Page | 1 Management Discussion and Analysis Q2/2020 JMART Management Discussion and Analysis Q2/2020 Synergy Digital Transformation eX Growth Business Model Page | 2 Management Discussion and

issued and sold in other countries. Other rules have also been relaxed; for example, investors are currently allowed to hedge against their investment including derivatives with underlying foreign assets

for one business model over another, nor are the measures described herein designed to be used only by CRAs with large staffs and compliance functions. Accordingly, the types of mechanisms and

under the management of Dusit International in the Philippines, Singapore, China, Qatar, Bahrain and Kenya. The Company has considered the lease model for hotel business expansion both domestically and

building awareness widely to consumers and restructuring the business model for new opportunities. The company has a good performance comparing to the same industry because of the good cooperation from both

declared as the “Year of Shift”. It is the opportunity for the organization, high-ranking executives and staff to revise the business model in order for the organization to achieve stable growth and the goal

, new car model introduction, and some impact from the Bangkok Motor Show in March. Profit & Loss Analysis (Unit: Million Baht unless otherwise stated ) Q2 2017 Q2 2016 Change Amount % Total Revenues

ศักดิ์ในรูปแบบแฟรนไซส์ (Franchise Model System) และเพิ่มการบริการเป็นศูนย์การดูแลความงามและสขุภาพครบวงจร (Beauty Wellness Center) และ มีการขยายการบริการในรูปแบบศัลยกรรมอย่างง่าย (Mini Surgery) อีกทั้ง ขยาย

การบริหารเงินลงทุน (business model) และลกัษณะของกระแสเงินสดท่ีคาดวา่จะไดรั้บ (cash flow characteristics) แทนการพิจารณาจากวตัถุประสงคก์ารถือครอง ซ่ึงจะมีผลต่อการจดัประเภทของ เงินลงทุนในตราสารหน้ีท่ีจะถือ

Limited due to competitors introducing similar model into the Thai Market since Q3 2019 2. Stopped interest income recognition on the loan to SGAH since Q2 2019 3. Loss on change in status of investment in