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, under the management's analysis, the said standard shall cause the financial ratio in terms of capital structure, the Debt to Equity Ratio, to change in an increased direction. Since the Company has to

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Page 1 No. CMC Sor Lor.013/2019 Date 12 November 2019 Re: Management Discussion & Analysis for the Period Ended 30 September 2019 To The President of the Stock Exchange of Thailand (SET