El modelo CAPM y la tasa de descuento (Parte 1)

La técnica más utilizada para determinar la tasa de descuento de un proyecto es la derivada del modelo de valoración de activos financieros o CAPM (Capital Asset Pricing Model).

La tasa de descuento de un proyecto se obtiene a través de esta ecuación:

La tasa de descuento está, por lo tanto, en función de los parámetros de la ecuación (rf y rm -rf) y del β proy.

Los parámetros de la ecuación del CAPM (rf y rm -rf) conceptualmente se definen del modo siguiente:

 ·     rf es la tasa libre de riesgo y se define como la tasa que paga hoy un activo libre de riesgo, en este caso un bono soberano.

·     (rm -rf) es el diferencial entre lo que paga una inversión en el mercado (acciones) frente a lo que reditúa una inversión en un activo libre de riesgo. Se le conoce como “prima por riesgo de mercado”. Ese diferencial es la suma algebraica de los promedios geométricos de ambos componentes en el plazo más largo posible.

 Dado que el modelo CAPM está pensado para mercados financieros líquidos, profundos y transparentes los datos (β y parámetros) para aplicar la ecuación del modelo están basados preferentemente en el mercado americano. Obtener a una tasa de descuento aplicable a nivel local implica incorporar a la ecuación el riesgo país.

 Es importante tener en cuenta lo siguiente:

 a)   No se debe confundir el rf que constituye el elemento inicial de la ecuación con el rf de la prima por riesgo de mercado. Tal como se señaló anteriormente el primero es la tasa de rendimiento de un activo libre de riesgo en el momento de la evaluación en tanto que el otro es el promedio geométrico de la rentabilidad de un activo libro de riesgo en el mayor plazo posible.

b)   La tasa del activo libre de riesgo, primer rf de la ecuación, es el correspondiente al rendimiento de dicho activo al plazo más cercano a la duración del proyecto. Sin embargo; algunos analistas utilizan el rendimiento al plazo más largo posible.

c)   El promedio de ambos componentes en la prima por riesgo de mercado debe ser geométrico ya que los rendimientos ganados se van acumulando año tras año de manera similar a una tasa de interés compuesto.

d)   El plazo de la prima por riesgo de mercado debe ser el más largo posible para poder “suavizar” la tendencia de los rendimientos percibidos a lo largo del tiempo.

e)   El riesgo país que se suma a la tasa de descuento es el vigente el día de hoy.

 No hay que perder de vista que la tasa de rentabilidad que entrega la ecuación es una tasa corriente, es decir ese rendimiento incorpora la inflación. Por lo tanto, las tasas de descuento halladas a través del modelo son aplicables únicamente a flujos de caja expresados en dólares corrientes.

Si el modelo de pronóstico del proyecto está en moneda local, la conversión de la tasa de rentabilidad a dicha moneda se efectúa de la manera siguiente:

Se debe enfatizar, nuevamente, que esa tasa es solo aplicable a proyecciones financieras efectuadas en moneda corriente.

A continuación, se presentan las fuentes en donde se pueden obtener los datos de los parámetros de la ecuación del CAPM y los β por sector industrial. Tal como se mencionó anteriormente dichos datos están referidos al mercado americano.

Tasa de rendimiento del activo libre de riesgo:

http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

El enlace lleva a la página de la Reserva Federal (FED) que detalla el rendimiento (yield) de valores emitidos por el gobierno americano a diferentes plazos.

Como ya se indicó anteriormente el analista debe escoger el rendimiento del activo (bono del tesoro) al plazo más cercano a la vida del proyecto. Alternativamente, se puede considerar el rendimiento del bono con el plazo más largo posible (30 años).

Prima por riesgo de mercado:

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html

La página a la que se accede mediante este enlace presenta las rentabilidades anuales obtenidas desde inicios de 1928 hasta el 2019 para tres clases de activos financieros: i) bonos del tesoro americanos, ii) inversión en la bolsa de valores americana (índice S&P500) y iii) letras del tesoro americano. Asimismo, se entrega el valor anual de una inversión de US$100 efectuada en 1928 en esos tres activos para cada uno de los años del período.

