Thai Stock (ADVANC) Analysis

7/27/2019 Thai Stock (ADVANC) Analysis

1/49

CI 24,871,121,589 STD

WCI (7,928,253,810)

LTF(LTD+TE)

STI 47,458,282,571

Total Capital 64,401,150,350 Total Capital

Totol debt 20,859,299,047

STD 8,461,950,113LTD 12,397,348,934

TE 43,541,851,303

CI 24,871,121,589

WCA 9,491,591,091WCL 17,419,844,901

WCI (7,928,253,810)

TA 100,967,897,188

TL 57,426,045,885STI 47,458,282,571

NCI 188,692,640Stock Price 257

No. of Shares 2,973,095,330Total Equity 764,274,192,450

Total Capital 785,133,491,497

Wd% 2.66%

We% 97.34%

YTM 3.12% Before taxes

Tax Rate 30%Kd After taxes 2.18%

RF% 4.32%

MRP 8.05%

Beta 1.073917906Ke% 12.97%

WACC = (Wd%*Kd%)+(We%&Ke%)

WACC = 12.68%

Total Revenue 141,568,298,927Total Capital 64,401,150,350

CAT 2.198226245

From every 1 Baht of investors' money (Capital) invested in AIS, management has pro

S/H profit 34,899,078,379

Finance Cost= Interest Expense = 1,092,793,794.68

Avg Taxes Rate 23.49%

Lender Profit 836,099,528.27

Total Profit for L&S/H 35,735,177,907.59Total Revenue 141,568,298,927.00

PM(profit/total revenue) 25.24%

ROI 55.49%


2/49

On every 100 Baht of capital employed by Advance, manaement generated 7.24 baht oWACC = 12.68% ROI = 55.49%

Advance has high volume and margin. So, the model Advance uses is focused stra

Profit for the period 34,899,078,379

total Equity 43,541,851,303ROE 80.15% ;Ke=12.97%

ROI 55.49%ROE 80.15%

FLE=ROE-ROI 24.66%

Max(i)=ROI%/(1-tax rate) 42.45%

ROI > WACC

ROE > Ke


3/49

8,461,950,113

55,939,200,237

64,401,150,350

As of 14April 2013 257

Par Value 1 Baht

As of 05 April 2013

Sales revenues + Service revenues + interest income + dividend income + gain on currency e

Good! ( > 1 std ) total Revenues / total Capital

duced 2.19 baht of revenues in 2012.

Called Net Profit for the year or Profit for the Period

Changed to positive

>standard of 10% Conclude: High Margin Meaning of PM = 25.24%? Evaluation

From every 100 baht of ADVANCE's rev

From CAT*PM Total expense = 100 - 25.24 = 74.76%


4/49

f after taxes profit for investors in 2012

Good ! Volume = CAT . Margin = PM

Michael Porter's Model:

tegy. 1.) Differentiation Strategy : High Margin but Low Volume

2.) Cost Leadership Strategy : High Volume but Low Margin

3.) Focus strategy : High Margin and High Volume (Mono-Pol

Very Good !

Average Interest rate (i)=Financial cost/Total Debt= 5.24%after tax= 4.01%

ROI= 55.49% Gain= 51.48%D/E= 0.479063 0.246622

cross check with FLE


5/49

change + investment gain + other income

?

enues, company gets 25.24 baht of after taxes profit for investors in 2012


6/49

y)


7/49

Advanced Info Service Public Company Limited and its Subsidiaries

Statements of cash flows Analytical Question

1.What is the toota

2.What are the sou

3.What is the total

4.What are the use

Note 2012 2011 5.What is the cash

6.What is the net C

Cash fl ows fr omoperati ng activities 7.What is the net CProfit for the year( from I/S) 34,899,078,379 22,344,423,964 8.What do you thin

Adjustments for

Depreciation 2,183,059,143 2,510,884,993 Step1: Understand

Amortisation of intangible assets 13,446,818,269 15,164,388,039

Impairment loss of assets 11,14 - 1,541,998,338 Purpose of CF Rep

Investment income 4,11,26 (773,624,201) (632,771,027)

Finance costs 1,092,793,795 1,665,626,981

Doubtful accounts and bad debts expense 542,519,791 611,378,641

Allowance for obsolete, decline in value and

write-off inventories 22,790,873 8,098,710

Allowance for obsolete assets 12 - 27,181,987

(Gain) loss on disposals and write-off of assets 363,724,008 (2,835,085)

Unrealised (gain) loss on exchange 78,725,479 1,173,285

Income tax expense 10,714,505,893 14,364,870,299

Cash provided by operation before changes in Step2:Prepare Sou

operating assets and liabilities 62,570,391,429 57,604,419,125

Changes in operating assets and liabilities

Specifically-designated bank deposits (171,685,379) (1,359,801,077)

Trade accounts receivable (1,564,470,326) (1,973,663,744)

Other receivables (1,003,063,859) 91,093,163

Inventories (362,233,208) 31,641,347

Other current assets 33,388,779 (44,372,997) Step 3: Cross -che

Other non-current assets 33,371,762 (7,091,452)

Trade accounts payable 1,648,103,515 813,001,036

Other payables 1,406,641,977 757,650,942

Accrued revenue sharing expenses 262,089,345 1,264,747,878

Unearned income - mobile phone service (664,269,691) (12,276,893)

Advanced receipts from customers 121,638,291 1,153,215,888 Step: 4 Cash availa

Other current liabilities (7,556,679) 7,850,030

Swap and forward contracts payable (110,797,904) 71,803,506

Other non-current liabilities 50,613,031 19,302,329

Cash generated from operating activities 62,242,161,083 58,417,519,081

Income tax paid (11,109,515,280) (10,201,076,273)

Net cash from operating activities 51,132,645,803 48,216,442,808

(in Baht)

Consolidated

financial statements

For the year ended 31 December


8/49

CASH PROFIT from non cash to cash


Statements of cash flows

Step 5:Calculate ne

Note 2012 2011

Cash fl ows fr om investing activiti es

Interest received 746,495,275 619,822,954

Purchase of property, plant, equipment and computer software (5,502,658,884) (3,168,272,347)

Sale of property and equipment 27,619,467 12,543,202 Step6: Calculate ne

Purchase of assets under the Agreements for operations (4,095,461,459) (2,538,991,345)

Payment of license for operation right in spectrum of (7,321,291,621) -

telecomunication

Net changes increase of short-term loans to subsidiaries - -

Net changes (increase) decrease in current investments 7 (612,419,788) 3,494,040,477

Net changes increase in other long-term investments 7 (791,128) (97,773)

Net changes decrease of investment in a subsidiary 11 - -

Dividend received from subsidiaries - -

Net cash from (used in) investing activities (16,758,508,138) (1,580,954,832) Step 7: Cross-check

Cash fl ows fr omfinancing activities

Interestpaid (1,102,015,007) (1,747,634,309)

Otherfinance costs paid (44,724,905) (32,442,393)

Finance leaseprincipal payments (26,470,970) (22,285,511)

Repayments of short-term loans from a subsidiary - -

Repayments of long-term borrowings (5,486,147,730) (14,050,081,600)

Proceeds from long-term borrowings 3,998,876,000 1,199,500,000

Proceeds from issue of ordinary shares - 188,744,653

Share capital reduction paid to non-controlling interests - (159,433,132)

Dividendpaid (30,241,245,805) (24,102,492,181)

Net cash used in financing activities (32,901,728,417) (38,726,124,473)

Net increase in cash and cash equivalents 1,472,409,248 7,909,363,503

Cash and cash equivalents at 1 January 18,360,810,159 10,451,397,637 Beginning

Effect ofexchange rate changes on balances

held in foreign currencies (197,107) 49,019

Cash and cash equivalents at 31 December 19,833,022,300 18,360,810,159 Ending

Supplemental di sclosures of cash f low in formation

Non-cash transactions

Outstanding debts arising from investment in property,

plant and equipment and assets underthe Agreements for operations and licence for operation

right in spectrum of telecommunication 10,291,135,939 760,459,229



(in Baht)

Consolidated


9/49

CIF of AIS in 2012? 55,905,636,545

e of CIF for AIS in 2012? What is the main source of CIF of AIS in 2012? Operating and divestin

OF of AIS in 2012? (54,433,424,404)

of COF of AIS in 2012? What is the main use of COF in 2012? Investing,debt service,d

mount available (or deficit) for distribute among the investors(lenders&S/Hs) in 2012 34,373,940,558 exc

to (or from) AIS lenders in 2012?

to (or from) AIS Shareholdersin 2012?

about the CF condition of AIS in 2012 from operational and financial perspective?

e purpose and Structure of CF report

t: To explain the change in cash and cash equivalents over a period of time(e.g.2012)

increase decrease

1,472,212,141

CIF+ Company has received cash

COF-() Company has paid out cash

SCF Report has 4 sections Source=CIF+

Use=COF-()

es and uses of cash Table

1.Operation ,net 51,132,645,803 1.Investing (17,532,622,880)

2.Divesting 774,114,742 2.Debt service (6,659,358,612) (Fin

3.Borrowing 3,998,876,000 3.Share repurchase -

4.Issuing new shares - 4.Dividend payment (30,241,245,805)

5.Extraordinary gain - 5.extraordinary loss (197,107) key

total CIF 2012= 55,905,636,545 total COF 2012= (54,433,424,404)

ing (verify the calculation)

