in 2018 was –3.5% , same level as in 2017, following continued handset campaigns. Cost & Expense In 2018, cost of service was Bt76,700mn increasing 15% YoY due to higher D&A and cost of the partnership

share sale transaction for ordinary shares in a wholly owned subsidiary of SHR to Wai Eco World Developer Pte. Ltd (“WERW”) in accordance with Joint Venture Agreement to operate and develop a high-end

projects. • Gain competitive advantages. Knetsch & Salzmann (2022) • Firms in countries with a higher level of societal trust are less prone to underinvestment. Disadvantages Datta-Chaudhuri (1990); Han et

Chinese. Meanwhile, level of domestic economic activities gradually increased, though not accelerating. Consumption and investment of private sector steadily expanded consistent with the improving consumer

renovation. Liquidity was maintained at healthy level with current ratio over 1, while capital structure was at optimal level with excellent ability to repay debt. 31-Dec-17 31-Dec-16 Chg Profitability ratio

activities. Overall Domestic HRC market conditions remained subdued with downward pressure on HRC prices due to global trade tensions, high levels of imports and slowdown in Thai economy. While various

was under monitoring because of the dredging of Nongkho reservoir, while those of Rayong province was in moderate level. Water supply in the reservoirs was approximately lower than the average water

times and manageable level of inventory. Regarding commercial business, to partially help our tenants in both office and retail space to sustain and grow business in the future, a short-term rental

groups, has decreased in line with the level of production activity of the main industries that have not yet returned to Normal level before the epidemic The sales of company and it subsidiaries mostly

gross-of-fee level, it disappeared at net-of-fee level. • Jensen (1968) reaches conclusion that average actively managed mutual fund does not capture alpha, net of fees and expenses. • Chang and Lewellen