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àÊÃÔÁÊÔ¹ ÊÁÐÅÒÀÒ : ·ÓäÁŧ·Ø¹ã¹ NMG..? "# $ !"# " ∫√‘…∑— ‡π™—πË ¡—≈μ‘¡‡’ ¥’¬ °√äªÿ ®”°—¥ (¡À“™π) À√◊Õ NMG ‡æ√“–‡¡◊ÕË 8 μ.§. 2553 ∑’ºË “à π¡“ NMG ‰¥â·®âßμàÕμ≈“¥À≈—°∑√—æ¬å ∂÷ß°“√ ‡ª≈’Ë ¬ π∂à “ ¬‚§√ß √â “ ߺ⟠∂◊ Õ Àâÿ π „À¡à ®“° √“¬ß“π°“√‰¥â¡“®”Àπà“¬À≈—°∑√—æ¬å¢Õß °‘®°“√ (·∫∫ 246-2) ‚¥¬ºâ∑Ÿ ”°“√¢“¬§◊Õ π“ß ¡æ√ ®÷ß√àÿ߇√◊Õß°‘® ¢“¬ÕÕ°‰ª 17.87% ‚¥¬°≈à¡ÿ ºâ∂Ÿ Õ◊ Àâπÿ √“¬„À¡à §◊Õ π“¬ ‡ √‘¡ ‘π ¡–≈“¿“ ‰¥â¡“ 8.50% 𓬠ÿ‡∑æ «ß»å«√‡»√…∞ (ª√–∏“π°√√¡°“√∫√‘À“√ ∏𓧓√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“·Ààߪ√– ‡∑»‰∑¬) 6.07% ·≈–π—°≈ß∑ÿπÕ◊πË Ê 3.30% μà“ß¡’§”∂“¡«à“ ‡ √‘¡ ‘π§‘¥Õ–‰√Õ¬àŸ Õ–‰√‡ªìπ¡Ÿ≈‡Àμÿ ®Ÿß„®„π∏ÿ√°‘®ª√–‡¿∑ ◊ÕË ∑—ßÈ ◊ÕË ‘ßË æ‘¡æå, ∑’«,’ «‘∑¬ÿ ·≈– ◊ËÕ¥‘®‘∑—≈ „πÕ¥’μ‡ √‘¡ ‘𠇧¬ ‡ªì π ºâŸ ∂◊ Õ Àâÿ π √“¬„À≠à · ≈–°√√¡°“√„π SE-ED ¡“·≈â« ·≈–‡ªìπ§Õ≈—¡π‘ μå„π Àπ—ß ◊Õæ‘¡æåÀ≈“¬©∫—∫ ∑’ªË √“°Øμ“¡¢à“«∑“ßÀπâ“Àπ—ß ◊Õæ‘¡æå §◊Õ ‡ √‘¡ ‘𠉥â·Õ∫‰ª‡√’¬π§Õ√å New Media ®“° ∂“∫—π™—πÈ π”§◊Õ ¡À“«‘∑¬“≈—¬ Œ“√å«“√å¥ ¡“·≈⫇¡◊ËÕ ª≈“¬ªï 2009 ∑—È ß ªí ® ®ÿ ∫— π ¬— ß ¥”√ßμ”·Àπà ß ‡ªì π 𓬰 ¿“ ¡À“«‘∑¬“≈—¬ ¡À“«‘∑¬“≈—¬‡Õ‡™’¬Õ“§‡π¬å ·≈–‰¥â ≈ ß∑ÿ π „π∏ÿ √ °‘ ® π‘ μ ¬ “√À≈“¬‡≈à ¡ πÕ°‡Àπ◊Õ®“°°“√∫√‘À“√∫√‘…—∑ N-PARK ∑’¬Ë ß— ∫√‘À“√Õ¬àπ—Ÿ πË Õ“®®–· ¥ß∂÷ߧ«“¡¡àßÿ ¡—πË ∂÷ß°“√‡Õ“®√‘߇Փ®—ß·≈–§‘¥®–≈ß∑ÿπÕ¬à“ß®√‘ß ®—ß„π NMG À√◊Õ‡ª≈à“ ´÷Ë߇ªìπ§”∂“¡∑’Ë πà“ π„® „πÕ¥’μÕ¬à“ß∑’Ë∑√“∫°—π§◊Õ Àâÿπ SE-ED ‡ªìπÀâπÿ ∑’®Ë “à ¬ªíπº≈¥’Õ¬à“ßμàÕ‡π◊ÕË ß ®à“¬ªíπº≈∑ÿ°‰μ√¡“ Dividend Yield ª√–¡“≥ 7.5 - 9.5% μàÕªï ‰¡à√«¡°—∫ º≈°”‰√®“° à«πμà“ß√“§“Àâÿπ (Capital Gain) ·μàæÕÀ—π°≈—∫¡“¡Õß∑’Ë NMG ∂◊Õ«à“ ‡ªìπ∫√‘…—∑∑’Ë¢“¥∑ÿπ¡“μ≈Õ¥„πÀ≈“¬ªï∑’Ë ºà“π¡“ ·μàº≈°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ ªï 2010 π’È °≈—∫‡√‘Ë¡¡’°”‰√‡¢â“¡“Õ¬à“ß°â“« °√–‚¥¥ ∂÷ß 229.17 ≈â“π∫“∑ ¥—ßπ—πÈ Õ“®®– ‡ªìπ‰ª‰¥âÀ√◊Õ‰¡à ∑’ˇ √‘¡ ‘π °”≈—ß¡Õß«à“ NMG ®–°≈“¬‡ªìπÀâÿπμ’°≈—∫ (Turn Around Stock) ∂â“À“° ‡ √‘¡ ‘π¡Õß∂Ÿ° ®–‡ªìπ‚Õ°“ ∑’®Ë – √â“ߺ≈°”‰√‰¥âÕ¬à“ß¡“° ®“°ß∫°“√‡ß‘π ß«¥ 6 ‡¥◊Õπ ªï 2553

ªμ∑.Õ’°∑“ßÀπ÷ßË >> Õ√πÿ™ Õ¿‘»°— ¥‘»Ï √‘ °‘ ≈ÿ ª√–∏“π‡®â“Àπâ“∑’Ë ∫√‘À“√ °≈à¡ÿ ∑‘ ‚°â ‡ªî¥‡º¬«à“ „π™à«ß 9 ‡¥◊Õπ ∑’ºË “à π¡“ ‘π‡™◊ÕË ¢Õß∏𓧓√‚μ 23.5% ®“° ‘πÈ ªï 2552 ∑”„À⇙◊ÕË «à“∑—ßÈ ªïπ ’È π‘ ‡™◊ÕË ®–‡æ‘¡Ë ¢÷πÈ ‰¥â 22-25% ∑”„Àâ∞“π ‘π‡™◊ÕË ‘πÈ ªïπÕ’È ¬à∑Ÿ ’Ë 1.5 · π≈â“π∫“∑ ®“°‡ªÑ“‡¥‘¡∑’Ëμ—È߉«â«à“®–‚μ 15-17% ”À√—∫·π«‚πâ¡ ‘π‡™◊ËÕ„πªï 2554 ‡™◊ÕË «à“®–‡μ‘∫‚μ 10-15% ∫π ¡¡μ‘∞“π«à“‡»√…∞°‘®¢¬“¬μ—« 4-5% ‚¥¬„π ‰μ√¡“ 3 °≈à¡ÿ ∑‘ ‚°â¡°’ ”‰√ ÿ∑∏‘ 730 ≈â“π∫“∑ ‡æ‘¡Ë ¢÷πÈ 42% ”À√—∫ß«¥ 9 ‡¥◊Õπ ¡’°”‰√ ÿ∑∏‘ 2,205 ≈â“π∫“∑ ‡æ‘¡Ë ¢÷πÈ 50.2% ¡’‡ß‘π„Àâ π‘ ‡™◊ÕË 139,865 ≈â“π∫“∑ ¥â“π‡ß‘πΩ“°√«¡Õ¬à∑Ÿ ’Ë 114,306 ≈â“π ∫“∑ à«π‡ÕÁπæ’·Õ≈≈¥≈ßμàÕ‡π◊ËÕß®“° 2% ‡ªìπ 1.9% >> ª√–‡ √‘∞ ·μà¥≈ÿ ¬ “∏‘μ √Õß°√√¡°“√ ºâ®Ÿ ¥— °“√ ∫¡®.惰…“ ‡√’¬≈‡Õ ‡μ∑ ‡ªî¥ ‡º¬«à“ ™à«ß 9 ‡¥◊Õπ∑’ºË “à π¡“ ∫√‘…∑— ¡’¬Õ¥¢“¬ 3.1 À¡◊πË ≈â“π∫“∑ ¡“®“°§Õπ‚¥¡‘‡π’¬¡ 32% Õ¬à∑Ÿ ’Ë 1.1 À¡◊πË ≈â“π∫“∑ ∑—ßÈ π’È ¬Õ¥¢“¬§Õπ‚¥

®–æ∫«à“ NMG ¡’ —¥ à«πÀπ’È ‘π/∑ÿπ (Debt/Equity Ratio) 2.48 ‡∑à“ ´÷ßË ∂◊Õ«à“ ‡°‘π 2 ‡∑à“ ∂◊Õ«à“‡ªìπß“πÀπ—°∑’Ë ”§—≠∑’Ë ∑“ß°≈à¡ÿ ºâ∫Ÿ √‘À“√·≈–ºâ∂Ÿ Õ◊ Àâπÿ ™ÿ¥„À¡à μâÕß ®—¥°“√„Àâ≈¥μË”°«à“ 2 ‡∑à“„À≥⠇æ◊ÕË „Àâ°“√ ∫√‘À“√ß“π„Àâ§≈àÕß¡“°¢÷Èπ°«à“π’È ¬‘Ëß¡“¥Ÿ Õ—μ√“ à«π∑ÿπÀ¡ÿπ‡«’¬π (Current Ratio) μË”·§à√–¥—∫ 0.9 ‡∑à“ Àà“ß®“°√–¥—∫ 2 ‡∑à“ ‡¬Õ–¡“° μâÕ߇√àß·°âª≠ í À“„Àâ‡√Á«∑’ Ë ¥ÿ à«πº≈°”‰√ ÿ∑∏‘ (Net Profit) Y 06 = -154.22 , Y07 = -797.52, Y08 = -54.98, Y09 = -54.04, 2H10 = 229.17 ≈â“π∫“∑ μ“¡≈”¥—∫, ·≈–°”‰√μàÕÀâπÿ (EPS) Y06 = -0.94, Y07 = -4.84, Y08 = -0.33, Y09 = -0.32, 2H10 = 1.39 ∫“∑/Àâÿπ ∂Ⓡ√“¥Ÿ∑—Èß º≈°“√¥”‡π‘πß“π·≈–°”‰√μàÕÀâÿπ μ≈Õ¥ 5 ªï∑’˺à“π¡“ ®–æ∫«à“¡’æ—≤π“°“√∑’Ë¥’¢÷Èπ Õ¬à“߇ÀÁπ‰¥â™—¥‡®π, Õ—μ√“ à«π∑“ß°“√‡ß‘π ∑’Ë ”§—≠ §◊Õ Õ—μ√“ à«π°“√„™â ‘π∑√—æ¬å (ROA) Y06 = 1.05%, Y07 = -11.93%, Y08 = 2.84%, Y09 = 2.73% ·≈– 2H10 = 14.13%, ·≈– Õ—μ√“ à«πº≈μÕ∫·∑πμàÕ

