on the trading in the Stock Exchange of Thailand as Thailand has not been on CalPERS? permissible equity markets investment list. Foreign investors have different investment decision criteria and

) trading activities of major and? institutional investors, (2) high-volume trading orders from investors abroad, (3) short selling and derivatives trading activities that could have gained benefits during

(raw material), COGs/revenue ratio of Q1/2019 are at high level. This is because of high stock level carried over Q4/2018.  Increase in cost of sales of are main impact to minus in bottom line. 3 / 4

Convention on Biological Diversity (CBD) (AFi, 2019). High Carbon Stock forests: This is the High Carbon Stock Approach (HCSA) classification of forested areas that should be protected based on high carbon

Microsoft Word - MD&A-E-mh-FA-nn.docx 1 Ref: CSO 016/2020 Date: 7th May 2020 Subject: Management Discussion and Analysis Quarter 1 Ending 31st March 2020 Attention: President The Stock Exchange of

, dropped from 2Q/2018 by 367 USD/ton or 40% and when compared to the previous quarter, it was decreased by 123 USD/ton or 18%. This was because international palm oil stock was still at a high level driven

by 1.5% YoY due to Kyat currency depreciation (at constant FX, total Myanmar sales would have been +6.8%). Laos grew 7.5% YoY while Cambodia performance was dragged by high stock level with the

to high domestic ethanol stock, and the increasing aggregate domestic production capacity. Natural Resources Business Group recorded soften performance though the Company still realized additional

mandatory diesel to gradually replace B7 since January 2020. Comparison with 1Q2020, CPO price plummeted, pressured by a high level of CPO stock in Thailand due to high seasonal palm production in this

drastically decreased from the same period of the previous year following the dip in Crude Palm Oil price, a result of the high Crude Palm Oil stock and rigid exportation of the product; due to Malaysia’s tax