천천히 꾸준히

What Are Bonds?

A bond is essentially an “IOU” issued by governments, corporations, or financial institutions when they need to borrow money. When you buy a bond, you're lending money to the issuer in exchange for periodic interest payments and the return of your principal at maturity.

How Do Bonds Work?

1. The issuer (government or company) sells bonds to raise funds.
2. Investors buy bonds, effectively lending money to the issuer.
3. The issuer pays interest (also called a coupon) at regular intervals.
4. At the end of the term (maturity), the issuer repays the principal amount.

📌 Example:

• The government issues a 3-year bond with a 3% annual interest rate.
• You invest $1,000 in this bond.
• Each year, you receive $30 in interest (3% of $1,000).
• After 3 years, you get back your original $1,000 investment.

Types of Bonds

✅ Based on Issuer:

• Government Bonds: Issued by national governments (e.g., U.S. Treasury Bonds, Korean Government Bonds).
• Corporate Bonds: Issued by companies to fund operations or expansion.
• Municipal Bonds: Issued by local governments.

✅ Based on Interest Payment Structure:

• Coupon Bonds (Fixed-Rate Bonds): Pay regular interest (e.g., every 6 months).
• Zero-Coupon Bonds (Discount Bonds): Issued at a discount and pay full face value at maturity instead of periodic interest payments.

Key Features of Bonds

1️⃣ Lower Risk than Stocks → Bonds are generally considered safer investments than stocks, as they provide a fixed return.
2️⃣ Fixed Income → Investors receive regular interest payments, making bonds attractive for income-focused investors.
3️⃣ Affected by Interest Rates → Bond prices and interest rates move in opposite directions:

• If interest rates rise, existing bond prices fall (because new bonds offer higher yields).
• If interest rates fall, existing bond prices rise (because they offer better returns than new bonds).

💡 Key Takeaway: Bonds are a stable investment option, offering predictable income, but they are sensitive to interest rate changes. Understanding these basics can help you make smarter investment choices.

채권이란 무엇인가?

**채권(Bond)**은 정부, 기업, 금융기관 등이 자금을 조달하기 위해 발행하는 **"빚 증서"**입니다. 쉽게 말해, 투자자가 돈을 빌려주고 일정 기간 동안 이자를 받으며, 만기 시 원금을 돌려받는 금융 상품입니다.

채권의 기본 원리

1. 발행자(정부, 기업 등)가 채권을 발행하여 자금을 조달한다.
2. 투자자가 채권을 매수하면, 발행자에게 돈을 빌려주는 것과 같다.
3. 발행자는 정해진 기간 동안 이자를 지급한다.
4. 만기 시 원금을 상환하며 거래가 종료된다.

📌 예제:

• 정부가 연 3% 이자, 3년 만기 채권을 발행
• 투자자가 100만 원을 투자해 채권을 구매
• 매년 3만 원(3%)의 이자를 받고,
• 3년 후 원금 100만 원을 돌려받음

채권의 종류

✅ 발행 주체에 따른 분류

• 국채: 정부가 발행 (예: 한국국채, 미국 국채)
• 회사채: 기업이 발행 (예: 삼성전자 회사채)
• 지방채: 지방자치단체가 발행

✅ 이자 지급 방식에 따른 분류

• 이표채(Coupon Bond): 정기적으로 이자를 지급하는 채권
• 할인채(Zero-Coupon Bond): 이자가 없는 대신 액면가보다 낮은 가격에 발행되며, 만기 시 액면가를 지급

채권의 특징

1️⃣ 주식보다 안정적 → 일반적으로 원금 보장이 가능하며, 변동성이 적다.
2️⃣ 고정 수익 제공 → 일정한 이자 수익을 받을 수 있다.
3️⃣ 금리 변화에 따라 가격 변동 →

• 금리 상승 → 기존 채권 가격 하락
• 금리 하락 → 기존 채권 가격 상승

💡 핵심 요약: 채권은 예측 가능한 수익을 제공하는 안정적인 투자 상품이지만, 금리 변동에 따라 가치가 변할 수 있다. 채권의 기본 원리를 이해하면 더 나은 투자 결정을 내릴 수 있다.

