which are in the process of selling which are (1) K.C. Cluster Nimitmai Project (having outstanding 200 units ) and (2) K.C. Cluster Ramintra 7 phase 1 (having outstanding 35 units). As a result, the

extremely high volatility which included triggering the SET circuit-breaker 3 times. Each large movement also triggered a massive change in the Delta hedge position within a very short period of time. These

company and its subsidiaries (which has been terminated their operations). 2020 is the year that bring massive change of UWC as a consequence of the corporate and business strategy restructuring together

products are the best sellers there. Sales revenue from facial cleanser product line for the three months period ended 31 December 2018 reached THB 71.84 million or equivalent to a massive 520.38% growth

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

of fixed effects may influence the results. I therefore add industry fixed effects. 16 Third, unlike Barth et al. (1999), I cluster standard errors by firm and year in order to mitigate the effects of

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