A) Net CIF 2012= 1,472,212,141 Total CIF+Total COF

B) Ending cash= 19,833,022,300 Dec ,2013

C)Beginning cash= 18,360,810,159 Jan,2013

D)Increase in cash= 1,472,212,141 D=B-C

le (deficit)=net OCF-netICF+extraordinary gain-extraordinary loss

OCF= operating cash flow

ICF=investing cash flow

A)net OCF 51,132,645,803 get it from the table

B) net ICF (16,758,508,138) get it from SCF report

C)Extra,Gain 0 from table


10/49

D)Extra Loss (197,107) from table

E)Cash available (deficit)= A+B+C+D 34,373,940,558 excess cash profit

give some to lenders

2,660,482,612

CF to (or form) Lenders = total CIF to lenders-total COF from lenders=debt service-borrowing

Note: Do step 5 from Lenders'point of view(do calculation from lender side)

A) Debt service 6,659,358,612 get it from the tablebutchange it to positive number

B)Borrowing (3,998,876,000) get it from the tablebutchange it to negative number (cash out flow from

C)Net CF (Lenders) 2,660,482,612 C=A+B

It means Lenders (Banks) have received net CIF from the company

CF to (or from) S/H = share repurcghase+dividend paid-issuing new shares

Note:Do the calculation from S/H side

A) Share repurchase 0 from the table but change sigm to positive

B)Dividend paid 30,241,245,805 from the table but change sigm to positive

C)Issuing new shares 0 from the table but change sigm to negative

D)Net CF(S/H) 30,241,245,805 D=A+B+C

S/H received cash from company

g

A)Cash available(deficit)= 34,373,940,558 step 4

B)total payment to L&S/H= 32,901,728,417 step5+6

C) Available -Payment=A-B= 1,472,212,141 goes to the cash A/C

give some cash to shareholders add the rest to cash A

30,241,245,805


11/49

he main source is operation

nd extraordinary loss.The main use of COF is dividend payment

stment and currency exchange loss

payment+interest paid

cation:Financing;Sign:Negative number


12/49

w)


13/49


Statements of financial position Required: To analyz

Step 1:Compare CI

A)Calculate the tota

Assets Note 2012 2011

B)Total STD=

Cur rent assets

Cash and cash equivalents 5 19,833,022,300 18,360,810,159

Specifically-designated bank deposits 6 3,697,851,399 3,526,166,019

Current investments 7 1,340,247,890 726,544,423

Trade accounts receivable 4,8 8,065,058,909 7,037,320,112

Other receivables 4,9 3,661,732,370 2,327,576,494

Short-term loans to related parties 4 - -

Inventories 10 1,426,532,182 1,087,089,847

Other current assets 78,963,627 112,352,407

Total current assets 38,103,408,677 33,177,859,461 Step2:Calculate Liq

Non-cur rent assets

Investments in subsidiaries 11 - -Other long-term investments 7 107,217,762 106,426,634 Formular: LP=(LTF-

Property, plant and equipment 12 11,139,837,529 7,616,337,080

Assets under the Agreements for operations 13 29,156,810,877 36,504,751,799 Data Collection:

Goodwill 14 34,930,692 34,930,692

License for operation right in specADVANCEm of 15 14,576,886,251 - A)LTF=

telecommunication

Other intangible assets 16 2,032,637,358 2,275,008,742 B)STI=

Deferred tax assets 17 5,314,463,237 6,421,927,942

Other non-current assets 501,704,805 535,076,567 C)WCI=

Total non-current assets 62,864,488,511 53,494,459,456

Total assets 100,967,897,188 86,672,318,917

D)LP=(A-B)/C=

Consolidated


31 December

(in Baht)

The accompanying notes are an integral part of these financial statements.


14/49


Statements of financial position

Step3: Calculate Cas

Liabilities and equity Note 2012 2011

Current liabili ties Formula:CC=CIF da

Trade accounts payable 4,19 7,340,963,833 3,520,283,467 STD

Other payables 4,20 7,444,147,767 6,058,796,384

Current portion of long-term borrowings 18 8,461,950,113 5,469,182,948

Accrued revenue sharing expenses 1 4,854,693,278 4,592,603,933

Unearned income - mobile phone service 1,699,344,990 2,363,614,681

Advanced receipts from customers 2,796,034,520 2,674,396,229

Income tax payable 3,524,842,800 4,897,346,350

Other current liabilities 165,648,825 158,217,251

Total current liabilities 36,287,626,126 29,734,441,243

Non-current liabiliti es

Long-term borrowings 18 11,887,812,971 16,536,660,676 LTD=

Employee benefit obligations 21 1,222,767,045 422,439,790Swap and forward contracts payable 34 509,535,963 368,506,180

Accrued licence fee for telecommunication 15 7,312,500,000 - sheet'5'


Total non-current liabilities 21,138,419,759 17,474,324,732 sheet'5'

Total liabilities 57,426,045,885 47,208,765,975

Equity

Share capital 22

Authorised share capital 4,997,459,800 4,997,459,800

Issued and paid-up share capital 2,973,095,330 2,973,095,330

Additional paid-in capital

Premium on ordinary shares 22 22,372,276,085 22,372,276,085

Retained earnings

Appropriated

Legal reserve 23 500,000,000 500,000,000

Unappropriated 17,344,196,146 13,245,952,355

Other components of equity 24 163,591,102 162,342,895

Equity attributable to owners of the Company 43,353,158,663 39,253,666,665

Non-controlling interests 188,692,640 209,886,277

Total equity 43,541,851,303 39,463,552,942

Total liabilities and equity 100,967,897,188 86,672,318,917

Step 4:Provide recco

A) Operations

AAI

AAI

AAI

B)Financing

(in Baht)

Consolidated


31 December



15/49

1


16/49

and evaluate the liquidity condition of ADVANCE in 2012

nd STD

cash investment(CI)= 24,871,121,589

CI > STD .ADVANCE is liquid as of

8,461,950,113 net CI= A-B= 16,409,171,4

Why ADVANCE has too much CI relative to STD?

Two tentative explanation: 1.ADVANCE has adopted a conservative financing strategy

2.ADVANCE 's operating activities are inefficient its Cash Cycle is unfavorab

3.Both

dity Position(LP) of ADVANCELP shows the financing strategy of the company

STD

8,461,950,1

LP indicates the percentage of WCI financed with LTF LTD 12,397,348,9

TE 43,541,851,3

STI)/WCI Standard = 90%

CI 24,871,121,5

WCA 9,491,591,0

WCL 17,419,844,9

55,939,200,237 LTF=LTD+TE WCI

47,458,282,571 STI=(TA-CI-WCI)-(TL-STD-LTD) TA

TL

(7,928,253,810) WCI=WCA-WCLSTI

C.1)WCA= 9,491,591,091

C.2)WCL= 17,419,844,901

-107% < 90 % standard Conclude: ADVANCE uses too much CI for investment in

This is an Conservative Financing Strategy"


17/49

h Cycle (CC) of ADVANCE

CC shows the efficiency of the company's operating activities

ys-COF days=(AAI+ACP)-APP

AAI=Average Age of Invesntories=time it takes to buy ,produce and sell goods

ACP=Average Collection Period=time it takes to collect cash from credit customers

APP=Average Payment Period =time it takes a company to pays its suppliers for its credit purchases

2,012 2,011

Ending amount Beginning amount Average amount

Inventories 1,426,532,182 1,087,089,847 1,256,811,015

Trade A/R 8,065,058,909 7,037,320,112 7,551,189,511

TradeA/P 7,340,963,833 3,520,283,467 5,430,623,650

Cost of Sales&Services 83,969,968,671 get it from"statement of income"but change to positive

Sales&Service Revenues 141,568,298,927 get it from"statement of income"

No.of Days 365 days 365*12/12

AAI =Average Inventories/Cost of sales&Service per day= 5 days buying time+product time+selling time =

ACP=Average trade Account Receivable/Sale&Service Revenuepe 19 days cash collection from customers =19days

CIF days =AAI+ACP= 24.93 days

APP=Average trade accounts payable /cost of sales &services per d 23.61 days COF days

CC=CIF days-COF days= 1 Unfavorableinefficient solve by

COF CIF

Suppliers 24 days ADVANCE 25 days Customers

CIF-COF

ADVANCE must pays its suppliers 1 days before it collects cash from its customers

Solution: ADVANCE preffered to use cash as the way to pay for their suppliers.

mmendation for improving the liquidition situation of ADVANCE

CC=AAI+ACP-APP

1.Reduce the lead time (buying time)JIT,EDI(Supply chain management)

2.Speed up cash

collections

3.Delay payment to

suppliers

solution 1:to reduce AAI by 1.Reduce buying time

4 S d h d i 2 reduce production time

1 2 3


18/49

ke a LTD instead of STD

2.Liquidate some assets (STI) to raise cash to repay STD CI STD

3.Issue new shares to raise cash and repay STD WCI LTF (B.3,B.1)

STD (B.2)


19/49

COF is fast)


20/49

rve to pay suppliiers before collecting cash from customers

m bank


21/49



22/49



Assets Note 2012 2011

Cur rent assets

Cash and cash equivalents 5 19,833,022,300 18,360,810,159

Specifically-designated bank deposits 6 3,697,851,399 3,526,166,019

Current investments 7 1,340,247,890 726,544,423

Trade accounts receivable 4,8 8,065,058,909 7,037,320,112

Other receivables 4,9 3,661,732,370 2,327,576,494

Short-term loans to related parties 4 - -

Inventories 10 1,426,532,182 1,087,089,847

Other current assets 78,963,627 112,352,407

Total current assets 38,103,408,677 33,177,859,461

Non-cur rent assets

Investments in subsidiaries 11 - -

Other long-term investments 7 107,217,762 106,426,634

Property, plant and equipment 12 11,139,837,529 7,616,337,080

Assets under the Agreements for operations 13 29,156,810,877 36,504,751,799

Goodwill 14 34,930,692 34,930,692

License for operation right in spectrum of 15 14,576,886,251 -

telecommunication

Other intangible assets 16 2,032,637,358 2,275,008,742

Deferred tax assets 17 5,314,463,237 6,421,927,942

Other non-current assets 501,704,805 535,076,567

Total non-current assets 62,864,488,511 53,494,459,456

Total assets 100,967,897,188 86,672,318,917

31 December

Consolidated


(in Baht)



