A

AP Thailand PCL
SET:AP

Watchlist Manager
AP Thailand PCL
SET:AP
Watchlist
Price: 8.75 THB -1.69% Market Closed
Market Cap: ฿27.5B
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
-3%
5Y
+30%
10Y
+63%
Operating Income
+
3Y
-14%
5Y
+69%
10Y
+39%
Net Income
+
3Y
-24%
5Y
+4%
10Y
+69%

Earnings Waterfall
AP Thailand PCL

Income Statement
AP Thailand PCL

Rotate your device to view
Income Statement
Currency: THB
Dec-2001 Mar-2002 Jun-2002 Sep-2002 Dec-2002 Mar-2003 Jun-2003 Sep-2003 Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025
Revenue
Interest Expense
52
46
43
41
41
40
36
41
48
43
54
60
66
78
73
65
59
65
76
94
102
101
102
111
127
130
127
107
100
124
143
165
169
169
159
125
103
117
144
173
191
166
150
173
213
228
259
284
293
326
326
332
344
330
344
326
280
268
224
178
189
184
182
177
150
131
122
128
123
134
180
221
207
278
298
328
320
394
373
325
210
180
115
84
61
152
219
250
205
308
400
561
645
761
0
0
Revenue
1 281
N/A
1 423
+11%
1 781
+25%
2 069
+16%
2 701
+31%
2 977
+10%
3 158
+6%
3 657
+16%
4 757
+30%
4 795
+1%
5 271
+10%
5 526
+5%
5 740
+4%
6 050
+5%
6 091
+1%
6 091
0%
5 258
-14%
5 761
+10%
6 144
+7%
5 793
-6%
6 344
+10%
6 213
-2%
5 874
-5%
6 985
+19%
7 825
+12%
7 725
-1%
8 904
+15%
9 512
+7%
9 832
+3%
11 240
+14%
10 954
-3%
11 091
+1%
12 424
+12%
15 998
+29%
15 882
-1%
14 410
-9%
13 840
-4%
9 942
-28%
11 832
+19%
15 009
+27%
13 639
-9%
14 595
+7%
14 378
-1%
13 438
-7%
17 310
+29%
17 006
-2%
17 446
+3%
18 259
+5%
19 989
+9%
20 664
+3%
22 296
+8%
25 492
+14%
23 149
-9%
24 847
+7%
24 331
-2%
22 189
-9%
22 079
0%
21 030
-5%
20 058
-5%
19 007
-5%
20 253
+7%
20 282
+0%
20 650
+2%
21 141
+2%
22 176
+5%
23 491
+6%
25 155
+7%
26 991
+7%
27 271
+1%
29 546
+8%
27 846
-6%
26 956
-3%
23 802
-12%
21 411
-10%
24 441
+14%
27 705
+13%
29 888
+8%
33 595
+12%
33 839
+1%
31 841
-6%
31 794
0%
33 537
+5%
35 364
+5%
37 194
+5%
38 539
+4%
37 099
-4%
36 519
-2%
37 604
+3%
38 045
+1%
36 576
-4%
37 082
+1%
36 963
0%
36 988
+0%
36 748
-1%
36 898
+0%
36 073
-2%
Gross Profit
Cost of Revenue
(844)
(924)
(1 143)
(1 318)
(1 708)
(1 866)
(1 970)
(2 305)
(2 987)
(3 023)
(3 390)
(3 519)
(3 736)
(3 997)
(4 020)
(4 112)
(3 574)
(3 881)
(4 176)
(3 952)
(4 348)
(4 266)
(4 033)
(4 742)
(5 248)
(5 147)
(5 774)
(6 154)
(6 349)
(7 299)
(7 231)
(7 339)
(8 258)
(10 551)
(10 385)
(9 362)
(8 602)
(6 040)
(7 231)
(9 163)
(8 434)
(9 067)
(9 053)
(8 641)
(11 273)
(11 131)
(11 427)
(11 994)
(13 238)
(13 737)
(14 823)
(16 914)
(15 304)
(16 389)
(15 978)
(14 545)
(14 545)
(13 846)
(13 252)
(12 513)
(13 292)
(13 368)
