financial statements in Q1/2020 of the Company and subsidiary companies to the Stock Exchange of Thailand as follows: L.P.N. Development Public Co., Ltd. and subsidiary companies are developers of real estate

SHR MD&A 3Q19_EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 8 Management’s

power, as farm income continued to be constrained by low prices of agricultural products and nonfarm income remained lackluster. Moreover, high levels of household debt caused the generation of new loans

reference. Notification of the Capital Market Supervisory Board No. Tor Jor. 49/2555 Re: Issuance and Offer for Sale regarding Units of Real Estate Investment Trust _____________________ By virtue of Section

. Also, there were concerns about pockets of risks in the property market, further accumulation of household debt, and debt serviceability of SMEs, especially those affected by changes in structural

grow much, the income from the interest was at a level that could generate profit for the Company. In addition, J Fintech is still able to maintain a good debt collection rate, which the debt collection

Date). The payment date was on 28 May 2019. 2) 28 May 2019, the Company signed joint venture agreement with Mitsubishi Estate Asia (full name - MEA Commercial Holding PTE Ltd.) from Japan, to jointly

. Likewise, total equity stood at Bt.19,015mn, relatively unchanged from that as at the end of 2017. Capital Structure Net interest-bearing debt to equity stood at 0.61x At the initial stage of Singha Estate

of real estate and providers of real estate services. The main focus is put on the quality of life of residents managed with “Livable Community” strategy, social and environmental responsibility and

99 หมู่ที 1 นิคมอุตสาหกรรมไฮเทค ตาํบลบา้นเลน อาํเภอบางปะอิน จงัหวดัพระนครศรีอยธุยา 13160 ประเทศไทย โทรศพัท ์(035) 350 880 โทรสาร (035) 350 881 www.aapico.com 99 Moo 1, Hitech Industrial Estate