You are on page 1of 42



 

 

 

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

F
1. G# H  I
2. 

   VI

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

1. G# H  I


Value Investing
Value Stock
Value Investor

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

Value Investing


LL  I

Value Stock

Value Investor

 I


 I

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

Value Investing
M 
NOL H  I (Value
!P H 

Stock)

 
 
  

 

 
 
!   !
" Main Street  + Wall Street

R  ""S

R#H  S

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

Value Stock
!TGGUV W 
W "  
N  
XF   

 #Y "Y 


Product Life Cycle H O Maturity 
Market Share 

G  !T X
(Dividend Payout Ratio , Dividend Yield )
"F##G"#!F"# !P R  FS
 Y# UNa !P 
N 

   LHOG#


F# !P RCash CowS
   (P/E NF, P/B NF)

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 





M LLa "  #UN  HG


 H  
N UN # HG H  a
UN 
LLUV W
 
N YY  "Y

RBoringS
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

The Intelligent Investor

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

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

2. 

   VI

 
 !" #$% ('')
'.!* + "!$,
-./0# .123$4! 5

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.



 

 s Lt t
Warren Buffet
RGY LL VIS

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

10



 

  L  s Lt t


.. 1956

.. 2004

10,000 USD

300  USD

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

11



 

O
!"
RInspirationS RPassionS RImplementS
 :

30 8.-. 1930  ;2 $<$ =$8'>$ 8+= !,$

 6 YL :

!? @A#1->$ B;C-D,E#- 6 G' $-$ 25 B


G$5@JK,G'JL 5 B %'>MJE0 20%
1$+28; OA Thousand Ways to Make $1,000Y

 8 YL :
 10 YL :

1$+28;,$2!,$J20.0.,J1 Z+>28 .'


 ;2 $<$

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

12



 

O
!" ...
 11 !v :

B;C+.>-C2E, +.>.! 8!03![G2 City Service ]^$ 6 +.>


$-$B;C 38 USD/+.> $-$G$5 40 USD/+.> %'>@L8,$/
,$J20. #$L4$5+J2$-$+.>GdC%@ 200 USD/+.>

 13 !v :

,^$+'@e$+ $51$]L@A*f=K2!J>$  ;?$5. 30 @g

 14 !v :

5>$5%@5i1"!2 'K.BK. $ !'$


0^$2$#!*f @A',812+28;#! #"!2#8
0^$3.,!]G$5Ji,,J ;82
J20.B;C0K?'!,f,
0^$3.,!]-;?2J1#!J ;82
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

13



 

O
!" ...
 16 !v :

 20 !v :

- 1$+28; OThe Intelligent InvestorY


G2]$ ! ,E< Bd?2@A].'@JK?5"K!G2
- ],$*d,f$@!jj$K '>$*f=*$8 .$8'>$
- $ +$ ]$ ! ,E< '58 -G>$K5@!jj$0
.-J K5

]"C 35 *d,f$


K8!0#5@AG22 6,000 USD
1$+28;,$2!,$J20. $EJ> 100 J1
MJ,$K5'>$-/!*$8'K $,

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

14



 

O
!" ...
 21 !v :

- L+1$2K5@!jj$0 $8$G>$%@kl,2$, GEICO


!f0@L,450K? ]$ ! ,E< @A@L3$
%'>K5i>!3K!-$L+3.,!]@L,45
- ],$*d,f$@!jj$0 G0^$2$, ,E<
'>$!-$L++.> E1%'>,$@p!83 ]d2,J>$,!'
"152$ Broker G2#1 EJL8+28;

 22 !v :

E122$,BiBK? 0 @r8 #;?G2>28$

 24 !v :

,E< ",J%@0^$2$ %'>K5i>EJLkl,k251$2 $,


     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

15



 

O
!" ...
 26 !v :

- ,E< @s',!],$!f0J20.  ,J>$,!'


