บทวิเคราะห์ (Research)

DIF : 2Q25 Dividend Beats Expectations We recommend Buy for DIF Infrastructure Fund due to its strength in consistent dividend payments from main revenue under long-term contracts until 2033 and opportunity to extend contracts for another 10 years according to TRUE Group's broadband revenue conditions. For the short term, 2Q25 announced dividend payment at 0.2222 baht per unit, slightly higher than our expectation by 2%, making 1H25 total dividend payment account for 51% of our 25F estimate. Additionally, we view that DIF Fund will benefit from the declining interest rate theme, where if THOR interest rate decreases from 1H25, it will be positive for the fund's liquidity and has opportunity to pay 2H25F dividend higher than expected.