Comments on: “Trading costs on the Stock Exchange of Thailand” Authors: Charoenwong C., Ding D.K., Jenwittayaroje N. Comments on: “Risk-taking behaviour during downturn: evidence of loss-chasing and

Stock Exchange of Thailand The Company wishes to present the Management Discussion & Analysis (MD&A) on the operating and financial status for the year 2018. The MD&A would enable the investors to better

Ref. No. IVL 002/05/2020 12 May 2020 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Review of Financial Statements and the Management Discussion and Analysis of

traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

increase the difficulty of estimating absolute emissions savings Transport systems are dynamic systems subject to well-known feedback effects such as induced demand, fuel efficiency rebound effects and

debt to EBITDA of 1x and decent interest coverage ratio of 14x in FY20. Asset turnover: Inventory was well-managed with inventory days declined from 51 days to 44 days due to lower handset stock. Account

low net debt to EBITDA of 0.8x and decent interest coverage ratio of 16x. Asset turnover: Inventory was well-managed with inventory days declined from 44 days to 22 days due to lower handset stock

easing COVID-19 situation with a rebound of foreign tourists which boosted Thailand’s economic recovery. Nonetheless, domestic demand stayed soft due to the global geopolitical conflicts that created

September 2017 Subject: Notification of the Board of Directors No.8/2017 and the date of the Extraordinary General Meeting of Shareholders No. 1/2017 To: The President The Stock Exchange of Thailand Enclosure