- !? C23.,!],$J20.'>52!2 100 'JJ$
EJL2!]$,--EJL#;?t  @A 10,500 'JJ$

 32 !v :

,20. 0K?!? > 10,500 'JJ$ @A 7.2 J>$


'JJ$ (@L,MJE0E,1+.>81 6% 1@g
 %'>81E12 25% G2810K?,! 6%)

 33 !v :

@g 1963 @AMi>v; +.>Z+ 1G2!f08!?20


";? O!,%" <$3$5Y Bd?2!? 055B;C+.> $C2E1 @g 1960
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

16



 

O
!" ...
 39 !v :

- @s',20.
MJE01@gwJK?5J' 13 @g 5i10K? 29.55%
- !? Z">!f0 O!,%" <$3$5Y @A!f0J20.
EJL0^$3.,!]8!?20%@'>5 (3.,!]8!?20vi,J!,%@ ;?@g
-.*. 1985 +;K, 16 @g1 $)

./"00"1  22 "


345
6/47"/2 "
"8/9/1: 
/
  /
+ /6+ / ;
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

17



 

 Y Lt t !P  LL VI  V


X OyG zWG V
"
FwY
(X  Y L#O xo )
!v (..)

 /

1962

1971

70

1982

775

1989

7,000

1998

70,000

2008

96,600

2012

125,984

 10 !v  {Y|V 10 


XL  }
N 22.6% !v
 38 !v (1962 - 2000) 
LL
XL  GO
S&P500
= 11% !v H O  

     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

18



 

L 
 
N#GO
!"Y Warren Buffet
  "# "U|z "!LN V H

N
G   "N N
x J20.,,3.,!]0K?>-./-1$ ( '>5+.>)
x ,^$% (2!@yMJ + 811$2$-$)
^$%@J20.Z3.,!];?t 0K?>-./-1$@A2];?5%@
   " V H  oG
N

 U LLLL



MFO
  "O
 
N

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

19



 

F " F 
NLM
Life Styles " Investment Styles Y VI

N "NN{ s


sL"  "HOO
NF"L#
 "|zoG" 
 
YHG"LLLwO
"o
F  oG
!P  "oG #HO 

 o
!"  oG
UN UVH NFa (Margin of Safety)
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

20



 

!Ow Y Warren Buffet


I.  H oG
NI YHG
II.  H   "L #HO
III. UV UN U"" UVGF   "YGF  

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

21



 

I.  H oG
NI YHG
HO  R U FG" H oG V S G|LF 

NLoG V H" O
FG"Y"#
YHH " Y
# 
G  G Ys#
 Y !P # p  !P #
XL 
 
H
 # Y   "F# !P #
W "  "p"
V !P #
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

22



 

!TGGUV W 
 RY
 
 
NUV W 

VI  UV UN L...


 NF U V W 
FH  R XUN !pS
(Margin of Safety)

 UV # 

H    Y|V #!


s#XL   H   
  VI G"#HG "
X X Y#
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

23



 

G" YHGH oGF#L


 " "YoG VI | |V
YHGUV W YLwO

#! 
N / FG / pzIG /
!P 
Y!"O!"GF!v
"GXLYLz

     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

24



 

II.  H   "L #HO


.<" Main Street  + Wall Street;
oG
N
F  
  " L{
 UN

oGH {
NGL
## !P wwI
 UV Y

. / 4 0 Main Street


/   0/
 =/" Wall Street
!/"/6 /0 84  7"/24 ;
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

25



 

  
L Main Street
   
L Main Street O  #!
zWGY UUL  UN!"OO
HOO
# L{p#
. " (Wall Street) 8@ 2!2 2
2=0/ /:/5:
/0<</ AAB ;
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

26



 

III. UV UN U"" UVGF  


"YGF  
1. U   H  U !P  ""
R#H  S
Y#H  
N  Uo 
H 
Y   
NH Y#!
Y  !T XL
YG
N
{ NY|V

o 
Y   
NH Y#!
Y L
VL

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

27



 

. 5
6=2... "1  <8@ /20=
 5
6!

 !2 10 2;
. "!

