sheds significant light on the valuation role of fundamentals of a firm behind market rewards. In this study I penetrate the “Black Box” of a string of earnings increases and provide the rational

contract term, profitability of the contract remains the same. By the Standard, key changes compared to prior to 2019, are as follows: a) Device subsidy previously recognized as handset loss will be

169 163 151 148 136 Blended 186 181 170 168 156 VOU (GB/data sub/month) Postpaid 6.7 7.5 8.3 9.2 10.9 Prepaid 4.1 5.4 6.2 7.0 8.2 Blended 4.7 5.9 6.7 7.6 8.9 Device Penetration 4G-handset penetration 39

Quantitative methods in accounting research A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals Sarayut Rueangsuwan Kasetsart University SEC Working Papers Forum 19th

12.7 Prepaid 5.4 6.2 7.0 8.2 9.2 Blended 5.9 6.7 7.6 8.9 10.1 Device Penetration 4G-handset penetration 42% 46% 50% 54% 57% Fixed Broadband Business FBB subscribers 481,500 521,200 571,800 623,400

, AIS fully expensed handset subsidy as either handset loss or marketing expense. With the effect of TFRS 15, key financial changes, compared to prior to 2019, will be as follows: a) Device subsidy

under other service revenues and device sales. As the acquisition value was higher than CSL’s net identifiable assets, AIS recognized the value difference as goodwill amounting to Bt2.8bn. With the

10.9 11.4 11.5 Device Penetration 4G-handset penetration 54% 57% 59% 63% 66% Fixed Broadband Business FBB subscribers 623,400 676,700 730,500 795,000 855,400 FBB net addition 51,600 53,300 53,800 64,500

/month) Postpaid 15.1 17.0 18.8 24% 10% Prepaid 10.1 13.8 16.3 60% 18% Blended 11.5 14.7 17.0 47% 15% Device Penetration 4G-handset penetration 66% 74% 75% - - Fixed Broadband Business FBB subscribers

9.8 10.3 10.1 10.5 Blended 10.1 10.9 11.4 11.5 12.1 Device Penetration 4G-handset penetration 57% 59% 63% 66% 69% Fixed Broadband Business FBB subscribers 676,700 730,500 795,000 855,400 937,000 FBB net