1 Forth Smart Service Public Company Limited (FSMART) 2Q19 Management Discussion and Analysis Operational Summary in 2Q19  Net profit was Bt145mn, decreasing 3.4%YoY  Total revenue from core

กัเกณฑด์งักล่าวใหมี้ความเหมาะสมมากข้ึน โดยค านึงถึงความเส่ียงหลกัของธุรกิจจดัการลงทุน กล่าวคือ ความเส่ียงดา้นปฏิบติัการ (operational risk) และโดยท่ีความเส่ียงดา้นปฏิบติัการมีลกัษณะแปรผนั ตามขนาดและปริมาณการ

Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2020 2 Overview Operational Results Between the first quarter of the year 2020 and 2019 (Unit: Million Baht) Description 1st

government’s order, we have closed fashion and hardline (Non-food) stores, while our food store remains operational to serve customers’ demand on essential consumer products. In addition, Central retail has

supply significant portion of our internal electricity use decreasing further operational expenses. 2. Outlook Economic growth accelerated in the third quarter from the near five-year low in the second

able to increase the number of customers to achieve the revenue targeted. The Company considered that such effect may result from the lack of strategic planning and marketing operational plan. Especially

increase the number of customers to achieve the revenue targeted. The Company considered that such effect may result from the lack of strategic planning and marketing operational plan. Especially, there was

lack of strategic planning and marketing operational plan. Especially, there was a lack of budget allocation and prioritizing, which adversely affect the determination of budget allocation for each

marketing operational plan. Especially, there was a lack of budget allocation and prioritizing, which adversely affect the determination of budget allocation for each marketing tools. Moreover, the current

Company considered that such effect may result from the lack of strategic planning and marketing operational plan. Especially, there was a lack of budget allocation and prioritizing, which adversely affect