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

Jasmine Broadband Internet Infrastructure Fund / Equity Bottom-Up

Jasmine Broadband Internet Infrastructure Fund (JASIF TB)

Jasmine Broadband Internet Infrastructure Fund

<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