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หมวดที่ 4 ความรู้เกี่ยวกับ การลงทุนในตลาดเงินและตลาดทุนเบื้องต้น PowerPoint PPT Presentation


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หมวดที่ 4 ความรู้เกี่ยวกับ การลงทุนในตลาดเงินและตลาดทุนเบื้องต้น. หัวข้อการบรรยาย. รู้จักตราสารการลงทุนเบื้องต้น การกำหนดนโยบายการลงทุน และ Benchmark ที่เหมาะสม. ส่วนที่ 1 รู้จักตราสารการลงทุนเบื้องต้น. ประเภทของตลาดการเงิน (Financial Market). สามารถจำแนกออกได้เป็น 2 ประเภท คือ.

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หมวดที่ 4 ความรู้เกี่ยวกับ การลงทุนในตลาดเงินและตลาดทุนเบื้องต้น

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4


  • Benchmark


1


(Financial Market)

2

  • (Money Market) 1

  • (Capital Market) 1


(Capital Market)

1. (Stock Market)

2. (Debt Market)

3. (Derivative Market) 2 (Options) (Futures)


1. (Primary Market)

2. (Secondary Market)


(Money Market)

1

/

/


(Money Market)


1. (Deposit) 3 6 1

2. (Negotiable Certificate of Deposit)

3. (Treasury Bill) 1 (Discount)


()

4. (Bill of Exchange)

5. (Promissory Note) (Non-negotiable)


(Debt Market)

1

/

/


(Debt Market)


  • /


    • 1. (Government Bond)

    • 2. (State-Owned Enterprise Bond)

    • 3. (Bank of Thailand Bond)

    • 4.

    • (Financial Institutions Development Fund : FIDF Bond)


  • 1. (Debenture)

  • 2. (Secured debt) ( )

  • 3. (Non-secured debt)

  • 4. (Senior debt)

  • 5. (Subordinated debt)


  • (Interest Received) (coupon rate)

  • 2.(Discount Earned) Zero coupon bond (Face value)


3. () (Capital Gain/Loss)

- Coupon rate (Capital Gain)

- Coupon rate (Capital Loss)


  • Interest Rate Risk ( Market Risk)

  • (coupon rate)

  • (Yield)

  • (coupon rate)


Yield

i

Interest rate

(Capital Loss)


2. Credit Risk( Default Risk)

credit risk creditrisk


3. Purchasing Power Risk

(real return)


4.Reinvestment Risk


5. Rollover Risk

Reinvestment Risk


6. Call Risk

call option

(Refinancing)


7. Prepayment Risk

Call Risk Prepayment Risk (Mortgaged-back securities)

Reinvestment Risk


8. Currency Risk Exchange Rate Risk

9.Liquidity Risk


10. Event Risk

(payout ratio)




(Credit Rating Agency)

1. ()

Thai Rating and Information Services Co., Ltd. (TRIS)

2.

Fitch Rating Thai Co., Ltd. (Fitch)


(Investment Grade) (Non Investment Grade) ... 4 AAA, AA, A BBB (Investment Grade)


(Stock Market)

/

/


(Stock Market)

-

-

-


(Stock Market)

  • 1. (Primary Market) 2

    • (Public Offering : PO)

    • (Private Placement : PP)

    • (Initial Public Offering : IPO)

      2. (Secondary Market)


  • 1.

Stock Exchange of Thailand(SET)

  • 2.

Market for Alternative Investment(mai)


1. (common stocks ordinary shares)

2. (preferred stocks)

3. (stock warrants)

4.

5.

(stock options & futures)


1. (Dividend)

2. (Capital gain)

1. Company Risk

2. Sector Risk Industry Risk

3. Market Risk


(Derivative Market)

(Derivative Instruments) (Underlying Assets)

  • ... .. 2546 (futures) (option)


  • (Hybrids)

  • (convertible debenture)

2. (Warrant)

()


()

3. (Derivative Warrant)

()

4. (Stock Option)

Stock Option 3 9


()

5.(Futures)

(Futures)


1.

2.

3.

1.

2.




BANK

8.

/

6.

1.

2.

4.

...

3.

5.

7.


1. ...

... ...

2. .

...

3.


4.

-

-

-

-

5.

-

-


6.

7.

-

-


8.

9. (AIMC)

...



() () 1


  • (Closed-ended Fund)

  • (Open-ended Fund)



1. (equity fund)

- 65

2. (fixed income fund)

-


(fixed income fund)

1.

-

2.

- Portfolio duration 1

3.

- Portfolio duration 1

Portfolio duration :


3. (mixed fund)

-

- 65




2 Benchmark


  • (1)

  • (/-/)

  • (2)

  • (1)

  • (3) (benchmark)


3 (non-specialised fund)

  • (Fixed income fund : FI)

  • 2. (Equity fund : EQ)

  • 3. (Mixed fund: Mixed)


()

(specialised fund)

1. (fund of funds)

2. (money market fund) .

3. (specific fund)


(benchmark)

  • (Benchmark)

  • (Composite Benchmark)


benchmark

  • Benchmark


  • Benchmark

  • Benchmark

  • Composite Benchmark


Benchmark

  • :

  • Benchmark

    JACI (JP

    Morgan Asia Credit Index)


Benchmark

  • Benchmark

  • target durationTotal Return of ThaiBMA Government Bond Index

2. target durationThaiBMA Zero Rate Return ZRR Government Bond Index target duration


Benchmark

  • (+)

  • target durationTotal Return of ThaiBMA Composite Bond Index

2. target durationThaiBMA Zero Rate Return ZRR Government Bond Index target duration


  • Benchmark

  • : FD1 , 1 , 4 .., PVD

  • :

  • SET Index Return SET 50 Index Return

    SET total Return Index

  • (min+max)/2)

    20%

    (0+20)/2 = 10%


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