/ /F F 288B7"/
 "=2=! 340//4
34 26!7"/ 0  8 
<4 /=7"/ 4=F6
/"G 4=F6;
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

28



 


Y U ""Y Warren Buffett


""  !P GY

O {
{-{
 
t{
  s  
}
N

30 !v
14 !v
14 !v
13 !v
12 !v
17 !v
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

29



 

III. UV UN U"" UVGF  


"YGF   ...
2.  
F UV  UVa
( UVGF  )
3. Y
Ga 
GF  
 UV LL G"|LLz

 2 - 3 Lz (YGF  )

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

30



 

 LL {
Ro LL
 
N NF
HXL  S

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

31



 

 LL { { Mohnish Pabrai


!P  O 
OUV 

!TGGL !P GY Pabrai
Investment Fund (V!v 1990)
  s sLo

Y oG OUV 


{ O #L

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

32



 

 { (Dhandho) GpzG

Dhan / Dhana

o  / 

Dhandho

H N N

.!=3 0 4 "


=12< 2 4 /0 < ";
. 3   3 2 ;
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

33



 

zI"  Y
 {
I
|z

" 

I
 Oo

z


O L 

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

34



 

o 9 !"Y LL {


1.
2.
3.
4.
5.
6.
7.
8.
9.

 H oG
N
F    
 H oG
N 
L YHG
 H oG
N
!TwH  |NFH p"FL
 H oG
N
# !
L O YY  NU
    a #  L
{FLG ( UV  Y )

 XUN!p  ( UV# a N
)
 H oG
N
 
NNF 
#   
 H  
 LL #HONHa
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

35



 

1.  H oG
N
F    
{ oGO G

!"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 oG
N 
L YHG
|N
 !
N !H "" 
 UV a 
NHa GF !P HO

!"#
"    XF# 
"I"   #
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

37



 

3.  H oG
N
!Tw
H  |NFH p"FL
  IM
N 
N YL zWG
"La
 
N
N U  U RUN Y
 S FH
 Y 
H   |N !P {Y
LL {
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

38



 

4.  H oG
N
# !
L O YY  NU
 
N
vUH L
G # !
LH 
YY !P   O
  NF  
U... R# !
L O
YY LL  #
GS
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

39



 

5.     a #  L


./!H 
2  ;
F IGF   
N "
N
NG" F
Kelly Formula

= 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



 

5.     a #  L ...


 { 
w  # 2 L  G"

  1 L G 

V   #G  V


N 

( G" !P 
NG" U  U 0.5)
 V

Edge =

(0.5 x 2) + (0.5 x -1)

Odds =

= 0.5 L

Kelly Formula = 0.5 / 2 = 0.25


     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

41



 

5.     a #  L ...


  N G" !P 
NG" !P 0.7
 V Edge =
Odds =

(0.7 x 2) + (0.3 x -1) = 1.1 L


2

Kelly Formula = 1.1 / 2 = 0.55

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

42



 

6. {FLG
/:0/ (Arbitrage) : XF#G

N  YNY LL 
 H  U

N 
a U

R UV  Y S


NY#!#H  "oG
N  UV 
 # !
LH  YY # 
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

43



 

7. 
 XUN!p 
.5
67"//2  < 4 2/ S
 Y UVH NF FH  
 
!P o
L 
N LL |N
"{
NG"
V
 
{
NG"Y|V 

{ XL  
#
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

44



 

8.  H oG
N
 
NNF 
#   
oG
N
 
N NF
# U L oG
N
#   
.< 22 " =3 02 "S
. 3   3 2 S
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

45



 

9.  H  
 LL
#HONHa
 HGoG
N
  " 
#!
#HOoG
N#


 { # HG

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

46



 

!"Y LL { : 


G"
H  L H 
  HO
RO UN O "|S

. /!" / "7:S


 U 
N "
 2 3 !v H oG
!LyGoG / zWG
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

47



 

.    O
R
 : o   H p"MS

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

48



 

!"{ Y!
 UN !v .. 2496   H LOG

LYI" V RG S

 o
# 
F  z "Y sa a
GL|zo G{ 
 o
GL|zo! G{ 
 
|z (.. 2515)
GL|z!ww
I"
GI
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

49



 

!"{  Y! ...