23/49



Liabilities and equity Note 2012 2011

Current liabiliti es

Trade accounts payable 4,19 7,340,963,833 3,520,283,467

Other payables 4,20 7,444,147,767 6,058,796,384

Current portion of long-term borrowings 18 8,461,950,113 5,469,182,948

Accrued revenue sharing expenses 1 4,854,693,278 4,592,603,933

Unearned income - mobile phone service 1,699,344,990 2,363,614,681

Advanced receipts from customers 2,796,034,520 2,674,396,229

Income tax payable 3,524,842,800 4,897,346,350

Other current liabilities 165,648,825 158,217,251

Total current liabilities 36,287,626,126 29,734,441,243

Non-current liabilities

Long-term borrowings 18 11,887,812,971 16,536,660,676

Employee benefit obligations 21 1,222,767,045 422,439,790

Swap and forward contracts payable 34 509,535,963 368,506,180

Accrued licence fee for telecommunication 15 7,312,500,000 -


Total non-current liabilities 21,138,419,759 17,474,324,732

Total liabilities 57,426,045,885 47,208,765,975

Equity

Share capital 22

Authorised share capital 4,997,459,800 4,997,459,800

Issued and paid-up share capital 2,973,095,330 2,973,095,330

Additional paid-in capital

Premium on ordinary shares 22 22,372,276,085 22,372,276,085Retained earnings

Appropriated

Legal reserve 23 500,000,000 500,000,000

Unappropriated 17,344,196,146 13,245,952,355

Other components of equity 24 163,591,102 162,342,895

Equity attributable to owners of the Company 43,353,158,663 39,253,666,665

Non-controlling interests 188,692,640 209,886,277

Total equity 43,541,851,303 39,463,552,942

Total liabilities and equity 100,967,897,188 86,672,318,917

Consolidated

31 December


(in Baht)



24/49


Statements of cash flows Analytical Question

1.What is the toota

2.What are the sou

3.What is the total

4.What are the use

Note 2012 2011 5.What is the cash

6.What is the net C

Cash fl ows fr omoperati ng activities 7.What is the net CProfit for the year( from I/S) 34,899,078,379 22,344,423,964 8.What do you thin

Adjustments for

Depreciation 2,183,059,143 2,510,884,993 Step1: Understand

Amortisation of intangible assets 13,446,818,269 15,164,388,039

Impairment loss of assets 11,14 - 1,541,998,338 Purpose of CF Rep

Investment income 4,11,26 (773,624,201) (632,771,027)

Finance costs 1,092,793,795 1,665,626,981

Doubtful accounts and bad debts expense 542,519,791 611,378,641

Allowance for obsolete, decline in value and

write-off inventories 22,790,873 8,098,710

Allowance for obsolete assets 12 - 27,181,987

(Gain) loss on disposals and write-off of assets 363,724,008 (2,835,085)

Unrealised (gain) loss on exchange 78,725,479 1,173,285

Income tax expense 10,714,505,893 14,364,870,299

Cash provided by operation before changes in Step2:Prepare Sou

operating assets and liabilities 62,570,391,429 57,604,419,125

Changes in operating assets and liabilities

Specifically-designated bank deposits (171,685,379) (1,359,801,077)

Trade accounts receivable (1,564,470,326) (1,973,663,744)

Other receivables (1,003,063,859) 91,093,163

Inventories (362,233,208) 31,641,347

Other current assets 33,388,779 (44,372,997) Step 3: Cross -che

Other non-current assets 33,371,762 (7,091,452)

Trade accounts payable 1,648,103,515 813,001,036

Other payables 1,406,641,977 757,650,942

Accrued revenue sharing expenses 262,089,345 1,264,747,878

Unearned income - mobile phone service (664,269,691) (12,276,893)

Advanced receipts from customers 121,638,291 1,153,215,888 Step: 4 Cash availa

Other current liabilities (7,556,679) 7,850,030

Swap and forward contracts payable (110,797,904) 71,803,506


Cash generated from operating activities 62,242,161,083 58,417,519,081

Income tax paid (11,109,515,280) (10,201,076,273)

Net cash from operating activities 51,132,645,803 48,216,442,808


Consolidated


(in Baht)


25/49

CASH PROFIT from non cash to cash


Statements of cash flows

Step 5:Calculate ne

Note 2012 2011

Cash fl ows fr om investing activiti es

Interest received 746,495,275 619,822,954

Purchase of property, plant, equipment and computer software (5,502,658,884) (3,168,272,347)

Sale of property and equipment 27,619,467 12,543,202 Step6: Calculate ne

Purchase of assets under the Agreements for operations (4,095,461,459) (2,538,991,345)

Payment of license for operation right in spectrum of (7,321,291,621) -

telecomunication

Net changes increase of short-term loans to subsidiaries - -

Net changes (increase) decrease in current investments 7 (612,419,788) 3,494,040,477

Net changes increase in other long-term investments 7 (791,128) (97,773)

Net changes decrease of investment in a subsidiary 11 - -

Dividend received from subsidiaries - -

Net cash from (used in) investing activities (16,758,508,138) (1,580,954,832) Step 7: Cross-check

Cash fl ows fr omfinancing activities

Interestpaid (1,102,015,007) (1,747,634,309)

Otherfinance costs paid (44,724,905) (32,442,393)

Finance leaseprincipal payments (26,470,970) (22,285,511)

Repayments of short-term loans from a subsidiary - -

Repayments of long-term borrowings (5,486,147,730) (14,050,081,600)

Proceeds from long-term borrowings 3,998,876,000 1,199,500,000

Proceeds from issue of ordinary shares - 188,744,653

Share capital reduction paid to non-controlling interests - (159,433,132)

Dividendpaid (30,241,245,805) (24,102,492,181)

Net cash used in financing activities (32,901,728,417) (38,726,124,473)

Net increase in cash and cash equivalents 1,472,409,248 7,909,363,503

Cash and cash equivalents at 1 January 18,360,810,159 10,451,397,637 Beginning

Effect ofexchange rate changes on balances

held in foreign currencies (197,107) 49,019

Cash and cash equivalents at 31 December 19,833,022,300 18,360,810,159 Ending

Supplemental di sclosures of cash f low in formation

Non-cash transactions

Outstanding debts arising from investment in property,

plant and equipment and assets underthe Agreements for operations and licence for operation

right in spectrum of telecommunication 10,291,135,939 760,459,229



Consolidated

(in Baht)


26/49

CIF of AIS in 2012? 55,905,636,545

e of CIF for AIS in 2012? What is the main source of CIF of AIS in 2012? Operating and divesting and borrowing .

OF of AIS in 2012? (54,433,424,404)

of COF of AIS in 2012? What is the main use of COF in 2012? Investing,debt service,dividend payment

mount available (or deficit) for distribute among the investors(lenders&S/Hs) in 2012 34,373,940,558 excess profit after in

to (or from) AIS lenders in 2012?

to (or from) AIS Shareholdersin 2012?

about the CF condition of AIS in 2012 from operational and financial perspective?

e purpose and Structure of CF report

t: To explain the change in cash and cash equivalents over a period of time(e.g.2012)

increase decrease

1,472,212,141

CIF+ Company has received cash

COF-() Company has paid out cash

SCF Report has 4 sections Source=CIF+

Use=COF-()

es and uses of cash Table

1.Operation ,net 51,132,645,803 1.Investing (17,532,622,880)

2.Divesting 774,114,742 2.Debt service (6,659,358,612) loan repayment+inte

3.Borrowing 3,998,876,000 3.Share repurchase -

4.Issuing new shares - 4.Dividend payment (30,241,245,805)

5.Extraordinary gain - 5.extraordinary loss (197,107) key word : dividend

total CIF 2012= 55,905,636,545 total COF 2012= (54,433,424,404)

ing (verify the calculation)

A) Net CIF 2012= 1,472,212,141 Total CIF+Total COF

B) Ending cash= 19,833,022,300 Dec ,2013

C)Beginning cash= 18,360,810,159 Jan,2013

D)Increase in cash= 1,472,212,141 D=B-C

le (deficit)=net OCF-netICF+extraordinary gain-extraordinary loss

OCF= operating cash flow

ICF=investing cash flow

A)net OCF 51,132,645,803 get it from the table

B) net ICF (16,758,508,138) get it from SCF report

C)Extra,Gain 0 from table


27/49

D)Extra Loss (197,107) from table

E)Cash available (deficit)= A+B+C+D 34,373,940,558 excess cash profit

give some to lenders

2,660,482,612

CF to (or form) Lenders = total CIF to lenders-total COF from lenders=debt service-borrowing

Note: Do step 5 from Lenders'point of view(do calculation from lender side)

A) Debt service 6,659,358,612 get it from the tablebutchange it to positive number

B)Borrowing (3,998,876,000) get it from the tablebutchange it to negative number (cash out flow from

