have gradually stopped providing fixed-speed unlimited price plans and expect the impact of suppressed ARPU to slowly be unwind. Handset subsidies remained elevated in 4Q18 due to seasonality while
also suppressed the market sentiment; Thai banks came under pressure after the large banks announced waiving fees for transaction via internet and mobile banking. The banks will sacrifice fee income in
increasing earnings firms. 14 See the definitions of variables in appendix B. Moreover, the subscripts i and t are sometimes suppressed. 19 leverage. In addition, to allow for a different relation between EPS