increased substantially which can outweigh lower visit number. The increase of revenue per visit was the result of more surgeries operated particularly heart surgeries and minimal invasive surgeries. All

Administrative expenses decreased by 6% yoy mostly was attributed to the staff cost. Earnings before interest, taxes and depreciation (“EBITDA”) EBITDA (not included other income) increased substantially by 16

included other income) increased substantially by 16% yoy. EBITDA margin rose from 25% of hospital revenue in 4Q18 to 26% in 4Q19. This was mainly attributable to the increase of non-SW revenue. Financing

IPOs between 2002-2005, 10 out of 93 firms posted NC status. The probability of becoming delisted increases considerably after year 6 of listing. 2 Illustration of reverse takeover 3 Private firm

period last year. Gross profit from Media and Agency service was considerably increased by due to the improvement of agency cost’s efficiency. However, gross profit from e-commerce was significantly

significantly, even though, the revenue from take- away and home delivery considerably increased, it was not enough to offset the dine- in sales. Domestic revenue from sales and services of THB 816 million

reporting increasing earnings strings. These firms’ discount rates then substantially decrease because of lower risk. Put differently, higher prices are determined by a denominator effect. Therefore, I

yoy. Last year, the Company was in the process of listing in SET. thereby incurred high amount of such fee. Financing Costs Financing cost decreased significantly during 9M17 and 3Q17 because the

thereby incurred high amount of such fee. Financing Costs Financing cost significantly decreased in 2017 due to the Company and its subsidiary applied the proceeds derived from the initial public offering

customers, strongly increasing 33% YoY, considerably outpacing the home broadband industry, which is growing at a pace of about 5-10% YoY. However, price competition remained intense throughout the year as