บทวิเคราะห์ (Research)

DIF : Earnings Result - 3Q25 dividend payment in line with expectations We are upgrading our recommendation to Neutral for DIF mutual fund as we expect continued ability to pay steady dividends from rental income under long-term contracts until 2033, expecting average dividend yield of 9% per annum, with an opportunity to extend the contract for another 10 years subject to TRUE Group's broadband revenue conditions. In terms of operating results, 3Q25 had investment income (+5% y-y +2% q-q) and dividend of 0.2222 baht per unit (yield 2.4%) in line with expectations. We maintain our 25F estimates, expecting investment income and dividend payment of 0.88 baht (yield 9%).