implicit in the methodology but have been clarified through notes Web pages that facilitate dissemination Research highlights on the credit implications of ESG trends and factors ESG- specific conferences or
characteristics (Matsumoto, 2002) - Institutional ownership - Reliance on implicit claims with their stockholders - Value-relevance of earnings Natural disasters (such as hurricanes: Byard et al. 2007
are sustainably different from the underlying financial version of the agency theory. It assumes that each stakeholder is a part of implicit and explicit contracts that can contribute to a corporation
to remain fragile as overall purchasing power has not yet recovered, and household debt remains at a high level. The operating result of the Company in this quarter is still in line with the plan
prices for most agricultural products remain low, resulting in a fragile recovery in consumption. This has also been effected by the reduction of spending stimulus measures by the government compared to
retraction of economic activities and consumer spending. The consumer sentiment remains fragile as the country waits for vaccination against the new variant. Despite of such economic weakness, we delivered
discipline since 3Q22 by removing the freebies in the entry- level package while taking cautious steps to uplift the ARPU. However, the fragile cost-concern environment, especially for price-sensitive segments
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
the country while full vaccination remains low and vaccine supply posts another pressing factor. This raises the downside risk to the already weak economy, reflecting in fragile consumer spending and