Dialogue Clarifies the “Investor Voice” ................................................................................................... 27 Considerations When Leading or Joining a Collaborative

(“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

3,169mn. OOH media continues to benefit from the structural shift in the media industry and people’s behavior to spend more time outside. Online media, which reports on a yearly basis by the Digital

million baht or around 20.7 percent. The earnings before interest and tax, depreciation, amortization, and rent (EBITDAR) were derived from total income (excluding dividend income, gain on sale of

20 percent of the population will be 60 or older and 14 percent will be older than 65. This demographic shift will affect the economy as follows: (1) The labor force will continually decrease which

offered on broad base. In 2H19, unlimited data pricing re-emerged in prepaid segment and continued into early 2020. As a result of unlimited data plans as well as continued shift of customers from prepaid

Management discussion and analysis /Page 2 - Efficiently cost and expenses control measure such as managing staff productivity, marketing expenses control by shift to more social media and digital marketing

products to meet clients’ requirements, the demand of the products therefore continuously increased, especially power tools which are generally used in construction or home renovation. However, sales of

views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the

the appreciation of the Thai Baht has led to the destination shift among the country’s target tourists. These factors have, undoubtedly, put pressure on the hospitality industry, which is the main