1

1.

2.

3.

4.

5.

1.




3

(Money Market)
( 1 )
(Capital Market)
( 1 )



5

(Initial Public Offering)

()

SET

..

...
.. 2517

30 2518

...
.. 2535
8

1.

2.

3.

SET
9

SET Index

30 2518 100
SET Index = * 100

10


.. 2518 - 2550

(.. 2545)

(.. 45-.. 46)

(2540)

-.

SARS

(.. 2538)
(.. 46)
(.. 2540)

IMF (.. 2540)

(..-.. 46)

(.. 2538)

(.. 2540)

(..-.. 47)

(.. 2535)

(.. 2542)
3

(.. 2542)
(..- .. 47) (.. 2549)
(.. 2533)

(14 .. 2542)
.

(2532) (.. 2534)

(.. - .. 47) 30%

(.. 2544)
Mini Black
(.. 2549)
Monday

(.. 2532)

MSCI (.. 2544)

(.. .. 47)
Black
Monday

(.. 2530)
(11 .. 2544)

(.. 2529)

(.. 2528)

2519 76.43 17 .. 2519

2537 1,753.73 4 .. 2537

1800
1600
1400
1200
1000

(2522)

800
600

(.. 2524)

(2524)

400
200

2550

2549

2548

2547

2546

2545

2544

2543

2542

2541

2540

2539

2538

2537

2536

2535

2534

2533

2532

2531

2530

2529

2528

2527

2526

2525

2524

2523

2522

2521

2520

2519

2518

Source : The Stock Exchange of Thailand

11

..??

12

13

0.18 - 1%

0.11 - 1%

()

Commission
Commission

* (%)
* (%)
Cash Account Cash Balance/Credit Balance

X < 5

> 0.25-1

> 0.20-1

> 0.15-1

5 < X < 10

> 0.22-1

> 0.18-1

> 0.13-1

10 < X < 20

> 0.18-1

> 0.15-1

> 0.11-1

X > 20

* VAT 7%
** Commission 1 .. 53
14

15

(Cash Account)

( ATS-Automatic Transfer System)
15%

Broker

(Cash Balance/Pre-paid/ Cash Deposit)

**

** Broker
16

(Margin Account)

17

3
1

18

1.

2.

19

1.
2.
3.
4.
5.
6.

Price Then Time Priority
Ceiling & Floor

20

-
: ()
: 9.30 17.00 .
T1

9.30

Pre Opening I

12.30

Trading Session I

T2

14.00

Intermission

Pre Opening II

T3

16.30

Afternoon Trading
Session

17.00
Off-hour
Trading and
Market
Runoff
Period

Call
Market

T1 9.55 10.00 .
T2 14.25 14.30 .
T3 16.35 16.40 .
21

(ARMS)

22

Automatic Order Matching (AOM)

(Price Then Time Priority)

(Bid)

ARMS

Advanced Resilience Matching

System

(Offer)

Ceiling/Floor
( 1 Board Lot = 100 )
23

Price Then Time Priority

Vol

Bid

Time

Vol

Offer

Time

1,000
1,500
1,000
3,500

100
100
99.5
99

11:05
11:06
11:07
11:10

1,500
1,000
1,000
2,500

101
101
102
103

11:03
11:04
11:05
11:06

24

Price Then Time Priority

Vol Bid Offer Vol
1,000 100 101 1,500
1,000 99.5 102 1,000
3,500 99 103 2,500

Bid 100
500
-
- Bid
100

Vol Bid Offer Vol Bid 102

2,000
500 102 103 2,500
-
1,000 100
101 102
1,000 99.5
- 500
Bid 102
3,500 99

Vol Bid Offer Vol

1,500 100 101 1,500
1,000 99.5 102 1,000
3,500 99 103 2,500

Bid 101
1,000 101

Vol Bid Offer Vol

1,500 100 101 500
1,000 99.5 102 1,000
3,500 99 103 2,500
25

(Price Spread)

0.01

0.02

10

0.05

10

25

0.10

25

100

0.25

100

200

0.50

200

400

1.00

400

2.00

26

Ceiling & Floor

30%
(Close)

Price Spread

PTT
1,000

244.50

27

(Limit Price Order)

(/)

At-the-open order (ATO) First (Pre-Open)

At-the-close order (ATC) Priority
(Market Open)
Market Price (MP)
Immediate or Cancel (IOC)
(Pre-close)
Fill or Kill (FOK)
Publish Volume

-
- ATO
- .
- MP
-
- ATC

(Market Close)** -

** Internet Trading
28

(Trading Boards)

(Main Board):
(Board Lot)

(Big Lot Board): 1

3

(Foreign Board):

(Odd Lot Board): 1

(Board Lot)

:

29

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

5. XA (Excluding All):

30

()
6. NP (Notice Pending):

7. NR (Notice Received):
NP NR 1
8. SP (Suspension):

9. H (Halt):

31

2.




