2016 2017 DW Trading Value (Mil. THB) Index DW Trading Value (Mil. THB) Recall: Option price consists of 2 components. Intrinsic value + Time (betting) value 5 Factor Calls Puts Note Asset price (S
and David Dodd in 1934 • Finding price-intrinsic value discrepancies in the market • Various price-based ratios and future stock returns ⋄ Earnings-to-price ratio (Basu, 1977) ⋄ Dividend-to-price ratio
the COVID-19 epidemic which has resulted in a substantial decrease in the number of tourist arrival in Thailand. As a consequence, the occupancy rate in the first quarter of 2020 decreased compared to
intrinsic value of the assets and business based on historical and potential earnings and cash flow of the business. It has been valued by a range of valuation methods including relative valuation as
: International Air Transport Association). Thailand tourism industry in fourth quarter of 2018 grew at 4.9 percent. Tourist arrival from Southeast Asia region had the highest growth at 20.4 percent, followed by
from slow investment from private sector and export sector. Additionally, Thailand’s tourism has shown slow pace from a drop in international tourist arrival, especially Chinese tourists (Source: The
Transport Association). In terms of the Thailand tourism industry in the second quarter of 2018, the number of international tourist arrival to Thailand increased by 9.1 percent, compared to the same period
while the tourism growth decelerate from drop in arrival from Chinese visitors which was effected from the deadly Phuket boat accident. In addition the weak of Chinese Yuan against US dollar, resulting
in overseas. - The arrival period would requires more than 6 months - starting from purchasing date to delivery date. - Cost of new machines is approximately 70,000,000 Baht per machine. Option No. 2