85

3
2
1

2545
2545
2544

10,000
4,000
2,000

:
0-2229-2038-41 0-2359-1005-6

! 1

.. 2539

2
1. (Fundamental Analysis)

2. (Technical Analysis)

(Capital Gain) (Dividend)

2 2




3 6 9 12

(Dividend)
(Capital Gain)

"

"

"

Internet R-SIMS, I-SIMS 4
1.
3 6 9 1

2.
3 6 9 1



3
6 9 1
3.




4.




2




(...)

...


...

International Accounting Standards Committee (IASC)

American Institute of Certified Public Accountants (AICPA) Financial
Accounting Standards Board (FASB)

10

20

1.
... 45
2.
... 3
60

3. ( 56-1)
... 3
4.
110

...

11

12

1-3
...

ELCID (Electronic Listed Company
Information Disclosure)


...

...




ELCID

- NP (Notice Pending)

- NR (Notice Receive)

NP
- SP (Suspension)
5
NP
3

...



...
...
... http://www.sec.or.th

13

14

1. http://www.set.or.th





2. (The SET Information
Management System)




(Company) (Consolidated)
6 9


R-SIMS

Download


I-SIMS

15

16

Window
(Initial Data)
(Daily Update)


P-SIMS
Text Format


(Initial Data) Text Format
(Daily Update)


Listed Company Info (CD-ROM) CD-ROM



3.




8.30 - 18.30 . 10.00-15.00 .

17

18

3



6
9

...




...


...



...

... (www.sec.or.th)
(www.set.or.th)
On-line CD-ROM

19

20

! 2

(Balance Sheet) (Income Statement)

(Cash Flow Statement)

(Balance Sheet)


(3 )
(6 ) 9
()


()

= + ()

21

(:)

300,000
5,000,000
15,000,000
6,200,000
300,000
26,800,000
3,000,000
20,000,000
140,000
49,940,000

1,200,000
11,980,000
2,000,000
800,000
500,000
16,480,000
14,000,000
30,480,000

31 2544

22

30,000 100
100,000 100

30,000 100
100,000 100

3,000,000
10,000,000
13,000,000
3,000,000
10,000,000
13,000,000
2,500,000
360,000
0
3,600,000
19,460,000
49,940,000

1. (Assets)

2
1.1
"
"

23

" (Current Assets)

1

(1)
(Cash in Hand and at Banks) (2)
(Marketable Securities) (3) (Account Receivable)
(4) (Inventories) (5) (Other Current
Assets)
(1) (Cash in Hand and at Banks)

1.2

24

(Cash Equivalent)
(Promissory Notes ; P/N)

(2)
(Marketable Securities)





*


(3) (Accounts Receivable)




:
= - **
*
**

5
10

25

17,000,000.00
2,000,000.00
15,000,000.00

(4) (Inventories)



(Finished Goods)


(Raw Material)
(Work in Process)



(Factory Supplies)
(Finished Goods)





- (First in first out ; FIFO)

26

5 2544 1,000,000 10
28 2544 1,200,000 10
2544 14

10 5
2544 4 28
2544
= (10 x 1,000,000) + (4 x 1,200,000) = 14,800,000

- (Last in first out ; LIFO)

10 28 4
5
= (10 x 1,200,000) + (4 x 1,000,000) = 16,000,000

FIFO
LIFO

(Average Cost)

27

(5) (Other Current Assets)



5%

" (Fixed Assets)

(1) (Long-Term Investments)

(/) = ((10 x 1,000,000) + (10 x 1,200,000)) = 1,100,000

20
= 1,100,000 x 14 = 15,400,000

28

(2) (Property, Plant and Equipment)
1

-
(
)

2. (Liabilities)

2 (Current
Liabilities) (Long-Term Liabilities)
2.1 (Current Liabilities)

1

29

(1) (Bank Overdraft; O/D)

(2) (Accounts Payable and
Notes Payable) (Accounts Payable)




1
(Notes Payable)

1



(3)
(Current Portion of Long-Term Obligation)

(1) (Bank Overdraft ; O/D) (2)

(Accounts Payable and Notes Payable) (3)
(Current Portion of Long-Term Obligation)
(4) (Dividend Payable) (5) (Accrued
Expenses) (6) (Other Current Liabilities)

