vector used in the regression or even Z = X. The first stage involves regressing each endogenous variable on the Z vector to produce the vector of residual ê. These estimated residuals are then used to

palm oil price continuously declining, the business recorded an Inventory Loss of THB 80 million. Further, the Selling, General and Administrative expense increased from the same period of the previous

million, with the following factors affecting performance as follow: 1. The refinery’s average production rate declined by 4% from Q4/2018, due to the declining of finished product and reference crude price

margin was declined from the higher raw material price. The Denatured Ethanol Business saw performance improved from last year following the amalgamation, however gross profit was affected by the declining

% q-on-q declining gas price (despite a 1.0% y-on-y increase) and 3) new industrial-user (IUs) clients. EBITDA margin also improved to new-high level of 28.3%, thanks to contributions from Vietnam solar

-to-declining Industry margin environment, particularly in a key feedstock, PTA and in PET, which contributes to the Company’s largest production vol- ume. As is evident in the graphs, the Company has

level of 1.25 percent while projecting the Thai economy would expand at a lower rate than previously forecast and further below its potential due to declining exports which have affected domestic demand

(implied by a declining emissions performance trajectory), fixed targets are established at the midpoint of the bond’s term along the trajectory (see Box 3 for example using Sydney offices). Adopting this

likely that the Bank of Thailand could further lower the policy rate in 2020 on the back of a deteriorating economic outlook. V3 27/02/63 2 Thai Banking Industry in 2019 In 2019, commercial banks in

% down from 1Q2017. The revenue from feed business continued declining due to intense competition of animal feed and aquatic feed in Thailand reflecting falling in revenue from animal feed and fish feed