of a possible recurrence of the outbreak in Thailand, have led to severe restrictions on inbound and outbound travel. This has resulted in a massive contraction of the tourism industry, as well as the

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

implementing a response plan and is continuing to monitor the situation closely in order to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of

to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of 57 hotels in our portfolio temporarily closed since the second half of March

travel will return driven by millennial travellers hungry for new experiences. The massive populations of China and India – both with bourgeoning middle classes – will continue to be huge source markets

considering advantage of receiving financial assistance from Mahachai Group at the period of time and situation that the Company faces with massive losses and unable to receive financial assistance from any

and mortgage-backed securities will be allowed to roll off gradually without reinvestment, in order to reduce its massive balance sheet. Meanwhile, the Eurozone, Japan and several other Asian countries

, due to the massive decline of Gasoline/Dubai (UNL95/DB) crack spread in this quarter. Hence, running the refinery at high utilization rate would not be economically sound, thus crude run was optimized

reduction of its massive balance sheet. The Fed is expected to allow maturing US Treasuries and mortgage-backed securities to roll off gradually, while not exceeding the cap limit determined by the Fed, and

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition, regulatory changes, and technological advancements which affected consumer behavior. KASIKORNBANK has e...