30

1

1
(4) (Dividend Payable)

3

(5) (Accrued Expenses)


5%

(6) (Other Current Liabilities)
5%

2.2 (Long-Term Liabilities)

1 1

31

(2) (Bond)

3. (Shareholders Equity)



(Authorized Shares)

(1) (Debenture)

32

30,000 100
100,000 100

3,000,000
10,000,000
13,000,000

(Preferred Stock) (Common Stock)

(Capital Stock)

(Paid-up Capital)

30,000 100
100,000 100

3,000,000
10,000,000
13,000,000

33

2,000,000
8,000,000
10,000,000

(Premium on Share Capital)

100 125
100,000
125 /
100,000
100 /

12,500,000 (125x100,000)
10,000,000 (100X100,000)
2,500,000

(Discount on Share Capital)

100
80 100,000

100 /
80 /
100,000

10,000,000 (100X100,000)
8,000,000 (80x100,000)
2,000,000

20,000 100
80,000 100

34

(Retained Earning)


2

Common-size

35

31 2544

36

(Common-size)
(Trend Analysis)


3 5

37

(Profit & Loss)

Profit & Loss Income Statement
3 6
9 1



(1) (Revenues)

(2) (Expenses)


(3) (Net Income)

(4) (Net Loss)

- = ()

38

31 2544

()
()

()

10,000
7,000
3,000
14,000

()
()
*
()

()
10,000
2,000
3,000
5,000

*

= +

39

(Accrual Basis)

31 2544

()
(/ )

()
12,000
100
12,100
7,300
2,200
410
720
10,630
1,470
4.20

40

1.) (Revenues)

41

(1) (Accrual Basis)

(2) (Completed Contract)





(Conservative)
(3) (Percentage of Completion)

(4) (Instalment Method)

42

...
...

2.) (Expenses)


(Matching Principle)



(Cost of Sales)

43

(Depreciation)
1
20
5


2
(1) (Straight - Line Method)

= -

100,000 5
5 10,000
(100,000 - 10,000)/5 = 18,000 20%
(1/5 * 100)

(2) (Accelerated Depreciation

Method)

(Selling and Administrative

Expenses)

44

,
(Tax Shield)
2
2.1 Double-declining-balance Method
2
20% 40%


1
100,000 x 40%
40,000
60,000
2
60,000 x 40%
24,000
36,000
3
36,000 x 40%
14,400
21,600
4
21,600 x 40%
8,640
12,960
5
2,960 *
10,000
*

2.2Sum-of-the-years-digits Method
/
5 1+2+3+4+5 = 15

1
2
3
4
5

(100,000-10,000) x 5/15
90,000 x 4/15
90,000 x 3/15
90,000 x 2/15
90,000 x 1/15

30,000
24,000
18,000
12,000
6,000

70,000
46,000
28,000
16,000
10,000

45

3.) () (Net Profit & Net Loss)
()

(Gross Profit)

(Operating Profit)

(Earning before Interest & Taxes :
EBIT)
(Earning before Taxes : EBT)
() (Net Profit & Net Loss) ()

(Earning per Share : EPS)

46

4.) (Extraordinary Item)

2

31 2544 ( : )

-

- :

+/-

-
()
(/)

12,000
7,300
4,700
2,200
2,500
100
2,600
410
2,190
0
2,190
720
1,470
4.20

47

2
1. (Common-size)

100

48

2. (Trend Analysis)
Growth Rate 2





(%) = ( - ) x 100
(Growth Rate)

49

(Cash Flow)

50

1. (Net Cash Flow From

Operating)

2. (Net Cash Flow From

Investment)

51

3. (Net Cash Flow From Financing)

1



4. (Net Cash Flow)




2
2

A, B C
(Net Cash flow)
500,000

52

31 2544

()

A
500,000
0
0
500,000

B
0
500,000
0
500,000

: ()

C
0
0
500,000
500,000

A


A B C
500,000 A
B



C

53

1.






2.

3.

54

55

56

! 3

3





1.
(Financial Ratio Analysis)






2. (Common-size Analysis)

3. (Trend Analysis)

3




4. (Cash Flow Analysis)

57

58

(Financial Ratio Analysis)
(Financial Ratio)

1.

2.

59

60

3.

