TH : Digital Telecommunications Infrastructure Fund - Overhang from TRUE depresses share price

1Q21 core net profit rose 4.6% yoy thanks to low interest expense. This leads us to raise FY21-23F core net profit by c.1.0%. DIF offers stable THB0.261 DPS per quarter (FY21F yield of 8.9%), but potential share sale by TRUE remains an overhang on the share price. We reiterate our Add call with the same DCF-based TP of THB17.20.

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