financing activities y-on-y: From unrealized gain of Baht 466 million in Q1’2018 to unrealized gain of Baht 170 million in Q1’2019 due to a 2.0% appreciation of the Baht against the U.S. dollar at the end of

policies of major countries and the Baht’s ongoing appreciation. However, the Thai economy has been supported by the expansion of private consumption, due to an increase in auto sales in the first half of

appreciation. Private consumption grew at a slower rate than in the first half of the year, especially spending on durable goods in line with a contraction in domestic vehicle sales. In response, the government

to remain at the same rate if there is no significant change in natural gas price and the appreciation in Thai Baht. However, during September and December of 2018, Ft rate is expected to be adjusted

its curated deals • An ICO portal may invest in its curated ICOs. While this could enhance the confidence of the investors, there is a concern that the ICO portal may have superior information and have

-channel services that deliver new and superior retail shopping experiences that fit changing lifestyles of consumers in the era of NOW NORMAL. The Company also emphasizes on efficient operation excellence

Management discussion and analysis /Page 11 to further develops complete Omnichannel services that deliver new and superior retail shopping experiences that fit changing lifestyles of consumers in the era of

. The downside was mainly stemmed from the impact of export contraction affected by the global economic slowdown, prolonged US-China trade tension and the Baht appreciation. As for economic outlook in

and according to target. In 2019, Thai economy has decelerated with GDP reported at 2.4% decreased from 4.1% in 2018 as a result of declining in export growth and Baht appreciation. The world-trade

in trade policies of US and China and global economic, the conflict in the Middle Eastern that impacted global oil price as well as the Baht’s ongoing appreciation. As of November 30, 2019, the