"


"

1. (Business Risk)

2. (Financial Risk)




3. (Liquidity Risk)





(Profitability Ratio)

(Liquidity Ratio)

(Activity Ratio)


(Leverage Ratio)

(Market Value Ratio)

61

62

( : )

2543

2544

75
43
222
1,000
31,000
32,340
4,400
1,600
1,500
7,500
39,840

85
45
240
1,000
34,000
35,370
5,900
1,200
1,300
11,400
43,770

6,700
1,200
140
1,430
2,500
260
170
12,400
3,940
5,200
9,140
3,400
7,200
7,700
18,300
39,840

7,500
1,300
160
3,380
2,700
290
190
15,520
3,650
5,200
8,850
3,400
7,200
8,800
19,400
43,770

(EBIT)

2543
10,700
6,600
4,100
2,000
2,100
1,000
3,100
380
2,720
2,000
720
240
480
1.37

( : )
2544
12,000
7,300
4,700
2,200
2,500
100
2,600
410
2,190
0
2,190
720
1,470
4.20

63

64

" (Profitability Ratio)

(1)
(Gross Margin) 2544

= ( / ) x 100 %
= (4,700 / 12,000) x 100 = 39.2 %

(2) = x 100 %

(Operating Margin) 2544

= (2,500 / 12,000) x 100 = 20.8 %

(3)
(Net Profit Margin) 2544

= ( / ) x 100 %
= (1,470 / 12,000) x 100 = 12.3 %

(4) = x 100 %

(Return on Asset : ROA) 2544 =

2,500
x 100 = 5.9 %
0.5(39,840+43,770)

x 100 %

(Return on Equity : ROE) 2544 =

1,470
x 100 = 7.8 %
0.5(18,300+19,400)

(5) =

" (Liquidity Ratio)

(1) = /
(Current Ratio) 2544 = 35,370 / 15,520 = 2.3

2.3




(2) = (+ ++ )

(Quick Ratio) 2544 = (85+45+240+1,000) / 15,520 = 0.08

65

66

" (Activity Ratio)

(1)
= /

(Account Receivable Turnover) 2544 = 12,000 / (0.5(222+240)) = 52.9

(Collecting Day) 2544

= 365 /
= 365 / 52.9 = 7

(2) = /

(Inventory Turnover) 2544 = 7,300/ (0.5(31,000+34,000)) = 0.23

(Selling Day) 2544

= 365/
= 365/0.23 = 1,587

(3) = /

(Fix Assets Turnover) 2544 = 12,000 / (0.5(7,500+11,400)) = 1.3

(4) = /

(Total Assets Turnover) 2544 = 12,000 / (0.5(39,840+43,770)) = 0.3

" (Leverage Ratio)

(1)
= /
(Debt to Equity Ratio : D/E) 2544 = (15,520+8,850) / 19,400 = 1.3

1 1.3


2
(2) = /

(Debt to Total Assets) 2544 = (15,520+8,850) / 43,770 = 0.6

100 60
40

67

68

(3)
=

(Interest Coverage Ratio) 2544 = 2,600 / 410 = 6.3

" (Market Value Ratio)

(1) = /

(P/E Ratio) 2544

= 50 / 4.20 = 11.90

1
P/E Ratio

P/E Ratio
(2) = /

(P/BV Ratio) 2544

= 50 / 65 = 0.77

= /

(Book Value per Share)

= 19,400 / 350 = 55

P/E Ratio 1


1.








2.




3.
1


4.

69

70

1.

(Gross Margin)
(Net Profit Margin)
(ROE)
(ROA)

( : %)
2541 2542 2543 2544
46 44
39 39
26
24
18 12
23
14
11
8
9
6
4
6

2541
2543-2544

ROE ROA

2.

(Current Ratio)
(Quick Ratio)

2541 2542
2.61 2.94
0.13 0.11

( : )
2543 2544
1.69 2.3
0.07 0.08

3.

(A/R Turnover) ()
(Collecting Day) ()
(Inventory Turnover) ()
(Selling Day) ()
(T/A Turnover) ()

2541
23
16
0.55
660
0.40

2542
21
18
0.42
879
0.29

2543
30
12
0.40
1,250
0.27

2544
52
7
0.23
1,587
0.26

71

72

Project-Finance 70%





4.

