tendencies and strategies in 2018 7 Important Event 3 | Management Discussion and Analysis of Business Operation for the year 2017 Bangchak Corporation Plc. Summary of the Company and its subsidiaries

usage as a way to support palm oil farmers. However, gross profit was still affected by Thailand’s heightened aggregate production capacity, which result in price competition of B100 product, combined

operators and new comers resulting in continually intense competition in restaurant business. Cost of Sales and Gross Profit Cost of sales in 2017 totaled Baht 899.62 million, dropped Baht 100.62 million or

in 2016 to Baht 357.72 million in 2017, or 9.49%, due to the increasing competition from the market and customers were unable to install them that affected sales recognition did not on the target

export market to Cambodia and Laos including revenue in Malaysia. But it is decreased by 30.07 million baht comparing with Q2/2018 because of the recession of the economic and higher competition in the

all android handsets, to exhibit leadership in 4G. Handset subsidies remained stable and more targeted; however, the competition in fixed- speed unlimited plans has challenged an ability to increase

appropriate because as of the date of investment, the company wants to expand its business to the expected growth. But due to the burden of competition and economic conditions, the operating results did not

The SEC proposed the amendments to the regulations for the Funds investing in digital assets to ensure fair competition among business types and enhance asset allocation benefits for investors

significantly. In addition, resulting the need to postpone a large-scale project auction and there are a few SI project in the market, thus those had a higher competition, resulting gross margin was declined

Environment 1 1.1 Global and Thai Economy in 2019 and Outlook for 2020 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Significant Regulations and Rules related to Business Operations 5 2. Risk