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

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

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

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