.

1
2
3

:
:
:
:
:

974-9548-56-6
2545
2546
2546
204

President & CEO
Magazines and
Books Business


- .

26 44 10
- ..4.5 10260
.0-2325-5555 3302-4 0-2325-0430
() 44 10
- ..4.5 10260
.0-2317-0042, 0-2317-2131 0-2317-1489-90
()
19 46/87-90 - ..4.5
10260 .0-2751-5888,
0-2325-1111 0-2751-5051-4 www.se-ed.com

 3
.

.

2546

......


Black Monday




28




-

Value Investor

Value Investor

Value
Invesment Value Investor


Value Investment


1
Value Investor





Value
Investment 70

Value Investor

Value Investment



- -

..

: ..
(Niwes Hemvachiravarakorn, Ph.D.)
: 20 2496
:
:
..

UNIVERSITY OF MISSISSIPPI

- 2525-2529

- 2521-2523

- 2515-2519

- 2514-2515

- 2512-2514

-
() 2544-
()
- 2534-2541
- 2541-2544

- 2542-2544

- 2534-2544
()
- 2534-2537
- 2538-2541

- 2529-2534

- 2519-2523
- 2523-2525
UNIVERSITY OF MISSISSIPPI
- 2525-2529

- 2523
-
2523
- 2542

- 3 2516-2518
- 2518
- / 2518-2519
- 2515-2519
- 2516
- 2542-2543
2544
- Who is who in the world (Professional) 2541
-
2543-
- 2541-2544
- 2544-
-
-
- Value Investor

-
-
-


Value Investor ?......................13
....................................17
.......................................21
10 ...........25
........................29
......................... 33
..........................................37
...........................41
........................45
......................................... 49
.............................................. 53
.......................................... 59
3 - 5 - 10 .................................. 63
................................69
...........................73
.........................................77
Turnaround.................................. 81
......................... 85
.................................... 89
....................................95
.............................................99
.......................................103
...................................107

15 .. 45
22 .. 44
25 .. 44
6 .. 45
19 .. 44
5 .. 44
14 .. 45
28 .. 43
10 .. 44
28 .. 44
22 .. 44
3 .. 44
22 .. 43
24 .. 44
4 .. 44
18 .. 45
25 .. 45
31 .. 44
8 .. 44
11 .. 44
13 .. 45
18 .. 45
7 .. 44

....................................111
Defensive Stock................................ 115
..............................................119
......................123
....................................129
........................................133
............................................137
VS ..........................141
...............................................145
....................149
.................................... 153
................... 159
() ? ......................163
............................167
October Blue..................................... 171
.......................................... 177
World Trade War..............................181
Mother of fears................................. 185
... ............................... 189
............................................193
.........................197
.......................................201

29 .. 44
1 .. 44
4 .. 45
20 .. 44
11 .. 44
26 .. 43
30 .. 44
3 .. 44
6 .. 44
9 .. 44
16 .. 44
12 .. 44
20 .. 44
28 ..45
16 .. 43
27 .. 44
17 .. 44
1 .. 45
27 .. 45
25 .. 45
26 .. 44
11 .. 45

13

Value Investor ?

Value Investor
Value
Value Investor
Value Investment

Value Investment
Value Investment

1929


Value Investment

14

Securities Analysis 1934
The Intelligent Investor
1949 Securities Analysis

Value

Margin of Safety



Value Investor Value

Value Investor
Value Value

Value Investor
Value Investor
PE PB PE 15
PE PB 22 PE
PE
Value 10 PB 2

15

PE

PE

Value





Value Investor

20

5% Margin of Safety


Value Investor

16

Value Investor

10
30
5-6

Value Investor


100 1,000

Value

Value

17

71




1

?
400 ( 17,500
) 30
1991

1996
70

18

2540

1.

2.


1

3.
3-5 10

19

GEICO
4.





Take Profit

5.

Value

Story

20

2-3

21

2001


5.9
2.6
.
1.2
50,000 421
Value Investor

3.2 1.5

22

Value
Investment

5-10%
.
50%



Value Investment

23

5-10

30%







50%

24

10

25

10

10
10



(LEE)

26

20

10%

5-6

27

5-6

3-4

Value Investor

6


6

28

29

2,000

.
.

