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HALF 0F ELEVEN
6.5 11/21 11
E 5.5
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HOW MUCH IS 1+1
• ONE
• TWO
• THREE
• FOUR
• FIVE
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1 + 1 = ?
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• SIX
• SEVEN
• EIGHT
• NINE
• TEN
HOW MUCH IS 1+1
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=
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เหตผลของการมชวตอย หรอสงททาใหเรา
อยากตนขนมาในทกๆ เชา-15-
สมดลระหวาง 4 สง คอ1. สงทคณรก หรอมความสขทไดทา2. สงทมประโยชนตอโลกใบน3. สงทสรางรายไดใหเรา4. สงทเราทาไดด
คอ
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เหตผลของการมชวตอย หรอสงททาใหเราอยากตนขนมาในทกๆ เชา
แตถา ไมมเปาหมาย
เมอไรเราจะถง-18-
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There’s an old Wayne Gretzky quote that I
love
“ I skate to where the
puck is going to be, not where it has been”.
“And we've always
tried to do that at Apple
Since the very, very
beginning. And we
always will.”
Steve JobApple CEO. (1955 – 2011)
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If I can do it
You can do it!
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ชวตของแจกหมา อภมหาเศรษฐชาวจน
First 20 : Be a Good Student
20-30 : Find a good Boss
30-40 : Who we work for
and why?
40-50 : Focus
50-60 : Work for Kid
60 : Take Rest
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Jack Ma
VIDEO
Jack Ma
VIDEO
ถาคณไมลกขนมาทาตามความฝนของคณใหเปนจรงดวยตวคณเองวนนคณกจะยงคงถกจาง เพอใหทาความฝนของคนอน
ใหเปนจรง ตอไป
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1. Business Development
2. Management
3. Personal / HR
4. Operation Procedure
5. Compliance
6. Finance
7. External Shareholders / Stakeholders
8. Relationship / Networking
CEO’s Job Descriptions
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CEO’s Job Responsibility Descriptions
Customers
Family Shareholders
Suppliers
Management
Regulators
Bankers
Business
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CFO’s Responsibilities
“ Management’s most important job is to
create value for the firm”
“ CFO’s role is to make decisions and
give advises to direct resources to the
most productive and efficient uses”
Company’s Focus Priorities
Equally Important
Finance Strategy
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Management Decisions
Operating Decisions
• Sales
• Profit Margin
Investment Decisions
• Working Capital
• Fixed Assets
Financing Decisions
• Equity
• Debt
• Dividend Policy
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Company’s Focus Priorities
A Prime Indicator Of
Strength & Weakness
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A Glimpse of Value
What is the fair value of an investment that
provides following cash flows and that you
want 10% required rate of return?
0______1______2______3
110 121 132.10 (Bt mn)
Fair Value = Present Value
= 110/1.10+121/1.102 +132.1/1.103
= 300 mn
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Cash flows growth 10%
What if cash flows grow 15% or more?
What if required rate of return is 15% or 20%?
What if there are more cash flows after year 3?
– longer growth duration
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If cash flows growth is 15%
0_____1_____2_____3
115 132.25 152.09
Cost of Capital 10%, PV = 328.11 mn
Cost of Capital 15%, PV = 300.00 mn
Cost of Capital 20%, PV = 275.69 mn
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If cash flows growth is 15% for 4 years
0_____1_____2_____3_____4
115 132.25 152.09 174.90
Cost of Capital 10%, PV = 447.60 mn
Cost of Capital 15%, PV = 400.00 mn
Cost of Capital 20%, PV = 360.03 mn
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The higher the growth, the higher the value
The longer the duration growth, the higher the value
The higher the discount rate, the lower the value
Value Creation Network
CORPORATE
OBJECTIVE
VALUATION
COMPONENTS
VALUE
DRIVERS
MANAGEMENT
DECISIONS
Creating
Shareholder
Value
Shareholder
Return
• Dividends
• Capital Gains
Cash Flow From
Operations
Discount
RateDebt
• Value
Growth
Duration
• Sales Growth
• Operating Profit
Margin
• Income Tax Rate
• Cost of
Capital
• Working Capital
Investment
• Fixed Capital
Investment
Operating Investment Financing
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Return on Equity = Net Income
Total Equity
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=
=
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PRODUCTION FINANCE
=TA
TESale
TA
NI
Sale
Net Profit
Margin
MARKETING
Asset
Turnover
Efficiency
Leverage
Ratio
Value Drivers
Earnings
Growth
Cash Flows
Required Rate of Return
Dividends
Demand for shares
Environmental and Social Responsibilities
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WORKPOINT
VIDEO
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คณปญญา นรนดรกลบรษท เวรคพอยท เอนเทอรเทนเมนท จากด (มหาชน)
วนกอตง 11 กนยายน 2532
วนเขา SET 29 กนยายน 2547
ทนจดทะเบยน 200 ลานบาทราคา IPO 15 บาท/หนขนาด IPO 585 ลานบาท
(39 ลานหน)
มลคากจการ ณ วน IPO 3,000 ลานบาท
Office Mate
VIDEO
คณวรวฒ อนใจ บรษท ซโอแอล จากด ( มหาชน )
วนกอตง 28/ กนยายน 2537
วนเขา MAI 28 ตลาคม 2553
ทนจดทะเบยน 80 ลานบาทราคา IPO 4.90 บาท/หนขนาด IPO 98 ลานบาท
(20 ลานหน)
มลคากจการ ณ วน IPO 392 ลานบาทวนเขา SET 26 ธนวาคม 2555
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AAV
VIDEO
คณธรรศพลฐ แบเลเวลดบรษท ไทยแอรเอเซย จากด (มหาชน)
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วนกอตง 14 กมภาพนธ 2549
วนเขา SET 31 พฤษภาคม 2555
ทนจดทะเบยน 485 ลานบาทราคา IPO 3.70 บาท/หนขนาด IPO 4,486 ลานบาท
(1,212 ลานหน)
มลคากจการ ณ วน IPO 17,945 ลานบาท
More knowledge has been
created in the last 5 years
than in the 5,000 years of
human history before.
