# Working Notes

## Audience

The audience is a finance or management reporting lead who wants a concise first-pass view before a review meeting. They are not asking for a full equity research report.

## Business Questions

- What changed from 2024 to 2025 in revenue, expenses, net profit, cash flow, and leverage?
- Which changes look like useful management discussion points?
- Which figures should be checked against the annual report or investor-relations page before presenting?
- What audit or control questions should the team ask before using this in an executive memo?

## Source Context

- Company: Advanced Info Service Public Company Limited.
- SET symbol: ADVANC.
- Public-company snapshot: ADVANC YE/2025 listed-company snapshot from SET Link.
- Investor source: AIS investor relations financial highlights and annual reports.
- Market source: SET factsheet, as of 20 May 2026.

## Field Notes

- Values in `03-data-table.csv` are in million baht unless the unit column says otherwise.
- The CSV uses the SET listed-company snapshot because it gives a compact 2022-2025 series.
- AIS investor relations reports 2025 total revenue of 226,264 million baht, EBITDA of 123,270 million baht, and net profit of 47,886 million baht.
- The SET listed-company snapshot reports 2025 revenues of 226,998.24 million baht and net profit of 47,885.90 million baht.
- Treat small source differences as a source-reconciliation item, not as an error to hide.

## Reporting Rules

- Write learner outputs in English unless the slide prompt says otherwise.
- Keep the output concise enough for a manager to review quickly.
- Do not give investment advice or make buy/hold/sell recommendations.
- Separate observed movement from explanation; do not invent causes beyond the source notes.
- Include source caveats, especially when comparing SET snapshot data with AIS investor-relations highlights.
- Flag any ratio or margin movement that needs management interpretation.

## Suggested Output Shape

The deliverable is one self-contained HTML file using D3 (via CDN) for charts: `outputs/first-work-output.html`.

1. Executive summary with key metrics, key findings, and management discussion points.
2. Implications for 2026 planning and recommended next actions.
3. D3 charts: revenue/expense/profit trends, margin trend lines, cash flow breakdown, leverage ratio history, and 2025 vs 2024 change visualization.
4. 2025 vs 2024 movement table.
5. Key observations.
6. Risks, caveats, source reconciliation, and source checks.
7. Audit or management questions.