Para el cálculo de la prima por riesgo de mercado sólo interesan el rendimiento de los dos primeros activos. Lamentablemente, el cuadro no detalla el promedio de las rentabilidades; pero es fácil obtenerla si se siguen estos pasos:

Paso 1: Determinar el valor de la inversión inicial y final en el plazo más largo posible.

En el caso de la inversión en acciones:

Inicios de 1928:          US$100

Finales 2019   :           US$502,443.41

Paso 2: Hallar la rentabilidad acumulada en esos años.

Siguiendo el ejemplo anterior:

Rentabilidad acumulada 1928-2019 = (502,443.41/100) – 1 = 5,023.43%

Paso 3: Calcular el promedio geométrico correspondiente.

Continuando con el ejemplo:

Rentabilidad promedio 1928-2019 = (5,023.43%)ˆ(1/92) – 1 = 9.71%

En términos nominales una inversión en la bolsa americana ha rendido en promedio 9.71% anual en los último 92 años.

Similar procedimiento se utiliza para hallar la rentabilidad de un bono del tesoro americano.

Los resultados así obtenidos se suman algebraicamente y se obtiene la prima por riesgo de mercado.

Riesgo país:

http://www.ambito.com/economia/mercados/riesgo-pais/

El riesgo país esta expresado en puntos básicos (pb) o basic points (bp). Dado que 100 puntos básicos equivalen a un punto porcentual, la conversión a términos decimales implica dividirlos entre 10,000.

β sectoriales:

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

El enlace lleva a un listado de β sectoriales en diversas industrias americanas. Se debe seleccionar el βμ de una actividad similar a la desarrollada por el proyecto.

1,182 thoughts on “El modelo CAPM y la tasa de descuento (Parte 1)”

  1. Heya i am for the primary time here. I came across this board and I find It truly useful & it helped me out much. I am hoping to present something back and help others like you aided me. Nedi Jeramie Lovell

  2. Thanks for your own work on this website. My mum takes pleasure in setting aside time for research and it is simple to grasp why. We notice all relating to the powerful way you provide very important tips and hints via your website and therefore strongly encourage response from visitors on this theme while our own simple princess is without a doubt understanding so much. Take pleasure in the rest of the year. Your performing a useful job. Marne Stanwood Wey

  3. Thank you for sharing your info. I really appreciate your efforts and I am waiting for your further write ups thank you once again. Mariquilla Aymer Pegg

  4. Yesterday, while I was at work, my sister stole my iPad and tested to see if it can survive a thirty foot drop, just so she can be a youtube sensation. My iPad is now broken and she has 83 views. I know this is totally off topic but I had to share it with someone!| Odella Ambrosi Vinia

  5. I together with my buddies ended up taking note of the nice thoughts located on your web blog while unexpectedly I had an awful suspicion I had not expressed respect to the blog owner for them. All the women are already consequently joyful to learn all of them and have clearly been having fun with them. I appreciate you for being considerably considerate and also for figuring out this sort of terrific guides millions of individuals are really needing to be informed on. Our sincere regret for not expressing appreciation to you earlier. Sibylla Erek Luckin

  6. I usually do not leave discuss article. It seems foolish to do so. I wanted to take a moment to tell you that I located your article to be worthwhile of recommendation. The quantity of information that you consisted of in it is really remarkable and it behaves to see that another person is as thinking about this subject as I am. Kati Christophorus Wolfson

  7. Are able to anyone recommend a very good hair stylist online friends ? Contain tried several, dissatisfied. Willing to travel anywhere in the sex club metro area. Thanks! Rachtades, Dyers Crossing, Lignei-i Kuc milf pussy Habersham Georgia women seeking sex Mortons Gap Dniren Douglas Krischer

  8. jimdofreecrerm

    The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”

    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  9. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://Dsawesaweropmnbs3421674.jimdofree.com/
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  10. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://medium.com/@carterjoanns26/late-night-rendezvous-pt-01-4af1d5aaf648
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  11. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://notepin.co/shared/ffbqtoc
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  12. Takipbonus hakkında duyurular, güncellemeler, paylaşımlar ve en yeni içerikler burada! Instagram takipçi satın al sitesi takipbonus platformunun yeniliklerini ve en güncel indirim kampanyalarını buradan takip edebilirsin!

