• Value portfolios are double-sorted 2×3, value-weighted portfolios based on size and value dimension • Behavioral factors are mean adjusted Motivation Explaining Value Data Results Conclusions Factor

strategies including the launching of new products which were got positive feedback from the customers. Besides, the product segment management and the improvement of customer services were well implemented

improvement was mostly a result of lower prices of raw materials this year and improvement of production reliability. Financial Ratios Q3 2019 Q3 2018 Gross profit margin 28.6% 20.2% Net profit margin 22.0

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

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