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

% -97.4% 53.6% 71.4% 44.4% gust 2017 r Ending 30 4/2017 on he Compan has alread : s for the se 24.8 million s represent in revenue onths end o year 892.1% rofit was a r eivables. Th 6M/2017 116.5 532.0 2.7

the Compa th period for riod for 2016 quarter in 20 esult of the re ce of debt co elopment bus The Synergy ce in the futu up can be de hange % 19.1% 100.3% 30.9% 28.1% 19.9%   gust 2017 ing 30 June of

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

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

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

profits in 2017 and 2018 until the third installment ended March 31, 2019, causing the Discounted Cash Flow method does not show the intrinsic value of NINE. The source of the total number that does not

installment ended March 31, 2019, causing the Discounted Cash Flow method does not show the intrinsic value of NINE. The source of the total number that does not exceed Baht 350,000,000 received from a share

EVALUATING IMPACT ON INTRINSIC VALUE OF STOCK Climate Risks Climate Opportunities Physical Risks ✓ Operational Risk ✓ Supply Chain Disruption ✓ Changing consumer behaviour ✓ Sales Impacted by weather