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

forecast. Exports of goods would decline in line with trading partner economies and potential impacts of regional supply chain disruptions.*  However, the Company sees that the lower interest rate also

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

water shortage warning level. Water supply in the main reservoirs was lower than the 10-year average due to impact of the 2019-2020 drought. Nevertheless, the Meteorology Department climate forecast

the debtors and assessment of both the current and forecast general economic conditions. (in thousand Baht) Allowance for impairment losses 31 December 2019 31 March 2020 Change Consolidated financial

. The weather forecast of the Department of Meteorology was expected that the total rainfall in the Eastern part of Thailand will be lower than average level about 10% in May 2020 and slightly higher than

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

forecast from the Bank of Thailand's (BOT) stating that the Thai economy will begin to recover in 2022 following the indicators of economic growth (GDP) at 3.9 percent, driven by higher domestic consumer

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