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Private and Strictly Confidential

For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006


(Single License)
1.

A B
2. KBANK Broker

Secondary Market
3.

.
.
. Reinvestment
.
4.

.
.
.
5.

6.


7.


8.


9. American Auction


10.

11. BIBF

12. BIBF

.
. Off Shore
. On Shore
13. Gray Market


..

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

14.

. NYSET
. SET
. MSCI
.
15.

16.

17.

.
. ISSCO SIBV
.
. 15
18. Miracel E Porter 5 Force

. 5 -
-

- New
Comer
- New
Comer

- -

- -

- -

=
=

19. Junk Bond

BBB
20. Marketing

21.


22. 30 Marketing

.
. 3
.
. ..

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

23.


24.


25.

A
B

40%
10%

50%
75%

10%
15%

A , B
250 2

125 P = PBV * B/V.250 = 2 * B/V


Duration

( ,
Duration
, Duration )

(, , ,
, . )

200

100
Price & Time Piority

..
MP

26.
27.

28.
29.

30.
31.
32.
33.

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

34.

. AOM
. Main Board AOM
. Big Lot AOM Put Through
.
35.

( = ., = )
36.

65 NAV
37.


38.


39. Zero Coupon

(Discount)
40.

65 NAV
41. Butterfly Shift

..
42. Bull Ship Stock

43.


44.


45.

46.

. .
. .
.

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

47. .

48.

.
. / .
.
49. NVDR

. ( )
50.


51. Callable Bond

52. Puttable Bond

53.


54.

Duration ( )
55. Convexity

Duration

56.

.
.
.
.
57. Junk Bond

(
Default Liquidity )
58.

, .

59.

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

60. A 10 5 50 1,000

2,000 , 25
61. A = 4, B = 1 = 2

0.5,
62.


63.

64.

65.

66.

. 100 80

.
. . Internet
67.

. 5
.
.
.
68. .

.
.
.
69. Premium Warrant

. Leverage
. Warrant
. Gearing
.
70. Rating

71.

.
. Corporate Bond
. Convertible Bond

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

72. NAV

/ +
73.

Spread 0.02

10 25

0.10

25 50

0.25

50 100

0.50

74. 2 5

75. .

SP
76. XR

..
77.

78.

, , Warrant
79. Intermediate Financial

, ., , ,
80.

Defensive Stock
81.

+ + +
82.

. . (. , . + +
)
83.

( /, , /
)
84.

4 (, , , )

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

85.


86. /

.
87.

Floating Rate
88.

Inflation Target
89. , ,

(Capital Protection)
90.


91.

. PP
. PO
. RO
.
92.

. SET
. MAI
. BEX
.
93. MAI

( . /, ,
(Venture Capital), )
94. ATO ATC

Last Priority
95.

,
96.

.
97.


98.

+ +

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

99.

A = 50, B = -100
-25 [ (50-100)/2, =0]
100.

101.
.

102. Short Sell


(, ,
)
103. A 30% A %
7%
10% ( 0.07 / (1 0.3) * 100 = 10%)
104. = 4%, = 2%, BBB = 1.5%

4% + 2% + 1.5% = 7.5%
105.

A
B

12%
3%

100
50

= 0.5
= {(100/150) * 12} + {(50/150) * 3} = 9
106. A , B
(A) = +1, 0 < (B) < +1
107.
.
.
( > )
.
108.

File Name: Single License

Page

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

109.
.

(Peak)

(Contraction)

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

(Recession)

(Expansion)

110. ( )
GDP, , , , /,
//
111.
. . . . .
112.

113.

114.
.
. ROA
. ROE
.
115.
(, , . )
116.
.
.
.
.
117.
. ,
.
.
.
118. = 10%, = 12%, = 1.2
= 12

119.
.

. = 0
File Name: Single License

Page

10

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

.
=

.
120. ..
DEFGH A B
121. = 20

122. (Market Theory)
. . ( CAPM )
123.


124.

125. (Active Investor)

126. . 1:2 60 15
= 30 ( [(1 * 60) + (2 * 15) / 3 = 30])
127. 10,000 8% 30

10,000
128. Warrant
Warrant
129.

130. ( )
(Bearer Bond, , )
131. Bearer Bond

132.
4 (, ,...,...)

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Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

133.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

Cap

134.
135.
136.

137.

138.
139.
140.
141.
142.
143.
144.
145.
146.
147.

Floor

(Convertible Bond)
..
(Asset Back Security)
(, ,
)

, , , , , ,

(Asset Back Security)


FITCH
C

..
/
( 517 517)
(AIMC)
..
Investment Grade /
BBB
/
( 523)

NAV (,..,..)



1

File Name: Single License

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12

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

148. .
( .,
, )
149. .
. Marketing
. .

150. Restricted List



151.
( 6)
152. Marketing
(, Marketing
, )
153. Compliance
(, ., )
154. Marketing
.
.
.
.
155.

156.
( ,
, )
157. .
2, 3, 4 (1. .. 2. 3.
. 4. ..)
158. Cold Calling
(, ,
)

File Name: Single License

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13

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

159.
1 2 (1. 2. 3.
)
160.
( 18)
161.

162.
( , ,
Small Claim Court)
163.
. .
.
. 1
.
164.

165.
. ..
. ..
166.
. .
. . Broker
.
. .
167.
.
168.
( , ,...,...)
169. .

170. Compliance
..

File Name: Single License

Page

14

Author: Head Office - ZONGLIZ

Private and Strictly Confidential


For internal use only. Unauthorized distribution or reproduction is illegal.

2006 ACL SECURITIES COMPANY LIMITED


Revised on 7/7/2006

171. 15
50
. 50 1
.
172.

173.
. . NVDR
.
. ..
174.
,
175. Marketing 100 1 20
30
..

File Name: Single License

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15

Author: Head Office - ZONGLIZ