fundamentals, earnings persistence, and future earnings (e.g. Lev and Thiagarajan, 1993). More specifically, when investors observe a pattern of increasing earnings, they can infer that a firm has stronger

mutual funds are able to successfully time the market and that their performance is negatively related to their expenses. • Carhart (1997) documents that persistence in superior fund performance is very

net loss includes unrealized loss on foreign exchange of 19.29 million baht. Comparing with last year, the Company had a net loss of 64.72 million baht which includes unrealized gain on foreign exchange

had a net loss of 34.71 million baht in which there is a loss attributable for the equity holders of the Company of 34.72 million baht and the net loss includes an unrealized gain on foreign exchange of

result Million Baht 2019 2018 Sales 1,748.29 1,905.09 Cost of Sales 1,636.11 1,756.98 Gross Margin 112.17 148.11 Gain (loss) on exchange rates 38.44 (26.43) Other Incomes 33.76 30.28 Total Revenues

result Million Baht 2018 2017 Sales 1,905.09 1,849.88 Cost of Sales 1,756.98 1,621.03 Gross Margin 148.11 228.85 Gain (loss) on exchange rates (26.43) 23.44 Other Incomes 30.28 27.42 Total Revenues

earnings and firm value (e.g. Lev and Thiagarajan, 1993; Abarbanell and Bushee, 1997; Tomy, 2012; Yao, 2014). • If fundamental information is manifested in earnings persistence or reflects earnings growth

foreign exchange of 11.97 million baht. If excluding the unrealized gain (loss) on foreign exchange, the Company had a net loss of 68.75 million baht this year and 86.28 million baht last year. The net loss

a loss attributable for the equity holders of the Company of 48.58 million baht and the net loss includes unrealized gain on foreign exchange of 0.49 million baht. Comparing with last year, the

Baht 26.44 million from mutual fund and private fund managements fee from Solaris Asset Management Company Limited (Solaris) decreased.  Gain and return on financial instruments decreased of Baht 22.50