COMPANY LIMITED COMAN: COMANCHE INTERNATIONAL PUBLIC COMPANY LIMITED COTTO: SCG CERAMICS PUBLIC COMPANY LIMITED CPALL: CP ALL PUBLIC COMPANY LIMITED CPANEL: CPANEL PUBLIC COMPANY LIMITED CPF: CHAROEN

: COMANCHE INTERNATIONAL PUBLIC COMPANY LIMITED COTTO: SCG CERAMICS PUBLIC COMPANY LIMITED CPALL: CP ALL PUBLIC COMPANY LIMITED CPANEL: CPANEL PUBLIC COMPANY LIMITED CPAXT: CP AXTRA PUBLIC COMPANY LIMITED CPF

does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant

implicit assumption behind the expected relation between future earnings and stock price is that markets possess information about future earnings. Prior research on the price informativeness reveals that