Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

ถวัเฉลีย " 4##ก %!ก ก (Management Fee) 2,460.04 2.14 " 4## . ):̂ (Trustee Fee) 18.45 0.02 " 4##9ก 6 )$ (Share Registrar Fee) 196.80 0.17 " 4## ,%$$!K: (Audit Fee) 35.00 0.03 " 2กY ก (Advisory Fee

จากกองทุน (Fund’s Direct Expenses) จํานวนเงนิ (หน่วย: พนับาท) ร้อยละของมูลค่า สินทรัพย์สุทธิถวัเฉลีย " 5##ก %!ก ก (Management Fee) 3,273.03 2.14 " 5## . )Kh (Trustee Fee) 24.55 0.02 " 5##:ก 7 )$ (Share

effective management. Excluding the non-recurring items, total revenue and net profit decreased by 0.5% and 8.7% respectively compared to the same period in the previous year (YoY) mainly caused by the impact

growth potential in the tourist industry. o The investment in Target Group Hotels and Resorts in 4 countries will further diversify the Company’s geographical risk. o The investment in the Target Group

lower than condominiums Therefore considered as a risk diversification from increasing channels of income by the housing project of the company under the brand “Britannia” has received good feedback from

risk diversification from increasing channels of income by the housing project of the company under the brand “Britannia” get good feedback from customers. Due to the outstanding concept design of the

capital (Contents operation). As a reason for money management, the Company has invested some cash in low-risk funds (such as Krung Thai SS Fund, Thanachart Cash Management Fund and TMB Money Fund) to

Microsoft Word - MD&A Q1Y2020 _E_ - Final RATCH Group Public Company Limited Management Discussion and Analysis For the 1st Quarter Ended 31 March, 2020 Management Discussion and Analysis For the 1st

ชี้วัด (passive management / index tracking) หรือสูงกว่าดัชนีชี้วัด (active management) ทั้งนี้ หากเป็นกองทุนรวมที่มีกลยุทธ์ในการบริหารกองทุนรวมที่แตกต่างจากกองทุนรวมประเภทเดียวกัน เช่น กองทุนรวมที่มี