market positively reacted to debenture issuances with abnormal profit. The said finding was based on the trade-off theory under which costs and benefits debt financing are weighted. If the benefits

. Moreover, there was a high base in Q4’2017 since the market reacted to an announcement of the new excise tax imposed to RTD Tea before the regulation became effective in mid Sep’17. Although the challenging

sales were in line with plan. 1Q19 sales was Baht 238.99 million, decreased by 8.73% YoY. Since domestic consumption in 1Q19 was declining, the Company reacted by arranged more promotion especially the