  13. Instagram takipçi almanın en güvenilir ve hızlı yanı takipbonus.com ile popülerliğe yelken açmaktır! Piyasanın nirvanası panelimiz tüm takipçi ve beğeni hizmetlerinde sonsuz aktarım garantisi vermektedir. Bu sayede hızlıca takipçi kasmak saniyeler içerisinde gerçekleşecektir.

  14. Metin2 pvp serverler ile en eğlenceli pvp oyunları bulabileceğin Forumexe.tc üzerinden istediğin oyun modunu bul ve metin2 heyecanını limitsiz tat! Metin2 pvp server tanıtım forumu üzerinden ücretsiz serverleri incele, sana uygun olanını seçerek anında maceraya katıl!

  15. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://telegra.ph/An-Unexpected-Break-Pt-02-10-19
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  16. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://rentry.co/f7ctz
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  17. Its like you read my mind! You seem to know so much about this, like you wrote the book in it or something.
    I think that you could do with a few pics to drive the message home a bit, but instead of
    that, this is excellent blog. An excellent read.
    I will definitely be back.

  18. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://txt.fyi/-/20363/dee79bc4/
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  19. My spouse and I stumbled over here by a different page and thought
    I might check things out. I like what I see so now i am
    following you. Look forward to looking at your web page yet again.

  20. Wow, amazing blog layout! How long have you been blogging for?
    you made blogging look easy. The overall look of your site is wonderful, as well as
    the content!

  21. I really like your blog.. very nice colors & theme.
    Did you make this website yourself or did you hire
    someone to do it for you? Plz answer back as
    I’m looking to design my own blog and would like to find out where u got this from.

    cheers

  22. Normally I do not read post on blogs, but I wish to say that this write-up very forced me to check out and do it! Your writing taste has been amazed me. Thanks, very great article.

  23. Hmm it appears like your website ate my first comment
    (it was extremely long) so I guess I’ll just sum it up what I wrote and say, I’m thoroughly enjoying your
    blog. I as well am an aspiring blog writer but I’m still new to the whole thing.

    Do you have any tips for rookie blog writers?
    I’d definitely appreciate it.

  24. Nice blog here! Also your website loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol

  25. Hello there, I found your site via Google whilst looking for a
    similar subject, your site came up, it looks good.
    I have bookmarked it in my google bookmarks.

    Hi there, just was alert to your weblog thru Google, and located that it’s really
    informative. I am gonna watch out for brussels.

    I will appreciate when you proceed this in future. Many folks will probably
    be benefited out of your writing. Cheers!

  26. Pingback: how to use priligy

  27. Hello There. I found your weblog the use of msn. That is a very
    smartly written article. I will make sure to bookmark it and come back to learn extra of your helpful information. Thank you
    for the post. I will definitely return.

  28. obviously like your website however you have to check the spelling on quite a few of your
    posts. A number of them are rife with spelling issues and I in finding it very troublesome to tell
    the reality nevertheless I’ll surely come back again.

  29. I absolutely love your blog and find most of your post’s to be just what I’m looking
    for. Do you offer guest writers to write content for you personally?

    I wouldn’t mind writing a post or elaborating on most of the subjects you
    write regarding here. Again, awesome web site!

  30. Very interesting information!Perfect just what I was searching for! Fear not that thy life shall come to an end, but rather fear that it shall never have a beginning. by John Henry Cardinal Newman.

  31. Sorry for my English.Great blog here! Also your site loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as quickly as yours lol.

  32. I think other site proprietors should take this website as an model, very clean and excellent user genial style and design, let alone the content. You are an expert in this topic!

  33. Pingback: over the counter asthma inhalers at walgreens

  34. My brother recommended I might like this web site. He was totally right. This post actually made my day. You can not imagine simply how much time I had spent for this information! Thanks!

  35. Thank you for another wonderful article. Where else could anyone get that kind of info in such a perfect way of writing? I have a presentation next week, and I am on the look for such info.

  36. Pingback: buy hydroxychloroquine sulphate

  37. Excellent post. I was checking continuously this weblog and I am
    impressed! Very helpful information particularly the ultimate phase 🙂 I handle
    such info much. I was looking for this certain information for a very lengthy time.
    Thanks and good luck.

