of up to 177,777,776 newly issued ordinary shares with a par value of THB 3.00 per share to specific investors (Private Placement) as detailed below (collectively, “PP Transactions”); 3.1 The issuance

99.57 million become overdue. Due to liquidity problem and receiving notices demanding for payment from major creditors, thus to prevent bankruptcy situation, GSTEL had submitted the petition requesting

Code: G11, G23 14 1. Introduction Stock selection is a demanding task, both in terms of time required and https://www.sec.or.th/TH/Documents/SECWorkingPapersForum/working-paper-forum-25611128-fund2.pdf

324.92 285.34 (39.57) (12.18%) 1,060.36 991.54 (68.82) (6.49%) Earnings per share (EPS) 0.20 0.17 (0.02) (12.18%) 0.64 0.60 (0.04) (6.49%) Note: 1) Revenue and Cost that were recognized when there is

) Financial costs (0.14) (0.34) (0.68) (111.47) Share of loss of joint venture (107.17) (261.90) (89.50) (14,672.13) Total expense (285.27) (697.14) (433.67) (71,093.44) Loss prior to income tax (272.97

(unit: THB million) 2019 (2nd Quarter) Percentage 2018 (2nd Quarter) Percentage associate Management benefit expenses (8.67) (113.63) (9.84) (1,929.41) Financial cost (0.08) (1.05) (0.10) (19.61) Share of

Group 5/ 44 36 (81) -284% -321% 270 24 -91% Others 6/ (76) (72) (61) (113) (190) Profit attributable to owners of the Company 1,060 1,007 1,856 75% 84% 4,137 4,009 -3% Basic earnings per share (Baht) 0.77

expenses (4.51) (59.97) (5.21) (2,480.95) Financial cost (0.03) (0.40) (0.06) (28.57) Share of loss in associates (15.06) (200.27) (11.71) (5,576.19) Total expenses (32.57) (433.11) (33.99) (16,185.71

impairment of investments in associate (0.01) (0.05) (1.64) (268.85) Management benefit expenses (11.30) (58.89) (14.16) (2,321.31) Financial cost (0.12) (0.63) (0.14) (22.95) Share of loss in associates

attributable to owner of the parent 150.57 267.77 (117.20) (43.77%) 465.05 609.48 (144.42) (23.70%) Earnings per share (EPS) 0.09 0.16 (0.07) (43.77%) 0.28 0.37 (0.09) (23.70%) Raw water costs 52% Tap water