(13 604)
(13 850)
(14 262)
(15 067)
(16 199)
(17 657)
(18 339)
(19 939)
(18 834)
(18 064)
(15 627)
(13 934)
(16 244)
(18 706)
(20 458)
(23 060)
(23 067)
(21 647)
(21 483)
(22 577)
(23 633)
(24 709)
(25 475)
(24 206)
(23 452)
(24 011)
(24 148)
(23 286)
(23 864)
(24 015)
(24 316)
(24 328)
(24 846)
(24 402)
Gross Profit
437
N/A
500
+14%
638
+28%
751
+18%
993
+32%
1 111
+12%
1 187
+7%
1 353
+14%
1 771
+31%
1 772
+0%
1 881
+6%
2 006
+7%
2 004
0%
2 053
+2%
2 071
+1%
1 979
-4%
1 683
-15%
1 879
+12%
1 968
+5%
1 841
-6%
1 996
+8%
1 947
-2%
1 841
-5%
2 242
+22%
2 577
+15%
2 578
+0%
3 129
+21%
3 358
+7%
3 484
+4%
3 940
+13%
3 723
-6%
3 752
+1%
4 166
+11%
5 448
+31%
5 498
+1%
5 048
-8%
5 238
+4%
3 902
-26%
4 601
+18%
5 846
+27%
5 205
-11%
5 528
+6%
5 325
-4%
4 797
-10%
6 036
+26%
5 875
-3%
6 019
+2%
6 266
+4%
6 750
+8%
6 927
+3%
7 473
+8%
8 577
+15%
7 845
-9%
8 458
+8%
8 352
-1%
7 644
-8%
7 534
-1%
7 185
-5%
6 806
-5%
6 494
-5%
6 961
+7%
6 915
-1%
7 045
+2%
7 291
+3%
7 914
+9%
8 424
+6%
8 956
+6%
9 334
+4%
8 932
-4%
9 607
+8%
9 011
-6%
8 893
-1%
8 176
-8%
7 476
-9%
8 197
+10%
8 999
+10%
9 430
+5%
10 535
+12%
10 772
+2%
10 194
-5%
10 311
+1%
10 960
+6%
11 731
+7%
12 485
+6%
13 064
+5%
12 893
-1%
13 067
+1%
13 593
+4%
13 897
+2%
13 290
-4%
13 219
-1%
12 948
-2%
12 673
-2%
12 420
-2%
12 052
-3%
11 671
-3%
Operating Income
Operating Expenses
(144)
(149)
(190)
(205)
(227)
(279)
(256)
(269)
(318)
(318)
(407)
(512)
(613)
(657)
(702)
(709)
(697)
(746)
(760)
(809)
(929)
(968)
(1 006)
(1 088)
(1 150)
(1 133)
(1 140)
(1 106)
(1 026)
(1 092)
(1 133)
(1 209)
(1 323)
(1 503)
(1 584)
(1 600)
(2 058)
(2 129)
(2 488)
(2 885)
(2 645)
(2 724)
(2 634)
(2 575)
(3 085)
(3 122)
(3 296)
(3 478)
(3 918)
(4 006)
(4 170)
(4 544)
(4 204)
(4 439)
(4 411)
(4 083)
(3 885)
(3 649)
(3 500)
(3 473)
(3 933)
(4 052)
(4 227)
(4 375)
(4 470)
(4 514)
(4 825)
(5 108)
(5 309)
(5 867)
(5 688)
(5 576)
(5 378)
(5 009)
(5 390)
(6 060)
(6 102)
(6 274)
(6 135)
(5 654)
(5 652)
(6 050)
(6 474)
(6 745)
(7 096)
(7 211)
(7 220)
(7 343)
(7 360)
(7 160)
(7 142)
(6 989)
(6 799)
(6 676)
(6 657)
(6 719)
Selling, General & Administrative
(156)
(163)
(210)
(223)
(250)
(295)
(272)
(286)
(332)
(341)
(432)
(538)
(637)
(674)
(718)
(723)
(712)
(760)
(773)
(824)
(954)
(996)
(1 036)
(1 124)
(1 188)
(1 163)
(1 170)
(1 134)
(1 016)
(1 079)
(1 125)
(1 204)
(1 385)
(1 574)
(1 669)
(1 688)
(2 125)
(2 191)
(2 544)
(2 936)
(2 695)
(2 757)
(2 690)
(2 631)
(3 128)
(3 174)
(3 328)
(3 518)
(3 976)
(4 062)
(4 230)
(4 554)
(4 058)
(4 380)
(4 357)
(4 089)
(3 969)
(3 771)
(3 621)
