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

sustainable growth. The company has adjusted the stock management to be more efficiency in order to response to the economic and challenge surrounding situations. Moreover, the Company plan for a road map in

bond allowing the bondholder to convert bond to the Company’s stock at the adjusted conversion price at THB 4.40 per share. Page 2 of 11 Singha Estate Public Company Limited Management Discussion and

price of stock. Dividends are adjusted to account for any stock splits during the 12-month period. Gross dividends are used to calculate dividend yield. The price is the closing price on the prior trading

returns by taking on more market risk deliver less risk- adjusted returns on average. This result echoes the stock-level finding by Saengchote (2017) that Thai stocks with high betas tend to have low alphas

Ref. No. 161/2560 13 November 2017 SUBJECT : Management Discussion and Analysis for quarter 3 ending 30 September 2017 ATTN : The President Stock Exchange of Thailand Nam Seng Insurance Plc. realized

writer Ref. No. 158/2562 November 13, 2019 SUBJECT : Management Discussion and Analysis ending September 30, 2019 ATTN : The President Stock Exchange of Thailand The Company realized profit for the

-74% -51% 555 196 -65% EBITDA Margin (%) 7.5% 5.0% 2.2% -5.2% -2.7% 8.7% 3.5% -5.1% Stock Gain/(Loss) & NRV 10 - 32 - 119 -1299% 269% 16 - 152 -1045% Adjusted EBITDA (Million Baht)(3) 235 164 184 -22

) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV % Adjusted EBITDA Margin Quarter 3/2016 Quarter 2Q/2017 Quarter 3Q/2017 Business Unit l Methyl Ester 9.7% 6.3% 3.4% l Fatty

. บรษัิท โกลบอลกรนีเคมคิอล จํากดั (มหาชน) Management’s Discussion and Analysis | 3 Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Operating Performance Table 1