Paper Title
The New Valuation Model: A Case Study of SET

The new valuation model need to include the effects of technology development. This could be observed through investors’ behavior. The sample of low price to book value on the Stock Exchange of Thailand suggest that investors have changed from the preference of high amount of asset size to be the future cash flow expectation. The technology development needs current year investment and return the benefits the far future.While the companies have to be carefully consider of technology investment, the investors do not expect the higher amount of non-utilization on the balance sheets.This behavior is different from the previous days that passive investors prefer to high level of tangible assets. Index Terms - Book value, valuation model, technology investment