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 (DIF TB)

Digital Telecommunications Infrastructure Fund

<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