C)Net CF (Lenders) 2,660,482,612 C=A+B

It means Lenders (Banks) have received net CIF from the company

CF to (or from) S/H = share repurcghase+dividend paid-issuing new shares

Note:Do the calculation from S/H side

A) Share repurchase 0 from the table but change sigm to positive

B)Dividend paid 30,241,245,805 from the table but change sigm to positive

C)Issuing new shares 0 from the table but change sigm to negative

D)Net CF(S/H) 30,241,245,805 D=A+B+C

S/H received cash from company

g

A)Cash available(deficit)= 34,373,940,558 step 4

B)total payment to L&S/H= 32,901,728,417 step5+6

C) Available -Payment=A-B= 1,472,212,141 goes to the cash A/C

add the rest to cash A/C for future use

30,241,245,805

give some cash to shareholders


28/49

tion

he main use of COF is dividend payment

change loss

Negative number


29/49


Statements of income

Note 2012

Continuing operations

Revenues

Revenues from rendering of services and

equipment rentals 4 123,873,056,516

Revenue from sale of goods 4 17,695,242,411

Total revenue 141,568,298,927

Cost

Cost of rendering of services and equipment rentals 29 (40,171,736,781)

Revenue sharing expense 1 (27,579,827,527)

Cost of sale of goods (16,218,404,363)

Total cost (83,969,968,671)

Gross profit 57,598,330,256

Sell ing and admini strati ve expenses

Selling expenses 29 (2,890,359,454)

Administrative expenses 29 (9,067,499,763)

Total selling and administrative expenses (11,957,859,217)

Profit from sales, services and equipment rentals 45,640,471,039

Investment income 4,11,26 773,624,201

Other operating income 27 342,614,672

Impairment loss of assets 11,14 -

Net foreign exchange gain 102,307,469

Management benefit expenses 4 (152,639,314)

Finance costs 4,30 (1,092,793,795)

Profit before income tax expense 45,613,584,272

Income tax expense 31 (10,714,505,893)

Profit for the year 34,899,078,379

Profit attributable to:

Owners of the Company 34,883,226,960

Non-controlling interests 15,851,419

Profit for the year 34,899,078,379

Earnings per share 32

Basic earnings per share 11.73

Consolidated


(in Baht)



5


30/49


Statements of comprehensive income

Note 2012 2011 2012 2011

Profit for the year 34,899,078,379 22,344,423,964 32,094,970,085 25,696,161,3

Other comprehensive income

Net change in fair value of available-for-sale

investments 1,283,679 1,192,847 -

Employee benefit obligation actuarial losses 21 (723,056,490) - (417,477,333)

Income tax on other comprehensive income 31 142,238,598 - 83,495,466

Other comprehensive income for the year,

net of income tax (579,534,213) 1,192,847 (333,981,867)

Total comprehensive income for the year 34,319,544,166 22,345,616,811 31,760,988,218 25,696,161,3

Total comprehensive income attributable to:

Owners of the Company 34,300,585,675 22,218,886,143 31,760,988,218 25,696,161,3

Non-controlling interests 18,958,491 126,730,668 -

Total comprehensive income for the year 34,319,544,166 22,345,616,811 31,760,988,218 25,696,161,3

(in Baht)

Consolidated Separate

financial statements financial statements

For the year ended 31 December For the year ended 31 December


6


31/49


Statements of changes in equity

Issued and Advance

paid-up receipts

share Share for share Legal

Note capital premium subscription reserve

Year ended 31 December 2011

Balance at 1 January 2011 2,970,076,139 22,172,703,369 13,847,554 500,000,000

Transactions with owners, recorded directly in equity

Issue of ordinary shares 22 3,019,191 199,572,716 (13,847,554) -

Reduction in share capital of a subsidiary - - - -

Dividend received from subsidiaries - - - -

Dividends to owners of the Company 4, 33 - - - -

Total transactions with owners, recorded directly in equity 3,019,191 199,572,716 (13,847,554) -

Comprehensive income for the year

Profit - - - -

Other comprehensive income - - - -

Total comprehensive income for the year - - - -

Balance at 31 December 2011 2,973,095,330 22,372,276,085 - 500,000,000

Retained

Th i t i t l t f th fi i l t t t


32/49



Issued and Advance

paid-up receipts

share Share for share Legal

Note capital premium subscription reserve

Retained


Balance at 1 January 2012 2,973,095,330 22,372,276,085 - 500,000,000


Dividend received from subsidiaries - - - -

Dividends to owners of the Company 4,33 - - - -

Total transactions with owners, recorded directly in equity - - - -


Profit - - - -

Other comprehensive income - - - -

Total comprehensive income for the year - - - -


The accompan ing notes are an integral part of these financial statements


33/49



Advance

Issued and receipts

paid-up Share for share Legal

Note share capital premium subscription reserve


Balance at 1 January 2011 2,970,076,139 22,172,703,369 13,847,554 500,000,0


Issue of ordinary shares 22 3,019,191 199,572,716 (13,847,554)

Dividends to owners of the Company 4,33 - - -

Total transactions with owners, recorded directly in equity 3,019,191 199,572,716 (13,847,554)


Profit - - -

Total comprehensive income for the year - - -


Separate financial statement

(in Baht)

Re

The accompanying notes are an integral part of these financial statements.9


34/49



Advance

Issued and receipts

paid-up Share for share Legal

Note share capital premium subscription reserve


Balance at 1 January 2012 2,973,095,330 22,372,276,085 - 500,000,0


Dividends to owners of the Company 4,33 - - -

Total transactions with owners, recorded directly in equity - - -


Profit - - -

Other comprehensive income - - -

Total comprehensive income for the year - - -


(in Baht)

Separate financial statement

Re

The accompanying notes are an integral part of these financial statements.10


35/49

Date High Low Open Volume Close Dividend04/10/2013 238 231 234 9606600 23704/09/2013 231 221 230 5575300 22804/05/2013 233 226 233 5902000 22604/04/2013 240 223 223 6258300 23504/03/2013 245 230 243 7031100 23004/02/2013 239 233 236 2705500 239

04/01/2013 238 234 235 2546400 23503/29/2013 241 237 237 2610400 24003/28/2013 242 235 239 7679600 23603/27/2013 248 241 245 6297000 24203/26/2013 250 233 235 13740600 24503/25/2013 237 226 227 5949300 23403/22/2013 233 223 231 11696600 22303/21/2013 235 229 230 5959700 23303/20/2013 231 222 230 6248100 22903/19/2013 230 225 229 3513800 22803/18/2013 231 225 229 5757200 22803/15/2013 236 230 232 6640600 23003/14/2013 235 231 235 6561400 23103/13/2013 237 232 237 10736300 237

03/12/2013 237 226 226 14423000 23403/11/2013 225 218 220 7965100 22403/08/2013 220 216 220 4608400 21703/07/2013 217 212 215 4835400 21703/06/2013 216 212 214 6723400 21303/05/2013 214 210 214 6260300 21103/04/2013 212 206 208 7508700 21103/01/2013 210 205 208 8652400 20702/28/2013 207 201 202 7390700 20702/27/2013 204 200 204 4280300 20002/26/2013 206 201 206 8995000 20202/22/2013 206 202 203 3649300 20402/21/2013 204 201 203 7171200 20302/20/2013 207 203 205 6825600 20602/19/2013 205 201 202 4471700 20502/18/2013 202 200 201 2086200 20002/15/2013 202 200 202 4575300 20002/14/2013 203 199.5 202 5994300 20202/13/2013 203 199.5 200 3746200 20202/12/2013 200 197.5 198 7149400 19802/11/2013 203 200 202 4530200 20002/08/2013 208 202 207 6817400 20302/07/2013 207 201 202 11099800 20702/06/2013 204 199 204 8700000 20102/05/2013 205 201 203 8522300 20402/04/2013 207 203 205 8750500 20302/01/2013 210 205 210 8108200 20801/31/2013 215 210 214 5834000 21001/30/2013 214 211 214 4050600 214

01/29/2013 212 206 207 9453100 21201/28/2013 207 204 205 4504200 20501/25/2013 207 203 207 3207500 20601/24/2013 207 204 207 1769600 20701/23/2013 208 203 207 3368700 20501/22/2013 208 204 205 4163600 20501/21/2013 209 204 209 5989300 20401/18/2013 208 200 201 12295200 20601/17/2013 199 195 196.5 6015800 198.5


36/49

01/16/2013 197 194 197 6345900 19501/15/2013 199.5 195.5 199.5 7099100 19701/14/2013 202 197 202 6875700 197.501/11/2013 201 194 195.5 10838000 20101/10/2013 200 195 200 13337800 19701/09/2013 204 201 204 3945900 20101/08/2013 204 200 203 4944700 203

01/07/2013 207 204 206 2883600 20401/04/2013 207 204 205 5033300 20501/03/2013 210 205 209 6390800 20501/02/2013 212 208 210 5652500 20912/28/2012 215 209 214 3015500 20912/27/2012 212 209 210 3811700 21212/26/2012 212 209 211 2069800 21012/25/2012 211 208 209 1409700 21012/24/2012 209 204 204 2469800 20912/21/2012 209 203 206 6094400 20312/20/2012 211 207 211 4642100 20712/19/2012 212 209 212 5185100 21112/18/2012 211 206 208 6303700 21012/17/2012 212 205 210 9329200 206

12/14/2012 215 210 214 3945100 21012/13/2012 219 213 219 3596400 21312/12/2012 218 214 216 5730900 21712/11/2012 216 212 214 7529900 21412/07/2012 215 211 214 5152300 21312/06/2012 219 215 217 5788700 21612/04/2012 221 216 220 6408000 21912/03/2012 222 215 220 13506700 22011/30/2012 220 208 208 29638100 22011/29/2012 212 206 209 9437500 20911/28/2012 209 202 204 7101300 20711/27/2012 204 197.5 198 6632800 20311/26/2012 199 196.5 198.5 2099000 19711/23/2012 200 195 197 4664300 198.511/22/2012 199 195 196 5147800 19811/21/2012 196 191 192 4918200 19611/20/2012 198 191 198 5334500 191.511/19/2012 199 197 198 2374100 19811/16/2012 197 194 195 3029600 19711/15/2012 195.5 189.5 190 9980000 19511/14/2012 194 188.5 193 4790000 18911/13/2012 192 188.5 190 3575200 19211/12/2012 189.5 187.5 187.5 2822000 18911/09/2012 190 185.5 187 7816800 187.511/08/2012 190 184 187 14056600 18711/07/2012 192 186.5 191 11809700 18811/06/2012 194.5 192.5 194 7503000 19311/05/2012 193 187 188 9086800 189.511/02/2012 194.5 186 194 13982500 186