30

17 2544 6.80
6.20
6 8 16
4.30 31%

25 2544
11.50 9.30
6.65 28%

30
4.40 3.80
3.40
11%
8
2544
2.66 2.64

31

1.94
27%


14
5.30 4.26
16 4.96

.
.


30 2543
13 15.75
14
7%


13.00 13.75 4
14.00 17.50
15.80
IPO

13

32

33

3-4

Value Investor

Value

34

10-20%

2533
22
165%

IPO

35

40-50%
10-20%

Super Stock

37

Value Investor

38

()

50%

39

(SCB - C1)

29 19
4 10
2545
SCB - C1
7 2.16 1.39 0.77
64%

SCB - C1
SCB-C1 0.40 0.49
0.35
SCB - C1

10 2545 SCB
29
SCB - C1

100%


SCB
29 4

41

3 4
W3 4.1
3.8 W4 8.19 5

2544 3

42

W3 16.7% W4
33% W3 W4

?


W3 W4
W5

?
?

10
1 : 1 1 1
7.5 2.5
10

43

1 25%
1 : 1
25% 1 : 2 12.5%

2-3%















-

44

30
35

45

Value Investor
Value

46

Value Value Investor

Value

Value

Value
Value

Value Investor Value




10-20%

47

Value




Value 1-2

Value 5-6


Value Investor

Value Investor

Value
Value
?
Value

48

Value Second Rated Value

Stock

Value Value Investor

Value Investor
Value

Value Value
5

49

10 1
10

100
200 10 20
100 10

50

100


5
5 10



50
50 500
10
100
10

100


10
5

10

51

-
PE PB

100
100
50
100

52

Prime

53

1.

2. Know How /

54

3.

4.

Value Investor


(CMBT) (SSC) (STANLY)
(WACOAL) (GYT) (METCO)
(OHTL) (FMT)



1.

2.

3.

4.
25-30%
10 2.5-3
50-60%
5.

55

CMBT
700
69 3.94 25%

970 2543 490 18.85
178 6.85
6 32%

200 236 6.16
2 32%
100
335 27.93
7 25% 2544 80.6
6.72

394 267 36.08
22 60%
2

243
280 12.72
6 38%

56

92 338 21.16
9 43% 2544
151 9.43

899
1,000

269 5.6
112 2.33
2 36%

PE 5

CMBT

57

59

Value Investor
Value Stock
Value
Value

- PE Ratio

100
20 PE 100 20 5
PE
PE 5
5
5
10

60

13-14
PE 5

2-3% PE 5
20% ( 1 PE 1 (5
20%)
PE
E

5
PE 5

PE
PB Ratio

PB 1
PB 1.5
PB 1.3
30%
PB PE

61

1,000
10,000



PB 1
PB 1.5

Dividend Yield




2-3% 8-9%
2-3%
8-9%
10%

5%


2%


3 PE 7-8 PB
1.2 5%

62

100
10
100 10
10
Value Investor

PE 5 PB 0.6-0.7
10%


Value Investment

63

3 - 5 - 10

5 5
70 335
20%

TPI
3.8
5

10 5 10
70 20%

64

10 5

5

10



3
3
Value Investor
3

CHOTI (152
) CFRE (102)
CPF
(45)

(27.75)
(21) (20.75)

65

SCC (302)
ASTL (160) SCCC
(107)

3 TPC (66) TCB (60.5) NPC (29.75)
3

ICC (102) MAKRO (56) SPI
(55) ICC
SPI Holding Company
ICC MAKRO

ADVANC (368) SHIN (160)

GSM 2 UCOM (35.25)

World Phone
CEI (134) METCO (76.5)
KYE (69)

DELTA (274) HANA (124) KCE (92)

PTTEP (119) UGP (71.5)

EGCOMP (31)

BEC (240) 3 GRAMMY (89.5)

66

CSR (17)
AIFT (33.5) MFC
(29.25) EFS (22.5)

TF (174) SSC (88)

TVO (89.5)

BGH (20) NTV (18.25) RAM (12.75)

OHTL (184) SHANG (33)
RHC (32)

BKI (119) AYUD (92) DVS (76)

ALUCON (77)CMBT (48) SP (40)

CPN (31) ROJANA
(17.5) MBK-PD (15)

SPP (91) PPPC (33.75) AA (15)

WACOAL (101)
TR (75) TNL
(66.5)
THAI (33.5) TG To-

67

morrow Go RCL (29)

PSL (10)
10
GYT (185) SPG (50)
TRU (29)
EASTW (28)
GENCO (19.5)
2 CPL (17)

20%

68

69

...

