in both domestic and international market, consequence to lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 2Q/2018. Under these circumstances, in this quarter the

pushing biodiesel B10 to be the mandatory diesel in 2020 that lead to sharply rise in crude palm oil ( CPO) and crude palm kernel oil (CPKO) prices at the end of 2019. Since early 2019, the stock of crude

at 34.2 Baht/kg. As for crude palm kernel oil, the inventory of crude palm kernel oil climbed up and back to normal level, but still was below the expected level. As a result, crude palm kernel oil

domestic and international market, consequence to drastically lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 1Q2018. Under these circumstances, the government has maintained

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

). Table 1 : Performance Summary Table 2 : Adjusted EBITDA Margin In the face of volatile crude palm oil and crude palm kernel oil prices’ movement, both had continued to decrease from quarter 1/2017 due to

Score Matching B. Coarsened Exact Matching Approach / GBP Nearest Neighbor Radius Kernel Stratification Automated Coarsening k2k (1) GBP in Primary market (13.42) (7.58)* (7.80)* (4.31) (16.28) (20.99) (2

Crude Palm Kernel Oil(CPKO) prices than that of 1Q2017. Under these circumstances, the government has maintained B7 mandate in this quarter, comparing to the mandate of B5 back in 1Q2017. For Natural

oil inventory remained high, crude palm oil (CPO) price continuously declined, as well as Crude Palm Kernel Oil (CPKO) price decreased. This year, the Thai government biodiesel mandate was set to B5 and

high, resulting to the soften Crude Palm Oil (CPO) and Crude Palm Kernel Oil (CPKO) price than that of 3Q2017. Under these circumstances, the government has maintained B7 mandate in this quarter. Besides