32

33

34

35

Corporate Action
Corporate Action


()
Stock Split

Stock
Dividend

Right
Issue

*
36

10%

37

()

/ x
100 -

38

3.

39

(Underpriced)

(Overpriced)

40

: (
)

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

41

1. (Economic Analysis)

42

-
- (Discount Rate)
- (Open Market Operation)

43

5
Revival

4
Depression

1
Expansion

3
Recession

2
Boom

(Gross Domestic Product : GDP)

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

(Retail Sales)
44

2. (Industry Analysis)

45

(Industry Life Cycle)

46

(Pure Competitions)

(Imperfect Competitions)

(Oligopoly)

(Monopoly)
47

3. (Company Analysis)

(Qualitative Analysis)

(Quantitative Analysis)

48

49

50

51

52

53

54

ROE

55

(Financial Ratio)
1.
(Current Ratio)

(Current Ratio)

56

(Financial Ratio) ()
2.
(Receivable Turnover)

(Receivable Turnover)

57

(Financial Ratio) ()
2.
(Inventory Turnover)
=
(Inventory Turnover)

58

(Financial Ratio) ()
3.
(Return on Asset)
= * 100
(Return on Asset)

59

(Financial Ratio) ()
3.
(Return on Equity)

=
(Return on Equity)

* 100

60

(Financial Ratio) ()
4.
(Debt Ratio)

(Debt Ratio)

61

(Financial Ratio) ()
4.
(Debt to Equity Ratio)
=
(Debt to Equity Ratio)

62

1.

()

2.

3.

()

()

4.

()

63

4
1. Growth Stock:
(Under Valued)
2. Defensive Stock:

3. Cyclical Stock:

4. Speculative Stock:
64

65

1. (Intrinsic Value)
(Dividend Discounted Model)

2.
(P/E Ratio : PER)
(Price to Book Value : PBV)

66

(Intrinsic Value)
(Dividend Discounted Model : DDM)

Discount Cash Flow

P0 =

Dt
D1
D2
+
+
...
+
(1 + k s )1 (1 + k s ) 2
(1 + k s ) t

= Dt t
(1 + k )
t =1

P =
Dt = t t = 1,2,3,
ks = (Required Rate of Return)
67

(P/E Ratio : PER)

P/E Ratio

(EPS)*

* (EPS) = -

68

()
P/E

Ratio

= PER * EPS
P/E



69

()
1 (EPS) 3
15
PER = 15 / 3 = 5
PER 7
PER

PER
x EPS 21 ( 7 * 3)
70

()
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

71

(Price to Book Value : PBV)

PBV Ratio
(BPS)*
* (Book Value Per Share : BPS)

(BPS) = ()

72

()
PBV
PBV

= PBV * BPS
PBV

PBV

73

()
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

74

, ,
Good Company

Good Stock

... ???
(Technical Analysis)
75

4.

(Dow Theory)


76

(Buy Signal)
(Sell Signal)

1.
()
2.
3.
77

(Dow Theory)

1. /
(Primary Trend)

2. (Secondary Trend)

3. (Minor Trend)

78

(Trend)

79

80

81

Demand Supply

82

83

84

85

86

87

5.

88

(Good Advice)

(Best Execution)

89

()
CLASS
C Capital

L License

...
A Advice
/
S System & Control

S Staff

90

( Confirm) (Statement)
Back Office

91

DOs
1. ()
2.

3. Confirm Statement
Back Office
4.
5. Back Office

92

()
DONTs ...
1.

2.
3.
4. (Blank Form)
5.
6.
7.

93

1. :
2. :

3. :

/
/

94

1.
/
/

2.
3.
4.
95

UESTIONS &
NSWERS

S-E-T Call Center 0-2229-2222

www.tsi-thailand.org
96