Our evidence supports Pratoomsuwan (2017)’s finding that the Big 4 has great market power in Thailand. However, we add to evidence that each Big 4 somewhat differentiates itself from each other to

, recording 27.5% and 12.7% growth year-on-year respectively and both outperformed average industry growth. Strong growth year-on-year is partly attributable to the fact that in Q3 2021, both Thailand and

Big-4 firms is higher than those of non Big-4 firms. The reason is partly because Big-4 adopted the use of data analytics and IT tools to facilitate more effective and efficient performing of engagement

gross margins than fashion segment (2) the increase in sales discounts given to customers in connection with promotion, partially offset by the decrease of the gross profit margin from rental and

(iv) higher total other income of 16.9% YoY or THB 21mn. Higher other income was primarily from significantly higher interest and sundry (other) income, being partially offset by lower gain on sale of

million. With respect to the service ones, there were 2 backlog projects of Baht 13.12 million of which some works were partly implemented and expected to be completed in 2019. Investment project on hand as

flat compared to September 30, 2018. Property, Plant and Equipment increased due to a recovery of the new UHT production lines from the fire incident since December 2018 partly offset by depreciation

driven by higher sales and improved efficiency and lower losses sharing from SGAH. This improvement, however, was partly offset by lower share of profit from Hyundai and the Company stopping the interest

partially offset by lower production and delayed price adjustment of raw material price increases in the Portugal operations. Selling and administrative expenses increased from Baht 397.06 million in Q4 2020

than the peak in Q1 2018 therefore easing somewhat the 2019 cost pressure. The optimization in plant layouts, internal logistics and peak electricity consumption has resulted in cost savings that have