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

3BB Internet Infrastructure Fund / Equity Bottom-Up

3BB Internet Infrastructure Fund (3BBIF TB)

<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.


3BB Internet Infrastructure Fund

JASIF : 2Q22 Core Profit Remains Flat