are being properly managed. As the level of public disclosure has increased in major markets, it is helpful if asset managers explain their thinking on public disclosure even when they have decided not

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E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened amid high household debt, whereas public investment and the government’s budget disbursement were aff...

revised upward the 2017 global economic projection to 3.7 percent, and projected that the world economy may see even brighter growth of 3.9 percent in 2018. Looking forward into 2018, economic activity

separate from the employees that participate in taking credit rating actions or developing or modifying credit rating methodologies that apply to such rated entity or obligor. C. CRA Employee Independence

forward, any improvement in the global economy will mainly hinge on the above factors. As a result, several central banks are expected to maintain their accommodative stance. Even though the Federal Reserve

fund mobilization and public saving. With support from the government, the SEC, who was a major driver of the Master Plan, has pushed forward several key reform measures laid out in the Master Plan with

of the company. And, more often than not, clearly articulated investors’ views and questions will influence company leaders’ thinking, particularly if they reflect a growing consensus. As investors, we

the obligor (e.g., government regulators) regarding supervisory matters should be separate from the employees that participate in taking credit rating actions or developing or modifying credit rating

would like to thank everyone involved in development of the Thai capital market, including the SEC management and staff who have been dedicated to driving the Thai capital market forward and enhancing its