first quarter of 2018 continued to expand from the external sectors namely exports and tourism in line with the expansion of the global economy. Public spending also increased, recovering from a decline

2018 continued to expand from the external sectors namely exports and tourism in line with the expansion of the global economy. Public spending also increased, recovering from a decline during the end of

beginning, promising further growth to come, aided by government stimulus spending. US it seems is firing on all cylinders and China is the first to emerge with strong demand. If Europe unites in stimulating

rights and warrants 22. Additional paid-in capital (discount on capital stock)) 23. Appraisal surplus 24. revaluation surplus (deficit) in investments) 25. Retained earnings (deficits) arising from risk

. Retained earnings (deficits) arising from risk prevention equipment with directly recognition to the owner’s equity 26. retained earnings (deficits) 26.1 Appropriated 26.1.1 legal reserve 26.1.2 others 2.6.2

) 25. Retained earnings (deficits) arising from risk prevention equipment with directly recognition to the owner’s equity 26. retained earnings (deficits) 26.1 Appropriated 26.1.1 legal reserve 26.1.2

acquisition and maintain existing subscribers . The spending on handset subsidies were controlled and focused on quality subscriptions, even though new models e.g. iPhone X, Samsung Note 8 were released

4. 9% QoQ mainly from brand advertisement and handset campaigns as well as the low- base spending last year. % marketing expense to total revenue stood at 6.1% compared to 5.1% in 2Q18 and 5.9% in

% from higher retained earnings. Cash Flow In 1H18, AIS generated Bt31,193mn of operating cash flow (after- tax) . Cash CAPEX to expand 4G and fixed broadband capacities was Bt11,265mn, or 16% of service

network and service. This resulted in overall network OPEX ( excluding cost of TOT partnership) to stay flat YoY or remained at 8% of core service revenue. The focus on effective spending amidst intense