Vietnam. Overall SSSG in hardline segment decreased, primarily due to declines in overall customer spending in Thailand, particularly product in categories like home entertainment, where Power Buy is

and service were difficult due to the weak purchasing power. Since the consumers were price- sensitive, together with a high competition in the market, some entrepreneurs turned to reduce their

, industrial sector and tourism sector. Domestic demand continued to expand from private consumption following the fundamental factors supporting overall purchasing power, while private investment contracted

is the Company’s connected party, to own and have the absolute controlling power in the project SHAA Asoke; 2) investment in ONE CITY CENTRE (“OCC”) – grade A office building development project for a

high profit margin and also from effective marketing policy. (2) Analysis of Operating Results and Profitability (2.1) Revenues from Sales and Services Description Year 2018 Year 2017 Increase

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

Budget Act and drought. Furthermore, domestic spending may be limited due to weakening purchasing power and hefty household debt. Apart from economic woes, businesses face numerous other challenges that

such as rubber and palm, weighed on household purchasing power. In response, the government approved Baht 84.2 billion in December to help support domestic spending. At the same time, private investment

Material changes and developments Give a brief account on the material changes and developments regarding the controlling power and the nature of business during the preceding year as well as the material

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