to the specific recommendations or views expressed in this report. As of December 10, 2012 Analysts’ stock rating are defined as follows: Outperform (O) : The stock’s total return is expected to

marketed as actively managed funds (94% of our sample), which means that fund managers will attempt to use their skills to outperform the market, whether through stock selection or market timing. While we do

Fundamental Value) = weight of each stock A Test of Strategic Beta: rule-based screening & weighting vs. SET50TR 40 Weighting by Equal, Value (low P/B), Cash-flow, Low-volt, ROA, & Revenue outperform SET50TR

because there are only a limited number of shares that can be bought or sold in the event of major trading news. Page 3/40 Minority Shareholders and SET • The Stock Exchange of Thailand (SET)’s Board of

to owners of the parent (“net profit”) was at THB 771.9 million, +16.8% QoQ. 9M18 net profit was at THB 2,216.3 million or 78% of FY2017 profit. Excluding Unicharm sales, 9M18 normalized total revenues

impressive. For illiquidity stock, the shareholder wealth of illiquidity stocks depends on the investors’ choice whether they prefer to today payment as the dividend yield or they could wait on wealth in

(1984) find that fund managers have no stock selection and market timing ability, concluding that active strategy could not outperform the passive strategy. • Grinblatt and Titman (1994) find that few

effectively. In this exciting environment, companies that are able to adapt themselves are more likely to survive and outperform their counterparts. In anticipation of such developments, VGI was the first

that are able to adapt themselves are more likely to survive and outperform their counterparts. In anticipation of such developments, VGI was the first company in the market to seize the opportunity to

Dialogue Clarifies the “Investor Voice” ................................................................................................... 27 Considerations When Leading or Joining a Collaborative