guidance on how these principles can be approached and may be delivered. While practice will vary in detail between national markets, the principles that underlie high standards are constant. Good practice
𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑘𝑖𝑡 + 𝜀𝑖𝑡 Hypothesis 1: high ESG score will have high Intangible capital ratio (Positive correlation). Model: ICR with ESG score (2018-2022) (1) ICR (2) ICR Constant 0.517*** (0.095) 0.725** (0.327
the capital market. Constant and thorough reviews of relevant operations have been proceeded in collaboration with all sectors involved, especially transactions with high risks and potential incentives
proof High CRT x Expert proof CRT 0.106*** (0.008) Mutual-fund framing 0.033** 0.053* -0.020 -0.078 0.172* -0.142 0.053 (0.006) (0.013) (0.067) (0.082) (0.091) (0.122) (0.126) Constant 0.443*** 0.398
beverages grew 4.0% YoY. Total personal care continued to grow 6.4% YoY, of which CLMV markets grew 31.6%. Overall international business grew 8.6% at constant FX rate, driven by CLM. OEM-glass bottles sales
/Total Return vs Investor Return g Introduce the Investor Return /How much investors lose chasing returns / Investors often suffer from poor timing (buy high, sell low) gKey Take-Away Source: Morningstar
by 1.5% YoY due to Kyat currency depreciation (at constant FX, total Myanmar sales would have been +6.8%). Laos grew 7.5% YoY while Cambodia performance was dragged by high stock level with the
& Calpis grew 2.7% YoY. Total Personal care continued its momentum with 11.5% growth YoY, with 42.8% growth in CLM markets. International business grew 1.5% at constant FX rate, driven by Myanmar growth
beverages continued its growth momentum at 7.3% YoY, and domestic personal care showed 23.7% growth. Overall international business grew 8.7% at constant FX rate. YTD 1H’19, net sales grew 5.0%, contributed
rate translation, revenue from sales grew by 6.7% YoY at constant FX. The growth drivers lie in our core businesses, both domestic beverages and personal care with the growth of 6.6% and 10.7