integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect

% 182.44 153.19 19% Earnings before interest, taxes and depreciation 102.79 92.44 11% 405.48 362.47 12% % Earnings before interest, taxes and depreciation 26% 25% 1% 25% 25% 0% Other income /(expenses) 5.09

of hospital operations 257.36 226.88 13% Gross margin 125.57 86.97 44% % Gross margin 33% 28% 5% Administrative expenses 47.84 35.48 35% Earnings before interest, taxes and depreciation 105.66 75.92 39

A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals* Sarayut Rueangsuwan † Kasetsart University, Thailand August 2015 Abstract Prior literature on meeting or beating

% -2% 31% 30% 1% Administrative expenses 41.56 39.07 6% 140.90 112.68 25% Earnings before interest, taxes and depreciation 116.15 114.01 2% 302.68 270.02 12% % Earnings before interest, taxes and

improvement in product purchase planning of HomePro, Mega Home, and HomePro in Malaysia. 3. Cost of rental and service was Baht 430.07 million, an increase of Baht 64.55 million or up by 17.66% due to the

Promotion Operation Review ... 1 The effect of natural disaster on earnings management Supavinee Jevasuwan Kasetsart University SEC Working Papers Forum 19th August 2015 2 Research Question 3

million (THB 8.4 billion), -7% YoY, Core EBITDA margin 10%  Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY  Core Earnings Per Share of THB 0.67, -32% YoY  Operating Cash Flow of

of $304 million (THB 9.6 billion), -7% YoY, Core EBITDA margin 10%  Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY  Core Earnings Per Share of THB 0.67, -32% YoY  Operating

% of net profit margin comparing with Q2 2016. Apart from the additional costs of SBT’s impairment, the increment of gross and net profit was mostly caused by the improvement of products’ spread margin