utility measure.” A utility approach is especially apt to evaluate strategies with uncertain results. For example, Scott and Watson (2013) use a utility maximization model to benchmark the efficacy of

Next, we evaluate the fund returns with respect to the Carhart (1997) 4-factor asset pricing model to get the risk-adjusted return, alpha. Specifically, for each fund 𝑖, we estimate 𝛼𝑖 using the

been prepared solely for the convenience of the foreign shareholders of Glow Energy Public Company Limited and should not be relied upon as the definitive and official document of the Tender Offeror. The

its SPAR convenience stores and Inthanin Coffee Shops. Inthanin coffee shops has been expanded both within and outside of Bangchak’s service stations, in order to further grow its customer base

customers to instantly view. This is all done without requiring the staff at forecourt to move between the customer vehicle and the payment point, increasing convenience and the speedy of service. Also

- oil business, under the supervision of Bangchak Retail Co. , Ltd. ( “ BCR” ) is still developing and expanding its business continuously. As of Q1/2020, the number of SPAR convenience store was 44

559 locations (an increase of 67 locations YoY). BCR has entered into partnership with Grab Food and Get Food, in order to provide foods and drinks from SPAR convenience stores and Inthanin coffee shop

Office of the Securities and Exchange Commission, for the convenience of those not familiar with the written Thai language. Every effort has been made to convey the meaning and effect of each provision of

OFFICE OF THE SECURITIES AND EXCHANGE COMMISSION, FOR THE CONVENIENCE OF THOSE NOT FAMILIAR WITH THE WRITTEN THAI LANGUAGE. EVERY EFFORT HAS BEEN MADE TO CONVEY THE MEANING AND EFFECT OF EACH PROVISION OF

20T H ANNIVERSARY 1 Securities and Exchange Commission, Thailand Annual Report 2012 SEC ANNUAL REPORT 20122 THE YEAR OF CHANGE The year 2012 was the time for change to become the visionary partner whose balance between proactive and preventive approaches has led to stakeholders’ confidence in the Thai capital market. THE YEAR OF CHANGE 20T H ANNIVERSARY 1 02 MESSAGE FROM THE CHAiRMAN 04 MESSAGE FROM THE SECRETARY-GENERAl 06 SEC BOARd 09 CApiTAl MARkET SupERviSORY BOARd 12 ExECuTivE OFFiCERS 13 O...