Wice Logistics

WICE: Earnings Still Continue to Expand in 2022 with Potential Upside

Equity Bottom-Up
257 Views, 13 May 2022 10:56
EXECUTIVE SUMMARY
  • Expect impact from an expected drop in sea freight rate (50% of WICE revenue link to this freight price) is likely to be offset by an increase in cross border
  • We have factored in impact from China border restriction and a gradual drop in sea-air freight,which we anticipated to normalize to pre-COVID-19 gradually.Our revenue forecast at Bt8.2bn is on conservative
  • WICE report 1Q22 net profit at Bt158m (+93%YoY and -13%QoQ). QoQ contraction from all-time high level in 4Q21 was due to a drop in air freight and cross border revenue
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