Table: Margins in TH (+SEA)

We distributed this datasheet a month ago to investors.

The takeaways for Thailand are:

1. Public companies are stronger than private ones
2. Revenue does not need to return to pre-c19 levels to achieve the same margins

Now the questions:

1. How much better will margins be in the coming quarters/years as economies reopen?
2. How much higher a valuation will you/the market pay for a company with expanding margins?

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