venture agreement with Tokyo Tatemono Asia Pte. Ltd. to jointly develop a luxury condominium project in Thonglor area, Soi Sukhumvit 38. Management outlook and future projects Despite the bearish outlook

% Debt to equity (times) 0.3 0.4 Asset turnover (times) 0.7 0.4 Remark:  Financial ratios were calculated based on The Stock Exchange of Thailand’s formula. MANAGEMENT OUTLOOK The COVID-19 pandemic has

2019, credit demand from the business sector improved from the previous quarter, due to demand for loans from large corporates, and small and medium sized businesses. Demand for home loans from the

indicated that in the third quarter of 2019, credit demand from the business sector improved from the previous quarter, due to loan demand from large corporates, particularly for working capital in the

maintenance and higher fuel costs. We are confident that the operational improvements made will allow us to grow sustainably in the final quarter of 2017 and into 2018.” 2. Outlook With a pickup in global trade

improved from the previous quarter, due to demand for loans from large corporates and SMEs, especially in businesses related to exports and government construction contracts. Demand for loans from the

devices to deliver bundled solution to clients. Together, Humanica and Tiger will be able to offer a suitable HR technology to every segment of the market from small to large corporations. Leveraging on

closely with our customers to demonstrate the added value.” 2. Outlook A more challenging external environment, owing to continued trade tensions, impacted negatively on the economy in the second quarter

Officer Survey indicated that in the third quarter of 2018, credit demand from business sector improved from the previous quarter, due to demand for loans from large corporates, especially in the EEC areas

merchandise exports, resulting in an expected economic growth at the rate 4.0% which is higher than the previous forecast of 3.5%. Economic outlook for 2017 Thai economy is expected to grow at rate 4.2