European fixed income – trends and analysis SEC Classification : ใชภ้ายใน (Internal) - R E S P O N S I B L E I N V E S T M E N T - ESG Incorporation & Investment Strategies in Fixed Income Carmen

Bt167mn/month.) Market and Competitive Environment In 3Q19, the competition in the postpaid segment remained fairly stable. There continued to be no new offering on fixed- speed unlimited data in the

Bt167mn/month.) Market and Competitive Environment In 3Q19, the competition in the postpaid segment remained fairly stable. There continued to be no new offering on fixed- speed unlimited data in the

of 85% YoY and 6% QoQ while subscribers rose to 571,800 or a net addition of 50,600. Put more focus on convergence and EBITDA generation Given the growing fixed broadband and increasing popularity of

. It was still challenging for telecom sector particularly in the mobile business due to weak consumer spending and revenue loss from traveler sector due to international travel restriction. Fixed

accelerated inflation and a decline in consumer purchasing power. Through challenges from various factors, AIS delivered core service revenue growth of 1.6% YoY, with the momentum of Fixed Broadband and

National rating: AA+ (THA), Outlook: Stable S&P BBB+, Outlook: Stable Source and Use of Fund: 1H19 (Bt mn) Source of fund Use of fund Operating cash flow 38,000 CAPEX & Fixed assets 9,443 Sale of equipment

came in under discount offerings targeting the work-from- home and student segment. Fixed broadband revenue grew strongly 27% YoY. However, QoQ growth decelerated with slower net add of 52,800 as

came in under discount offerings targeting the work-from- home and student segment. Fixed broadband revenue grew strongly 27% YoY. However, QoQ growth decelerated with slower net add of 52,800 as

control operator’s investment plans in the following year. Competition in fixed broadband in 4Q18 was stable from the last quarter without prominent price cut. However, throughout the year the standard