And its doubling
every 5 years.(in some fields even much faster)
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Competing requires dramatic
increases in...
PRODUCTIVITY CREATIVITY
AND
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The simple world of yesteryear
Everything was easy to understand…
…and there were clear correlations
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"What do you think it takes
to be a "winner" in the
next ten years?
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Digital is not a technology
or device
It is a collection of habits
and expectations.
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Go beyond just marketinga product or service Innovate
Innovate the product Innovate the marketing Innovate the business
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Implementing social media
Policies & procedures
Education & training
Digital strategy &
social media strategy
Just do it
Analyze & optimize
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Rethink
VIDEO
Future trends in technology
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What if you
could…Save 50% of facility
costs
Have employees never
want to leave you.
Increase innovation
by 10X How do you
do this???
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Transforming
your organization?
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Transformation is worth it but
not easy
Manage transformation process end to end
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The Knowledge Economy
REQUIRES
creative approaches
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Job of a leader :
getting maximum
output from limited
resources
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Easy: pay
people
more and they
will
do more…
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But what about Innovation….?
Do people innovate more
if we pay (or threaten) them
more?
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Building an organizational culture
People like to be:
Part of groups
Get recognized
Compete (with other groups)
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No evidence this increases performance
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Do we
measure the
right things
in our
businesses
and in our
lives?
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The Playstation
generation...
...is the biggest top talent pool
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You cannot “import”
leadership…
Developing a generation of leaders takes years
You have to grow it.
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…or leading
in the
front line?
Are you shouting
commands from a
safe distance?
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The heart of helicopter ability
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LE
AD
ER
S New requirements for today’s leaders
Frontline management
Transparency
Efficient communication
Information sharing
Celebrate failure
Knowledge is powerful when shared
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CH
AN
GE
Tomorrow will be very
different…The world has
changed and
will change
even faster
Information,
collaboration and
knowledge sharing
are essential
Organizations
secure
opportunities
for their future
Flexibility is a
success factor in
the transforming
world
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What does
success look like?People want to work for and with you
Employees feel like entrepreneurs
Low level of negative attrition
Your org is a thought leader
Employees at every level and in every
function are engaging with clients & partners.
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The Leadership role
is yours
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Strategy 101
"Strategy without tactics
is the slowest route to victory.
Tactics without strategy
is the noise before defeat."
- Sun Tzu
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StrategyStrategy
PurposePurpose
StructureStructure MetricsMetrics
PortfolioPortfolio
ProgramProgram ProjectProject
OperationsOperations
IdentityIdentity Long-Range
Intention
Long-Range
Intention
GoalsGoalsCultureCulture
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“There is one thing which, if
removed, will destroy the most
powerful government, the most
successful business, the most
thriving economy, the most
influential leadership, the greatest
friendship, and the deepest love.”
= TRUST
Source : The Speed of Trust-Stephen R.Covey
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POSSIBLY THE GREATEST
WASTE
IN LIFE IS THE GAP BETWEEN
WHAT YOU ARE AND
WHAT YOU COULD BECOME!
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I can accept failure,
everyone fails
something.