  38. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
    You clearly know what youre talking about, why waste
    your intelligence on just posting videos to your site when you could be
    giving us something enlightening to read?

  39. Unquestionably believe that which you stated.
    Your favorite reason appeared to be on the web the easiest thing to take into account of.
    I say to you, I definitely get irked even as other people consider concerns
    that they just do not recognise about. You managed
    to hit the nail upon the highest and also defined
    out the whole thing without having side-effects , other folks could
    take a signal. Will likely be back to get more. Thank you

  40. We absolutely love your blog and find a lot of your post’s
    to be precisely what I’m looking for. can you offer guest
    writers to write content to suit your needs? I wouldn’t mind composing a post or elaborating on most of the subjects you write related to here.
    Again, awesome weblog!

  41. Etkileşimi Arttırmak İçin Takipçi ve Beğeni Satın Almalısınız

    Özellikle yeni açılan sosyal medya hesaplarının en büyük sorunları arasında takipçi sayısının düşüklüğü ve paylaşımlarda
    etkileşim olmamasıdır. Beğeni ve yorumların gelmesi sosyal medya hesaplarının gelişimine katkı sağlamaktadır.

    Özellikle çok takipçisi bulunan ve paylaşımları beğenilerek yorum yapılan hesaplar ilgi çekmektedir.
    Takipçi Satın Al işlemleri sayesinde hızlı bir etkileşim sağlanabilmektedir.
    Ancak tüm hizmetlerde olduğu gibi bu hizmetlerinde
    farklı seçenekleri bulunmaktadır.

    https://rebrand.ly/takipci-satin-al

  42. Hey there! I could have sworn I’ve been to this
    site before but after checking through some of the post I realized it’s
    new to me. Anyways, I’m definitely glad I found it and I’ll be bookmarking and checking back
    frequently!

  43. Admiring the dedication you put into your site and in depth information you provide.
    It’s nice to come across a blog every once in a while that isn’t the same out
    of date rehashed material. Excellent read! I’ve saved your site and
    I’m adding your RSS feeds to my Google account.

  44. With havin so much written content do you ever run into any problems of plagorism or copyright violation? My site has a lot of completely unique content I’ve either written myself or outsourced but it looks like a lot of it is popping it up all over the internet without my authorization. Do you know any techniques to help stop content from being ripped off? I’d really appreciate it.

  45. Simply a smiling visitor here to share the love (:, btw outstanding design. Audacity, more audacity and always audacity. by Georges Jacques Danton.

  46. Wow! This blog looks just like my old one! It as on a completely different topic but it has pretty much the same layout and design. Outstanding choice of colors!

  47. Aw, this was a very nice post. Finding the time and actual effort to generate a great article… but what can I say… I put things off a lot and don’t seem to get nearly anything done.

  48. Thanks for every other wonderful article. Where else may anybody get that kind of info in such a perfect approach of writing? I have a presentation next week, and I am at the search for such information.

  49. Thank you a lot for sharing this with all of us you actually realize what you are speaking about! Bookmarked. Kindly also discuss with my website =). We may have a hyperlink change agreement among us!

  50. Wow, wonderful blog structure! How long have you been running a blog for? you make running a blog look easy. The entire glance of your website is magnificent, let alone the content!

  51. Terrific work! That is the type of info that should be shared across the net. Disgrace on Google for no longer positioning this put up higher! Come on over and seek advice from my web site. Thanks =)

  52. Wow, superb blog structure! How lengthy have you ever been running a blog for? you make blogging look easy. The total glance of your website is great, let alone the content material!

  53. Nice blog here! Additionally your website loads up very fast! What web host are you the usage of? Can I get your associate link to your host? I want my website loaded up as fast as yours lol

  54. Hi there, You’ve done a fantastic job. I will certainly digg it and personally recommend to my friends. I am confident they will be benefited from this web site.

  55. I just couldn’t depart your website before suggesting that I actually enjoyed the standard information an individual supply in your guests? Is going to be again regularly in order to check up on new posts

  56. Thank you, I ave recently been looking for info about this subject for ages and yours is the best I have discovered so far. But, what about the conclusion? Are you sure about the source?

