was still in contraction. Tourism sector essentially got greatest hit from border restriction and faced 100% drop in foreign tourist numbers. Bank of Thailand, then, slashed its forecast for Thai

million of 2016 or equivalent to 6.21%. Our major expense was costs of goods sold, a decrease of Baht 240.8 million from Baht 3,720.9 million of 2016 to be Baht 3,480.1 million in 2017 or 6.47% decreased

downwards the 2020 GDP forecast in their Monetary Policy Report, saying the economy was likely to contract by 8.1%. Although Thailand has successfully controlled the spread of COVID-19 so far, leading to a

(91,353) 9.15% (65,895) 7.78% (25,458) 38.63% Selling expenses (37,911) 3.80% (23,433) 2.77% (14,478) 61.78% Administrative expenses (183,224) 18.35% (269,138) 31.76% 85,914 31.92% Other expense - 0.00

”, “anticipate”, “would”, “plan”, “could”, “should, “predict”, “project”, “estimate”, “foresee”, “forecast”, “seek” or similar words or expressions are forward-looking statements. Such forward-looking statements

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

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

-year performance which has already factored into the Company’s annual growth forecast. Meanwhile, we already have seen signs of improvement in overall advertising sentiment in upcoming November and

Association Thailand (“DAAT”) revised up the advertising expenditures to THB 12,000mn, or an expected growth of 29% in 2017 (prior forecast: 24% growth in 2017), mainly driven by the acceleration of internet

between the US and China, and the global economic slowdown. The economic forecast for 2019 is for the country to continue to grow at a slower rate than prior year; the expansion of consumption is expected