Financials 3BB Internet Infrastructure Fund

Equities

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
5.8 ^THB	0.00%		+0.87%	-7.20%

Feb. 02	Jasmine Broadband Internet Infrastructure Fund Change of Investment Advisory Committee Member	CI
2023	Singtel JV Completes Purchase of Stakes in Triple T Broadband, Jasmine Broadband	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	77,600	76,000	82,400	64,400	50,000	46,400	46,400	-
Enterprise Value (EV) ¹	75,064	90,836	96,728	64,400	63,047	56,006	54,774	53,260
P/E ratio	10.3 x	7.09 x	9.58 x	8.02 x	13.7 x	-4.51 x	7.52 x	7.46 x
Yield	8.81%	9.79%	9.61%	11.8%	14.7%	13.4%	11.2%	10.7%
Capitalization / Revenue	13.3 x	12 x	8.12 x	6.35 x	4.87 x	4.9 x	6.24 x	6.24 x
EV / Revenue	12.9 x	14.3 x	9.54 x	6.35 x	6.14 x	5.92 x	7.37 x	7.16 x
EV / EBITDA	13.8 x	15.3 x	10.1 x	6.77 x	6.56 x	6.41 x	7.8 x	7.64 x
EV / FCF	-	-	-	-	6.74 x	6.74 x	8.24 x	8.21 x
FCF Yield	-	-	-	-	14.8%	14.8%	12.1%	12.2%
Price to Book	0.95 x	0.87 x	0.93 x	0.72 x	0.59 x	0.68 x	0.67 x	0.65 x
Nbr of stocks (in thousands)	8,000,000	8,000,000	8,000,000	8,000,000	8,000,000	8,000,000	8,000,000	-
Reference price ²	9.700	9.500	10.30	8.050	6.250	5.800	5.800	5.800
Announcement Date	2/15/19	2/4/20	2/11/21	2/21/22	4/3/23	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,814	6,355	10,144	10,144	10,269	9,468	7,433	7,442
EBITDA ¹	5,458	5,950	9,531	9,519	9,617	8,743	7,023	6,972
EBIT ¹	5,455	5,817	9,531	9,519	9,617	8,802	6,884	6,877
Operating Margin	93.82%	91.54%	93.96%	93.84%	93.66%	92.97%	92.62%	92.41%
Earnings before Tax (EBT) ¹	-	10,717	9,101	8,030	3,650	-10,192	6,238	6,280
Net income ¹	-	10,717	9,101	8,030	3,650	-10,014	6,174	6,238
Net margin	-	168.64%	89.72%	79.16%	35.55%	-105.77%	83.07%	83.83%
EPS ²	0.9430	1.340	1.075	1.004	0.4563	-1.285	0.7713	0.7774
Free Cash Flow ¹	-	-	-	-	9,349	8,305	6,647	6,487
FCF margin	-	-	-	-	91.04%	87.71%	89.43%	87.17%
FCF Conversion (EBITDA)	-	-	-	-	97.21%	94.99%	94.64%	93.03%
FCF Conversion (Net income)	-	-	-	-	256.11%	-	107.66%	103.98%
Dividend per Share ²	0.8550	0.9300	0.9900	0.9500	0.9200	0.7750	0.6520	0.6211
Announcement Date	2/15/19	2/4/20	2/11/21	2/21/22	4/3/23	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	14,836	14,328	-	13,047	9,606	8,374	6,860
Net Cash position ¹	2,536	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.493 x	1.503 x	-	1.357 x	1.099 x	1.192 x	0.9838 x
Free Cash Flow ¹	-	-	-	-	9,349	8,305	6,647	6,487
ROE (net income / shareholders' equity)	9.28%	14.7%	9.8%	9.04%	4.19%	-13.2%	8.98%	8.98%
ROA (Net income/ Total Assets)	9.13%	12.9%	8.16%	7.68%	8.68%	-1.2%	7.67%	7.4%
Assets ¹	-	82,956	111,542	104,574	42,048	834,500	80,535	84,299
Book Value Per Share ²	10.20	10.90	11.10	11.10	10.60	8.570	8.710	8.890
Cash Flow per Share ²	0.8600	-	-	-	1.170	1.110	0.8600	0.8300
Capex	-	-	8.5	-	-	-	-	-
Capex / Sales	-	-	0.08%	-	-	-	-	-
Announcement Date	2/15/19	2/4/20	2/11/21	2/21/22	4/3/23	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5.8 THB

Average target price

6.82 THB

Spread / Average Target

+17.59%

	1st Jan change	Capi.
3BB INTERNET INFRASTRUCTURE FUND	-7.20%	1.25B
INDUS TOWERS LIMITED	+77.49%	11.41B
INWIT S.P.A.	-12.79%	10.07B
PT DAYAMITRA TELEKOMUNIKASI TBK.	-17.73%	2.95B
STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+11.22%	2.8B
PT TOWER BERSAMA INFRASTRUCTURE TBK	-11.24%	2.59B
PT SARANA MENARA NUSANTARA TBK.	-19.70%	2.44B
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	0.00%	2.22B
CHORUS LIMITED	-8.46%	1.85B
EASTONE CENTURY TECHNOLOGY CO.,LTD.	-7.01%	500M