Earnings Report /
Thailand

JWD Infologistics PCL: 1Q22 core profit miss, but 2Q22 outlook is strong

  • Core profit missed estimate

  • JWD posted a 1Q22 net profit of Bt126m

  • Revenue was Bt1364m, up 30% YoY

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
17 May 2022

We maintain a BUY call to a YE22 target price of Bt19, premised on an impressive growth outlook. JWD should post strong core earnings through 2022. There is scope for upside to its logistics infrastructure biz from U-tapao phase-3. The stock price has slumped 38% from its peak, opening a window to take positions cheaply, we believe.

Core profit missed estimate

JWD posted a 1Q22 net profit of Bt126m, down by 11% YoY and 29% QoQ. The bottom-line was 7% short of our estimate (a slimmer GM than assumed), but was in line with the consensus. Stripping out extra items, core earnings would be Bt106m, up 70% YoY but down 23% QoQ. Core profit was 22% shy of our expectation (a slimmer GM than assumed) and the consensus.