agricultural futures business, with price settlement and contract delivery obligations; (2) fifty million baht for undertaking of agricultural futures business with price settlement and contract delivery

preparations since it was in the drafting stage. We are confident that we will be able to comply with, and make efficient use of, this new legislation.  Notification of the Contract Committee, Re

the nonferrous mining segment is likely to underperform versus previous years and we face competition in Laos. The potential strength of the Thai baht, which is forecasted to appreciate 4% in 2019, will

shop houses nearby Dusit Thani Bangkok after the Company paid advance payment of the long-term lease contract to the Crown Property Bureau since June this year. Furthermore on 31 October 2017, Dusit

price. The company terminated the Tolling Contract in January due to unfavorable market sentiment. From February onwards, the Company has to increase their production volume within their capacity of the

increased in HRC market price. The company terminated the Tolling Contract in January due to unfavorable market sentiment. From February onwards, the Company has to increase their production volume within

rate for 3rd Quarter of 2018 amounted to THB 113 million due to the strength in THB currency against US Dollar. 5. Performance of the Company and its Subsidiaries Management’s Discussion and Analysis (MD

strength as well as effort to maintain monetary return in the eyes of shareholders. Page 3 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 The Company has adopted

power and increased price competitiveness. For the business outlook for Q3/2020, the trend of the Thai economy is expected to contract compared to the same period of 2019 from the COVID-19 pandemic

customer perception. We continue to focus on delivering fair profitability balancing between short- and long- term drivers while keeping our solid financial strength. Market and Competitive Environment As