of voluntary information disclosure via social media, firms would be facing incentives to only release positive news…but do they? • Trueman (1997) proposes a model showing that rational managers also

. • In other words, firms prefer reporting small profits to reporting losses, showing increasing earnings over previous periods’ earnings, and announcing positive earnings surprises relative to analysts

+9.3% growth YoY at constant FX. However, reported international beverage business was slightly declined from FX impact. Domestic market: Energy drinks showed favorable growth for both M-150, our

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended June 30, 2018 The Thai economy in the second quarter of 2018 gained further traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see strong across-the-board growth. The business sector remained challenged by new modes of competition...

., 2009). Their evidence indicates that there are valuation premiums for firms surpassing three benchmarks. Several studies suggest that incremental positive effects on prices or returns, also known as

particularly the tourism sector, Q1 outlook is optimistic for Golden Lime as the new dolime product gains traction and with the positive impact from the sugar season. The delayed 3.2 trillion baht budget is

provide a margin of safety with a potential positive returns. Hypothesis construction • Result expectations: Types of investors Total volume imbalances Marketable volume imbalances Retail investors

if the value of their investment decreases Source: Stanford Graduate School of Business Sustainable investment ในตา่งประเทศ SEC Classification : ใชภ้ายใน (Internal) 4 Negative spread Positive spread

percent, driven mainly by a favorable growth of the global economy which positively impacts on export sector, an acceleration of public investment along with the progress of key investment projects and

valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s