significant rise to the world’s 3rd highest rank with 86 scores, from No. 15 with 75 scores in the preceding year. Such development was a result of the improvement in the Ease of Shareholder Suits Index

preparing financial statements.  The study also reveals the importance of the role of the executives, directors, and audit committee members in reducing financial statements adjustments, where improvement

collections suited for every customer segments e.g. CENTENNIAL JUBILEE 90 FACTES, 90th ANNIVERSARY COLLECTION, EVENTAIL, THE EXCELLENCE OF 19, THE YELLOW MYSTERY, THE PINK MAJESTY, FIREWORK and latest new

Explaining Value?: β’s t-statistics for q4 Motivation Explaining Value Data Results Conclusions Conclusions • Statistical approach to value investing works • A mystery to researchers around the world as to

service. 3. Administrative expenses were Baht 286.57 million; decreased Baht 22.52 million or 7.29% from last year. This is result from improvement in administrative expense to align with current operation

expansion of subsidiaries, staff cost and expenses of hospital quality improvement. Please be informed accordingly. Sincerely yours, (Mr Pongpat Patanavanich) Managing Director

revenue ratio decreased by 4.42% (from 92.05% to 87.63%) because the improvement of production efficiency. 3. Profit from foreign exchange increased by 28.91 million baht (from the loss of 5.47 million baht

period last year. 2. Sales cost to revenue ratio decreased by 1.07 % (from 91.04 % to 89.97 % ) because the improvement of production efficiency. 3. Profit from foreign exchange increases by 10.87 million

. 2. Administrative expenses were Baht 50.87 million; decreased Baht 33.55 million or 39.74% from same period of last year. This is result from improvement in administrative expense to align with

margin was 7.53%. As a result of increasing in steel price trend from the lowest point at the end of 2019 and the improvement in operation cost. 3. Selling expenses were Baht 39.47 million; decreased Baht