The opportunity to increase your return over a short time frame.

An Equity-Linked Note has similar features to a short-term note with higher interest rate than a short-term bond. The interest or return is linked to the price of the underlying asset (stock in SET50 excluding KBANK). The investor can park their cash the Equity-Linked Note to enjoy interest which is higher than a typical savings account. The Equity-Linked Note can also be designed to diversify portfolios through selection of underlying asset, time frame, or investment amount to meet the investor’s risk preference.

Available Equity-Linked Notes at Kasikorn Securities.

Investors can design their investment with Equity-Linked Notes using the following criteria:

1. Underlying Asset: Any SET50 stock (excluding KBANK)
2. Exercise Price: % of the purchased price
3. Period: Between 1–9 months (not exceeding 270 days)
4. Minimum Investment: THB 4 million (increasing in millions)

Investor buys Bull Note with AAA as the underlying asset at THB 100 with a 1 month maturity. The exercise price is 95% (THB 95). Total investment is THB 10 million. The investment return is 10.93% p.a.

The investment return is linked to the underlying asset’s price

1. AAA closing price > exercise price of THB 95
   Investment return = Principal + Cash Interest 10,000,000 baht
2. AAA closing price < exercise price of THB 95
   Investment return = Principal + Interest AAA shares added to portfolio

Principal protection with potential upside

This type of structured note resembles the key features of a short-term note and is best for an investment window of 3-9 months. Investors can minimize the potential loss while having some exposure to the upside gain from the investment. The upside gain is subjected to the movement of the underlying asset’s performance which the investor can select from SET50. Returns on PPN are a proportional and called Participation Rate (PR) which in turn is subjected to the Protection Level (%) of the initial investment. PPN provides flexibility to design a portfolio by choosing the underlying asset, timeframe, initial investment, etc. to suit the investors’ risk and reward preference.

Types of PPN offered by Kasikorn Securities

Kasikorn Securities has an extensive range of products to thrive in all market conditions.

Investors can design their investment with PPNs using the following criteria:

1. Underlying Asset: Any SET50 stock (excluding KBANK)
2. Exercise Price: % of the purchased price
3. Protection Level: 80%-100% of the initial investment
4. Period: Between 1–9 months (not exceeding 270 days)
5. Minimum Investment: THB 4 million (increasing in millions)

Investor buys a Bull PPN with AAA as the underlying asset at THB 45 with a 6 month maturity. The exercise price is 100% (THB 95). Total investment is THB 4 million. Protection level is 95% (3.8 million baht).

The investment return is linked to the underlying asset’s price

1. AAA closing price = 60.00 baht > 45.00 baht
   Investment return =

   4,685,466.67 baht
   [4,000,000 x (95% + ((60.00 - 45.00 / 45.00) x 66.41%)]
2. AAA closing price < 45.00 baht
   Investment return =

   3,800,000.00 baht
   [4,000,000 x (95% + ((60.00 - 45.00 / 45.00) x 66.41%)][4,000,000 x 95%]

(Investor receives the protected principal investment or the protected portion of the initial investment.)

** The return on Bear PPN to the investor is calculated in a reverse direction to reflect the downside market.

Hedging the downside risk

An instrument to limit the downside risk of any underlying asset held in your portfolio. By buying a Protective Put, the investor is holding insurance for the underlying asset without selling the underlying asset. The investor is also compensated if the price of the underlying asset drops. The investor also has great flexibility to design a portfolio by choosing the underlying asset, timeframe, initial investment, etc. suitable for his risk and reward preference.

Investors can design their investment with Protective Put using the following criteria:

• Underlying Asset: Any SET50 stock (excluding KBANK)
• Exercise Price: % of the purchased price (the protected price)
• Period: Between 1–9 months 1
• Minimum Investment*: At least THB 4 million
*The investor will need to hold the underlying asset in his account with Kasikorn Securities.

The investor currently holds AAA at 158.00 baht and would like to add protection if the price drops to lower than 95% of the current value, 150.10 baht.
The investor buys a Protective Put with AAA as the underlying asset at 158.00 baht baht for a 1 month period with exercise price of 95% (150.10 baht).

The investment return is linked to the underlying asset’s price

1. AAA closing price = 140.00 baht < 150.10 baht
   Investment return = Cost of Protective Put and compensation from the protection (150.10 - 140.00) x 25,400 shares = 256,540.00 baht
2. AAA closing price = 163.00 baht > 150.10 baht Investment return = Cost of Protective Put and upside from gain in underlying asset

**The investor will need to pay for the cost of Protective Put

An instrument to reduce the average cost or increase portfolio return

The investor already holds the stock in his portfolio and would like to receive additional return with the expectation of the stock price going up or sideways. By buying a Covered Call, the investor is able to reduce the cost of the underlying asset. Moreover, the investor also has great flexibility to design a portfolio by choosing the underlying asset, timeframe, initial investment, etc. suitable for his risk and reward preference.

Investors can select their investment using the following criteria:

• Underlying Asset: Any SET50 stock (excluding KBANK)
• Exercise Price: % of the purchased price (the protected price)
• Period: Between 1&ndash9 months
• Minimum Investment*: At least THB 4 million
* The investor will need to hold the underlying asset in his account with Kasikorn Securities.

The investor currently holds 79,700 shares of AAA at 50.25 baht. The investor expects the price to move sideways for a short-term period and would like to increase his return.
The investor buys a Covered Call with AAA at 50.25 baht. for a 1 month period with exercise price of 105% (52.76 baht), the annual return is 12.49%.

The investment return is linked to the underlying asset’s price

1. AAA closing price = 48.00 baht < 52.76 baht
   Investment return = Interest rate of 12.49% per year
2. AAA closing price = 54.00 baht > 52.76 baht
   Investment return = Capital gain on AAA and interest rate of 12.49% per year. There will be loss on the spread between the closing price and the strike price assuming the closing price is higher than the strike price.

**The investor will need to pay for the cost of Covered Call

Protecting downside risk and increasing return

A strategy combing a Protective Put together with a Covered Call, the investor will increase the chance enjoy a higher return from the stocks currently held with a view of no price changes.

Investors can select their investment using the following criteria:

• Underlying Asset: Any SET50 stock (excluding KBANK)
• Exercise Price (%): % of the price (the protected price)
• Spread Price (%): % of the price (the expected price)
• Period: Between 1–9 months
• Minimum Investment *: At least THB 4 million
* The investor will need to hold the underlying asset in his account with Kasikorn Securities.

The investor currently holds AAA at 40.50 baht and would like to add protection if the price drops to lower than 95% of the current value, 38.48 baht and also receive interest rate from holding the stock.
The investor buys Protective Put Spread with AAA as the underlying asset at 40.50 baht for a 1 month period with exercise price of 95% (38.48 baht) and a spread price of 110% (44.55 baht).

The investment return is linked to the underlying asset’s price

1. AAA closing price = 46.00 baht > spread price of 44.55 baht
   Investment return = Upside gain from the underlying asset with interest rate of 12.49%, the upside will be lost once the closing price is higher than the exercise price.
2. AAA closing price = 42.00 baht : exercise price = 38.48 baht < AAA = 42.00 baht < spread price of 44.55 baht
   Investment return = Upside gain from the underlying asset with interest rate of 12.49%, the upside will be lost once the closing price is higher than the exercise price.
3. AAA closing price = 36.00 baht < exercise price = 38.48 baht
   Investment return = Cost of Protective Put and compensation from the protection (38.48 - 36.00) x 98,800 shares = 245,024.00 baht.

**The investor will need to pay for the cost of Covered Call