(3 597)
(3 961)
(4 131)
(4 298)
(4 450)
(4 480)
(4 557)
(4 807)
(5 071)
(5 214)
(5 783)
(5 667)
(5 567)
(5 330)
(5 089)
(5 468)
(6 135)
(6 023)
(6 437)
(6 314)
(5 826)
(5 684)
(6 111)
(6 434)
(6 808)
(7 094)
(7 392)
(7 402)
(7 415)
(7 367)
(7 316)
(7 451)
(7 499)
(7 039)
(7 083)
(7 065)
(6 959)
Depreciation & Amortization
0
0
8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(82)
0
0
0
0
0
0
0
(50)
0
0
0
(64)
0
0
0
(81)
0
0
0
(114)
0
0
0
(136)
0
0
0
(144)
0
0
0
(154)
0
0
0
(153)
0
0
0
(135)
0
0
0
Other Operating Expenses
13
15
12
19
22
16
16
17
14
24
25
26
24
17
16
14
16
14
14
15
25
28
30
36
38
30
30
28
(11)
(13)
(8)
(5)
62
71
85
88
68
62
56
51
50
33
56
56
44
52
32
41
58
56
60
11
(64)
(59)
(54)
6
84
122
121
124
79
79
71
75
73
43
(18)
(38)
(15)
(84)
(21)
(10)
66
80
78
75
58
164
178
172
176
62
(40)
64
152
181
182
72
160
157
309
510
375
406
408
241
Operating Income
294
N/A
351
+19%
448
+28%
546
+22%
766
+40%
832
+9%
932
+12%
1 084
+16%
1 453
+34%
1 454
+0%
1 474
+1%
1 495
+1%
1 392
-7%
1 396
+0%
1 369
-2%
1 270
-7%
987
-22%
1 134
+15%
1 208
+7%
1 033
-15%
1 068
+3%
979
-8%
835
-15%
1 154
+38%
1 427
+24%
1 446
+1%
1 989
+38%
2 252
+13%
2 457
+9%
2 848
+16%
2 591
-9%
2 543
-2%
2 843
+12%
3 945
+39%
3 914
-1%
3 449
-12%
3 181
-8%
1 773
-44%
2 114
+19%
2 961
+40%
2 560
-14%
2 804
+10%
2 691
-4%
2 222
-17%
2 952
+33%
2 753
-7%
2 723
-1%
2 788
+2%
2 832
+2%
2 921
+3%
3 304
+13%
4 034
+22%
3 641
-10%
4 019
+10%
3 941
-2%
3 561
-10%
3 648
+2%
3 536
-3%
3 306
-6%
3 021
-9%
3 028
+0%
2 863
-5%
2 819
-2%
2 916
+3%
3 444
+18%
3 910
+14%
4 132
+6%
4 226
+2%
3 623
-14%
3 740
+3%
3 324
-11%
3 316
0%
2 798
-16%
2 467
-12%
2 808
+14%
2 938
+5%
3 328
+13%
4 261
+28%
4 636
+9%
4 540
-2%
4 660
+3%
4 910
+5%
5 257
+7%
5 740
+9%
5 969
+4%
5 682
-5%
5 846
+3%
6 250
+7%
6 538
+5%
6 130
-6%
6 077
-1%
5 959
-2%
5 874
-1%
5 743
-2%
5 395
-6%
4 953
-8%
Pre-Tax Income
Interest Income Expense
(51)
(43)
(37)
(29)
(22)
(7)
7
13
10
16
7
65
48
80
85
47
81
25
(1)
700
656
653
648
(113)
(112)
(126)
(117)
(92)
(82)
(103)
(120)
(145)
(158)
(52)
(35)
2
26
(95)
(123)
(156)
(164)
(137)
(83)
(45)
(75)
(94)
(171)
(257)
(280)
(323)
(344)
(361)
(399)
(390)
(405)
(293)
(292)
(313)
(210)
(299)
294
513
647
769
444
400
776
989
1 110
1 241
852
547
888
633
1 082
1 811
1 634
1 625
1 164
802
798
899
1 160
1 148
1 180
1 080
928
889
876
671
453
316
361
253
214
261
Non-Reccuring Items
2
0
0
0
1
2
0
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
0
(0)
(0)
(0)
0
0
0
0
0
0
0
0
0
(0)
(0)
(0)
0
(0)
(0)
(0)
(1)
0
0
0
0
(0)
(0)
(0)
0
0
(0)
(0)
0
