by 4

1|P a ge

. ,
.

, , ,

..

2|P a ge

( )

1 (Break Even Point)

3 (Gross profit) (Gross profit margin)

12

4 (Sale, general and administration cost - SG&A)

15

5 (Earning Before Interest, Tax, Depreciation

and Amortization - EBITDA)
19
6 (Depreciation and Amortization)

22

7 (Finance costs)

26

8 (Net profit) (Net profit margin)

29

9 (Return on Equity - ROE) ,

(Return on Asset - ROA) (Debt on Equity - D/E)

32

10

37

11

39

12

41

13

44

14

46

15

48

16

51

17

55

18

57

3|P a ge


by 4



4






..


( )






by 4

"


5 2557
4|P a ge

 ( )
(
)







5,000 - 10,000




..





30% - 50%
5-10
30-50%
( ) 1

5|P a ge

..

6|P a ge

 1 (Break Even Point)

( )

..
..
7 ..
..

+

1
( )
2 , 0.50 0.20
+ + 0.30 3
( )
400 100 500
3 + 500
7
500 7-3 4

500 125 ..

100 200 8000
200 40 (
) 60
400 (100 + 200 + 40 + 60)

3 +

900

500 + 400 )

900 / 4 = 225

226 ..

7|P a ge

 6-10 4
55 .. !!

2 1

()
..

..

8|P a ge

 2


!! ..
..
..
500

1,500

100
1500/100 15

300 1500/300 5

500 .. 1500/500 3
(Capacity) 500
600 2 3,000
3000/600 5



500
500 500
300
..
( )
(
) Pattern


..

9|P a ge



300
400 300 400
401
(
300 300 1 (400 /
3-4 (400 /

100

300

100 )
25-50%
50-70% (
)



10 | P a g e


..

11 | P a g e

 3 (Gross profit) (Gross profit margin)

Gross profit




..
20,000
2
25,000 (
) 5,000
20,000

30,000

12,000 18,000

..
12,000
1,000 11,000
31,000 (20,000+11,000)
( 20,000 ) ( )
11,000
(Selling, General and administrative expense SG&A)
(Depreciation)
..

( Gross

profit margin)

20,000 / 25,000 80%

11,000 / 12,000 92%
..
..
12 | P a g e


2

..







(
)
..
()

300 2
2 300 (
1 2 300 400 )



Canibalization

3-4 2
(Price Discremination)




13 | P a g e

 300
250

300 ( 100 )
300 2
100
200


Capacity (
)
...
.. ..

14 | P a g e

 4 (Sale, general and administration cost - SG&A)

..

( ) 50,000
20,000 30,000
10,000
20,000


..





.. 2
1 2






matching
matching ..
...

15 | P a g e

 2 5 3
600 200
300
100
300
2 3
900 600 1,500
500 ..

20-50%
( .. 35-40%
100 40 )

()
( )



( )






3 A B C
% 30% A 40%
16 | P a g e

 A



A B C A ..
(Cost of complex)







( )


..


Earning Before Interest, Tax, Depreciation and Amortization (EBITDA)
www.set.or.th


..
( )

17 | P a g e

18 | P a g e

 5 (Earning Before Interest, Tax, Depreciation and

Amortization - EBITDA)

..
EBITDA EBITDA
Earning Before Interest, Tax, Depreciation and Amortization


()
...
() ..

(
)


A 100 70 %EBITDA
30% 200
30 20 100
20 ( 100 = 70+30+20 = 120 )
20 ( )
A !!
200
30 20
10 A
5 5 (
1 ) 20 20

19 | P a g e


20 30 ..


VI
..
EBITDA



(
)

EBITDA
EBITDA



Economy of scale 2,000,000 start up cost 500,000
4,000,000
5-20%

Economy of scale
5 200 5
2,000 2 7 10 (1,000%)
40% 10
10 15
2

20 | P a g e

 EBITDA % EBITDA


Turnaround ( Turn )
..
EBITDA

..

