: managers or markets Trackers: low-cost investment Strategic Beta: beyond cap-weighting 4 4 Typical fee rate could take more than one-third of the return over a long-term investment horizon. • With 4
Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2020 downside, a weaker and shorter than expected sugar season affected volumes in Q1 and this will be the case in Q2. In
significantly from 36 mTHB to 59 mTHB (+ 60%) year on year. On the downside the project-based Golden Lime Engineering subsidiary did not generate significant revenue in Q1 2018, unlike in Q1 2017 when the
responsive to the different needs of market participants without unfairly advancing the interests of any particular group to the disadvantage of others; Promptly deal with identified issues and misconduct
develop our people also impacted to the downside. Finally, higher maintenance costs from scheduled kiln overhauls further contributed to the cost increase. We are confident that the reinforcements made in
key segments like chemical and construction (AAC block manufacturing) also show positive tendencies. On the downside the nonferrous mining segment is likely to underperform versus previous years
quarters of 2019, while on the downside we experience increased competitive pressure on our markets. This we plan to overcome with our efficient fixed cost base and continued focus on quality while widening
. However, the pace of expansion is expected to ease if downside risks, such as the continuing U.S. and China trade dispute, materialize. In addition, Thailand is scheduled to hold elections on 24th of March
FY21 revenue guidance to be flat or slightly decline and EBITDA to be flat. This follows the rising downside risk to the already weak economy driven by the prolonged impact of Coronavirus stem from the
increased downside risks from external factors such as uncertainty in the U.S. economic policies may affect international trade, the slowdown of the Chinese and the EU economies and etc. According to the Bank