(0)
0
0
(1)
0
0
0
(1)
0
0
0
0
(0)
(0)
(0)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(41)
0
0
0
(47)
0
0
0
(45)
0
0
0
(43)
0
0
0
(56)
0
0
0
(64)
0
0
0
Pre-Tax Income
245
N/A
308
+26%
411
+33%
517
+26%
745
+44%
827
+11%
939
+14%
1 096
+17%
1 465
+34%
1 470
+0%
1 480
+1%
1 560
+5%
1 440
-8%
1 476
+2%
1 454
-1%
1 317
-9%
1 068
-19%
1 159
+8%
1 207
+4%
1 732
+44%
1 723
-1%
1 632
-5%
1 483
-9%
1 041
-30%
1 315
+26%
1 320
+0%
1 873
+42%
2 159
+15%
2 375
+10%
2 746
+16%
2 471
-10%
2 398
-3%
2 685
+12%
3 893
+45%
3 879
0%
3 451
-11%
3 206
-7%
1 696
-47%
1 990
+17%
2 804
+41%
2 395
-15%
2 666
+11%
2 608
-2%
2 178
-16%
2 877
+32%
2 658
-8%
2 553
-4%
2 530
-1%
2 552
+1%
2 598
+2%
2 960
+14%
3 673
+24%
3 242
-12%
3 628
+12%
3 536
-3%
3 268
-8%
3 356
+3%
3 223
-4%
3 096
-4%
2 722
-12%
3 321
+22%
3 376
+2%
3 466
+3%
3 685
+6%
3 887
+5%
4 310
+11%
4 908
+14%
5 215
+6%
4 732
-9%
4 981
+5%
4 176
-16%
3 863
-7%
3 645
-6%
3 100
-15%
3 890
+25%
4 750
+22%
4 915
+3%
5 887
+20%
5 800
-1%
5 342
-8%
5 412
+1%
5 810
+7%
6 417
+10%
6 889
+7%
7 106
+3%
6 763
-5%
6 774
+0%
7 139
+5%
7 358
+3%
6 801
-8%
6 530
-4%
6 274
-4%
6 171
-2%
5 996
-3%
5 609
-6%
5 214
-7%
Net Income
Tax Provision
0
(0)
(5)
(27)
(97)
(135)
(194)
(243)
(275)
(272)
(267)
(321)
(324)
(353)
(382)
(319)
(278)
(291)
(272)
(381)
(378)
(362)
(349)
(300)
(416)
(427)
(582)
(661)
(737)
(852)
(775)
(734)
(816)
(1 130)
(1 128)
(1 030)
(977)
(574)
(686)
(988)
(844)
(853)
(773)
(533)
(548)
(644)
(577)
(562)
(539)
(547)
(650)
(734)
(627)
(713)
(690)
(712)
(733)
(704)
(694)
(608)
(619)
(579)
(587)
(627)
(739)
(845)
(863)
(879)
(779)
(816)
(712)
(707)
(581)
(496)
(559)
(586)
(690)
(876)
(889)
(850)
(869)
(940)
(1 088)
(1 173)
(1 230)
(1 138)
(1 179)
(1 266)
(1 304)
(1 217)
(1 221)
(1 212)
(1 151)
(1 120)
(996)
(896)
Income from Continuing Operations
245
308
406
491
648
692
745
854
1 190
1 199
1 214
1 239
1 116
1 123
1 071
998
791
867
934
1 351
1 345
1 270
1 134
741
899
893
1 290
1 499
1 638
1 894
1 696
1 665
1 869
2 762
2 751
2 420
2 229
1 122
1 304
1 817
1 551
1 814
1 835
1 645
2 329
2 014
1 976
1 969
2 013
2 050
2 310
2 940
2 615
2 915
2 846
2 556
2 623
2 519
2 402
2 114
2 703
2 797
2 879
3 058
3 148
3 465
4 045
4 336
3 953
4 166
3 464
3 156
3 064
2 604
3 331
4 164
4 225
5 011
4 911
4 491
4 543
4 870
5 329
5 716
5 876
5 625
5 595
5 874
6 054
5 584
5 308
5 062
5 020
4 876
4 613
4 318
Income to Minority Interest
0
0
0
0
0
(0)
(0)
(0)
0
(5)
(14)
(21)
(19)
(21)
(13)
(20)
(26)
(18)
(17)
(4)
(1)
(1)
(1)
(0)
0
(0)
(0)
(0)
0
0
(0)
(2)
(3)
(5)
(4)
(3)
(2)