11/01/2012 196 192 195.5 8086700 19210/31/2012 200 197 198.5 2521000 197.510/30/2012 201 197.5 199 2717100 20010/29/2012 198.5 196 197.5 2747100 19710/26/2012 202 197 201 7425900 19810/25/2012 205 201 201 6079500 20310/24/2012 210 201 207 9379100 20310/22/2012 213 210 210 3191700 21210/19/2012 214 209 212 8578600 213


37/49

10/18/2012 214 206 207 9954100 21410/17/2012 205 196 196 8636800 20410/16/2012 204 195 204 7363400 19510/15/2012 206 199 202 6974100 20210/12/2012 205 202 202 2887100 20210/11/2012 206 201 205 6264900 20410/10/2012 207 204 206 2180800 205

10/09/2012 210 206 207 4301800 20810/08/2012 207 203 206 3572300 20610/05/2012 210 205 207 4622700 20910/04/2012 211 205 209 8058700 20610/03/2012 212 209 211 2995800 20910/02/2012 216 211 215 2722200 21210/01/2012 215 212 214 3295900 21409/28/2012 217 214 216 4597800 21409/27/2012 216 212 213 5062500 21309/26/2012 216 211 212 3397300 21209/25/2012 216 212 215 1320000 21409/24/2012 217 214 217 2208400 21409/21/2012 217 213 214 3250700 21609/20/2012 216 211 211 4689900 213

09/19/2012 213 210 211 3147800 21209/18/2012 213 209 209 2185200 21009/17/2012 214 209 212 5408600 21009/14/2012 217 212 216 5972000 21409/13/2012 218 214 218 3615000 21409/12/2012 217 214 217 3294300 21709/11/2012 216 213 214 2034000 21509/10/2012 216 212 212 2507200 21509/07/2012 220 214 219 2562200 21409/06/2012 219 214 215 3183200 21709/05/2012 215 212 214 3309500 21409/04/2012 221 214 220 3366100 21509/03/2012 219 215 217 2888400 21808/31/2012 217 210 211 3851043 21708/30/2012 213 206 208 5798300 21208/29/2012 216 208 214 5718600 20808/28/2012 218 211 215 5341900 21308/27/2012 225 214 225 4521900 21408/24/2012 227 217 218 7406300 22708/23/2012 217 210 211 7797100 21708/22/2012 210 206 206 3607600 20908/21/2012 207 204 205 3209500 20608/20/2012 211 207 208 4312400 21008/17/2012 210 208 209 4099200 20808/16/2012 210 207 209 6231400 20808/15/2012 211 207 207 5622600 21008/14/2012 211 206 210 5131100 20708/10/2012 208 204 206 4627700 20608/09/2012 207 201 203 4251700 206

08/08/2012 204 201 203 5605200 20308/07/2012 207 203 207 3192500 20408/06/2012 209 206 208 3303900 20708/03/2012 209 201 202 5072600 20708/01/2012 204 200 201 4642600 20107/31/2012 207 200 206 7278900 20007/30/2012 205 201 202 2538300 20407/27/2012 207 200 206 5551500 20007/26/2012 211 201 211 3675700 201


38/49

07/25/2012 209 202 204 3742800 20807/24/2012 204 200 201 3809900 20407/23/2012 202 194.5 195 4271200 20007/20/2012 198.5 195 197 6806000 19707/19/2012 204 194 204 8047100 19507/18/2012 205 200 205 8020500 20207/17/2012 215 207 212 4698100 209

07/16/2012 211 206 208 2466700 20807/13/2012 210 201 201 5859600 20707/12/2012 205 200 203 5205808 20007/11/2012 206 200 204 5657800 20507/10/2012 206 196 196 5509000 20607/09/2012 196.5 194.5 195 2751800 195.507/06/2012 197.5 195 195 4553600 19707/05/2012 194.5 189.5 190 3597300 193.507/04/2012 193 190 193 2515300 190.507/03/2012 193 188 189.5 4366000 19307/02/2012 190 185 185.5 5349500 188.506/29/2012 188.5 183 187 5238200 184.506/28/2012 188 182.5 183.5 9297900 18606/27/2012 182 177.5 178 6846700 182

06/26/2012 176.5 174 174 2644000 176.506/25/2012 176 173.5 176 2069000 17406/22/2012 176.5 174 175.5 2569900 176.506/21/2012 176.5 175 176 2704000 17606/20/2012 178 176 176.5 5616700 17706/19/2012 176.5 174.5 175 5302000 176.506/18/2012 175 172 173.5 5381400 173.506/15/2012 175 172 173.5 10628200 17206/14/2012 174.5 173 174 5257200 17306/13/2012 177.5 175.5 176.5 5572300 175.506/12/2012 177 174.5 176 6914600 17606/11/2012 177.5 175.5 176 4674500 17706/08/2012 175 172 173 2933500 17506/07/2012 178.5 172 178.5 8621600 17306/06/2012 179.5 177 179 8107500 177.506/05/2012 181.5 177 180.5 3300000 17706/01/2012 182 179 180 7006700 179.505/31/2012 181 178 178.5 8720900 17905/30/2012 185 181.5 184 3197800 181.505/29/2012 187 184.5 185.5 1091800 18505/28/2012 186.5 181.5 182.5 2902400 18605/25/2012 184.5 181 181 3077200 182.505/24/2012 181.5 178.5 181 3473500 181.505/23/2012 183 175 178 6371000 18105/22/2012 181 177.5 180 3900400 177.505/21/2012 183.5 178 183 5812400 17805/18/2012 185.5 183 185 4013700 183.505/17/2012 187.5 183 183 5864900 187.505/16/2012 183 179 179.5 5044300 183

05/15/2012 183 178.5 179.5 6136000 18305/14/2012 183.5 178 180 5948500 179.505/11/2012 181 178 179 4448800 180.505/10/2012 186 179.5 185 10567500 18205/09/2012 190.5 185.5 185.5 8147000 18705/08/2012 190.5 183 183.5 10886000 18905/04/2012 182 178 181 2676200 18005/03/2012 183 180 181.5 2221900 181.505/02/2012 184 181 181 3485700 181.5


39/49

04/30/2012 184 182.5 182.5 1784600 18304/27/2012 183.5 180.5 183 1761800 181.504/26/2012 183 179 179 3372400 18304/25/2012 181.5 179 179.5 2963200 17904/24/2012 179.5 176.5 178 4548300 17904/23/2012 177 174.5 175 4453000 175.504/20/2012 176 169.5 170.5 6691300 174

04/19/2012 170 166.5 167 4082900 169.504/18/2012 171 166 169.5 3127600 16704/17/2012 172 165 172 6470700 16904/12/2012 169 166.5 166.5 5854800 16804/11/2012 168 165 168 5954700 16504/10/2012 173 168.5 172 5007700 169.5


40/49

Date High Low Open Volume Close Dividend04/10/2013 1490.39 1458.4 1476.58 1.17E+10 1490.25

04/09/2013 1495.24 1470.22 1494.04 1E+10 1470.72

04/05/2013 1517.25 1487.6 1515.24 1.15E+10 1489.53

04/04/2013 1528.48 1480.41 1482.48 1.59E+10 1528.4604/03/2013 1562.39 1518.6 1559 1.61E+10 1520.52

04/02/2013 1559.5 1540 1553.24 1.41E+10 1550.54

04/01/2013 1563.1 1549.33 1562.71 9.37E+09 1549.55

03/29/2013 1567.44 1554.18 1554.64 1.18E+10 1561.0603/28/2013 1562.49 1539.6 1557.05 1.49E+10 1544.5703/27/2013 1569.32 1553.57 1553.71 1.42E+10 1560.87

03/26/2013 1547.1 1516.47 1523.86 1.26E+10 1544.03

03/25/2013 1525.42 1491.01 1494.09 1.5E+10 1523.9503/22/2013 1526.27 1464.72 1519.89 3.56E+10 1478.97

03/21/2013 1548.66 1526.24 1546.81 3.18E+10 1529.52

03/20/2013 1569.7 1534.27 1568.48 3.17E+10 1543.6703/19/2013 1601.34 1554.27 1598.84 3.03E+10 1568.25

03/18/2013 1596.44 1587.45 1588.84 2.74E+10 1591.65

03/15/2013 1599.89 1592.69 1596.1 2.16E+10 1598.13

03/14/2013 1587.22 1574.48 1577.68 1.4E+10 1586.7903/13/2013 1582.1 1571.4 1579.12 1.67E+10 1578.7

03/12/2013 1586.41 1570.53 1583.09 1.84E+10 1576.6803/11/2013 1580.87 1571.58 1574.08 1.68E+10 1577.6503/08/2013 1573.1 1563.23 1571.73 1.59E+10 1566.92