70

3-4
6-7
20-30 50-60

99%

1 60
1 100 60 x 1
100 60
60 40

71

0.25%
2 0.5%

25%

72

25%

10%
10-25 15%

15%

73

1.
X-

74

1 4
1
4 25%

Value Stock

2.

10%

10%
Value

3. 10 5

75

50
100 10-20
100 200
10

10
5

5
1


100
100

4.





Value Stock

76

Tender


Value Stock

77

Value
Investment


2 -3

78

5-6

79

40%

80

81

Turnaround







ICU
Turnaround
Turnaround

82

Turnaround

Turnaround
100% 6
Turnaround Turnaround
Turnaround

Turnaround


100% 6 GFPT 17.25
48.5 181% LEE
39.5 80 22 2545
103% 6
Turnaround
DCC 12.5
43 244% KARAT 3.8
24.9 555% 6
Turnaround SCC
366 824
125% STPI 1.79 4.4 246%
TASCO 9.6 27.5
186% TGCI DCC 246%

83

6.3 21.8 TGP

1.4 3.62 159% VNG
11
45.5 314%

VNT 2.76 9.65

250% LOXLEY
4.8 10.1 124%

CCET 19.75 40
103% DELTA
18 40.25 124%
100% 6
Defensive Stock

UBC 5.9
16.1 173% Turnaround

Turnaround
ACL 5.1 10.3
102% 237% ASL
173% AST 150% CNS 127% KGI
159% KK 188% ZMICO
257%

84

F&D 12 30.5
154%
Turnaround

MODERN 10
20.1 101% SITHAI 2.6 7.6
192% SMG 113%
PRANDA 125% AJ 460%
SEED 114% SSPORT 116%
Turnaround
100% 14
AMARIN 116% AMATA 229% AP 469%
B-LAND 107% GOLD 202% ITD 138% LH
125% LPN 341% MK 106% NOBLE 322% QH
166% STECON 290% SUPALI 262% TFD
114%
Turnaround BECL 8.1
16.5 104%
STANLY
33.5 80.5 140%

Turnaround
Turn

Turnaround

85

45 1951 1995

86

PE Ratio
PE 30


PE 30
45 PE

PE
PE

PB Ratio

PB


PB PB

PE PB




(Price to Sales
P/S Ratio)

87

100 300
100

(Price to Cashflow) P/CF
P/CF









PE, PB, P/S P/CF

89

90

91

Market Capitalisation

Web Site

29
1,400 40,600
158,500
199,100
80% 20%
5 2544

92

18.25
25,550 158,500
184,050

199,100 184,050
8%
40,600 25,550
37%






TF
TF 197
18 3,546
736
TF 4,282
5 TF 190
3,420 3.6%
736 TF 4,156
TF 3%
TF



20% TF

93

Value Investor



25,550 747
3-4
?
184,000
747

95

?






100 10

96

1,000

Value
Investment
15%

15%
1

1.15
1.15
1.3215 3 1.5209 4
1.749 2.0 5
5
15%
1
1,000 ?
5 2
10 2 4 15
8 20 16 25

97

32 30 64 35
128 40 256 45
512 50 1,000


30 1

30
1
1,000 100 50

30
1
15%

72
15% 72 15 4.8 ( 5
) 18%
4 (72 18)
18% 40
1,000

100 1,000



15%

98

?
15%
15%

15%
15%
25
5-6%

1,000

Value Investor

99

1
75 5
40% 10

100

0.25%

12 6%

12
6%



6%

101

2-3 10-20

102

103

104

(CPF)

5 10 20

60

(SCC)

(ADVANC)

.
.
(PTTEP)

105

Defensive Stock
4-5

(TUF)
(SSC)

(LH)

20

106

107

108

109

GSM
DTAC






. .

