the contract (physical delivery), or a party may make cash settlement where the cash difference between the exercise price and the market value or price of the underlying asset or variable at a time or

the said provision Baht 23.7 million), annual salaries adjustment but lower variable sales –related expenses; - and a lower CIT Baht 7.7 million Y-O-Y. Yours sincerely, Mr. Anant Kittivittayakul

× 𝐸𝑉𝐴𝑅𝑖𝑡) + 𝛽6(𝐸𝑃𝑆𝑖𝑡 × 𝐷𝐸𝑖𝑡) + 𝛽7𝐵𝑉𝐸𝑖𝑡 + 𝜀𝑖𝑡 (1) Where 𝑃𝑅𝐼𝐶𝐸𝑖𝑡 is fiscal quarter-end’s stock price. 𝐸𝑃𝑆𝑖𝑡 is earnings per share. 𝑆𝑇𝑅𝐼𝑁𝐺𝑖𝑡 is an indicator variable that

1,471.82 Million Baht which variable from sale volume  Cost of service as amounting of 959.89 Million Baht or 107.16 Million Baht increased (12.57 percent) when compared to same period of previous year of

Conclusions Table 1: Value Signal Descriptions Variable Related Literature Book-to-Market Ratio (BM) Graham and Dodd (1934) and Fama and French (1993) Intangible Capital-Adjusted BM (iBM) Peters and Taylor

by MSCI (with country GPR data availability) between 1985 and 2019, from Refinitiv Datastream. ❑ Dependent variable used to measure firm value is Tobin’s Q. ❑ To ensure the results are robust, we

million baht to 107.25 million baht, increased 12.98 million baht or 13.77 percent, was mainly by the increased in variable trading volume of the securities business, derivatives business, proprietary

were also higher, but these are investments into the future competitiveness of the company. On the upside we expect to see some of the variable cost pressure, notably fuel, to ease in the following

from the second quarter of the year 2019 of Baht 178.69 million or -79.41% due to decrease in cost variable to income such as food and beverage cost and salary, is significant. However, some expenses

credit card fee, variable rental expenses, utility expense, maintenance cost, and outsourced labor cost whereas the depreciation expense has increased due to the adjustments in compliance with the