(2017) Enterprise Book-to-Price (EBP) Penman, Richardson, and Tuna (2007) Sales-to-Price Ratio (SP) Barbee, Mukherji, and Raines (1996) Cash Flow-to-Price Ratio (CFP) Lakonishok, Shleifer, and Vishny

and did not affect the Company’s cash flow or its operating performance. KEY HIGHLIGHTS • Total revenue and share of profit from investments in associates decreased by 6.3%. However, if excluding the FX

credit rating of the Company. Cash flow statements As for cash flow statements as of 31st March 2020 and 31st December 2019, the net cash flow increases 461.18 million THB or 92% as a result of the

business plan 2021 - 2024. Cash flow statement Regarding the cash flow statement as of 31st March 2021 and 31st December 2020, the net cash flow increases 546.06 million THB or 59.57% mainly because of the

Power BI visualization of our results can be accessed at http://bit.ly/2PjAo2L. Keywords: equity mutual funds, risk-adjusted return, flow-performance relationship JEL Classification Code: G11 http

Net operating debt to equity at 0.61 times with strong operating cash flow. Dividend payout remain much higher than its stated policy of 30% of net profits. Perpetual debenture of THB 15b refinanced at

impact from FX losses was only accounting implication and did not affect the Company’s cash flow or its operating performance. KEY HIGHLIGHTS • Total revenue and share of profit from investments in

the Discounted Cash Flow and the Precedent Transaction Comparables. The preliminary assumptions used in the valuation based on the Discounted Cash Flow are as follows: 8 Number of years used for

cash flow or its operating performance. KEY HIGHLIGHTS • Total revenue and share of profit from investments in associates increased by 4.4%. However, if excluding the FX impact and one-time loss items

Page 6/ 7 Jaymart Public Company Limited decline. In addition, JAS Asset is aware of the period of crisis. Cash flow in operations is important to business operations. JAS Asset has conducted