Jasmine Broadband Internet Infrastructure Fund
JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation
Equity Bottom-Up
166 Views, 11 May 2022 14:35
EXECUTIVE SUMMARY
- 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.
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