BUT I CAN”T ACCEPT NOT TRYING
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WHAT SHOULD
WE KNOW IN
BUSINESS
BUSINESS MODEL
FINANCIAL MODEL
MANAGEMENT MODEL
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DO THE BEST YOU
CAN UNTIL YOU
KNOW BETTER
THEN WHEN YOU KNOW
BETTER, DO BETTER
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JITTA
VIDEO
4 HITS
BY DEJ BOONSUK
• HIT FIRST
• HIT HARDER
• HIT ACCURACY
• HIT CONSISTENCY
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YOU CAN STAY IN
HERE AND HOPE
FOR A MIRACLE,OR YOU CAN GET OUT
THERE AND MAKE A
MIRACLE OF YOUR OWN
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เงนไมไดทาใหเกดความคดการคดไดตางหากททาใหเกดเงนสวภา เจรญยง
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General Disclaimers And Disclosures
This report is prepared and issued by Thanachart Securities Public Company Limited (TNS) as a resource only for clients of TNS, Thanachart Capital Public Company Limited
(TCAP) and its group companies. Copyright © Thanachart Securities Public Company Limited. All rights reserved. The report may not be reproduced in whole or in part or
delivered to other persons without our written consent.
This report is prepared by analysts who are employed by the research department of TNS. While the information is from sources believed to be reliable, neither the information
nor the forecasts shall be taken as a representation or warranty for which TNS or TCAP or its group companies or any of their employees incur any responsibility. This report is
provided to you for informational purposes only and it is not, and is not to be construed as, an offer or an invitation to make an offer to sell or buy any securities. Neither TNS,
TCAP nor its group companies accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents.
The information and opinions contained herein have been compiled or arrived at from sources believed reliable. However, TNS, TCAP and its group companies make no
representation or warranty, express or implied, as to their accuracy or completeness. Expressions of opinion herein are subject to change without notice. The use of any
information, forecasts and opinions contained in this report shall be at the sole discretion and risk of the user.
TNS, TCAP and its group companies perform and seek to perform business with companies covered in this report. TNS, TCAP, its group companies, their employees and
directors may have positions and financial interest in securities mentioned in this report. TNS, TCAP or its group companies may from time to time perform investment banking
or other services for, or solicit investment banking or other business from, any entity mentioned in this report. Therefore, investors should be aware of conflict of interest that may
affect the objectivity of this report.
Recommendation Structure:
Recommendations are based on absolute upside or downside, which is the difference between the target price and the current market price. If the upside is 10% or more, the
recommendation is BUY. If the downside is 10% or more, the recommendation is SELL. For stocks where the upside or downside is less than 10%, the recommendation is
HOLD. Unless otherwise specified, these recommendations are set with a 12-month horizon. Thus, it is possible that future price volatility may cause a temporary mismatch
between upside/downside for a stock based on the market price and the formal recommendation.
For sectors, we look at two areas, ie, the sector outlook and the sector weighting. For the sector outlook, an arrow pointing up, or the word “Positive”, is used when we see the
industry trend improving. An arrow pointing down, or the word “Negative”, is used when we see the industry trend deteriorating. A double-tipped horizontal arrow, or the word
“Unchanged”, is used when the industry trend does not look as if it will alter. The industry trend view is our top-down perspective on the industry rather than a bottom-up
interpretation from the stocks we cover. An “Overweight” sector weighting is used when we have BUYs on majority of the stocks under our coverage by market cap.
“Underweight” is used when we have SELLs on majority of the stocks we cover by market cap. “Neutral” is used when there are relatively equal weightings of BUYs and SELLs.
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คณสวภา เจรญยง
กรรมการและกรรมการบรหาร
บรษทหลกทรพย ธนชาต จากด (มหาชน)
มประสบการณในตลาดการเงนไทยมากวา 30 ป โดยเปนวานชธนากรทมความเชยวชาญในสายการเงนธรกจ (Corporate Finance)
เชน การปรบปรงโครงสรางบรษท วางแนวทางระดมทนในรปตางๆ และการจดการแหลงเงน ทงการนาบรษทเขาจดทะเบยนในตลาดหลกทรพยและการออกตราสารหนและตราสารทน รวมทงมประสบการณในฐานะเจาหนาทสนเชอ การบรหารและจดการกองทน รวมทงกองทนสวนบคคลและกองทนสารองเลยงชพ กบสถาบนการเงนชนนาทงในและตางประเทศเปนนกเขยนประจาของหนงสอพมพธรกจและวารสารทางการเงน และเปนบรรณาธการการตนเศรษฐกจชด “ครอบครวตงหนด และมงานเขยนของตวเองอกกวา 10 เลม อกทงยงมตาแหนงในหนวยงานภาครฐไดแก กรรมการและอปนายกสมาคมนกวางแผนการเงนไทย ทปรกษาสมาคมสงเสรมผลงทนไทย และเปนคณะทางานพฒนาบคลากรในธรกจหลกทรพย ต.ล.ท. ปจจบนดารงตาแหนง กรรมการและกรรมรการบรหาร บรษทหลกทรพยธนชาต จากด (มหาชน)
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