03/07/2013 1562.9 1554.83 1561.3 1.24E+10 1560.98

03/06/2013 1561.72 1554.23 1558.84 1.14E+10 1559.3503/05/2013 1555.63 1545.45 1551.07 1.12E+10 1549.31

03/04/2013 1543.38 1530.84 1540.37 1.27E+10 1540.72

03/01/2013 1549.82 1537.02 1544.34 1.33E+10 1539.602/28/2013 1541.68 1518.98 1529 1.18E+10 1541.58

02/27/2013 1538.23 1518.02 1535.59 1.53E+10 1518.05

02/26/2013 1539.81 1524.08 1538.87 1.12E+10 1530.3202/22/2013 1542.9 1527.59 1528.76 1.19E+10 1540.13

02/21/2013 1540.81 1526.93 1537.73 1.85E+10 1528.74

02/20/2013 1547.33 1536.53 1539.59 1.55E+10 1546.6402/19/2013 1533.59 1524.8 1528.35 1.58E+10 1532.07

02/18/2013 1528.56 1519.86 1523.84 1.85E+10 1523.29

02/15/2013 1526.23 1514.03 1524.6 1.32E+10 1521.5202/14/2013 1527.48 1516.97 1522.61 1.22E+10 1526.74

02/13/2013 1516.21 1497.73 1497.8 2.01E+10 1514.11

02/12/2013 1497.25 1486.2 1488.4 1.64E+10 1488.9502/11/2013 1502.47 1488.82 1501.02 1.49E+10 1489.11

02/08/2013 1509.57 1495.9 1499.69 1.34E+10 1497.3

02/07/2013 1502.89 1482.64 1496.75 1.82E+10 1499.8102/06/2013 1509.89 1498.24 1508.2 1.44E+10 1500.35

02/05/2013 1509.23 1493.96 1494.86 1.15E+10 1505.72

02/04/2013 1511.95 1502.12 1508.44 1.37E+10 1506.37

02/01/2013 1499.22 1480.41 1481.48 2.08E+10 1499.2201/31/2013 1491.02 1471.4 1487.07 1.17E+10 1474.2

01/30/2013 1492.72 1479.64 1484.28 1.27E+10 1490.82

01/29/2013 1480.19 1468.08 1475.42 1.21E+10 1478.7701/28/2013 1473.67 1464.4 1467.17 1.69E+10 1472.05

01/25/2013 1463.2 1450.54 1451.53 2.09E+10 1461.41

01/24/2013 1450.8 1437.73 1446.9 2.17E+10 1449.0901/23/2013 1444.85 1419.53 1440.95 4E+10 1439.2

01/22/2013 1451.06 1433.73 1442.73 4.49E+10 1434.09

01/21/2013 1443.98 1434.81 1441.66 3.11E+10 1440.4801/18/2013 1437.02 1427.35 1429.12 3.59E+10 1434.44


41/49

01/17/2013 1422.5 1410.1 1421.45 4.68E+10 1420.9501/16/2013 1426.98 1413.11 1424.9 4.31E+10 1416.14

01/15/2013 1432.21 1417.91 1431.62 2.37E+10 1422.86

01/14/2013 1426.22 1414.03 1417.16 2.93E+10 1425.07

01/11/2013 1412.06 1392.61 1407.12 1.46E+10 1412.0601/10/2013 1429.21 1404.12 1426.73 1.25E+10 1405.99

01/09/2013 1428.98 1421.63 1422.83 1.74E+10 1423.46

01/08/2013 1421.62 1408.08 1415.08 1.19E+10 1417.33

01/07/2013 1425.26 1415.32 1423.27 2.09E+10 1415.3201/04/2013 1416.67 1399.97 1405.48 1.84E+10 1416.6601/03/2013 1415.81 1404.99 1411.56 1.46E+10 1408.41

01/02/2013 1411.58 1400.95 1401.39 1.46E+10 1407.45

12/28/2012 1402.86 1391.85 1401.91 1.76E+10 1391.9312/27/2012 1398.8 1384.24 1385.38 1.52E+10 1397.19

12/26/2012 1384.7 1378.43 1379.43 1.09E+10 1382.23

12/25/2012 1379.66 1374.89 1375.7 7.86E+09 1378.3212/24/2012 1375.82 1369.02 1372.99 1.17E+10 1375.82

12/21/2012 1375.83 1368.66 1371.95 1.15E+10 1373.38

12/20/2012 1381.38 1372.52 1377.74 1.15E+10 1377.4

12/19/2012 1378.76 1367.9 1369.77 1.63E+10 1378.412/18/2012 1366.17 1348.15 1364.15 1.05E+10 1362.94

12/17/2012 1366.01 1357.74 1361.83 8.56E+09 1359.0912/14/2012 1360.42 1354.39 1355.41 1.74E+10 1358.512/13/2012 1360.23 1350.55 1356.6 7.15E+09 1353.81

12/12/2012 1354.84 1345.36 1347.44 1.32E+10 1354.57

12/11/2012 1344.82 1338.3 1341.2 5.95E+09 1341.3312/07/2012 1343.03 1330.26 1341.35 7.33E+09 1334.95

12/06/2012 1342.53 1335.01 1335.72 6.92E+09 1339.88

12/04/2012 1335.19 1326.68 1334.3 6.58E+09 1330.0612/03/2012 1333.64 1326.95 1329.12 5.66E+09 1332.92

11/30/2012 1328.27 1313.68 1314.33 6.49E+09 1324.04

11/29/2012 1311.09 1303.7 1304.33 5.14E+09 1309.5711/28/2012 1302.13 1292.64 1295.11 4.93E+09 1299.94

11/27/2012 1298.47 1292.47 1293.71 5.57E+09 1297.03

11/26/2012 1292.66 1286.13 1288.19 4.86E+09 1290.8511/23/2012 1282.23 1272.98 1277.3 5.68E+09 1281.7

11/22/2012 1282.73 1276.92 1279.36 5.05E+09 1279.51

11/21/2012 1279.25 1268.3 1277.98 4.51E+09 1276.3911/20/2012 1291.29 1273.82 1289.74 4.35E+09 1276.41

11/19/2012 1284.77 1278.48 1282.49 4.16E+09 1283.65

11/16/2012 1280.13 1272.48 1273.35 4.21E+09 1280.1311/15/2012 1276.77 1263.05 1274.16 6.07E+09 1274.02

11/14/2012 1293.77 1278.94 1291.48 5.92E+09 1279.29

11/13/2012 1293.15 1283.7 1291.63 5.13E+09 1289.0711/12/2012 1296.56 1289.63 1293.66 4.61E+09 1294.5

11/09/2012 1298.04 1286.21 1292.94 6.22E+09 1290.83

11/08/2012 1295.02 1285.77 1288.58 5.85E+09 1293.7

11/07/2012 1306.56 1297.51 1304.56 5.59E+09 1299.7411/06/2012 1313.24 1298.41 1308.07 5.48E+09 1300.84

11/05/2012 1310.5 1303.44 1306.87 5.54E+09 1306.7

11/02/2012 1311.39 1304.93 1307.69 6.75E+09 1306.611/01/2012 1302.68 1294.93 1297.04 5.22E+09 1297.99

10/31/2012 1300.13 1291.89 1294.54 5.57E+09 1298.87

10/30/2012 1294.43 1280.3 1281.85 4.9E+09 1294.4310/29/2012 1283.74 1274.9 1281.55 4.29E+09 1279.57

10/26/2012 1294.67 1271.33 1293.24 5.93E+09 1281.81

10/25/2012 1298.96 1285.83 1293.66 5.36E+09 1297.3910/24/2012 1307.85 1291.36 1304.77 7.87E+09 1295


42/49

10/22/2012 1310.94 1300.8 1301.85 5.8E+09 1310.4210/19/2012 1314.32 1306.83 1311.39 5.77E+09 1307.71

10/18/2012 1312.07 1302.83 1306.84 7.69E+09 1311.21

10/17/2012 1301.5 1290.3 1292.53 8.95E+09 1301.28

10/16/2012 1297.42 1287.1 1296 8.4E+09 1287.4910/15/2012 1295.61 1286.12 1293.46 7.19E+09 1290.56

10/12/2012 1302.54 1296.63 1298.38 7.36E+09 1296.98

10/11/2012 1295.12 1280.23 1290.37 8.38E+09 1294.9

10/10/2012 1294.22 1286.5 1286.56 8.05E+09 1289.3510/09/2012 1314.64 1292.4 1310.95 9.36E+09 1292.4810/08/2012 1310.43 1300.51 1308.46 1.01E+10 1304.71

10/05/2012 1314.28 1308.63 1311.4 6.99E+09 1311.35

10/04/2012 1314.32 1306.05 1308.97 8.4E+09 1306.6310/03/2012 1311.67 1302.35 1309.01 8.27E+09 1307.55

10/02/2012 1309.04 1301.06 1305.19 6.28E+09 1305.66

10/01/2012 1303.73 1294.97 1295.31 4.92E+09 1299.7109/28/2012 1300.17 1293.62 1295.69 6.51E+09 1298.79

09/27/2012 1290.5 1276.91 1277.4 5.75E+09 1286.11

09/26/2012 1285.19 1270.33 1282.89 7.33E+09 1274.5

09/25/2012 1290.7 1284.46 1287.52 7.39E+09 1287.4109/24/2012 1288.57 1280.49 1283.46 7.8E+09 1284.3

09/21/2012 1288.37 1282.33 1285.56 6.65E+09 1286.2609/20/2012 1286.68 1276.12 1282.16 7.49E+09 1282.6809/19/2012 1285.55 1273.6 1274.14 6.91E+09 1285.46

