{"id":12280,"date":"2018-08-22T12:23:32","date_gmt":"2018-08-22T05:23:32","guid":{"rendered":"https:\/\/www.mfec.co.th\/?page_id=12280"},"modified":"2026-03-07T16:45:44","modified_gmt":"2026-03-07T09:45:44","slug":"md-a","status":"publish","type":"page","link":"https:\/\/ir.mfec.co.th\/en\/md-a\/","title":{"rendered":"MD &#038; A"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"12280\" class=\"elementor elementor-12280\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9dfd77d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9dfd77d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;shape_divider_bottom&quot;:&quot;tilt&quot;,&quot;background_background&quot;:&quot;slideshow&quot;,&quot;background_slideshow_gallery&quot;:[{&quot;id&quot;:34013,&quot;url&quot;:&quot;https:\\\/\\\/ir.mfec.co.th\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/All-Banner-3.webp&quot;}],&quot;background_slideshow_loop&quot;:&quot;yes&quot;,&quot;background_slideshow_slide_duration&quot;:5000,&quot;background_slideshow_slide_transition&quot;:&quot;fade&quot;,&quot;background_slideshow_transition_duration&quot;:500}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-753f744\" data-id=\"753f744\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f039abc elementor-widget__width-inherit elementor-widget elementor-widget-jkit_animated_text\" data-id=\"f039abc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"jkit_animated_text.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div  class=\"jeg-elementor-kit jkit-animated-text jeg_module___69e9293fd5fe1\"  data-style=\"highlighted\" data-text=\" and Analysis\" data-shape=\"underline\"><h2 class=\"animated-text\"><span class=\"normal-text style-color\">Management Discussion <\/span><span class=\"dynamic-wrapper style-gradient\"><span class=\"dynamic-text\"> and Analysis<\/span><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 500 150\" preserveAspectRatio=\"none\"><path class=\"style-color\"  d=\"M3,77.5s200.54-11,493,0\" transform=\"translate(-2.75 -68.11)\"\/><\/svg><\/span><span class=\"normal-text style-color\"><\/span><\/h2><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8cb1d11 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8cb1d11\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ee4609\" data-id=\"0ee4609\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dc54a49 elementor-widget elementor-widget-spacer\" data-id=\"dc54a49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d6bd938 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d6bd938\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-edfe02b\" data-id=\"edfe02b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8bfacd2 elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"8bfacd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1461\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1461\" aria-expanded=\"false\">2026<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1462\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1462\" aria-expanded=\"false\">2025<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1463\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1463\" aria-expanded=\"false\">2024<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1464\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1464\" aria-expanded=\"false\">2023<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1465\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1465\" aria-expanded=\"false\">2022<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1466\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"6\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1466\" aria-expanded=\"false\">2021<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1467\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"7\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1467\" aria-expanded=\"false\">2020<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1468\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"8\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1468\" aria-expanded=\"false\">2019<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1469\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"9\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1469\" aria-expanded=\"false\">2018<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14610\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"10\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14610\" aria-expanded=\"false\">2017<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14611\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"11\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14611\" aria-expanded=\"false\">2016<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14612\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"12\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14612\" aria-expanded=\"false\">2015<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1461\" aria-expanded=\"false\">2026<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1461\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1461\" tabindex=\"0\" hidden=\"false\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">23\/02\/2026<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Yearly Ending 31 December 2025<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"\/wp-content\/uploads\/2026\/03\/31-Dec-EN.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\"><\/td>\n<td style=\"text-align: left;\" valign=\"top\"><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1462\" aria-expanded=\"false\">2025<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1462\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1462\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\">12\/11\/2025<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 September 2025<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"\/wp-content\/uploads\/2025\/11\/30-Sep-EN.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n\n\n\n\n\n\n\n\n\n\n<tr>\n<td valign=\"top\">08\/08\/2025<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 June 2025<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"\/wp-content\/uploads\/2025\/08\/30-Jun-EN.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">14\/05\/2025<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 March 2025<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"\/wp-content\/uploads\/2025\/05\/MD-A-31-March-2025-EN.