Microsoft Word - MD฿A ประจำปี 2560_E 1 -1- Management Discussion and Analysis for the Year 2017 1. Operating Results (Company and Subsidiaries) Consolidated revenue for the twelve months of year 2017

except such license specified under the Notification of the Securities and Exchange Commission concerning Rules, Conditions and Procedures for Application of Licenses and Granting of Licenses for Operating

Operating Business as Securities Clearing House, Securities Depository and Securities Registrar under the Innovation Development Program to Support Provision of Capital Market Services [regulatory sandbox

, shareholding structure of the entity, nature of business, place of incorporation, place of operating business, financial status, objective of transaction, as well as all documents concerning identification data

, nature of business, place of incorporation, place of operating business, financial status, objective of transaction, as well as all documents concerning identification data. In this regard, all information

person, name of the entity, shareholding structure of the entity, nature of business, place of incorporation, place of operating business, financial status, objective of transaction, as well as all

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repayment and for business operation, because the Company, in the past, has continuous loss in operating results. Thus, the Company considers the business restructuring of the Company’s group, whereby the

requires cash flow for debt repayment and for business operation, because the Company, in the past, has continuous loss in operating results. Thus, the Company considers the business restructuring of the

. Although the company has tried to expand the channels to the new market and variety of industries. The company also has subsidiaries in the group that have relatively high operating costs. And there are the