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

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

2018, were an instructive factor to cost savings of the Company’s non-carbonated canned energy drink. In the 1H/2020, gross profits were THB 3,556 million, an increase of THB 956 million or 36.8

had reached 100% utilization rate since 4Q/2019 after its first commercial run in November 2018, were an instructive factor to cost savings of the Company’s non-carbonated canned energy drink. Having

negotiation between the Company and the Seller and took into account the fundamental intrinsic value of the assets and business based on historical and potential earnings and cash flow of the business. It has

to 4Q/2019, respectively. The ramping up in utilization rate had been an instructive factor to cost savings of the non-carbonated canned energy drink under Carabao brand throughout the year. As a part

, respectively. The ramping up in utilization rate is believed to be an instructive factor to further cost savings of the non-carbonated canned energy drink under Carabao brand throughout the rest of year

ramping up in - Translation - Page 6 of 9 utilization rate is believed to be an instructive factor to further cost savings of the non-carbonated canned energy drink throughout the rest of year as evidenced

corporate value represented by their ROE and operating profit. Indices for Strategic Beta strategies:  S&P GIVI Japan (S&P Global Intrinsic Value Index): constructed by book value and discounted projected