-income households. Nevertheless, high levels of household debt continue to weigh on household purchasing power. Headline inflation in the first quarter of 2019 was 1.2 percent, up from 0.4 percent in the

in Q4/2018 continuously grew. Export-oriented manufacturing businesses continuously expanded but domestic-oriented manufacturing was rather stable as slow recovery of private consumption and high

Exchange of Thailand Business Overview In the year 2018, the Thai economy remained stable with the volatility of global economy including the impact of the trade war between the United States and China

beginning of the year, depressing farm income and the purchasing power of farm households, which represent a majority of the population. Coupled with high levels of household debt, these factors limited the

quarter of 2018 continued to improve. Export performance remained strong, with 12.3 percent year-on-year expansion. Tourism also continued to perform well despite the end of the high season, as tourist

service revenue including revenue from mobile airtime, should continue delivering high-single digit growth in 2019. EBITDA expands with a margin stable from last year and CAPEX planned at Bt20-25bn As we

) more scheduled maintenances during 2018 relative to 2017. • NNP margin was lower to 3.8% in Q4’2018, primarily due to 1) seasonally high expense, 2) a 4.6% increase in gas price but temporary stable

integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect

year. As the loan quality was relatively stable, the ratio of gross non-performing loans (NPL) to total loans was 2.9 percent, nearly the same level at the end of 2017. The Bank of Thailand’s Senior Loan

revenue from mobile airtime, should continue delivering high-single digit growth in 2019. EBITDA expands with a margin stable from last year and CAPEX planned at Bt20-25bn As we have executed the company