(0)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
0
0
0
(0)
0
5
6
9
11
8
9
10
8
7
6
4
4
4
2
1
0
(1)
(0)
0
1
0
1
1
1
1
1
0
0
0
0
(0)
(0)
(0)
(0)
Net Income (Common)
265
N/A
328
+24%
467
+42%
551
+18%
688
+25%
734
+7%
747
+2%
855
+14%
1 192
+39%
1 194
+0%
1 200
+1%
1 219
+2%
1 097
-10%
1 102
+0%
1 058
-4%
978
-8%
765
-22%
850
+11%
917
+8%
1 347
+47%
1 344
0%
1 269
-6%
1 133
-11%
741
-35%
899
+21%
892
-1%
1 290
+45%
1 498
+16%
1 638
+9%
1 894
+16%
1 696
-10%
1 663
-2%
1 866
+12%
2 758
+48%
2 746
0%
2 418
-12%
2 228
-8%
1 122
-50%
1 304
+16%
1 817
+39%
1 551
-15%
1 814
+17%
1 835
+1%
1 645
-10%
2 329
+42%
2 014
-14%
1 976
-2%
1 969
0%
2 013
+2%
2 050
+2%
2 310
+13%
2 940
+27%
2 615
-11%
2 915
+11%
2 846
-2%
2 556
-10%
2 623
+3%
2 519
-4%
2 402
-5%
2 113
-12%
2 703
+28%
2 796
+3%
2 883
+3%
3 064
+6%
3 157
+3%
3 475
+10%
4 053
+17%
4 344
+7%
3 963
-9%
4 174
+5%
3 472
-17%
3 163
-9%
3 068
-3%
2 608
-15%
3 335
+28%
4 166
+25%
4 227
+1%
5 011
+19%
4 910
-2%
4 491
-9%
4 543
+1%
4 870
+7%
5 329
+9%
5 717
+7%
5 877
+3%
5 626
-4%
5 596
-1%
5 874
+5%
6 054
+3%
5 584
-8%
5 309
-5%
5 062
-5%
5 020
-1%
4 875
-3%
4 613
-5%
4 318
-6%
EPS (Diluted)
0.1
N/A
0.11
+10%
0.17
+55%
0.2
+18%
0.23
+15%
0.24
+4%
0.25
+4%
0.28
+12%
0.4
+43%
0.39
-3%
0.39
N/A
0.4
+3%
0.36
-10%
0.37
+3%
0.36
-3%
0.33
-8%
0.26
-21%
0.29
+12%
0.31
+7%
0.45
+45%
0.45
N/A
0.42
-7%
0.37
-12%
0.24
-35%
0.29
+21%
0.29
N/A
0.42
+45%
0.49
+17%
0.53
+8%
0.61
+15%
0.55
-10%
0.54
-2%
0.61
+13%
0.9
+48%
0.89
-1%
0.78
-12%
0.72
-8%
0.36
-50%
0.42
+17%
0.58
+38%
0.5
-14%
0.58
+16%
0.59
+2%
0.53
-10%
0.74
+40%
0.64
-14%
0.62
-3%
0.62
N/A
0.64
+3%
0.65
+2%
0.74
+14%
0.94
+27%
0.83
-12%
0.93
+12%
0.9
-3%
0.81
-10%
0.83
+2%
0.79
-5%
0.76
-4%
0.67
-12%
0.86
+28%
0.89
+3%
0.91
+2%
0.96
+5%
1
+4%
1.1
+10%
1.29
+17%
1.39
+8%
1.26
-9%
1.33
+6%
1.11
-17%
1.01
-9%
0.98
-3%
0.83
-15%
1.06
+28%
1.32
+25%
1.34
+2%
1.59
+19%
1.56
-2%
1.42
-9%
1.44
+1%
1.54
+7%
1.69
+10%
1.81
+7%
1.87
+3%
1.79
-4%
1.78
-1%
1.87
+5%
1.92
+3%
1.78
-7%
1.69
-5%
1.61
-5%
1.6
-1%
1.55
-3%
1.47
-5%
1.37
-7%

See Also

Summary
AP intrinsic value, competitors valuation, and company profile.
DCF Valuation
AP stock valuation using Discount Cash Flow valuation method.
Relative Valuation
AP stock valuation using valuation multiples.
Wall Street Estimates
AP price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
AP stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 312,000+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2026 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.