-2-

-3-

-4-

-5-

-6-

HALF 0F ELEVEN

6.5 11/21 11

E 5.5

-7-

HOW MUCH IS 1+1

• ONE

• TWO

• THREE

• FOUR

• FIVE

-8-

1 + 1 = ?

-9-

-10-

-11-

• SIX

• SEVEN

• EIGHT

• NINE

• TEN

HOW MUCH IS 1+1

-12-

-13-

=

-14-

เหตผลของการมชวตอย หรอสงททาใหเรา

อยากตนขนมาในทกๆ เชา-15-

สมดลระหวาง 4 สง คอ1. สงทคณรก หรอมความสขทไดทา2. สงทมประโยชนตอโลกใบน3. สงทสรางรายไดใหเรา4. สงทเราทาไดด

คอ

-16-

-17-

เหตผลของการมชวตอย หรอสงททาใหเราอยากตนขนมาในทกๆ เชา

แตถา ไมมเปาหมาย

เมอไรเราจะถง-18-

-19-

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)

-20-

If I can do it

You can do it!

-21-

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

-22-

-23-

Jack Ma

VIDEO

Jack Ma

VIDEO

ถาคณไมลกขนมาทาตามความฝนของคณใหเปนจรงดวยตวคณเองวนนคณกจะยงคงถกจาง เพอใหทาความฝนของคนอน

ใหเปนจรง ตอไป

-24-

-25-

-26-

-27-

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

-28-

CEO’s Job Responsibility Descriptions

Customers

Family Shareholders

Suppliers

Management

Regulators

Bankers

Business

-29-

-30-

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

-31-

Management Decisions

Operating Decisions

• Sales

• Profit Margin

Investment Decisions

• Working Capital

• Fixed Assets

Financing Decisions

• Equity

• Debt

• Dividend Policy

-32-

Company’s Focus Priorities

A Prime Indicator Of

Strength & Weakness

-33-

34

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

-35-

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

-36-

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

-37-

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

-38-

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

-40-

-41-

Return on Equity = Net Income

Total Equity

-42-

=

=

-43-

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

-44-

WORKPOINT

VIDEO

-46-

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

-48-

AAV

VIDEO

คณธรรศพลฐ แบเลเวลดบรษท ไทยแอรเอเซย จากด (มหาชน)

-50-

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)

-51-

Competing requires dramatic

increases in...

PRODUCTIVITY CREATIVITY

AND

-52-

The simple world of yesteryear

Everything was easy to understand…

…and there were clear correlations

-53-

-54-

"What do you think it takes

to be a "winner" in the

next ten years?

-55-

-56-

Digital is not a technology

or device

It is a collection of habits

and expectations.

-57-

Go beyond just marketinga product or service Innovate

Innovate the product Innovate the marketing Innovate the business

-58-

Implementing social media

Policies & procedures

Education & training

Digital strategy &

social media strategy

Just do it

Analyze & optimize

-59-

Rethink

VIDEO

Future trends in technology

-61-

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???

-62-

Transforming

your organization?

-63-

Transformation is worth it but

not easy

Manage transformation process end to end

-64-

The Knowledge Economy

REQUIRES

creative approaches

-65-

Job of a leader :

getting maximum

output from limited

resources

-66-

Easy: pay

people

more and they

will

do more…

-67-

But what about Innovation….?

Do people innovate more

if we pay (or threaten) them

more?

-68-

Building an organizational culture

People like to be:

Part of groups

Get recognized

Compete (with other groups)

-69-

No evidence this increases performance

-70-

Do we

measure the

right things

in our

businesses

and in our

lives?

-71-

-72-

-73-

The Playstation

generation...

...is the biggest top talent pool

-74-

You cannot “import”

leadership…

Developing a generation of leaders takes years

You have to grow it.

-75-

…or leading

in the

front line?

Are you shouting

commands from a

safe distance?

-76-

The heart of helicopter ability

-77-

LE

AD

ER

S New requirements for today’s leaders

Frontline management

Transparency

Efficient communication

Information sharing

Celebrate failure

Knowledge is powerful when shared

-78-

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

-79-

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.

-80-

The Leadership role

is yours

-81-

Strategy 101

"Strategy without tactics

is the slowest route to victory.

Tactics without strategy

is the noise before defeat."

- Sun Tzu

-82-

StrategyStrategy

PurposePurpose

StructureStructure MetricsMetrics

PortfolioPortfolio

ProgramProgram ProjectProject

OperationsOperations

IdentityIdentity Long-Range

Intention

Long-Range

Intention

GoalsGoalsCultureCulture

-83-

-84-

-85-

“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

-86-

POSSIBLY THE GREATEST

WASTE

IN LIFE IS THE GAP BETWEEN

WHAT YOU ARE AND

WHAT YOU COULD BECOME!

-87-

I can accept failure,

everyone fails

something.

BUT I CAN”T ACCEPT NOT TRYING

-88-

WHAT SHOULD

WE KNOW IN

BUSINESS

BUSINESS MODEL

FINANCIAL MODEL

MANAGEMENT MODEL

-89-

DO THE BEST YOU

CAN UNTIL YOU

KNOW BETTER

THEN WHEN YOU KNOW

BETTER, DO BETTER

-90-

JITTA

VIDEO

4 HITS

BY DEJ BOONSUK

• HIT FIRST

• HIT HARDER

• HIT ACCURACY

• HIT CONSISTENCY

-92-

YOU CAN STAY IN

HERE AND HOPE

FOR A MIRACLE,OR YOU CAN GET OUT

THERE AND MAKE A

MIRACLE OF YOUR OWN

-93-

เงนไมไดทาใหเกดความคดการคดไดตางหากททาใหเกดเงนสวภา เจรญยง

-94-

-95-

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.

-96-

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)

-97-