Professional Documents
Culture Documents
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Value Investing
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Value Stock
Value Investor
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FS
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N
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RCash CowS
(P/E NF, P/B NF)
RBoringS
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
Security
Analysis
(1934)
Benjamin
Graham
David Dodd
Columbia University
(1928)
Value Investors
Warren Buffet
Charlie Manger
John Neff
Phillip Fisher
Dhandho Investor etc
.
O
I o
p etc
2.
VI
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Warren Buffet
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10
.. 2004
10,000 USD
11
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RInspirationS RPassionS RImplementS
:
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17
/
1962
1971
70
1982
775
1989
7,000
1998
70,000
2008
96,600
2012
125,984
18
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N#GO
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V
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^$%@J20.Z3.,!];?t 0K?>-./-1$@A2];?5%@
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V H
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Life Styles " Investment Styles Y VI
20
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
22
!TGGUV
W
RY
NUV
W
23
#!
N / FG / pzIG /
!P
Y!"O!"GF!v
"GXLYLz
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
24
oGH
{
NGL
## !P
wwI
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25
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Main Street
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" (Wall Street) 8@ 2!22
2=0/ /:/5:
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
26
o
Y
NHY#!
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VL
27
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
28
Y U
""Y Warren Buffett
O
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s
}
N
30 !v
14 !v
14 !v
13 !v
12 !v
17 !v
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
29
30
LL
{
Ro
LL
N NF
HXL
S
31
{ O #L
32
{ (Dhandho) GpzG
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33
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34
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
35
1.
H
oG
N
F
{oGOG
!"F
N
"!TGG
VpH
"
p
oG#
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
36
2.
H
oG
N
L YHG
H
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N
L YHG
|N
!
N
!H
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UV
a
NHa GF!P
HO
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"
XF#
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#
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
37
3.
H
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N
!Tw
H
|NFH
p"FL
IM
N
N YLzWG
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N
NU
U RUN
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{Y
LL
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
38
4.
H
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N
#!
LO YY
NU
N
vUH
L
G
#!
LH
YY
!P
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NF
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LO
YY
LL #
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
39
= Edge
Odds
= XY
G"!P
x XL
UXY
XL
NG"#LGO
"
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
40
Edge =
Odds =
= 0.5 L
41
42
6. {FLG
/:0/ (Arbitrage) : XF#G
N
YNY LL
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N
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#!
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
43
7.
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YUVH
NF FH
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#
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
44
8.
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N
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#
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N
N NF
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N
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
45
9.
H
LL
#HONHa
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N
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|z (.. 2515)
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!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
49
50
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10
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|N
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
51
H
U
NG"
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L
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)
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Lz Y GF (O
)
STANLY : Lz #
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)
WACOAL : Lz #{ GF (O
)
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
53
H !v 2554
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XL
}
NG
YI"
N
XL
}
N
Y SET
H
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L 10.9% !v
.. 2540 2553 (14 !v)
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
55
|
N
(U
{
)
NFG
L#
!P
FHX
Margin of Safety
Tip : R
S HOYL
G
x
2 H
3 Y (
V
V)
GF
VYLz
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
56
Ip
57
!TGG
Ip
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x !f0 K-$ %'>@K5>0.,$MJ!
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
58
59
60
!TGG
P/E Ratio
HO P/E Ratio UNF
{
LUV
P/E < 10
UV
P/E
G
P/E 10 - 20
P/E > 20
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NNF N
61
P/B !P
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L
LU
P/E
NNF N HO
P/E I
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P/B < 2
HG
NG"Y#!UV
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
62
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64
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)
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Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
69
L#t
F#
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72
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N
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Net Profit Margin = F#o
100
#
ROA
= F#o 100
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
73
Lz
N
F# RIpS
ROE =
ROE =
F#o
YX U
#
F#o
#
Net Profit
Margin
100
Total Asset
Turnover
74
H
Y
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5F/ 3
/00/";
RCEOS !P
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LS !P
L
RX U
S U !"o
|NU RLzS U p
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
75
CEO "
Fwa
L "L#OO
"
R"L
LOS
=
R"L
S
76
77
78
Y|V
30%
10 13 L
100 x 13
= 1,300 L
Y 50%
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
79
=
=
=
=
50 13
50 13
50 10
650 500
= 50 10
= 500 150
= 350 / 50
=
=
=
=
650
650
500
150
L
L
L
L
= 500 L
= 350 L
=
7 L/
80
= 13 - 7
13 L/
7 L/
6 L/
3
8 (Margin of Safety)
4 13 Q 7 = 6 0
. /"
;
!"#
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.
81
N#
G
VI
Warren Buffet
Dhandho
.
H
oG
NIYHG
H
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N
F
H
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N
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N
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LO
YY
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LL #HO
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82
N#
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Warren Buffet
Dhandho
.
I
Yes
HFwL
GU
pU
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Yes
Yes
U}
N 3 - 4 !v
Margin of Safety
(Y
)
Margin of Safety
Margin of Safety
Margin of Safety
{
RUV Y S
83
84