on retirement income. We present a concept that we call “Gamma” designed to quantify the additional value that can be achieved by an individual investor from making more intelligent financial planning

. KEY BUSINESS AND STRATEGIC UPDATES 1) ADVERTISING – LAYING A STRONG FOUNDATION FOR GROWTH BY MAKING STRATEGIC PARTNERSHIPS AND CREATING INNOVATIVE PRODUCTS  VGI GLOBAL MEDIA PLC   INTELLIGENT DIGITAL

PowerPoint Presentation ©2015 Morningstar, Inc. All rights reserved. Kittikun Tanaratpattanakit Senior Research Analyst Morningstar Research (Thailand) Ltd. Intelligent Financial Planning Decisions 2

) Environmental uncertainty (Cormier al, et, 2013) Personal aims of the managers, i.e. conservative or aggressive (Rodrigues & Esteban, 2012) Economic/Financial crisis (Latridis & Dimitras, 2013; Trombetta

เสมอและมีการเติบโตของเงินต้น (Income with Capital Appreciation) • การเติบโตของเงินต้นอย่างมาก (Aggressive Capital Appreciation) กลยุทธ์การลงทุน 10

for an increased level of production and the Company’s aggressive growth from 2018 onwards; 3) cost from trial runs and start-up of a new production line for some products, driving higher yield loss and

aggressive discount were withdrew in Jan-Feb while demand from lockdown only emerged in the last week of March. APRU continued declining as the competition remained elevated particularly with deep discount

aggressive discount were withdrew in Jan-Feb while demand from lockdown only emerged in the last week of March. APRU continued declining as the competition remained elevated particularly with deep discount

. Fama and French, 1993) Motivation Explaining Value Data Results Conclusions Conclusions • “Price is what you pay, value is what you get” – Warren E. Buffett • “Margin of safety” – The Intelligent

. Sales decrease factors: (D) The delisted of bakery business under brand "a smile" since June 2019 (E) Decreasing of ready to drink Green tea for export sale from an aggressive promotion from key