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

-minded travelers with authentic local experiences in vibrant destinations worldwide. Each hotel will include thoughtfully-designed, compact rooms with high quality facilities and a vibrant communal space

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

range of property development services with the focus on the quality of life of the residents. The emphasis is put on “Vibrant Community” strategy, social and environmental responsibility and sustainable

property development services with the focus on the quality of life of the residents managed with “Vibrant Community” concept and develop a home for lower-middle to upper-middle income earners at the

Co., Ltd. and subsidiary companies provide full property development services focusing on the quality of life of the residents with the implementation of “Vibrant Community” strategy, corporate social

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

Showcasing iconic international and local brands over 80,000 sq. m. of retail space, this innovative lifestyle centre will provide a vibrant new place for people to meet, shop, dine and interact. Highlighting

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