à«π¢ÕߺâŸ∂◊ÕÀâÿπ (ROE) ®“° Y06 = -9.16%, Y07 = -67.07%, Y08 = -7.03%, Y09 = -6.94%, 2H10 = 34.53% ·≈–Õ—μ√“°”‰√ ÿ∑∏‘ (Net Profit Margin) Y06 = -4.99%, Y07 = -24.86%, Y 08 = -1.82%, Y09 = -2.10% ·≈– 2H10 = 15.73% μ“¡≈”¥—∫ ®–‡ÀÁπ‰¥â«à“∑—Èß 3 Õ—μ√“ à«π ™à«ß§√÷Ëß ªï·√° 2010 Õ¬àŸ„π√–¥—∫∑’Ë ‡°‘ π ‡°≥±å ¡“μ√∞“π 12-15% ∂◊Õ«à“ ‡√‘¡Ë Õ∫ºà“π „π ·ßà¢ÕßÕ—μ√“§«“¡ “¡“√∂„π°“√∑”°”‰√, „πß«¥§√÷Ëߪï·√° ¡’¢“¥∑ÿπ – ¡Õ¬àŸ∑’Ë 699.25 ≈â“π∫“∑ ¬—߉¡à “¡“√∂®à“¬ªíπº≈‰¥â „π√–¬– 1 ªïπ’È ®π°«à“®– “¡“√∂∑”°”‰√ ®π¢“¥∑ÿπ – ¡À¡¥‰ª‰¥â ‡æ√“–‰¡à¡ ’ «à π≈È” ¡Ÿ≈§à“Àâÿπ¡“μ—¥ÕÕ°‡≈¬∑”„Àâ‰¡à “¡“√∂π” ¡“μ—¥¢“¥∑ÿπ – ¡„ÀâπÕâ ¬≈߉ª‰¥â ∑’Ë ”§—≠§◊Õ √–¥—∫√“§“∑’ˇ√“®– “¡“√∂ ´◊ÕÈ μà“ßÀ“°«à“ ®–‡ªìπÕ¬à“߉√ ‚¥¬‡√“¥Ÿ§“à P/E „πÕ¥’μ ®–æ∫«à“ªí®®ÿ∫π— Õ¬àŸ ∑’Ë 5.17 ‡∑à“ ∂◊Õ«à“ μË”¡“° ·≈–®à“¬‡ªìπ (P/BV) 1.48 ‡∑à“¢Õß ¡Ÿ≈§à“∑“ß∫—≠™’ ¬—߉¡à ߟ ‡™àπ°—π ‡æ√“–μË”°«à“

∑’Ë惰…“∑”‰¥âπ—È𧑥‡ªìπ 14-15% ¢Õß¡Ÿ≈§à“μ≈“¥§Õπ‚¥‚¥¬√«¡ ª√–¡“≥ 7 À¡◊Ëπ≈â“π∫“∑ ‚¥¬ à«π„À≠à‡ªìπ ‘π§â“√–¥—∫√“§“‰¡à‡°‘π 3 ≈â“π∫“∑ ´÷ßË μ≈“¥¡’°“√·¢àߢ—π°—π Ÿß¡“° „πªï 2554 ®–æ—≤𓂧√ß°“√ ·π«√“∫¡“°°«à“·π« Ÿß‚¥¬μ—ßÈ ‡ªÑ“¬Õ¥¢“¬√«¡‰«â∑’Ë 4.2 À¡◊πË ≈â“π∫“∑ ¢≥–∑’ªË ï 2553 §“¥¬Õ¥¢“¬√«¡Õ¬à∑Ÿ ’Ë 3.5-4 À¡◊πË ≈â“π∫“∑ >> ∏’√–™—¬ ª√– ‘∑∏‘Ï√—μπæ√ °√√¡°“√ ºâŸ ®— ¥ °“√ ∫¡®.