09/18/2012 1279.09 1269.16 1274.54 5.55E+09 1272.86

09/17/2012 1282.22 1274.18 1277.83 8.6E+09 1278.5409/14/2012 1279.67 1270.71 1274.04 7.22E+09 1276.12

09/13/2012 1262.06 1253.81 1261.9 5.24E+09 1257.69

09/12/2012 1259.96 1252.62 1254.7 6.27E+09 1259.9609/11/2012 1253.05 1244.61 1250.69 6.83E+09 1248.32

09/10/2012 1254.87 1249.35 1249.73 7.22E+09 1250.93

09/07/2012 1255.89 1246.1 1254.29 8.76E+09 1246.109/06/2012 1246.98 1237.23 1237.79 5.12E+09 1243.92

09/05/2012 1238.85 1230.41 1231.28 3.96E+09 1233.84

09/04/2012 1241.73 1232.33 1240.73 3.97E+09 1236.3109/03/2012 1239.19 1229.15 1231.2 3.51E+09 1235.48

08/31/2012 1227.48 1211.38 1213.17 3.57E+09 1227.48

08/30/2012 1217.15 1207.53 1216.22 3.34E+09 1214.5508/29/2012 1237.82 1220.16 1233.76 3.64E+09 1220.16

08/28/2012 1239.4 1232.86 1234.65 3.8E+09 1233.16

08/27/2012 1242.44 1233.73 1240.47 3.19E+09 1233.7308/24/2012 1238.02 1230.93 1231.51 3.26E+09 1237.19

08/23/2012 1243.26 1235.27 1236.43 4.23E+09 1237.64

08/22/2012 1234.89 1228.9 1230.35 4.84E+09 1234.1408/21/2012 1235.39 1227 1227.53 4.25E+09 1232.29

08/20/2012 1229.8 1218.15 1222.1 3.26E+09 1229

08/17/2012 1230.5 1220.12 1230.33 3.52E+09 1223.91

08/16/2012 1230.61 1224.4 1228.36 5.43E+09 1224.408/15/2012 1227.05 1218.34 1222.88 6.76E+09 1226.83

08/14/2012 1226.82 1217.39 1223.93 4.61E+09 1226.82

08/10/2012 1219.37 1209.75 1216.47 3.91E+09 1219.3708/09/2012 1223.93 1211.71 1220.27 5.75E+09 1217.7

08/08/2012 1217.84 1212.79 1213.54 5.44E+09 1214.13

08/07/2012 1212.82 1206.64 1211.71 3.62E+09 1208.1908/06/2012 1209.72 1201.77 1206.44 4.08E+09 1208.01

08/03/2012 1199.51 1186.38 1194.66 4.67E+09 1197.53

08/01/2012 1202 1194.26 1197.26 3.97E+09 1201.1307/31/2012 1199.74 1189.38 1198.8 3.31E+09 1199.3


43/49

07/30/2012 1193.32 1183.34 1183.34 2.77E+09 1193.3207/27/2012 1189.59 1173.89 1188.94 4.03E+09 1178.01

07/26/2012 1196.37 1172.92 1193.64 4.91E+09 1172.92

07/25/2012 1189.45 1179.25 1186.61 5.1E+09 1188.62

07/24/2012 1193.09 1183.23 1184.16 4.08E+09 1187.6407/23/2012 1194.02 1183.63 1188.98 3.82E+09 1185.11

07/20/2012 1218.99 1204.99 1216.42 3.81E+09 1208.55

07/19/2012 1228.8 1210.67 1228.44 5.3E+09 1212.96

07/18/2012 1224.81 1215.64 1222.16 4.44E+09 1220.1407/17/2012 1224.94 1219.37 1222.3 4.17E+09 1224.2107/16/2012 1219.46 1209.57 1212.96 4.58E+09 1214.25

07/13/2012 1212.66 1194.48 1194.48 3.27E+09 1210.29

07/12/2012 1205.85 1193.13 1203.24 3.43E+09 1193.1307/11/2012 1210.44 1199.31 1200.79 4.49E+09 1208.67

07/10/2012 1204.42 1187.49 1188.87 3.55E+09 1204.42

07/09/2012 1192.58 1186.32 1191.39 2.71E+09 1186.9507/06/2012 1205.04 1191.07 1201.92 3.55E+09 1200.08

07/05/2012 1201.8 1190.02 1193.42 3.56E+09 1201.8

07/04/2012 1203.7 1190.57 1203.1 3.63E+09 1194.15

07/03/2012 1199.17 1191.81 1193.94 3.99E+09 1198.0707/02/2012 1190.03 1181.48 1185.16 3.63E+09 1188.74

06/29/2012 1185.63 1172.11 1176.07 3.8E+09 1172.1106/28/2012 1178.06 1160.75 1170.74 3.62E+09 1171.3206/27/2012 1167.12 1156.53 1156.78 4.04E+09 1165.98

06/26/2012 1154.77 1145.79 1146.89 3.12E+09 1151.09

06/25/2012 1158.12 1147.43 1151.82 3.13E+09 1147.4306/22/2012 1152.91 1144.44 1149.32 3.67E+09 1152.91

06/21/2012 1167 1156.47 1165.46 3.8E+09 1159.05

06/20/2012 1175.34 1168.15 1171.28 4.51E+09 1173.2406/19/2012 1173.09 1162.3 1166.37 3.96E+09 1173.09

06/18/2012 1181.69 1159.95 1178.74 4.15E+09 1163.41

06/15/2012 1170.48 1160.4 1161.31 6.09E+09 1165.7306/14/2012 1163.78 1152.42 1153.78 5.01E+09 1153.01

06/13/2012 1166.96 1152.28 1164.31 5.79E+09 1158.22

06/12/2012 1162.93 1145.48 1148.23 5.04E+09 1162.9306/11/2012 1158.07 1143.17 1143.17 5.28E+09 1158.07

06/08/2012 1127.1 1112.18 1116 3.07E+09 1127.1

06/07/2012 1134.61 1114.84 1130.87 4.55E+09 1118.5306/06/2012 1123.44 1110.24 1110.34 4.29E+09 1117.95

06/05/2012 1122.35 1099.15 1119.57 4.04E+09 1099.15

06/01/2012 1139.66 1115.19 1137.27 3.43E+09 1115.1905/31/2012 1143.92 1123.26 1127.82 6.12E+09 1141.5

05/30/2012 1148.7 1137.67 1145.38 5.98E+09 1138.63

05/29/2012 1156.23 1140.57 1140.81 4.92E+09 1153.6605/28/2012 1139.93 1123.92 1130.19 2.88E+09 1139.93

05/25/2012 1134.2 1115.69 1119.15 2.89E+09 1132.83

05/24/2012 1125.78 1101.59 1111.06 4.01E+09 1125.78

05/23/2012 1128.43 1108.56 1125.91 3.63E+09 1110.705/22/2012 1149.72 1131.52 1146.76 3.27E+09 1131.52

05/21/2012 1153.73 1135.16 1152.71 3.97E+09 1135.16

05/18/2012 1160.56 1148.81 1157.73 4.71E+09 1154.4405/17/2012 1179.14 1166.22 1173.64 5.27E+09 1173.56

05/16/2012 1171.23 1151.84 1165.77 5.19E+09 1171.23

05/15/2012 1184.55 1159.66 1164.19 4.78E+09 1184.5505/14/2012 1201.23 1159.23 1191.4 6.07E+09 1165.51

05/11/2012 1195.7 1179.8 1187.94 6.24E+09 1191.01

05/10/2012 1202.2 1185.89 1201.57 7.6E+09 1190.6505/09/2012 1227.34 1207.25 1225.06 7.9E+09 1207.25


44/49

05/08/2012 1232.81 1219.43 1221.37 5.33E+09 1231.0405/04/2012 1240.2 1226.36 1239.99 6.21E+09 1227.41

05/03/2012 1247.72 1236.23 1240.31 5.05E+09 1240.03

05/02/2012 1241.13 1233.77 1235.73 4.63E+09 1239.06

04/30/2012 1228.49 1217.91 1218.1 3.84E+09 1228.4904/27/2012 1214.78 1204.34 1212.09 3.66E+09 1211.78

04/26/2012 1213.06 1203.82 1203.84 3.7E+09 1209.27

04/25/2012 1204.73 1196.45 1201.71 3.66E+09 1201.36

04/24/2012 1199.86 1189.36 1193.25 3.86E+09 1199.8604/23/2012 1201.12 1186.46 1198.59 3.95E+09 1189.3504/20/2012 1195.43 1182.42 1184.99 3.38E+09 1194.6

04/19/2012 1185.5 1169.2 1170.64 2.84E+09 1185.34

04/18/2012 1173.48 1164.24 1170.49 3.11E+09 1168.0504/17/2012 1180.02 1156.28 1180.02 2.75E+09 1160.23

04/12/2012 1169.45 1158.21 1158.21 2.38E+09 1169.45

04/11/2012 1161.53 1151.21 1155.67 3.47E+09 1154.4904/10/2012 1176.26 1156.83 1174.23 3.77E+09 1165.61


45/49

Close price_AIS SET_Index AIS ReturnMarket return237 1490.25 0.039474 0.013279 1.073918

228 1470.72 0.00885 -0.01263

226 1489.53 -0.0383 -0.02547

235 1528.46 0.021739 0.005222230 1520.52 -0.03766 -0.01936

239 1550.54 0.017021 0.000639

235 1549.55 -0.02083 -0.00737

240 1561.06 0.016949 0.010676236 1544.57 -0.02479 -0.01044242 1560.87 -0.01224 0.010907