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">25\/02\/2025<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Yearly Ending 31 December 2024<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"\/wp-content\/uploads\/2025\/02\/Management-Discussion-and-Analysis-For-the-year-ended-31-December-2024.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><\/td>\n<td style=\"text-align: left;\" valign=\"top\"><\/td>\n<td valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1463\" aria-expanded=\"false\">2024<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1463\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1463\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\"><tbody><tr style=\"height: 40px;\"><td style=\"width: 16.66%; height: 40px; text-align: center;\"><h6>Date<\/h6><\/td><td valign=\"top\"><h6>Heading<\/h6><\/td><td valign=\"top\"><h6>Detail<\/h6><\/td><\/tr><tr><td valign=\"top\">12\/11\/2024<\/td><td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 September 2024<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2024\/11\/Management-Discussion-and-Analysis-For-the-3rd-quarter-period-ended-30-September-2024.pdf\">Detail<\/a><\/td><\/tr><tr><td valign=\"top\">14\/08\/2024<\/td><td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 June 2024<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2024\/09\/Management-Discussion-and-Analysis-For-the-Second-quarter-period-ended-30-June-2024-Revised.pdf\">Detail<\/a><\/td><\/tr><tr><td valign=\"top\">14\/05\/2024<\/td><td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 Mar 2024<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2024\/06\/MDA_Q1_2024_E.pdf\">Detail<\/a><\/td><\/tr><tr><td valign=\"top\">21\/02\/2024<\/td><td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Yearly Ending 31 December 2023<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2024\/03\/Management-Discussion-and-Analysis-For-the-year-ended-31-December-2023.pdf\">Detail<\/a><\/td><\/tr><tr><td valign=\"top\">\u00a0<\/td><td style=\"text-align: left;\" valign=\"top\">\u00a0<\/td><td valign=\"top\">\u00a0<\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1464\" aria-expanded=\"false\">2023<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1464\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1464\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">09\/11\/2023<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 September 2023<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2023\/11\/Management-Discussion-and-Analysis-For-the-three-month-period-ended-30-September-2023.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">10\/08\/2023<\/td>\n<td style=\"text-align: left;\" valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 June 2023<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2023\/08\/Management-Discussion-and-Analysis-Quarter-2-Ending-30-Jun-2023.pdf\">Detail<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1465\" aria-expanded=\"false\">2022<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1465\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1465\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">10\/11\/2022<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 Sep 2022<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2022\/11\/Management-Discussion-and-Analysis_Q3_2022.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">10\/08\/2022<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 Jun 2022<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2022\/11\/Management-Discussion-and-Analysis_Q2_2022.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">12\/05\/2022<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 Mar 2022<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2022\/05\/Management-Discussion-and-Analysis-For-the-three-month-period-ended-31-March-2021.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">23\/02\/2022<\/td>\n<td valign=\"top\">Management Discussion and Analysis Yearly Ending 31 Dec 2021<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2022\/02\/Management-Discussion-and-Analysis-Quarter-4-Ending-31-Dec-2021.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"6\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1466\" aria-expanded=\"false\">2021<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1466\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1466\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\">15\/11\/2021<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 Sep 2021<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2021\/11\/Management-Discussion-and-Analysis-Quarter-3-Ending-30-Sep-2021.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">10\/08\/2021<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 Jun 2021<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2021\/08\/21085661.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">30\/05\/2021<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 Mar 2021<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2021\/08\/21055871.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">24\/02\/2021<\/td>\n<td valign=\"top\">Management Discussion and Analysis \u2013 For the year ended 31 December 2020<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2021\/02\/2020_MDA_EN.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"7\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1467\" aria-expanded=\"false\">2020<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1467\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1467\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\">10\/11\/2020<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 Sep 2020<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2020\/11\/3Q20_MDA_EN.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">11\/06\/2020<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 Jun 2020<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2020\/08\/Management-Discussion-and-Analysis-Quarter-2-Ending-30-Jun-2020.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">15\/05\/2020<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 Mar 2020<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2020\/08\/Management-Discussion-and-Analysis-Quarter-1-Ending-31-Mar-2020.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">27\/02\/2020<\/td>\n<td valign=\"top\">Management Discussion and Analysis Yearly Ending 31 Dec 2019<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2020\/08\/Management-Discussion-and-Analysis-Yearly-Ending-31-Dec-2019.