When analyzing stocks, two key indicators often come into play: EPS (Earnings Per Share) and PER (Price-to-Earnings Ratio). These metrics help investors determine whether a stock is undervalued or overvalued, guiding better investment decisions.

1. What is EPS (Earnings Per Share)?

EPS represents the net profit a company earns per share of its stock. A higher EPS generally indicates better profitability.

📌 Formula:

​

💡 Why is EPS important?

• Shows how profitable a company is per share.
• Helps compare companies within the same industry.
• A growing EPS suggests a company is increasing its earnings potential.

2. What is PER (Price-to-Earnings Ratio)?

PER measures how much investors are willing to pay for a company’s earnings. A lower PER may indicate an undervalued stock, while a higher PER suggests the stock might be expensive.

📌 Formula:

💡 Why does PER matter?

• A low PER might indicate an undervalued stock.
• A high PER suggests high investor expectations, but it could also mean overvaluation.
• Comparing a company’s PER with industry averages provides insights into its valuation.

3. Case Study: JW Pharmaceutical

Let’s apply these concepts to JW Pharmaceutical

.

📊 Key Observations:

• The company’s EPS has been increasing, indicating strong earnings growth.
• The average PER in the pharmaceutical industry typically ranges from 10 to 15.
• Given positive AI-related news in the sector, we apply a PER of 20 for valuation.

📌 Stock Price Estimation:

💡 As of August 14, 2023, JW Pharmaceutical’s closing price was 44,650 KRW, suggesting further potential for growth.

4. Final Thoughts

EPS and PER are essential tools for identifying undervalued stocks, but they should not be used in isolation. Always consider:
✔ Industry trends
✔ Company fundamentals
✔ Market conditions

By combining these factors, you can make more informed investment decisions! 🚀

In stock and cryptocurrency markets, trading volume plays a crucial role in understanding the direction and strength of price movements. On-Balance Volume (OBV) is a technical indicator that helps predict trends by analyzing the relationship between price changes and trading volume.

Understanding OBV

OBV represents the cumulative volume of trades. It is calculated by adding volume when prices rise and subtracting volume when prices fall. This method visually illustrates how buying and selling pressure impact market trends.

How OBV Is Calculated

• If today’s closing price is higher than yesterday’s:
  OBV = Previous OBV + Today’s Volume
• If today’s closing price is lower than yesterday’s:
  OBV = Previous OBV - Today’s Volume
• If today’s closing price is the same as yesterday’s:
  OBV remains unchanged

How to Interpret OBV

When OBV Moves in the Same Direction as Price

• If OBV is rising, it signals strong buying pressure, supporting a price increase.
• If OBV is falling, it suggests decreasing trading volume, which may lead to a price drop.

When OBV and Price Move in Opposite Directions

• OBV rising while price stays flat or drops → Bullish Signal (Indicates accumulation; price may rise soon).
• OBV falling while price rises → Bearish Signal (Indicates distribution; price may soon decline).

(Example: OBV increases while price remains stagnant, signaling potential future upward movement.)

How to Use OBV in Trading

1) Identifying Trends

• A rising OBV suggests a strong uptrend and may indicate a buying opportunity.
• A falling OBV signals a downtrend, often interpreted as a sell signal.

2) Spotting Divergence

• If price and OBV show divergence, it may indicate an upcoming trend reversal.

3) Using OBV with Other Indicators

• Combining OBV with trendlines or moving averages can provide clearer trade signals.

Strengths and Limitations of OBV

✅ Strengths

• Helps detect strong trends by incorporating both price movement and trading volume.
• Can identify whether the market is in an accumulation or distribution phase.

❌ Limitations

• OBV only tracks cumulative volume, so it may produce false signals in stocks with low liquidity or artificial trading volume.

Conclusion

OBV is a simple yet powerful tool for evaluating buying and selling pressure in the market. When combined with other technical analysis tools, it can improve trade decision-making and help traders spot key market trends.