TH : Jasmine Broadband Infra Fund - Expect no new asset purchase in 2021F

Jasmine Broadband Infra Fund (JASIF) reported in-line 1Q21 core net profit of THB2.2bn (+3.5% yoy, -1.1% qoq). We do not expect JASIF to buy more assets this year. The existing assets’ lease contracts have an average of 10 years of rental guarantees remaining. Reiterate Hold, with an unchanged DCF-based TP of THB9.20 (8.2% WACC), supported by dividend yield of c.10% in FY21-22F.

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