the forecast for the year 2018, but with revised forecasted Investment • The Company has maintained 5% growth of core revenue for the year 2018 mainly driven by Dusit Thani Hotels in Phuket, Manila

healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat

Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the

Thailand has projected the GDP growth in 2020 to contract to –8.1% from an earlier forecast of –5.3%, making it the lowest economic growth country among its ASEAN peers, while ASEAN’s GDP growth is expected

recovered. Bank of Thailand has adjusted down Thailand economic outlook forecast to a contraction of 8.1% for 2020, instead of 5.3% contraction previously forecasted. The crisis of the COVID-19 pandemic has

to decline low single digit YoY vs GDP forecast of -7% to -8% with the focus on being competitive to gain fair market share in mobile business Home broadband on contrary has been the beneficiary of

weak economy, reflecting in fragile consumer spending and sentiment. Several research houses have subsequently revised down the GDP growth forecast below 1% with the view of prolonged impact toward year

demands increased by 11.9% to 849,388 units. Export volume increased by 4.3% to 1,000,256 units. In 2023, the Federation of Thai Industries (FTI) forecast the car production to be at 1,950,000 units or

decreased by 4.9% to 406,131 units. The Federation of Thai Industries (FTI) revised the forecast of car production for 2023 to be at 1,900,000 units which were divided into production for exporting of

quarter continuously. Hence, the NESDB has cut down its growth forecast for the Thai economy in 2023 to the range of 2 .5 % which is lower than the earlier expectation, in which the supporting factors still