allocate more of their advertising budget towards the out-of-home sector, in order to benefit from and keep abreast of these trends. Master Ad Public Company Limited (“MACO”) is well-positioned to benefit

(SES) and the Bang Pa- in - Pak Kret Expressway (Sector C+), toll revenue was closely to the previous year. Cost of service for operation of Expressway business consisted of costs of toll, amortization

sector continued to recover as the number of foreign tourists increased due to the relaxing of travel restrictions, especially international travel, and the relaxing the practice of wearing masks across

No: AH 04052024 May 14th, 2024 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 1st Quarter of Fiscal Year 2024 Ended as of March 31, 2024 To: The President The

serviceability of SMEs, maturity mismatches among businesses, particularly in the real estate sector, and the search-for-yield behavior in the prolonged period of low interest rates that could lead to the

receivable aging and assessment of past debt collection experience. Accordingly, the Corporate Group has experienced very little bad debts and has not found any irregularity in 2017 and there was no bad debt

the continuous recovery of the tourism sector, the private consumption and the private investment, while the headline inflation rate averaged of only 1.2%. The unemployment rate in 4Q/2023 was slightly

which the supporting factors still being the continuous recovery of the tourism sector, the private consumption and the private investment, while the headline inflation rate averaged of only 0.1%-1.1

supported by the allocation and disbursement of the government’s budget and continued expansion in the export sector. Additionally, industrial production resumed growth leading to further expansion. As a

decelerating rate due to slowdown in external sector and manufacturing production at home. Meanwhile, private consumption which continued to expand was derived mainly from increased expenditures on automobiles