in trade policies of US and China and global economic, the conflict in the Middle Eastern that impacted global oil price as well as the Baht’s ongoing appreciation. As of November 30, 2019, the

increased downside risks from external factors such as uncertainty in the U.S. economic policies may affect international trade, the slowdown of the Chinese and the EU economies and etc. According to the Bank

2018 primarily due to the US-China trade war and global uncertainty contributed negative impact on export growth. The growth of credit card business in Thailand continue expansion due to overall economic

- - 62,780,487.62 Total assets 1,004,203.77 13,437,611.40 82,077,481.55 Liabilities and equity Current liabilities Bank overdrafts and short-term loans from financial institutions - - 98,842.31 Trade accounts payable

private consumption and total investment were constantly expanding. However, Thai economy still faces external risk such as U.S. monetary and trade policy and global economic uncertainty. As of August 31

public consumption and private investment were constantly expanding. However, Thai economy still faces other risk such as The U.S.-China trade war, global economic uncertainty and domestic political

44.96 15.25 27.67 10.35 67.87 Income tax expenses 4.57 8.02 3.39 6.15 1.18 34.85 Profit for the period 21.04 36.93 11.86 21.52 9.17 77.30 Profit for equity holders of the Company 21.07 36.98 11.89 21.57

slowed down. In addition, Thai economy still faces external risk such as trade war between US and China and global economic uncertainty. As of August 31, 2019, the Company’s total cards reached 8.75

resulting in capital inflows to the bond and equity markets in emerging markets, including Thailand. Consequently, in 2017 the Thai baht appreciated by 10 percent from 35.82 THB/USD at the beginning of

2017. This improvement is a result of our strategy to focus on extensive distribution coverage, particularly in modern trades, as ICUK was able to penetrate into three of the leading modern trade