Earnings Report /
Thailand

Triple I Logistics: Beat estimates; stronger than peers

  • Beat our estimates and street

  • III posted a 3Q22 net profit of Bt146m

  • Revenue totaled Bt744m in 3Q22

Bualuang Securities
9 November 2022

III looks set to post strong 2023 core earnings expansion, led by its air freight business and supported by a profit at ANI (III will go against the trend of most other freight forwarders under coverage, which are heavily reliant on sea freight). BUY!

Beat our estimates and street

III posted a 3Q22 net profit of Bt146m, up by 46% YoY and 23% QoQ. The reported NPAT was 21% above our estimate (higher equity income and GM than assumed) and 15% ahead of the consensus. Stripping out extra items, core earnings would be Bt142m, up by 50% YoY and 14% QoQ. The core number was 17% above our estimate (higher equity income and a fatter GM than assumed) and 12% ahead of the consensus.