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

% 4.6% 5.1% 5.3% -0.2% Stock Gain/(Loss) & NRV -57 -143 -60% -149 -62% -439 -601 -27% Adjusted EBITDA(1) 346 354 -2% 286 21% 1,076 1,351 -20% Adjusted EBITDA Margin (%) 9.3% 6.8% 2.5% 6.8% 2.5% 8.6% 9.5

dropped from previous quarter resulting to stock loss during 2Q2020. As a result, the Company had a Stock Loss & NRV of THB 374 million, recorded EBITDA of THB -120 million, down 236% compared to 2Q2019

fan decrease THB 14.23 million the same period last year the Company reserved for loss from stock devaluation THB 12.79 million included in cost of sales. 2.3) Cost of renewable energy decrease THB 0.01

1,359 MB increased from 9M/2016 which was at 885 MB. However, the company’s performance was still impacted from Stock Loss and appreciating Baht currency which resulted in the reported net profit in

% 4.6% -1.4% 3.9% 6.0% -2.1% Stock Gain/(Loss) & NRV -149 -425 -65% -233 -36% -382 -458 -17% Adjusted EBITDA(1) 286 653 -56% 444 -36% 730 998 -27% Adjusted EBITDA Margin (%) 6.8% 13.5% -6.7% 9.6% -2.8

impact of Stock Gain/(Loss) and NRV Management’s Discussion and Analysis Global Green Chemicals Public Company Limited | 3 sales volume was increased. However, sales revenue of Fatty alcohol business

lower stock loss. As aforementioned, the company realized net profit of THB 22 million, a decrease of 66% compare to 1Q2018. As of 31 March 2019, the company has total assets in the amount of THB 12,799

ขาย 3,704 5,180 -28% 4,236 -13% 12,571 14,253 -12% EBITDA 289 211 37% 137 111% 637 750 -15% อตัรากําไร EBITDA (%) 7.8% 4.1% 3.7% 3.2% 4.6% 5.1% 5.3% -0.2% Stock Gain/(Loss) & NRV -57 -143 -60% -149 -62

% yoy) because EBITDA from FA business was lower due to stock loss as CPKO price drop. Moreover, the company recognized profit of THB 20 million from investments in the Thai Ethoxylate Company Limited