  57. It as not that I want to replicate your web page, but I really like the design. Could you let me know which design are you using? Or was it especially designed?

  58. Having read this I believed it was very enlightening. I appreciate you taking the time and effort to put this content together. I once again find myself spending a significant amount of time both reading and leaving comments. But so what, it was still worthwhile!

  59. Wonderful work! This is the type of info that should be shared around the web. Shame on Google for not positioning this post higher! Come on over and visit my web site. Thanks =)

  60. Pingback: does plaquenil kill pinworms

  61. This unique blog is obviously entertaining additionally diverting. I have discovered a bunch of useful things out of this blog. I ad love to go back every once in a while. Thanks a bunch!

  62. Thank you for any other excellent article. The place else may just anybody get that kind of information in such a perfect way of writing? I’ve a presentation subsequent week, and I am on the search for such info.

  63. Pingback: cost of generic hydroxychloroquine

  64. Do you mind if I quote a few of your articles as long as I provide credit and sources back to your blog? My website is in the very same area of interest as yours and my visitors would genuinely benefit from a lot of the information you present here. Please let me know if this okay with you. Appreciate it!

  65. I was wondering if you ever thought of changing the structure of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or two pictures. Maybe you could space it out better?|

  66. Örneğin zayıflamak için içerisine sumak ve limon eklenmiş ya da kan yapıcı olsun diye keçiboynuzu pekmezi karıştırılır. Kalsiyum, protein, magnezyum, potasyum, A, E ve B vitamini grupları bakımından oldukça zengindir.

  67. This blog is definitely awesome additionally informative. I have chosen a lot of useful tips out of this amazing blog. I ad love to come back over and over again. Thanks!

  68. I was recommended this blog by my cousin. I am not sure whether this post is written by
    him as nobody else know such detailed about my difficulty.
    You are amazing! Thanks!

  69. Pretty section of content. I just stumbled upon your weblog and in accession capital to assert that I get actually enjoyed account your blog posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently fast.

  70. Wow, wonderful blog structure! How lengthy have you ever been blogging for? you made blogging look easy. The total glance of your website is great, let alone the content material!

  71. I’m reallyimpressed with your blogging gift pluswith the plan for your weblog. Is that this a paid for matter or did you modify it yourself? Anyway keep up the excellent quality article writing, it’s uncommon to peer a great webloglike this one these days.

  72. I am curious to find out what blog platform you’re utilizing? I’m having some small security problems with my latest blog and I would like to find something more risk-free. Do you have any recommendations?

  73. I’m not that much of a internet reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your website to come back in the future. Cheers

  74. Having read this I believed it was very enlightening. I appreciate you taking the time and effort to put this content together. I once again find myself spending a significant amount of time both reading and leaving comments. But so what, it was still worthwhile!

  75. Hey lotopyeer! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?

  76. Today, while I was ɑt work, my sistеr stole my iPad and tested to see if it can survive a forty foot drop, јust s᧐ she cаn be a youtube
    sensаtion. My iPad is now broken and shе has 83 views. I know
    this is entirely off topic but I had tⲟ share it with someone!

  77. ต้องการดูบอลสด อยากพนันบอลออนไลน์จึงควรที่ UFABET เลยครับ สมัครง่าย เล่นง่าย ระบบยอดเยี่ยม ที่สำคัญที่สุดเล่นแล้วได้เงินจริง ทำเงินได้จริง ในเว็บมีบริการเกมจำนวนมาก ทั้งยังบาคาร่า สล็อต ยิงปลา ราวกับยกคาสิโนมาไว้ในเว็บไซต์เลยนะครับผม

  78. “แทงบอลออนไลน์” ใครๆก็ค้นหาคำนี้กันในกูเกิ้ลด้วยเหตุว่าพนันบอลออนไลน์ปัจจุบันนี้นับได้ว่าเป็นเกมที่ได้รับความพึงพอใจจากแฟนบอลและก็สาวกนักเดิมพันอย่างมากมาย UFABET ก็ไม่พลาดที่จะนำมาเอาไว้ในเว็บของพวกเรา ท่านสามารถร่วมเล่นเกมได้อย่างง่ายดายเพียงแค่สมัครเข้าก็สามารถเล่นได้โดยทันที