from Baht 1,015.77 Million in 2017 to Baht 1,111.09 Million in 2018 an increased Baht 95.32 Million or 9.38% due to rubber glove customers expand production, frozen foods and canning’s customers have

and subsidiary companies of the Group. The change is a result of the merger in 2012 which enabled KKP to expand its service capabilities to meet the needs of more customers with the objective of

million baht mainly due to the purchase of new land with existing building thereon. The Company and its subsidiaries operated integrated stainless center which provided many kinds of services such as

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

new products continuously. As well, the Company also aims to expand business to CLMV countries (Cambodia, Lao PDR, Myanmar, and Vietnam); which are the countries having interesting growth direction of

continuously. As well, the Company also aims to expand business to CLMV countries (Cambodia, Lao PDR, Myanmar, and Vietnam); which are the countries having interesting growth direction of business. The Company

53 million or 30.5% since these are non-core products but tools to expand the Company’s brand awareness. The new product, carbonated Carabao Green Apple flavor in a 180-ml can (“Carabao Green Apple

many others, and those new ones, which operated by our domestic subsidiary, namely Carabao Tawandang Company Limited (“CBD”), and our overseas subsidiary, namely Intercarabao Limited (“ICUK”). For

mall management and effective operating costs control The Thai economy in 2Q17 continued to expand and recovered at a modest pace, driven by export of goods which showed a high expansion, and the tourism

international store. This store will operate as a franchise with a local partner. Presently, the company has already signed a final contract with the local partner, and the store is expected to be operated before