3

110

S&P

Value

111

10%
20% 20%
20
100

3%

112

Value Investor
-
Value Investor





12

113

16 2544
316
1. PR
53.50 26 2544 PR 79.5
49%
2. SSC 95 152
60%
3. TUF 56
71.50 28%
4. BKI 124 163
31%
5. PHA 70 81
16%
6. TIP 51.50 66
28%
7. MATI 44
50.50 15%
8. APRINT 23
34 48%
9. EGCOMP 31.50
34.75 10%
10. ICC 110
192 75%
11. WACOAL 127
156 23%
12. MBK - PD 19.75
23.50 19%
34%

114

5% 39%

316 281
11%
1% 10%

115

Defensive Stock

116

3-4

Defensive Stock


..

Defensive

117

Defensive Stock

118

Defensive

119

(IMEI)
(SIM) DTAC


GSM DTAC

120

DTAC DTAC
DTAC

DTAC

(MFG)


MFG

(SSC)

(SSC) (SCCC) (TPIPL)

121

1,200-1300
1,500-1600
SCCC TPIPL

3-4







(TF) (GRAMMY) RS
3 (BEC) (ITV)
(BIGC) (MAKRO)

122

Value
Investor

123

1.

8-9%
2-3%

2.

124

10%

4-5%


10%
3.


3-5 4-6%


100%
4.
Flexible Fund

5.



5-6%

125

6. (Value Investor)

(AMC)

126

1. PR 53.5
4 7.5%
2. SSC 95 3.5 3.7%

3. TUF 56 12 21.4%

4. BKI 124 10
8.1%
5. PHA 70 7
10%
6. TIP 51.5 5.5
10.7%
7. MATI 44 4
9.1%
8. APRINT 23 2.3
10%
9. EGCOMP 31.5 2
6.3%
10.ICC 110 4

127

3.6%
11.WACOAL 127 5.5 4.3%

12.MBK - PD 19.75 0.8

4.1%


5%

129

Tender Offer

V1 ( Value 1)

V1 V1

130

(METCO)
Delist

(SSC)
100 130






(LRH)

Tender

(CMBT) (TIG)



Take
Over

131

4-5


7-10% 50%
80%




Value Investor

Value Value
Investor

132

Value Investor



Value





Value

133

2543
46%
4 498 267
23 2543

3
2 4-5%
3



2-3%

134

2.6%
4-5%

Value
Investment

12
2543 12
4 23

135

2543
1. (WACOAL)
84.5 116
37.3% 4.5
2. ICC
74 105
41.9%
3. CMBT 56.5
48.75
20
1
5
4. (SFP)
65.5 27.75
57.6%

5. (TF) 112.7
() 170
50.8%
6. (PR) TF
50
46.75 6.5%

7. (ROH)
14.75 24
62.7%
8. (METCO)
62.5 74

136

18.4%
9. (STANLY)
39.5% 38 23

10. (CHOTI)
8.3% 133 144
11. (SSC)
134 / 89 33.6%

12. (PIZZA)
64.5 42.5
34.1%

12 2.8%
5%
7-8%
2-3%
40%
Value Stock

137

Value Investor ?
?

Intelligent Investor
Value Investor
Mr. Market

-

138

10
?

139

.
.

.

140

141

VS
15

?



100

142

40-50% 60%
40%

30
100 00 99
4,500
1,000
500
1 4,500
- 1,000 - 500 3,000
3

80
50 24 x 50 1,200
100 1,200
x 100 120,000
1
12%
12%
3,000

?

143

?

3,000

3,000 6,000 72,000

10% 17
3

12%
15
3
Value Investor

15%
13 3
5 18 6

145

2544


1 2

15




?

