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

ESSAY 2: AN EXAMINATION INTO BUY-SELL ASYMMETRY OF PRICE BEHAVIOR AROUND TRADES AND TRADING COSTS OF TRADES: EVIDENCES FROM TH 1 THE ASYMMETRY OF PRICE BEHAVIOR AROUND BUY AND SELL TRADES: NEW

sold and property sell income.   Management Discussion and Analysis, Q3/2018 Page2/4   Cost of Rental and Service Income The Company incurred rental and service costs for the 3rd quarter of 2018 equal to

% Trade and other receivables 56.0 2.3% 62.8 2.6% 6.8 12.2% Property development costs 156.7 6.5 186.0 7.6% 29.3 18.7% Other current asset 26.7 1.1% 33.7 1.4% 7.0 26.2% Total current asset 260.7 10.8% 305.9

by Baht 146.93 million or 3.46% from last year. Mainly it was from the decreasing of inventories, Land development costs and Property, plant and equipment. Total Liabilities Total liabilities as at

of major changing of total asset in 2017 are as following 1. Inventory increased to 2,006 million Baht or increased 74.6%. 2. Property Development Costs increase 147 million Baht from the development

% 12.9 33.1% Property development costs 243.9 9.8% 242.9 9.7% -1.0 -0.4% Other current asset 23.4 0.9% 28.9 1.2% 5.5 23.5% Management Discussion and Analysis Q1/2018 Page 3/4 JAS Asset Public Company

had total assets of 5,403 THB mm, decrease from 31 December 2019 by 50 THB mm or 0.9%, mainly due to • Decrease in property development costs from the ownership transfer of Veranda Residence Hua-Hin

mm, an increase from 31 December 2019, 169 THB mm or 3.1%, mainly due to • Property development operations costs from the Veranda Residence Hua Hin project has been increased in accordance with the

1.80 As of 30 June 2019, the group had total assets of 5,218.97 THB mm, an increase from 31 December 2018, 437.60 THB mm or 9.15%, mainly due to property development operations costs from the Veranda