chain including PTA and PET through most of 2016 and 2017, through a gradual increase in level of feedstock integration, increasing domestic-orientation in the portfolio and an evolving fibers portfolio

expanding in high potential markets such as through VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”) in Malaysia, Indonesia and setup a subsidiary company in Singapore , in order to build a strong foundation for

international business expansion vehicle for VGI. Strengthening its international footprint is an integral part of MACO’s strategy and VGM will be the flagbearer in expanding its Out-of-Home (“OOH”) media

exports which rose by 5.3% YoY as well as continued recovery in private consumption which expanding by 3.1% YoY. Nevertheless, Thailand's advertising industry reported a decline of 6.0% YoY to THB 101,445mn

ongoing revenue recognition of 35 digital billboards, which was rolled out in July 2017 and the full-year consolidation of Co-Mass, which was acquired in June 2017. In this quarter, Billboard media1

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

to serve customer needs and keep best service during the changed situation, the omni-channel has been improved by expanding channel thru Chat&Shop, Call&Shop, and e-commerce. In addition, the pro

consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 38.6 million from office building in London, U.K. 3) Other revenue of Baht 82.5 million, which grew by

Company has acknowledged the situation and adjusted the strategy and marketing plans accordingly to minimize the impact, by focusing in expanding the customer base and emphasizing in online channel

. The increase was predominantly due to the consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 40.9 million, which grew by Baht 31.4 million or