(D/E)
(D/TA)

( : )
2541 2542 2543 2544
1.6 1.18 1.59 1.3
0.61 0.54 0.61 0.60
33 22 8.2 6.3

60%
40%

D/E 2




(Common-size)

31 2544
A
%

180
0
240
1

6.59
0.00
8.79
0.04

350
80
851
180
0

12.82
2.93
31.16
6.59
0.00

1,500 54.92
200
7.32
2,731 100.00

B
%
490 11.37
135 3.13
750 17.40
380 8.82
410
30
2,195
0
355

9.51
0.70
50.93
0.00
8.24

1,730 40.14
30 0.70
4,310 100.00

73

74

A
%

450 16.48

200
7.32

0
0.00
1

110
4.03

85
3.11

845 30.94

30
1.10

0
0.00

300 10.98

1,175 43.02

220
8.06

732 26.80

607 22.23
:
172
6.30

406 14.87
()
-3 -0.11

1,556 56.98

2,732 100.00

B
%
430
550
120

9.98
12.76
2.78

170

3.94

180
1,450
0
100

4.18
36.64
0.00
2.32

820
2,370

19.03
54.99

220 5.10
650 15.08
1,070 24.83
25 0.58
1.045 24.25
0
0.00
1,940 45.01
4,310 100.00

 B
A A
B B

A
B
A

B

A B
A

A
B


B
A B 50%
37% A

75

76

B
A B
B

A
B
B A
B A

B 2-3

4 31 ( : )
2541

8,300

4,700

3,600
& 1,400

2,200

600

%
100
57
43
17
26
7

2542
9,700
6,000
3,700
1,800
1,900
700

%
100
62
38
18
20
7

2543 %
10,700 100
6,600 62
4,100 38
2,000 19
2,100 19
1,000 9

2544 %
12,000 100
7,300 61
4,700 39
2,200 18
2,500 21
100 1

2541
2,800

110

2,690

0

2,690

900

1,790
(/ )
7.78

%
33
1
32
0
32
11
21

2542
2,600
240
2,360
0
2,360
750
1,610
6.71

%
27
3
24
0
24
8
16

2543 %
3,100 28
380 3
2,720 25
(2,000) 19
720 6
240 2
480 4
1.37

2544 %
2,600 22
410 4
2,190 18
0 0
2,190 18
720 6
1,470 12
4.20

4 31

2541
8,300
1,790
65
440
22,000
25,000

2542
9,700
1,610
64
185
27,000
28,000

() (%)
2543 2544 2542 2543 2544
10,700 12,000 17
10 12
480 1,470 (10) (70) 206
75
84 (2) 17 12
220 200 (58) 19 (9)
32,000 35,000 23
19
9
34,000 37,000 12
21
9

1.
2541 2543

77

78

2. Common-size

43% 2541 38%
2542-2544
3.

4.
2543
2543


5. 2544 206%

2543

6. 2542

31

( )
( )
()

( )
( )

O/D ()
()
()
()

()
()
()

2542
860
10
(170)
(580)
160
280
(13)
(20)
(33)
(50)
140
0
0
(260)
(170)
77
40
117

( : )
2543
510
11
(360)
(2,150)
30
(1,959)
(80)
200
120
300
670
1,200
0
(140)
2,030
191
16
207

2544
690
13
(400)
(1,730)
50
(1,397)
(100)
330
230
120
450
0
900
(200)
1,270
123
90
213

1. 3

79

80

2. 2542


2542

2544






(Fundamental Analysis)


(Technical
Analysis)

5 (1)
(2) (3)
(4) (5)

81

82

83

...







1. 50

2. 1 50

3. 2
50

4.
50

1. 50

84

2. 1 50

3. 2

50
4. 1, 2 3
50

20 50

10

85

1. 25

2.
3.

4.



...

86

, . : ,
...
,
. : ,
[2542].
, . .
. : , 2539.
, . :
, 2534
, .
: , 2539.
, . :
, 2539.
, . . .
: , 2534.
Eugene F. Bringham and Louis C. Gapenski. Financial Management.
Harcourt Brace College Publishers, 1994.
Zvi Bodie, Alex Kane, Alan J. Marcus. Investments. Richard D.
Irwin, Inc., 1993.