Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Digital Telecommunications Infrastructure Fund / Equity Bottom-Up

Digital Telecommunications Infrastructure Fund

<ul>
<li>We maintain BUY rating with target price of Bt16.50, derived from a DCF methodology (WACC=7%, g=0%),implying 1xPBV’22E.Rating reflects stable and secured dividend income from the fund due to the long-term </li>
<li>2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt2.9bn (Flat YoY, Flat QoQ) due to asset revaluation.</li>
<li>Excluding unrealized losses of Bt205m, core profit remained flat at Bt3.1bn due to flat revenue in line with our forecast.</li>
</ul>


We maintain BUY rating with target price of Bt16.50, derived from a DCF methodology (WACC=7%, g=0%),implying 1xPBV’22E.Rating reflects stable and secured dividend income from the fund due to the long-term 
2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt2.9bn (Flat YoY, Flat QoQ) due to asset revaluation.
Excluding unrealized losses of Bt205m, core profit remained flat at Bt3.1bn due to flat revenue in line with our forecast.


<ul>
<li>We initiate the coverage of DIF with a BUY rating at a target price of Bt16.50, derived from a DCF methodology (WACC=7%, g=0%), implying 1xPBV’22E.</li>
<li>Stable and secured earnings will support high dividend yield for at least the next ten years.</li>
<li>The fund’s financial performance is secured by long-term contracts with high switching costs while it has not been affected by the COVID pandemic.</li>
</ul>


We initiate the coverage of DIF with a BUY rating at a target price of Bt16.50, derived from a DCF methodology (WACC=7%, g=0%), implying 1xPBV’22E.
Stable and secured earnings will support high dividend yield for at least the next ten years.
The fund’s financial performance is secured by long-term contracts with high switching costs while it has not been affected by the COVID pandemic.


DIF: A Source of Stable and Secured Income

Thailand

Digital Telecommunications Infrastructure Fund is a closed-ended fund that owns telecommunications towers and other related passive telecommunications infrastructure for mobile telecommunications services. Digital Telecommunication also owns core fiber optic cable grid and related transmission equipment and an up-country broadband system.

Digital Telecommunications Infrastructure Fund (DIF TB)

Digital Telecommunications Infrastructure Fund (DIF TB)

DIF : 2Q22 Core Profit Remains Flat

We maintain BUY rating with target price of Bt16.50, derived from a DCF methodology (WACC=7%, g=0%),implying 1xPBV’22E.Rating reflects stable and...

Pi Securities PCL, Thailand

DIF: A Source of Stable and Secured Income

We initiate the coverage of DIF with a BUY rating at a target price of Bt16.50, derived from a DCF methodology (WACC=7%, g=0%), implying 1xPBV’22E.

Pi Securities PCL, Thailand