g e | 10 2020 Outlook 2020 definitely a very challenge year for our company and in tourism business which is on the verge of the world’s economic slowdown, the destabilization of international trade

increase in D/E ratio was from funding for the new company’s projects. Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 10 2020 Outlook 2020 definitely a very challenge year

. They also have to prepare for the adoption of TFRS 9 which will come into effect in 2020. Managing loan quality and non-performing loans continues to be a major challenge. However, due to a relatively

growth outlook still challenge with uncertainties on the external front particular on pertaining to the US foreign trade policies, retaliatory measures from its trading partners. LH Financial Group Public

challenge causing mobile revenue to decreased -8.7%YoY and flat QoQ. On the other hand, the continued pressing demand for home connectivity benefited the broadband business which increased 17% YoY and 3.7%QoQ

depend on the location and the use of assets. Consultancy Fee Income, the price is fixed by costing plus with reasonable profit which depends on the difficulty and the scope of service in personnel. 3

January 2020 represented an effective markdown of about 1.7% of sales. Lockdowns implemented by many countries due to COVID-19 caused difficulty in the supply chain, which led to deferrals of some order

rising cost of land becomes a major risk for operating a real estate business. Additionally, the difficulty of finding a good location of land with reasonable price point in central Bangkok has arisen

risk for operating a real estate business. Additionally, the difficulty of finding a good location of land with reasonable price point in central Bangkok has arisen. With regarding to the competition

Company’s major export countries, e.g. Cambodia where flood caused transportation difficulty and China where some distributor had weak performance. In addition, Thai baht was stronger than currencies of the