NF !P 
N{ VF Lz # U GF
G.wG L
(.. 2519)
|z"L!ww{ MBA 
N NIDA (F #! 
 #!)
G #!|z"L!ww    
N
 !!v W (F #! 
 #!) (.. 2525)
F   X "L  
NLz   
!" # (.. 2529 2534)
F 
N L. o G   Oo G (.. 2534 2540)
M zWG G YI"FF   RXGS
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

50



 

M RFS !v .. 2540

R S


 V 10  L
 F  #!o   L
V 3% !v G"
#
!"I 30,000 L U |N 
VL
|z LL  I 
YI" V  #! "


NF# "  !T X
# "oG Ys 
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

51



 



 H 

 U
NG" 
U#  s#
FH # !
L

 U
NG"
#s#

{
s 

G  
YN |V L
 H  

"   "
"  
#

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

52



 

 H !v 2545

PR :
Lz    # {! GF (O )
SSC :
Lz Y GF (O )
STANLY : Lz #  #tt GF (O )
WACOAL : Lz #{ GF (O )
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

53



 

 H !v 2554

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

54



 

 XL  }
NG

YI"
N
XL  }
N
Y SET
H O  

L 10.9% !v
.. 2540 2553 (14 !v)
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

55



 

 VI H  s Y .   


."00S

 |  
N
(U
{
)

NFG L#

!P  
 
FHX 
Margin of Safety 

Tip : R 
 S HOY L G  x
 2 H 3 Y (  
 
V V)
GF   VYLz
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

56



 

   VI Y .   


o

L
G  "L
N L s #H O
 !"GF
.8@/= 28@34<  <8@ 5
6
28@2  /
8@ =2 

=   0   S
!TGG

 HG Y N

Ip



     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

57



 

!TGG Ip
! LLFoG (Business Model)
x 0C2'>$,$MJ! ,$J$' ,$2! ,$!+$ >2"'] Kkg ;
(*d,f$]$,$52$@L]^$@g +;E 56-1)
# !
L YY 
NNU (Durable Competitive Advantage
: DCA) |N
IL YHY |N 
V
x K8!0#50K?]>2% 1%'> E1'''1 "1 J!G8!03![ 8 @0$ {J{
x Ji,->$ K-$ J^$$,0K?]LJ!,Z"> +;@JK?5Mi>G$5
x !f0 K-;G1$5Ji,->$0K?Z+j1,1$-i1EG12 $,
x !f0 K-$ %'>@K5>0.,$MJ!
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

58



 

!TGG Ip ...


XF   UF#YLz
x 'i]$,,^$%@,! (Profit)
5!?28i2 5!?2E8'2MJ,$'^$!2$+J2+,-1$Z">]1$5,
x #!]$/$-$ 8 ?^$8 G2,^$%0K?]L,!'GdCZL5L5$
XL   YX U
x 'i]$, ROE = ,^$%8.03! / 81G2Mi>v;+.>
5!?28i2 5!?28L0>Z+>+vd2-./4$#G2,^$%G2!f00K?]L, $@A
MJE0Z+>E,1Mi>v;+.> ,]L K8i2GdC
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

59



 

!TGG Ip ...


W "  U
V
x VI "!f00K? K+KC>5
x +JK,JK?52!f00K? K,^$%% 1E1 EJL#5$5$ '>5,$,1+KC
 H "   
x J;,!f00K? K,^$%0K?@A2!8'8i2 !f00K? K2!8'-2+J; $,
+KC>5 "1 $]G$58!->$@A2!8' E1B;Cv.'!@A2!";?
XL
x

K-$ 8$ $v % 1 K@L!8K5+$5 0.]! M!']!53


     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

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

 }a

Y

NNF N

G U  L{YF#


     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

61



 

!TGG  ...


P/B Ratio
Book Value Per Share (B) =   - 
V
GF   w

P/B !P  !
L 
L U P/E
NNF N  HO  P/E I
E L
P/B < 2  HG
NG" Y#! UV
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

62



 

!TGG  ...


Y Y (Market Capitalization)
x +.>G$']!