∏’ √ –¡ß§≈Õÿ μ “À°√√¡ ‡ªî¥‡º¬«à“ √“¬‰¥â„π‰μ√¡“ ∑’Ë 3 ®–ÕÕ°¡“ ¥’°«à“‰μ√¡“ ∑’Ë 2 ªïπ’È∫√‘…—∑§ß‡ªÑ“√“¬‰¥â ‡μ‘∫‚μ 17-20% ®“°ªï 2552 ∑’ªË √–¡“≥ 200 ≈â“π∫“∑ ¢≥–∑’Ë°”‰√ ÿ∑∏‘πà“®–‡μ‘∫‚μ„π ∑‘»∑“߇¥’¬«°—π à«π°√≥’‡ß‘π∫“∑·¢Áß§à“ ¡’º≈°√–∑∫‡æ’¬ß‡≈Á°πâÕ¬‡π◊ÕË ß®“°¡’ ¥— à«π °“√ àßÕÕ°‡æ’¬ß·§à 10% ≈à“ ÿ¥∫√‘…—∑√Õμ‘¥μ—È߇§√◊ËÕß®—°√™ÿ¥ ÿ¥∑⓬ ∑’Ë®–¡“∂÷ß™à«ßμâπ‡¥◊Õπ惻®‘°“¬π §“¥«à“®–æ√âÕ¡º≈‘쉥âμ—Èß·μà«—π∑’Ë 2 ¡°√“§¡ 2554 ®– àߺ≈¥’μÕà º≈ª√–°Õ∫°“√„πªïÀπⓇπ◊ÕË ß®“°‰¥â√∫— °“√¬°‡«âπ¿“…’´ß÷Ë ®–°≈—∫°≈“¬¡“‡ªìπ√“¬‰¥â·≈–°”‰√„Àâ°∫— ∫√‘…∑— >> æ≈»—°¥‘Ï ‡≈‘»æÿ≤‘¿‘≠‚≠ ª√–∏“𠇮â“Àπâ“∑’Ë∫√‘À“√ ∫¡®. μ“√剡‚§√Õ‘‡≈Á° ∑√Õπ‘° å ‡ªî¥‡º¬«à“ ®“°°√≥’∑§’Ë “à ‡ß‘π∫“∑ ·¢Áß§à“°√–∑∫μàÕ√“¬‰¥â¢Õß∫√‘…∑— √“« 10% Õ¬à “ ߉√°Á μ “¡°≈— ∫ à ß º≈¥’ μà Õ °”‰√ ÿ ∑ ∏‘ ‡π◊ËÕß®“°∫√‘…—∑¡’ —¥ à«π°“√π”‡¢â“∑’ˇªìπ °ÿ≈‡ß‘π¥Õ≈≈“√å¡“°°«à“ —¥ à«π√“¬√—∫∑’‡Ë ªìπ °ÿ≈‡ß‘π¥Õ≈≈“√åª√–¡“≥ 4-5% πÕ°®“°π’È ¬—߉¥â∑”ª√–°—𧫓¡‡ ’¬Ë ß≈à«ßÀπâ“„π∑ÿ°ÊÕÕ‡¥Õ√å∑¡’Ë °’ “√´◊ÕÈ ¢“¬ ”À√—∫ √“¬‰¥â√«¡∑—ßÈ ªïπ’È πà“®–Õ¬à∑Ÿ ’Ë 15,000 ≈â“π∫“∑ ´÷ßË ªï 2552 ¡’√“¬‰¥â√«¡ 11,115 ≈â“π∫“∑ ·μà„π¥â“𰔉√ ÿ∑∏‘¡‚’ Õ°“ ‡μ‘∫‚μª√–¡“≥ 80% >> ÿ«∑‘ ¬å ¡‚π¡—¬¬“ππ∑å √Õߪ√–∏“π‡®â“Àπâ“∑’∫Ë √‘À“√Õ“«ÿ‚ ∫¡®. ‚사-‰∑¬ §Õ√åªÕ‡√™—πË ‡ªî¥‡º¬«à“ √“¬‰¥â¢Õß∫√‘…∑— „πªïπ’È ®–‡ªìπ‰ª μ“¡‡ªÑ“À¡“¬∑’«Ë “߉«â 7,000 ≈â“π∫“∑ ¢≥–π’¡È