Earnings Report /
Thailand

WICE: 3Q22 miss; unexciting 4Q22 outlook

  • Below our estimates

  • WICE posted a 3Q22 net profit of Bt130m

  • Revenue was Bt1,586m, down by 30% YoY and 22% QoQ

Bualuang Securities
9 November 2022

Although the sea freight industry is in a down-cycle, WICE’s other core businesses (air freight and cross-border trucking) should modestly outweigh that effect. However, its 2022-23 earnings profile isn’t nearly as exciting as its 2021 performance, due to lower sea freight rates, so our HOLD rating stands.

Below our estimates

WICE posted a 3Q22 net profit of Bt130m, down by 20% YoY and 24% QoQ. The core number was also Bt130m, down by 21% YoY and 23% QoQ. Both the net and core numbers were 24% below our estimates (the top-line was lower than we had expected) and 20% shy of the street forecasts.