REGULATORS 1. Maintenance of records 2. Scheduled or surprise audits involving site visits to firm headquarters 3. Follow-up investigations for complaints BUT DOES NOT ADJUDICATE 4. Issue sanctions

Gap 8 g Investor Return Gap = Asset Weighted Investor Return – Average Total Return /Study on U.S. domiciled funds Source: Morningstar Direct Mind the Gap 9 gRecent study in 2014 /Surprise! The Investor

. Notwithstanding, the market volume of Thai vitamin C drink appeared to enjoy a pleasant growth rate Revenue from sales by product group Unit: THB million 2019 % 2020 % Amount Percent Branded products by our own

Negative Proportion of listed companies with positive / negative earning surprise Source: Bloomberg, data as of May 2024 More than half of all listed companies reported their net profits higher than analysts

channel to communicate with the customers promptly as well as to increase pleasant level and top impression for keep maintain the existing customer base together with the increase of new customers. ▪ Risks

Consumer Staples Energy Positive Inline Negative สัดส่วนจ านวนบริษัทจดทะเบียนที่ม ีearning surprise ทางบวก/ลบ Source: Bloomberg, data as of May 2024 นอกจากนี้บริษัทจดทะเบียนเกินครึ่งรายงานก าไรสุทธิสูงกว่า

A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals* Sarayut Rueangsuwan † Kasetsart University, Thailand August 2015 Abstract Prior literature on meeting or beating earnings benchmarks extensively documents that market rewards firms reporting a string of consecutively earnings increases. To date, it is still unclear what an earnings string really means. This paper empirically provides rational explanations for this phenomenon by investigating whether the increment...