for an increased level of production and the Company’s aggressive growth from 2018 onwards; 3) cost from trial runs and start-up of a new production line for some products, driving higher yield loss and

of 33.5% year on year, reflecting intense competition in the industry. As Bake Cheese Tart (Thailand) Company Limited runs under franchise business, which has rigid restrictions from the franchisor in

; higher depreciation; higher excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line, driving

excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line, driving higher yield loss; and cost

the future; higher excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line for some products

runs the drug business and a small hospital by Modern Company without loan Adjust, increase and decrease, an additional 0.25% discount rate will be valued between 278.25-312.67 million Baht 7. Criteria

Discussion and Analysis for the year ended 31 December 2018 Page 19/21 Land and Houses Fund Management Company Limited Land and Houses Fund Management Company Limited runs a business to manage mutual fund

Company Limited Management Discussion and Analysis for the year ended 31 December 2019 Page 20/22 Land and Houses Fund Management Company Limited Land and Houses Fund Management Company Limited runs a

Houses Fund Management Company Limited Land and Houses Fund Management Company Limited runs a business to manage mutual fund, property fund, real estate investment trust, provident fund and private fund. 3

runs a business to manage mutual fund, property fund, real estate investment trust, provident fund and private fund. 3. FUND MANAGEMENT BUSINESSS LH Financial Group Public Company Limited Management