2551 21 2551
3)
Net Settlement Margin Trading (.() 2/2544)

.. 2544
9 2544

 ?

Regulatory Watch
(.) 21 2551
(Cash Balance) .


Turnover List
.
()

. /

turnaround
(
)

.
(Turnover List)
(...)

Turnover Ratio 50 P/E ratio 50
100

Regulatory Watch . ... (

Turnover List)
... P/E Ratio
1

Turnover List
4


... . P/E Ratio (Historical P/E Ratio)
P/E Ratio
(Forward-looking P/E Ratio)

1.

(
) (story)

(
) story

P/E Ratio .
50
. 1
2551 Turnover List

Turnover List P/E Ratio 50
2. P/E Ratio
.


4
Turnover ratio
2

 50 P/E Ratio 50 Turnover List

. P/E Ratio
P/E Ratio 50

... .
4 (Forward-looking P/E Ratio) P/E
Ratio Turnover List
(analyst consensus)
...
.

... .
.

1)
(Cash Balance) .. 2551 21
2551
2)
( 2) ..
2551 21 2551

 RMF LTF


14 2551 (.)

(Retirement Mutual Fund RMF)

(Long-Term Equity Fund LTF) 7 5
1 .. - 31 .. 2551
15%
". ... []
RMF LTF "
Regulatory Watch

LTF RMF
1)

15%
700,000 700,000/15% = 4.67

20%
183,000
11,000 4 2549 ()

15% 30%


RMF LTF

 18

RMF LTF

()
()
()
()
<50,000
1.656
29%
0%
50,001 - 100,000
3.528
62%
13%
100,001 - 500,000
0.375
7%
21%
500,001 - 1
0.153
3%
40%
1 - 4
0.153
3%
32%
>4
0.011
0%
25%

5.723
100%
100%
: ,
: ,
. 2550

2551

2) LTF RMF
(
RMF)

RMF/LTF (regressive)
(progressive)

(1)

(2)

()

(3)

18

(4) = (2) x (3)

()

(5)

LTF
()

(6) = (5) x (3)

()

(7)

80,000
0%
0%
250,000
10%
25,000
37,500
3,750
10%
750,000
20%
150,000
112,500
22,500
20%
2,000,000
30%
600,000
300,000
90,000
30%
8,000,000
37%
2,960,000
700,000
259,000
37%
: Regulatory Watch, 7 ()

1. RMF-LTF 7 , 14
.. 2551, :
http://www.bangkokbiznews.com/2008/10/14/news_303151.php
2. 2550,
, http://poverty.nesdb.go.th/
3. ,
: ,
(.) . 2550,

http://www.bot.or.th/thai/EconomicConditions/Semina/symposium/symposium_docloa
d/paper5_songtum.pdf