the independence and objectivity of credit rating operations; Transparency and timeliness of ratings disclosure CRAs should make disclosure and transparency an objective of their ratings activities; and

utilization of ‚working capital‛ to cover the investment fund for website and software system development. 3) Using the number of ‚net cash flows from operating activities‛ which is the number audited by the

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Bt78,463mn grew 6.3% supported by cost management, with margin 42. 8% vs guidance of to maintain EBITDA margin. Net profit was Bt31,051mn, increased 4.6% YoY and invested CAPEX was Bt20mn versus the guidance

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Microsoft Word - MDA Q4-2563_Eng_28 may 2020 May 27, 2020 Subject Management Discussion and Analysis for the year ended 31st March 2020 To President of the Stock Exchange of Thailand Secretary of the