245 1544.03 0.047009 0.013176

234 1523.95 0.049327 0.030413223 1478.97 -0.04292 -0.03305

233 1529.52 0.017467 -0.00917

229 1543.67 0.004386 -0.01567228 1568.25 0 -0.0147

228 1591.65 -0.0087 -0.00405

230 1598.13 -0.00433 0.007147

231 1586.79 -0.02532 0.005124237 1578.7 0.012821 0.001281

234 1576.68 0.044643 -0.00061224 1577.65 0.032258 0.006848217 1566.92 0 0.003805

217 1560.98 0.018779 0.001045

213 1559.35 0.009479 0.00648211 1549.31 0 0.005575

211 1540.72 0.019324 0.000727

207 1539.6 0 -0.00128207 1541.58 0.035 0.0155

200 1518.05 -0.0099 -0.00802

202 1530.32 -0.0098 -0.00637204 1540.13 0.004926 0.007451

203 1528.74 -0.01456 -0.01157

206 1546.64 0.004878 0.00951205 1532.07 0.025 0.005764

200 1523.29 0 0.001163

200 1521.52 -0.0099 -0.00342202 1526.74 0 0.008342

202 1514.11 0.020202 0.016898

198 1488.95 -0.01 -0.00011200 1489.11 -0.01478 -0.00547

203 1497.3 -0.01932 -0.00167

207 1499.81 0.029851 -0.00036201 1500.35 -0.01471 -0.00357

204 1505.72 0.004926 -0.00043

203 1506.37 -0.02404 0.004769

208 1499.22 -0.00952 0.016972210 1474.2 -0.01869 -0.01115

214 1490.82 0.009434 0.008149

212 1478.77 0.034146 0.004565205 1472.05 -0.00485 0.007281

206 1461.41 -0.00483 0.008502

207 1449.09 0.009756 0.006872205 1439.2 0 0.003563

205 1434.09 0.004902 -0.00444

204 1440.48 -0.00971 0.004211206 1434.44 0.037783 0.009494


46/49

198.5 1420.95 0.017949 0.003397195 1416.14 -0.01015 -0.00472

197 1422.86 -0.00253 -0.00155

197.5 1425.07 -0.01741 0.009213

201 1412.06 0.020305 0.004317197 1405.99 -0.0199 -0.01227

201 1423.46 -0.00985 0.004325

203 1417.33 -0.0049 0.00142

204 1415.32 -0.00488 -0.00095205 1416.66 0 0.005858205 1408.41 -0.01914 0.000682

209 1407.45 0 0.01115

209 1391.93 -0.01415 -0.00376212 1397.19 0.009524 0.010823

210 1382.23 0 0.002837

210 1378.32 0.004785 0.001817209 1375.82 0.029557 0.001777

203 1373.38 -0.01932 -0.00292

207 1377.4 -0.01896 -0.00073

211 1378.4 0.004762 0.011343210 1362.94 0.019417 0.002833

206 1359.09 -0.01905 0.000434210 1358.5 -0.01408 0.003464213 1353.81 -0.01843 -0.00056

217 1354.57 0.014019 0.009871

214 1341.33 0.004695 0.004779213 1334.95 -0.01389 -0.00368

216 1339.88 -0.0137 0.007383

219 1330.06 -0.00455 -0.00215220 1332.92 0 0.006707

220 1324.04 0.052632 0.011049

209 1309.57 0.009662 0.007408207 1299.94 0.019704 0.002244

203 1297.03 0.030457 0.004788

197 1290.85 -0.00756 0.007139198.5 1281.7 0.002525 0.001712

198 1279.51 0.010204 0.002444

196 1276.39 0.023499 -1.6E-05191.5 1276.41 -0.03283 -0.00564

198 1283.65 0.005076 0.00275

197 1280.13 0.010256 0.004796195 1274.02 0.031746 -0.00412

189 1279.29 -0.01563 -0.00759

192 1289.07 0.015873 -0.00419189 1294.5 0.008 0.002843

187.5 1290.83 0.002674 -0.00222

187 1293.7 -0.00532 -0.00465

188 1299.74 -0.02591 -0.00085193 1300.84 0.01847 -0.00448

189.5 1306.7 0.018817 7.65E-05

186 1306.6 -0.03125 0.006633192 1297.99 -0.02785 -0.00068

197.5 1298.87 -0.0125 0.00343

200 1294.43 0.015228 0.011613197 1279.57 -0.00505 -0.00175

198 1281.81 -0.02463 -0.01201

203 1297.39 0 0.001846203 1295 -0.04245 -0.01177


47/49

212 1310.42 -0.00469 0.002072213 1307.71 -0.00467 -0.00267

214 1311.21 0.04902 0.007631

204 1301.28 0.046154 0.010711

195 1287.49 -0.03465 -0.00238202 1290.56 0 -0.00495

202 1296.98 -0.0098 0.001606

204 1294.9 -0.00488 0.004304

205 1289.35 -0.01442 -0.00242208 1292.48 0.009709 -0.00937206 1304.71 -0.01435 -0.00506

209 1311.35 0.014563 0.003612

206 1306.63 -0.01435 -0.0007209 1307.55 -0.01415 0.001448

212 1305.66 -0.00935 0.004578

214 1299.71 0 0.000708214 1298.79 0.004695 0.009859

213 1286.11 0.004717 0.009109

212 1274.5 -0.00935 -0.01003

214 1287.41 0 0.002422214 1284.3 -0.00926 -0.00152

216 1286.26 0.014085 0.002791213 1282.68 0.004717 -0.00216212 1285.46 0.009524 0.009899

210 1272.86 0 -0.00444

210 1278.54 -0.01869 0.001896214 1276.12 0 0.014654

214 1257.69 -0.01382 -0.0018

217 1259.96 0.009302 0.009325215 1248.32 0 -0.00209

215 1250.93 0.004673 0.003876

214 1246.1 -0.01382 0.001753217 1243.92 0.014019 0.00817

214 1233.84 -0.00465 -0.002

215 1236.31 -0.01376 0.000672218 1235.48 0.004608 0.006517

217 1227.48 0.023585 0.010646

212 1214.55 0.019231 -0.0046208 1220.16 -0.02347 -0.01054

213 1233.16 -0.00467 -0.00046

214 1233.73 -0.05727 -0.0028227 1237.19 0.046083 -0.00036

217 1237.64 0.038278 0.002836

209 1234.14 0.014563 0.001501206 1232.29 -0.01905 0.002677

210 1229 0.009615 0.004159

208 1223.91 0 -0.0004

208 1224.4 -0.00952 -0.00198210 1226.83 0.014493 8.15E-06

207 1226.82 0.004854 0.00611

206 1219.37 0 0.001371206 1217.7 0.014778 0.00294

203 1214.13 -0.0049 0.004916

204 1208.19 -0.01449 0.000149207 1208.01 0 0.008751

207 1197.53 0.029851 -0.003

201 1201.13 0.005 0.001526200 1199.3 -0.01961 0.005011


48/49

204 1193.32 0.02 0.012996200 1178.01 -0.00498 0.00434

201 1172.92 -0.03365 -0.01321

208 1188.62 0.019608 0.000825

204 1187.64 0.02 0.002135200 1185.11 0.015228 -0.0194

197 1208.55 0.010256 -0.00364

195 1212.96 -0.03465 -0.00588

202 1220.14 -0.03349 -0.00332209 1224.21 0.004808 0.008203208 1214.25 0.004831 0.003272

207 1210.29 0.035 0.014382

200 1193.13 -0.02439 -0.01286205 1208.67 -0.00485 0.003529

206 1204.42 0.053708 0.014718

195.5 1186.95 -0.00761 -0.01094197 1200.08 0.018088 -0.00143

193.5 1201.8 0.015748 0.006406

190.5 1194.15 -0.01295 -0.00327

193 1198.07 0.023873 0.007849188.5 1188.74 0.02168 0.014188

184.5 1172.11 -0.00806 0.000674186 1171.32 0.021978 0.00458182 1165.98 0.031161 0.012936

176.5 1151.09 0.014368 0.00319

174 1147.43 -0.01416 -0.00475176.5 1152.91 0.002841 -0.0053

176 1159.05 -0.00565 -0.01209

177 1173.24 0.002833 0.000128176.5 1173.09 0.017291 0.00832

173.5 1163.41 0.008721 -0.00199

172 1165.73 -0.00578 0.011032173 1153.01 -0.01425 -0.0045

175.5 1158.22 -0.00284 -0.00405

176 1162.93 -0.00565 0.004197177 1158.07 0.011429 0.027478

175 1127.1 0.011561 0.007662

173 1118.53 -0.02535 0.000519177.5 1117.95 0.002825 0.017104

177 1099.15 -0.01393 -0.01438

179.5 1115.19 0.002793 -0.02305179 1141.5 -0.01377 0.002521

181.5 1138.63 -0.01892 -0.01303

185 1153.66 -0.00538 0.012045186 1139.93 0.019178 0.006267

182.5 1132.83 0.00551 0.006262

181.5 1125.78 0.002762 0.013577

181 1110.7 0.019718 -0.0184177.5 1131.52 -0.00281 -0.00321

178 1135.16 -0.02997 -0.0167

183.5 1154.44 -0.02133 -0.01629187.5 1173.56 0.02459 0.001989

183 1171.23 0 -0.01124

183 1184.55 0.019499 0.016336179.5 1165.51 -0.00554 -0.02141

180.5 1191.01 -0.00824 0.000302

182 1190.65 -0.02674 -0.01375187 1207.25 -0.01058 -0.01933


49/49

189 1231.04 0.05 0.002957180 1227.41 -0.00826 -0.01018

181.5 1240.03 0 0.000783

181.5 1239.06 -0.0082 0.008604

183 1228.49 0.008264 0.01379181.5 1211.78 -0.0082 0.002076

183 1209.27 0.022346 0.006584

179 1201.36 0 0.00125

179 1199.86 0.019943 0.008837175.5 1189.35 0.008621 -0.00439

174 1194.6 0.026549 0.007812

169.5 1185.34 0.01497 0.014802

167 1168.05 -0.01183 0.00674169 1160.23 0.005952 -0.00788

168 1169.45 0.018182 0.012958

165 1154.49 -0.02655 -0.00954169.5 1165.61

Thai Stock (ADVANC) Analysis

Documents

Transcript of Thai Stock (ADVANC) Analysis