บทวิเคราะห์ (Research)

DIF : Earnings Result - Dividend Payment for 1Q25 exceeded forecast We recommend "Buy" for DIF, as we expect consistent dividend payments from long-term rental income with contracts extending until 2033, and the potential for a 10-year contract renewal, based on TRUE Group's broadband revenue conditions. There is also a positive catalyst from the downward trend in interest rates. 1Q25 operating results were in line with expectations, with investment profit of 2,954 million baht (+2% yoy +1% qoq) and a dividend of 0.2222 baht/share (yield 2.7%), slightly higher than expected. We maintain our 2025F forecast, expecting investment profit to remain stable and a dividend payment of 0.88 baht (yield 11%).