2018 primarily due to the US-China trade war and global uncertainty contributed negative impact on export growth. The growth of credit card business in Thailand continue expansion due to overall economic

slowed down. In addition, Thai economy still faces external risk such as trade war between US and China and global economic uncertainty. As of August 31, 2019, the Company’s total cards reached 8.75

below the target mainly due to on-going cautious household spending due to high household debts and slow economic recovery. Furthermore, the number of restaurants continued to increase from both existing

since the end of 2018, the HDD industry was impacted by the global economy as well as the pressure from the trade war between China and the US, resulting in main customers decreasing purchase orders and

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

are partly from the expedited disbursement at the end of the year. In fact, the government expenditure plays a key role to support the recovery of the Thai economy during the COVID–19 outbreak. In Q3

2020/21, the Company sees a positive sentiment from the Prowtech’s operation due to a sign of recovery in Outdoor media demand. Therefore, MACO will initially invest 15.0% in VGI Vietnam from subscribing

% 2,151 22.5% Trade & other receivables 763 9.6% 932 9.7% Equipment – net 1,503 18.8% 1,590 16.6% Investment in JVs, associates and other long-term investments 1,373 17.2% 1,261 13.2% Goodwill and excess of

of recovery due to interest rate cuts and increased government budget disbursements. Additionally, the launch of the iPhone 16, featuring Apple Intelligence, which introduces a revamped camera control

improvements from inflation benefiting from a recovery trend in the tourism sector, despite the arrivals remaining slower than expected. Mobile industry was affected by the softened local economic activities