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

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Thai Equity - Bottom-up - Equities

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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

Jasmine Broadband Internet Infrastructure Fund / Equity Bottom-Up

Jasmine Broadband Internet Infrastructure Fund

<ul>
<li>Maintain HOLD rating with TP of Bt8.80 derived from DCF(WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn(Flat YoY, Flat QoQ)due to the flat revenue based on the contract with TTTBB.</li>
<li>2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt1.4b (-32% YoY, -13% QoQ) due to asset revaluation losses.</li>
<li>Excluding unrealized losses from asset revaluation of Bt800m,2Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.</li>
</ul>


Maintain HOLD rating with TP of Bt8.80 derived from DCF(WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn(Flat YoY, Flat QoQ)due to the flat revenue based on the contract with TTTBB.
2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt1.4b (-32% YoY, -13% QoQ) due to asset revaluation losses.
Excluding unrealized losses from asset revaluation of Bt800m,2Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.


<ul>
<li>Downgrade to HOLD fom BUY and cut TP by 28% to Bt8.80 derived form DCF (WACC=8.02%, g=0%) to factor in significant reduction in revenue and dividend from 2023 </li>
<li>A non-attractive deal for JASIF shareholders: On July 4th 2022, JAS informed SET that, ADVANC is considering purchase of 99.99% of TTTBB and 19% of total JASIF units at Bt8.5 </li>
<li>In that case,The Amended Rental Assurance agreement that generates a superior rental rate of770/km/month will be cancelled which will cause a dip of 30%in the revenue generation of JASIF in2023onwards.</li>
</ul>


Downgrade to HOLD fom BUY and cut TP by 28% to Bt8.80 derived form DCF (WACC=8.02%, g=0%) to factor in significant reduction in revenue and dividend from 2023 
A non-attractive deal for JASIF shareholders: On July 4th 2022, JAS informed SET that, ADVANC is considering purchase of 99.99% of TTTBB and 19% of total JASIF units at Bt8.5 
In that case,The Amended Rental Assurance agreement that generates a superior rental rate of770/km/month will be cancelled which will cause a dip of 30%in the revenue generation of JASIF in2023onwards.


JASIF : Contract Cancellation Will Affect Dividend Payment

<ul>
<li>Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.</li>
<li>1Q22 net profit was Bt1.6bn(-9% YoY, -36% QoQ) due to asset revaluation losses.</li>
<li>Excluding unrealized loss from asset revaluation of Bt600m,1Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.</li>
</ul>


Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
1Q22 net profit was Bt1.6bn(-9% YoY, -36% QoQ) due to asset revaluation losses.
Excluding unrealized loss from asset revaluation of Bt600m,1Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.


JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation

<ul>
<li>Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.</li>
<li>Excluding gain from asset revaluation of Bt300m, 4Q21 core profit remained flat both YoY and QoQ, in line with our forecast due to flat revenue at Bt2.5bn.</li>
<li>2021 core profit grew slightly at Bt8.7bn (+1.5%YoY) while NAV increased slightly to Bt11.127</li>
</ul>


Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
Excluding gain from asset revaluation of Bt300m, 4Q21 core profit remained flat both YoY and QoQ, in line with our forecast due to flat revenue at Bt2.5bn.
2021 core profit grew slightly at Bt8.7bn (+1.5%YoY) while NAV increased slightly to Bt11.127


JASIF: 4Q21 Core Profit Remains Flat, In-Line with Our Expectation

<ul>
<li>We initiate coverage of JASIF with a BUY rating at a target price of Bt12.10, derived from a DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E. The story:</li>
<li>Stable and secured earnings will support an attractive dividend yield of 9% for the next 10 years.</li>
<li>The fund’s financial performance is secured by long-term contracts with TTTBB, a leading internet provider in Thailand.</li>
</ul>


We initiate coverage of JASIF with a BUY rating at a target price of Bt12.10, derived from a DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E. The story:
Stable and secured earnings will support an attractive dividend yield of 9% for the next 10 years.
The fund’s financial performance is secured by long-term contracts with TTTBB, a leading internet provider in Thailand.


JASIF: Attractive Dividend Yield with Inflation Hedge

Thailand

Jasmine Broadband Internet Infrastructure Fund is a holding company. The Company invest primarily in the telecommunications industry.

Jasmine Broadband Internet Infrastructure Fund (JASIF TB)

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Jasmine Broadband Internet Infrastructure Fund (JASIF TB)

JASIF : 2Q22 Core Profit Remains Flat

Maintain HOLD rating with TP of Bt8.80 derived from DCF (WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn (Flat YoY, Flat QoQ) due to the...

Pi Securities PCL, Thailand

JASIF : Contract Cancellation Will Affect Dividend Payment

Downgrade to HOLD fom BUY and cut TP by 28% to Bt8.80 derived form DCF (WACC=8.02%, g=0%) to factor in significant reduction in revenue and...

Pi Securities PCL, Thailand

JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation

Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E. •1Q22 net profit was Bt1.6bn(-9%...

Pi Securities PCL, Thailand

JASIF: 4Q21 Core Profit Remains Flat, In-Line with Our Expectation

Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E. •Excluding gain from asset...

Pi Securities PCL, Thailand

JASIF: Attractive Dividend Yield with Inflation Hedge

We initiate coverage of JASIF with a BUY rating at a target price of Bt12.10, derived from a DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.

Pi Securities PCL, Thailand

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