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"8\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1468\" aria-expanded=\"false\">2019<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1468\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1468\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\"><tbody><tr style=\"height: 40px;\"><td style=\"width: 16.66%; height: 40px; text-align: center;\"><h6>Date<\/h6><\/td><td valign=\"top\"><h6>Heading<\/h6><\/td><td valign=\"top\"><h6>Detail<\/h6><\/td><\/tr><tr><td valign=\"top\">11\/11\/2019<\/td><td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 Sep 2019<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2019\/11\/Management-Discussion-and-Analysis-Quarter-3-Ending-30-Sep-2019.pdf\">Detail<\/a><\/td><\/tr><tr><td valign=\"top\">20\/08\/2019<\/td><td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 Jun 2019<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2019\/08\/Management-Discussion-and-Analysis-Quarter-2-Ending-30-Jun-2019-1.pdf\">Detail<\/a><\/td><\/tr><tr><td valign=\"top\">27\/02\/2019<\/td><td valign=\"top\">Management Discussion and Analysis Yearly Ending 31 Dec 2018<\/td><td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2019\/02\/0738NWS270220191735040399E.pdf\">Detail<\/a><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"9\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1469\" aria-expanded=\"false\">2018<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1469\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1469\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\">07\/11\/2018<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 Sep 2018<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/11\/MDA-for-Q3Y2018_E.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">14\/08\/2018<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 Jun 2018<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/18074127.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">15\/05\/2018<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 Mar 2018<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/18047663.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">26\/02\/2018<\/td>\n<td valign=\"top\">Management Discussion and Analysis Yearly Ending 31 Dec 2017<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/18017514.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"10\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14610\" aria-expanded=\"false\">2017<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14610\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14610\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">14\/11\/2017<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30 Sep 2017<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/17092841.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">11\/08\/2017<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30 Jun 2017<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/17065535.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">11\/05\/2017<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31 Mar 2017<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/17039490.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">28\/02\/2017<\/td>\n<td valign=\"top\">Management Discussion and Analysis Yearly Ending 31 Dec 2016<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/17017897.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"11\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14611\" aria-expanded=\"false\">2016<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14611\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14611\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\">10\/11\/2016<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30-Sep-2016<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/16083150.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">11\/08\/2016<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 2 Ending 30-Jun-2016<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/16061161.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">12\/05\/2016<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 1 Ending 31-Mar-2016<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/16037952.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">26\/02\/2016<\/td>\n<td valign=\"top\">Management Discussion and Analysis Yearly Ending 31-Dec-2015<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/16014886.pdf\">Detail<\/a><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">26\/02\/2016<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 4 Ending 31-Dec-2015<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/16014694.pdf\">Detail<\/a><\/td>\n<\/tr>\n\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"12\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14612\" aria-expanded=\"false\">2015<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14612\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"12\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14612\" tabindex=\"0\" hidden=\"hidden\"><table style=\"width: 100%; height: 121px; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 40px;\">\n<td style=\"width: 16.66%; height: 40px; text-align: center;\">\n<h6>Date<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Heading<\/h6>\n<\/td>\n<td valign=\"top\">\n<h6>Detail<\/h6>\n<\/td>\n<\/tr>\n\n<tr>\n<td valign=\"top\">13\/11\/2015<\/td>\n<td valign=\"top\">Management Discussion and Analysis Quarter 3 Ending 30-Sep-2015<\/td>\n<td valign=\"top\"><a style=\"color: #026bca;\" href=\"https:\/\/ir.mfec.co.th\/wp-content\/uploads\/2018\/09\/15084365.pdf\">Detail<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Management Discussion and Analysis 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2026 Date Heading Detail 23\/02\/2026 Management Discussion and Analysis Yearly Ending 31 December 2025 Detail 2025 Date Heading Detail 12\/11\/2025 Management Discussion and Analysis Quarter 3 Ending 30 September 2025 Detail 08\/08\/2025 Management Discussion and Analysis Quarter 2 Ending&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-12280","page","type-page","status-publish","hentry"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MD &amp; A - MFEC Public Company Limited<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ir.mfec.co.th\/en\/\u0e04\u0e33\u0e2d\u0e18\u0e34\u0e1a\u0e32\u0e22\u0e41\u0e25\u0e30\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\/\" \/>\n<meta property=\"og:locale\" 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