146

Value Investor

2540

147

CFRESH 2540 28.75

2 2544 155
439% CHOTI 60.5 176
190% 10%
CPF CM LEE

METCO
23.5 62.5 165% DELTA
128 202 58% HANA 43 83
93% TUF 13.5 56.5
319%

ICC 90 110 22% ADVANC
298 396 32% PR 28
53.5 91% LST 10.9 15.5
42% TF 141 178 26%
TVO 52 86
65% TNL 32 79 146% WACOAL
90 122 36%
20 - 30

650 2540
300

148

Value Investor

149

100,000
100,000 200,000

100,000

10,000 10%
15,000 20,000

3000
Value Investor

150

10% 10%

26

26


100 26
282 6 2544
4%
1-2%
5-6%

151

8-9%

1700
280
10






26

3-4
1.3
5
200,000
25% 325,000







2-3%
5%

152

21 5
14 10
1-2 22
13 22 5
20 18

153

154

6 2544




287
317 15 2544 10%

155

9


?


Value Investor

62

1-2

6-7

156

.. 2540

IMF
10% 2540-41



IMF

157

159

160

161

Value Investor

163

() ?

Road Show

164

4-5

99

165

..

Strategic Partner

166

(.)

(BAFS)

167

January Effect

168

2-25 2544
.
269
2543 340 25 2544
71 26%

304 2543 13%

2544 2-25 2545

304 339
35 12%
340

1-2% 2-3%

169

19.50 28.25
25 2545 41%

BECL 9.75
13.9 43%
464 628
35%

(BBL)
(QH) 38% 30%

171

October Blue
...

14
2516 6 2519

2543

172

1.) 38-40
43.50 1
43.50 1





70
25 1

42

38 40
42 2

43.5

43.5
1

173

2.)
250
40%
2 200
200


1929 70

3
200
3
?

3.) 10 36

174

36

20

25
30

2543 5%
2542 15%

50 - 60
100

175

4.)

NPL
NPL
NPL
3

3
14,000 1500
2

NPL
3

176

NPL
NPL 30% 20%

177

World Trade Center 11

2524 21 ..2545 60
17% 331 275




Value Investor

Value
Investor
275 267

178

40% 1
40%

2522 5

10
20



260
40% 2522

Black Monday
2530

473 244 50%

Black Monday

179

2533 1144 544
50%

2539
2540

2539 1354

10%

2539



43% 784 2539
2540
IMF
373 2540 50%

Value Investor 2539
2540
2 73%

180

2543


482 2543 269
44%

26
6 4




World Trade Center

181

World Trade War

World Trade Center
11 2544

2 14 43
13% Value Investor

World Trade

182

War Time Prosperity

World Trade Center

4





1-2

183

New Economy World Trade

2
World Trade
1,000

World Trade

184

Value Investor

185

Mother of fears

186

1
Value Investor





200 400 20
40

200
20 10

50%
500
50%

187

Value Investor


(Corporate Governance)

Value Investor


Mother of fears

Value Investor




Dilute

188

Value Investor

Value Investor
Value Investor
Value Investor

189

...
Value Investor
Value Investor

25
40-50 4-5

190

2545
5-6%


WTO

CFRESH 144
100 30%
(CHOTI) 19 11
(SSF)
34 47

(CM)
22 7 (STA)
100 53

(DELTA) 51%
1,681 828

191

69% 352
110 KCE, KRP 16
69 136 38

(F&D)
51% 25 12
49 9
(TC)
79% 35 8

(TUF) 36% 475 305

(PRANDA) 99 37
62%
4 17
46
13

GFPT


3

192

45
42.5 1
5-6%
5%

193

25 7% 376 351

72

(CALPERS)

194

8




3

2

1
1

2



1

Free Float
1
2

195

1

.

2
NVDR


3

1.63 3

196

197

...
8
14 23 2544
267 297 11%
3-4
10,000

.
5

198

70,000
2543

80,000
2,000
2,000 700

199

2-3%

10

9606

21 2544 9835



World Trade Center 330

201

2544
297
330
8 2545 391
32% 4


Value Investor

202

Value Investment
Margin of Safety

2544
205,921
99,268
106,653

1.3 2544
41,362

2
3 P/E
18.8 P/B
1.6 Dividend Yield
(D/P) 2%
P/E 20
10 P/B 2
1 D/P 1.5%
3.5%
P/E 13-15 P/B 1.2-1.6
D/P 1.8-2.5%

203

P/E P/B
D/P Value Investor

Value



Value


Value Stock

Value
Stock