Thai stock market is an emerging market with much smaller market capitalization and trading volume, relative to developed capital markets such as U.S. stock markets and is not efficient [Islam et al. (2007) and Tantipanichkul and Supattarakul
(2013)]. The investor misperception in Thailand may be different from U.S.A. Therefore, this study aims at investigating the market pricing of the ability of net operating assets to forecast future earnings of Thai listed firms