(Source: The board of investment of Thailand). The overall global aviation industry in 2018, passenger traffic increased by 6.5 percent in revenue passenger kilometers (RPK) where Asia-Pacific region had

expenses; and 6) higher finance costs due to higher borrowings as a result of additional investments in machinery and joint ventures both in Thailand and overseas.  EBITDA in Q1/2018 was Baht 75 million, a

(“MACO”) will be completed in 3Q 2018/19. This restructuring enables VGI to focus on building the most robust offline-to-online or online-to-offline (“O2O”) ecosystem in Thailand and designates MACO as the

eased phase by phase thanks to significant improvement in controlling the spread of COVID-19 in Thailand. A number of recovery plans were introduced to the market by Thai government; however, Thai economy

was 46.3% increasing from 2Q18, due to net profit and treasury stock. 5 Forth Smart Service Public Company Limited (FSMART) 2Q19 Management Discussion and Analysis 2019 Management Outlook The Company

from such changes. MACO is one of the biggest outdoor media players in Thailand, with a media network covering a variety of formats from mega to small billboards nationwide, to advertising panels on

was 42.3% decreasing from previous quarter, as a result of the ability to maintain profitability, the stock buyback, and the Company’s interim dividend payment. Quarter Quarter Quarter 3/2019 2/2020 3

insignificant alteration in total electricity sales. The solar power plant projects in Thailand has current PPA capacity at 138.9 MW, an increase from Q1/2018 after the commercial operation commencement of the

group, in order to set up two joint ventures both in Thailand and Indonesia, which expected to become operational by mid-2018.  On 18 January 2018, the Company has entered into an agreement to acquire 65

) = 3.58 5 11 1,561,351.78 100.000 CLSA Securities (Thailand) Ltd. 83,009.43 5.317 70,124.27 4.491 9 &'()*+,ก) ก.'&/, (012&3453() 678ก9: (';8 *? &@ & (012&3453() 678ก9: MAYBANK KIM ENG SECURITIES