21 | P a g e

 6 (Depreciation and Amortization)

Pre-operating costs
(Intangible asset)
1
(Depreciation and Amortization)

3,000,000 ( 15 )
2,000,000
1 1,000,000 (3,000,000 - 2,000,000) ..
..
15 3,000,000
3,000,000
5
600,000 2,000,000 1
1,400,000

20 5
1

150,000,000 10 10
15,000,000 5 30,000,000
(
1 )
1,000,000,000 ( )
20 50,000,000
1
50
50 50,000,000 20,000,000
30,000,000 (20 )
22 | P a g e

 20,000,000 (50 )
10,000,000

50

15 5 5
..
5 5
( 5 5 7 )
18 10 3,000,000 30,000,000
6,000,000 ( 30,000,000 / 5 )
8,000,000 2,000,000 5
8,000,000

15
10 11
(

)
2-3

1

2


7-10 25 710
P/BV 1-2
23 | P a g e

 P/BV 7 P/E 25
4-5
(
)
3




..

..
(

71.85 ( 173.50
40% ) ..

24 | P a g e

25 | P a g e

 7 (Finance costs)
(Finance costs)

5 EBITDA
( )



2-3


100 100 70 30
100

20% ( 100
20 ) 8% 12% (20%-8%)

..
2540 .. 2540

50,000 50,000


( 1 )
8-15%

(

26 | P a g e

)

( )

1,000
25 1 25,000
25,000 25 1 50
1 500

EBITDA

( )

2540



( )
back to back





(
)
. .

27 | P a g e

(
)





..

28 | P a g e

 8 (Net profit) (Net profit margin)

(bottom line) (Net profit)

10 13

( 10 1 20
1.2 )


(Net profit margin), (Return on Equity - ROE)
(Return on Asset - ROA) ROE ROA

.. (Net profit margin) ..
(Net profit margin)
(%) 28
100 28% (28/100 *100%)
100 28

10 2 20 3
20% (2/10) 15% (3/20)






..
29 | P a g e

 Seasonal








(
)



()

30 | P a g e

 7
( )
200 190 1.45

..




.. !!

(Return on Equity - ROE) (Return on Asset - ROA) ..

31 | P a g e

 9 (Return on Equity - ROE) , (Return

on Asset - ROA) (Debt on Equity - D/E)




(asset) = (debt,liability) + (equity)
100,000 20,000
20% (20,000/100,000) 100 20
(ROA)
( )
ROA 20% (ROE) 20%
ROA ROE ..

() 100,000
50,000 ( ) 150,000
30,000 (ROA) 20%
(30,000/150,000) (ROE)
33% (30,000/100,000) ( MRR
2557 8-12%) ..
ROA ROE
..
ROA ROA


ROA

Asset Turnover Ratio ..

32 | P a g e

 (Asset Turnover Ratio) = (Total sales) /

(Total Asset)
1 1,000,000
500,000 Asset Turnover Ratio 1 2 (1,000,000 / 500,000)
2 200,000 700,000 (500,000 + 200,000)
50,000 2 1,050,000
(1,000,000+50,000) Asset Turnover Ratio 2 1.5 (1,050,000 / 700,000)
2 1

5 ..
Asset Turnover Ratio
( ) 5
Asset Turnover Ratio ( 5 ) 3 1.5
( (capacity)
..
(
(Account

Receivable Turnover),

(Inventory Turnover), (Return on Fixed

Asset - ROFA)
)
ROE

( :
)
ROE ..

