Kasikorn Securities (KS) estimates the Digital Telecommunications Infrastructure Fund (DIF) will maintain strong performance. The 3Q25 financial results are expected to be announced on November 12, 2025, with normalized profit estimated at THB 2.992 billion, up 2.6% YoY and 0.1% QoQ. This is supported by a 2.7% increase in rental income from the main lease contract with True Corporation Public Company Limited (SET: TRUE).
Meanwhile, interest costs have declined in line with the THOR reference rate after the Bank of Thailand (BoT) cut its policy rate by 0.25%, driving Core Earnings Per Unit (EPU) to THB 0.281. Profit for the first nine months accounted for 77.3% of Kasikorn’s full-year target.
KS expects DIF to pay a 3Q25 dividend of THB 0.2222 per unit, stable YoY and QoQ, with a payout ratio of 79% of profit and a dividend yield of around 9.7% per annum. KS maintains its mid-2026 target price at THB 8.60 per share and recommends “HOLD”.
Meanwhile, Krungsri Securities (KSS) also retains a positive outlook on DIF, recommending a “BUY” with a target price of THB 11.40 per share. KSS sees highly stable rental income from a long-term contract with TRUE expiring in 2033, about eight years remaining.
Exercising the Call Option to purchase additional signal towers and fiber optic cables (FOC) will increase asset ownership proportion from 56% to 74%, supporting long-term revenue. There is also an opportunity to extend the lease by another 10 years after 2033, which would further sustain future cash flow.
KSS estimates DIF’s 3Q25 investment profit at around THB 2.99 billion, up 3% YoY, driven by lower interest costs in line with THOR after the policy rate cut, and expects a dividend payment of THB 0.22 per unit (yield 2.4%).
For 4Q, profits are expected to grow YoY, with a dividend of THB 0.212 per unit (yield 2.2%). For full year 2025, total investment profit is estimated at THB 11,559 million, slightly down 1%, but dividend payouts remain outstanding with an estimated average yield as high as 9.2% per annum.
