the risk-based argument, it is theoretically built on valuation perspective suggesting that, ceteris paribus, an increase in an earnings stream or a decrease in discount rate result in higher price. In

, it seems logical that a firm with stronger fundamentals would exhibit either higher persistence of earnings or larger subsequent earnings growth or both, and in turn higher prices. • Theoretically, I

20.0 mm or 7.8% from the same period of previous year. The main reason was due to higher occupancy rate of Ready-Built factories and warehouses.  Gross profit from rental and service of warehouses

% for the warehouse rental and service business which decreased from 57.0% in the same period of previous year, mainly due to change in product mix between Built-to-Suit and Ready- built facilities. 2

WHABT as mentioned above. However, the Company had higher occupancy rate for ready-built facilities as well.  Gross profit from rental and service of warehouses, distribution centers and factories during

gross margin in was 47.9% which decreased from 61.1% in 2017. The decrease in genuine gross margin, compared to the same period of last year, was mainly due to change in product mix between Built-to-Suit

Built-to-Suit and Ready-built facilities. Industrial Development Business Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Revenue 460.6 1,789.8 1,329.2 288.6% Gross Profit 116.5 949.2 832.7

and services increased by 5.8%, mainly from continuously increase in occupied area of ready-built factories and warehouses. • Revenue and share of profit from sale of investment properties was THB

genuine gross margin in 2017 was at 57.5% for the warehouse rental and service business which decreased from 69.0% last year, mainly due to change in product mix between Built-to-Suit and Ready-built

all android handsets, to exhibit leadership in 4G. Handset subsidies remained stable and more targeted; however, the competition in fixed- speed unlimited plans has challenged an ability to increase