1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media
offeror. If the registration statement contains any false statement or omits to state any material information which should have been disclosed, the securities holders who purchased this securities within
contents; (1) the stipulation relating to the investment in the infrastructure assets shall state the following contents; (a) the investment policy, the type of infrastructure asset to be invested and the
CAT Telecom, the Distribution of Router and Switch to large private companies and the D–ticket Project of State Railway of Thailand. Furthermore, the several projects in Q2–2020 were affected by the
declarations of the state of emergency including gradually closing the international inbound and outbound travels to stop the spread of the disease. In Thailand, the state of emergency was declared as well and
standard of the state. The group also seeks the assurance from the government agency and has already received the Amazing Thailand Safety & Healthy Administration (SHA) standard from the Tourism Authority of
many large-scale projects that have been bidding by the Government at the end of year 2019, such as the D–ticket Project of State Railway of Thailand. However, the ongoing outbreak of COVID–19 in the end
expenditure of state enterprises is likely to expand, which will be a key player to stimulate the economy in the long term. In Q2–2020, the company’s total revenue slightly decreased form Q1–2020, representing
to work from home. This affects the customer's disbursement process, especially government agencies and state enterprises that have a longer duration. As the result, Trade and other receivables