Market Cap. < 1000 J>$$0

x +.>G$'J,

Market Cap. 1,000 x 8,000 J>$$0

x +.>G$',J$2 Market Cap. 8,000 x 4,0000 J>$$0


x +.>G$'Z+j1 Market Cap. > 40,000 J>$$0

!" s  RpS " RG  GS Y "


     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

63



 

!TGG  ...


Dividend Yield (D/P)
x 5!?28i2 5!?2'K D 8i2, P ?^$ (>0.?^$)
x 2!@yMJ@A,$E0L+1$2,$-5
x -'i+.>0K?]1$5@yMJ8 ?^$8 Z$0K?+ $L8
x D/P 0K?8i2 0^$Z+>0558L8 +.> VI %'>

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

64



 

 Y VI ( UN | )


U  UV U #Lp" zWGU
U (3 4 !v)
Y UNL VI 
N " UV W GG !
N #!
U  "X
Y UNY|V #!  
N G 
Y UN
 VI 
N  HG
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

65



 

Lww 10 !" FL   VI


1. |zY  H
  HG
2.  HGYU U R sS
3. HFwLGU
 pU zWGN#!
4. 
w
GN " R UV S UN 
" RYS UN
#  OUN
5. GGF# !P UN
N G" R UV  H 
UV W S " RY #G
N S
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

66



 

Lww 10 !" FL   VI ...


6. Y 
 " GG"  #!
U N Y|V  s  #! UON
7.  R S G L
8.  HG...  
NG# 
G HG  G"#!
NG#
9.   H  Ip
10. HO L GLG " NF 
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

67



 

I  o p


Ro H   FS

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

68



 

!"{ Y!
LwO
LI ( 
 
) "IOLI
 
( 
 
) o
MBA { L
 W 

XG o # GF (O )
LzG" L
  
 GY  R  FS
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

69



 

o H   F

 L#t

F# 

#YF

X  

OX 

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

70



 

zI"FwY  F



F# UN

 Y #

!P F#
N
Ip

!T X NNF 

 
U t

Y L{


V NF

#L X U UN N


     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

71



 

YHG Y  UN   F

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

72



 

Lz
N
F# RIpS
RO
 H FF#S
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

 

 YX U


Equity
Multiplier

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

74



 

 H 

 Y

 L

 L
 L" 

.4 /
/" =F60 /0/
5F/  3  /00/";
RCEOS !P Hw + R
LS !P 
L
RX  U S U !"o |N U 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

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

76



 

X  LL""  F


 s

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

77



 

o   H   F


R  S

RDollar Cost AverageS

UN#L s G"F##L ?


YV
L Y
sL#
     !" #
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

78



 

  


 

  F


100  @ 10 L
= 1,000 L

 

 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



 

   ...



N U
#GY 50 
  GY 50 
F# 
  Y 
N UH 
  
N UV
  
NF# 
  
N G

=
=
=
=

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/ 

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

80



 

   ...


!TGGL
  
N G
O

= 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
NI YHG

 H oG
N

F    
 H oG
N 
L
YHG
 H oG
N

# !
L O
YY  NU
 H 
 
 LL #HO
NH
 H oG
N

 
NNF

#   
  / UVM

o

L
G  "L

N s #H O

!"GF
! LLFoG
O G 
vU

# !
L
 YY 
NNU
W "  

XF   

|zYH

 
  GL
G " 
NF 

I 
W "  

V 
Y #

XF   

F#
Ip
!T X

# N L


CG 

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

82



 


N# 
 G
 VI ...
Warren Buffet

Dhandho

.   

I 

 H   "


L #HO

Yes

HFwL
GU
pU
zWG{N#!

Yes

Yes

UV UN U""


UVGF  
"YGF  
U }
N 17 !v

  


 a #  L
U }
N 3 - 5 !v

U }
N 3 - 4 !v

Margin of Safety
(Y
 )

Margin of Safety

Margin of Safety

Margin of Safety

UV UN F# 

{
R UV  Y S

UV UN 


Y UN

#  OUN

 

     !" #


Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

83

     !" #


84
Copyright 2013 Thailand Securities Institute (TSI), The Stock Exchange of Thailand. All rights reserved.

84



 

You might also like