SEC Working Papers Forum ครั้งที่ 8/2558 SEC Working Papers Forum คร้ังท่ี 8/2558 การทดสอบ Put-Call Parity ดว้ยฟิวเจอร์สใน TFEX จุฑาทิพย์ เลิศบูรพา คณะพาณิชยศาสตร์และการบัญชี มหาวิทยาลัยธรรมศาสตร์

conditions stated therein. The proposed sell-down of the Units is strictly a f inancing exercise to fund, amongst other things, working capital needs and to pay the Company’s indebtedness and liabilit ies

stated therein. The sale price was determined through a book building process. The proposed sell-down of the Units is strictly a financing exercise to fund, amongst other things, working capital needs and

profit of 2Q19. However, net profit margin remained at 17% unchanged from previous year despite revenue decrease (given that 2Q19 not included non-recurring items). Most of cost and expenses were

unchanged from previous year despite the decrease of SW income . Non-SW income has more than offset the unfavorable SW income while cost has been under control. Page 3 of 4 Statement of Financial Position as

meaningfully changed yoy. Trade receivable and Trade payable period were slightly decreased while inventory period was unchanged. Leverage ratio has improved as illustrated by Interest Coverage ratio (EBITDA

rating to be enhanced from its stand-alone rating. On a stand-alone basis, TRIS’s view remains unchanged. The Company’s business performance has been relatively strong and stable from its well-diversified

patients. Administrative Expenses Administrative expenses were unchanged yoy. Earnings before interest, taxes and depreciation (“EBITDA”) EBITDA (not included other income) deteriorated by both in term of

future. The new preventive measures will also come with traceability, enhancing the ability to trace back the route of the product. At the current stage, the Company is working on process improvement

its subsidiaries recorded selling expenses of Baht 204 million, quite unchanged YoY. Selling expenses to sales was 15.0%, an increase from 13.4% in Q1/2017 due to lower sales. Q1/2018 Administrative