Liability

33 | P a g e





2540
( )
by

2
5 () 7
2
15% 8%
1 (
5 4 ) 2 7
( )
6
2 7 (
)

10% 8%
ROE 10% ROE 1-2%

(
)

10

34 | P a g e


Debt on Equity ratio (D/E Ratio)
(Debt on Equity ratio - D/E Ratio) = (Debt) / (Equity)
2,000,000
1,000,000 ( 3,000,000 ) D/E 2 (2,000,000 / 1,000,000)

3,000,000 1
300,000 ROA 10%
150,000 ROA 5%
3,000,000 1,000,000
2,000,000 8%
160,000 (8% 2,000,000
300,000 140,000 ROA 4.7% (140,000/3,000,000) 2
100,000 ( 150,000
160,000 )



( ROA )

ROE


(
)
(
)


35 | P a g e



..

36 | P a g e

 10
1 9
..

()
(Gross profit) (SG&A)




..






( ) (
)






9

37 | P a g e

38 | P a g e

 11
100,000
() 50,000 1 200,000
350,000
2,000,000
(100,000 ) 1,900,000 30
2,250,000 1,900,000
350,000
15,000 ( )
20,000 - 25,000
20,000 - 25,000 15,000

5,000 20,000
10,000
() 50,000 ..




3 ,

10
100,000 1,000,000
70,000 700,000
30,000 Initial Public Offeriing (IPO) 15
( 10 15 )
30,000 450,000
1,150,000 (700,000+450,000)
39 | P a g e

 1,000,000 ( 10 x 100,000 ) 150,000

1,150,000 IPO 15
-

1,150,000
, ,
( )


( )
( )
(
)
= -
by
1

..

40 | P a g e

 12



2 (


)

( )

(
), ( ),
( )
( )
( )





100,000

80%
( )


( )

41 | P a g e






A (

www.set.or.th)
1. 1,000,000
1,000,000 ()
2. 500,000
www.set.or.th
website
200,000
( www.dbd.go.th


)
3. 200,000 (
) 100,000
4. 500,000 20%
100,000
5. 10,000,000
() 0 A
5,000,000

42 | P a g e

1,000,000

1,000,000

500,000

200,000

200,000

100,000

500,000

100,000

10,000,000

5,000,000

12,200,000

6,400,000

12,200,000
6,400,000

(
)








(
)
( Exit )






2-5 ( 2 5
..
43 | P a g e

 13

2
1 ( 1 )
( ) ,

1
(

)


..





..
12% ( 7-10%
12% ) 1%
60
1 1 30 1
60 90
3 30 3 ..

2.4% 3 0.6%
44 | P a g e

 3% ( 1% 3 )
( SMEs) 1,000,000
30,000
90
60
150 (90 + 60 ) ..

..




() -
( ) 2531-2537
7-10%
15% LPG
60
1-2
(
)
,
..

45 | P a g e

 14


..

..





..





1 2



46 | P a g e








..

47 | P a g e

 15
...
3
2

1

(
) ,

2



3
( )

1

2

( 2-3
48 | P a g e

 ) 3


..

( ) ( )


()



( )
()



..
EBITDA 100
( ) 120
20 (100 - 120 )


120 200,000
10,000 20 20,000
30,000 25,000
5,000 ( 30,000 ) 5,000
( 5,000

49 | P a g e

( )

50 | P a g e

 16

..

51 | P a g e



() -8.91


- ()
238.39 238.39

52 | P a g e

!!!
()
50.30
( 3) ( )
71.30 50.30 21 (71.30 - 50.30)
3
,
(
)
-222.08
-8.91 209.99
(-222.08) + (-8.91) + (209.99) = 21.00
21


-85.55
() -44.05
-41.49 -85.55
-88.55 (
)
-85.55
23.24

-222.08 8.91 (
) 238
209.99

..
53 | P a g e

 190.65
201.85 -201.85


( ) -115.21
..

..

54 | P a g e

 17
2-3

1




()



( SG&A)




2
..
3 1
(
), 2
( )
(monopoly) (oligopoly)
3





55 | P a g e

 3


A 200,000
190,000 10,000
10,000









(
)
..

56 | P a g e

 18



..
3
, ..
()
)

1

()
()


()

3


..
( by 4 )
57 | P a g e