of mobile phones. VGI continues to outperform the overall market posting significant revenue growth of 36.5% to THB 852mn, driven by the robust performance our OOH and Digital Services businesses

%, consistent with robust global economic expansion and strong growth momentum from last year. A robust global economy will support Thai merchandise exports to grow by 4 .8% annually together with the tourism

Outlook Continued robust growth of Thailand Tourism industry 2017 Thailand tourism revenue increased by 9.5% from 2016 to THB 2.75 trillion, accounted for approximately 20% of GDP, contributed by revenue

enables the Company to focus on building the most robust O2O ecosystem in Thailand and designates MACO as the international business expansion vehicle for VGI.  VGI successfully acquired 23% in Kerry

(“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

mobile business and cost control In 1Q21, core service revenue was Bt32,425mn, decreasing -2%YoY but increasing 1%QoQ from rebounded mobile revenue and robust growth in fixed broadband. Continuous 5G/4G

, strongly increasing 30% YoY due to robust demand from the continuation of the work-from-home trend, with a net increase of 93k subscribers in the quarter. Although price competition remained intense as

. publicly disclose their policy on how they will discharge their stewardship responsibilities. 2. have a robust policy on managing conflicts of interest in relation to stewardship which should be publicly

DBRS Local Currency The currency of the bond at issuance Note : Using Yield to Maturity (YTM) as a dependent variable in Cross-sectional regressions with robust standard errors Issuers in Financial

tourists, compared to 5,872,145 people in the pre-COVID-19 period (Jan-Feb 2020), as travel restriction remained in place. In 2021, the recovery of the Thai economy is expected to be fragile and uneven