1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 May 2020 No. ZEN 2563-011 Subject Management Discussion and Analysis for the 1st
hereunder: “intermediary” means a securities company or a derivatives intermediary. “fund management company” means a securities company licensed to undertake securities business in the category of mutual
signature in giving opinions on the auditing of the following financial statements: (1) financial statements of a foreign company applying for a public offering of shares in Thailand, or having been granted
statements provided in response to Part VIII. Financial Information, selected audited historical financial data regarding the issuer or, if the issuer is the holding company of a group, the group which shall
purchasing power. However, from Sep-21 onward, restrictions were gradually lifted, resulting in some improvement in consumer spending. Meanwhile, competition in mobile industry remained elevated as operators
authorized by the board of directors of the company to take the highest responsibility in managing the company, regardless of the title; (3) “institutional investor” means institutional investor under Section
directors of the company to take the highest responsibility in managing the company, regardless of the title; (3) “institutional investor” means institutional investor under Section 3 of Derivatives Act B.E
, outbound tourists, and economic activity. However, the rising inflation was an emerging factor pressuring purchasing power for price-sensitive consumers to look for cheaper packages. • Competition in the
gradual rebound of consumer purchasing power alongside the effort to restructure the pricing plans and the recovery of tourist- related usages in tourist sims and international roaming calls. This growth