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>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