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.