effectively managed, although inventory days increased from 28 days to 40 days. This was a result of an elevated handset stock-to-sales ratio due to the government tax campaign in early 2024, which postponed
conformable to maintain leverage ratio, net debt to EBITDA, below 2.5x. Turnover Inventory days increased from 45 days in 2Q24 to 47 days in 3Q24 from higher inventories aligned with higher stock of iPhone
13_MDA Q1_2563 EN -Translated Version- No. ECF2 018/2020 May 15, 2020 Subject: Management Discussion and Analysis of the 1st quarter ended 31 March, 2020 To President The Stock Exchange of Thailand
per share. In case of having other securities listed elsewhere, identify the name of the Stock Exchange. (2) In case of having other types of share such as preferred share whose rights or terms differ
increase and debenture issuance result in an appropriate capital structure and financial ratio that could be fairly to peers comparison in the same industry as well as support the investment in current and
entering into Material Transactions Deemed as Acquisition or Disposal of Assets and Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and other Acts of
capital market products, or capital market products traded on the Stock Exchange of Thailand or derivatives exchange, the intermediary may reduce details in methods and procedures of the communication and
products, or capital market products traded on the Stock Exchange of Thailand or derivatives exchange, the intermediary may reduce details in methods and procedures of the communication and service providing
concerning the Determination regarding Definition of Institutional Investor, Ultra High Net Worth, and High Net Worth Investor ; “ client ” means user of an intermediary ’s services; “ Stock Exchange ” means