times and Debt service coverage ratio (DSCR) remained strong at 2.29 times.

venture with Sansiri, experiences an impact from the new LTV policy and the market uncertainty due to the trade war. The pace of release of newly launched projects are expected to be slow. Sansiri's strong

investor on a private placement basis and has a strong financial status. Therefore, this capital increase will help to support the Company’s financial liquidity, capital structure, potential for generating

. We place importance in maintaining strong financial health and flexibility to pursue future growth. Our dividend policy is to pay a minimum 70% of net profit. By preserving cash flow, we ensure that we

-term investment amounted to THB 4,038 million; with total liabilities of THB 3,762 million; and total equities of THB 9,080 million. In this regard, The Company is still in a strong financial position

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

coverage ratio (DSCR) remained strong at 5.59 times.

resilience to economic conditions. During the COVID period, JMART had a very strong business group including JMT and Singer. 2. Adaptive Expectation The management has Lock down anticipated and ongoing

, quick response, and strong public health system. Recently, the Global COVID-19 index (GCI) ranks Thailand as the second highest recovery rate of COVID-19 pandemic, and praised by WHO and international

also later opened up to all employees. Maintaining a strong liquidity position has been 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02