ß’ “π„π¡◊ÕÕ¬à∑Ÿ ’Ë 10,000 ≈â“π ∫“∑ ®– “¡“√∂∑¬Õ¬√—∫√âŸ√“¬‰¥âμ—Èß·μàª≈“¬ªïπ’È®π∂÷ß™à«ß°≈“ߪïÀπâ“ ”À√—∫„πªï 2554 √“¬‰¥â¬ß— ¡’∑»‘ ∑“ß∑’¥Ë Õ’ ¬à“ßμàÕ‡π◊ÕË ß ‚¥¬§“¥«à“√“¬‰¥â ®–Õ¬à∑Ÿ ª’Ë √–¡“≥ 10,000 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ°“√‡μ‘∫‚μ√“« 40% ≈à“ ÿ¥ ∫√‘…—∑Õ¬àŸ√–À«à“߇®√®“‡æ◊ËÕ≈ß∑ÿπ√à«¡°—∫ ∫√‘…—∑ π«π§√Õ‘‡≈Á°∑√‘§ √â“ß‚√߉øøÑ“¢π“¥ 110 ‡¡°–«—μμå ¡Ÿ≈§à“‚§√ß°“√ 4,000 ≈â“π∫“∑ >> ‡»√…∞“ ∑«’ π‘ °√√¡°“√ºâ®Ÿ ¥— °“√„À≠à ∫¡®.· π ‘√‘ ‡ªî¥‡º¬«à“ ∫√‘…∑— “¡“√∂ √â“߬ե¢“¬‚§√ß°“√™à«ßμ—ßÈ ·μàμπâ ‡¥◊Õπμÿ≈“§¡ 1 μ.§.10 μ.§. 53 §‘¥‡ªìπ¡Ÿ≈§à“°«à“ 5,500 ≈â“π∫“∑ àߺ≈„Àâμ«— ‡≈¢¬Õ¥¢“¬ √«¡μ—Èß·μàμâπªï®π∂÷ߢ≥–π’È §‘¥‡ªìπ¡Ÿ≈§à“√«¡°«à“ 22,000 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 90% ®“°‡ªÑ“À¡“¬¬Õ¥¢“¬∑—ßÈ ªï∑μ’Ë ß—È ‰«â∑’Ë 25,000 ≈â“π∫“∑ √«¡∂÷ß°“√ √â“߬ե¢“¬√Õ√—∫√âŸ√“¬‰¥â°«à“ 26,000 ≈â“π∫“∑ ´÷Ëßπ—∫«à“ ‡ªìπμ—«‡≈¢∑’ Ë ßŸ ∑’ Ë ¥ÿ „πμ≈“¥Õ —ßÀ“√‘¡∑√—æ¬å„π¢≥–π’È >> °√√≥‘°“ ™≈‘μÕ“¿√≥å °√√¡°“√ºâŸ®—¥°“√„À≠à ∏𓧓√‰∑¬ æ“≥‘™¬å ‡ªî¥‡º¬«à“ ‘π‡™◊ËÕ∑’Ëμ—È߉«â 7-10% πà“®–‡ªìπ‰ªμ“¡‡ªÑ“À¡“¬ À≈—ß®“°∑’‡Ë »√…∞°‘®‡√‘¡Ë øóπô μ—«‚¥¬¡Õß«à“‡»√…∞°‘®ªïπ®’È –‡æ‘¡Ë ¢÷πÈ ª√–¡“≥ 7-7.5% ®“°¿“§°“√ àßÕÕ°∑’ˇæ‘Ë¡¢÷Èπ ·¡â‡ß‘π∫“∑®–·¢Áß§à“‡π◊ËÕß®“°

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