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

in budget disbursement. As the momentum from the above mentions, the Thai economy in 2018 was expected to continue expanding which the Bank of Thailand revised up the growth forecast to 4.4 percent (as

in budget disbursement. As the momentum from the above mentions, the Thai economy in 2018 was expected to continue expanding which the Bank of Thailand revised up the growth forecast to 4.4 percent (as

hotel, hotel management, and share of profits/losses from investments. • Owned Hotel 2017 2016 % Chg Occupancy (%) 73.3 73.2 1.5 ADR (THB/night) 3,597 3,727 -3.5 RevPar (THB/night) 2,636 2,690 -2.0

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

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

investment. SECTION 241 No person shall analyse or forecast the financial condition, the business operation, the price of securities or any other information related to a securities issuing company by using

. - มี.ค. 63 (Actual) เม.ย. - มิ.ย. 63 (Forecast) ก.ค. 63 (Forecast) ส.ค.–ธ.ค. 63 (Forecast) 2563 (Forecast) Facebook เฉลี่ยเดือนละ 0.15 ล้านบาท เฉลี่ยเดือนละ 0.15 ล้านบาท 0.18 ล้านบาท เฉลี่ยเดือนละ 0.18

million (THB 8.4 billion), -7% YoY, Core EBITDA margin 10%  Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY  Core Earnings Per Share of THB 0.67, -32% YoY  Operating Cash Flow of

of $304 million (THB 9.6 billion), -7% YoY, Core EBITDA margin 10%  Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY  Core Earnings Per Share of THB 0.67, -32% YoY  Operating