Microsoft Word - MD&A_E Q3_2562 ต้นฉบับ Management Discussion and Analysis: MD&A 1. Company Situation The company’s core business revenue for Q3/2019 has been going steady, no major increase or

includes revenues from five trading subsidiaries in Thailand and overseas. Two of the subsidiaries in Thailand had steady and increasing performance in the past year, but the subsidiaries overseas had

diversified into recurring business which could provide steady income in the long-term. During the past two years, the Company invested in the projects that generated revenue from rent and service which were (1

represented 41.47% relatively steady compared to previous period effect from a promotion that mention above. However, the Company has concern about the maintaining gross profit margin, so the marketing

Outlook Stable Stable Stable Standard & Poor’s Long-term Counterparty Credit Rating BBB+ BBB+ BBB+ Short-term Counterparty Credit Rating A-2 A-2 A-2 Senior Unsecured Debt Instrument BBB+ BBB+ BBB

changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to

product in the Jiangsu factory. In overall, Selling and administrative expenses in proportional to sale remain stable. While, financial costs increased due to increase in loans for new projects such as the

subsidiaries had stable financial status with very high liquidity and debt to equity ratio as low as 0.12 time, due to the proceeds of 164 million Baht from registered capital increase in January 2017, and from

146.93 million baht in the year 2017 compare to the year 2016 amount 148.73 million baht or decrease 1.80 million baht (1.21%) because sellling and administrative expenditures in this year were stable

and Debt to Equity ratio equal to 0.12:1 times, about the same as those of the same period of the previous year which were 7.76:1 and 0.10:1 times, respectively, indicating that the Company still stable