Earnings Report /
Thailand

LEO Global Logistics PCL: Beat with a new record (and new profit records expected through 1H22)

  • Beat our estimate!

  • LEO posted a new record 4Q21 bottom-line of Bt77m

  • LEO will pay a DPS for 2H21 of Bt0.18

Bualuang Securities
22 February 2022

LEO’s impressive 2022 profit growth outlook, the scope for a consensus forecast upgrade (following record 4Q21 earnings), and the positive sentiment generated by recent news (investment in the “Container Depot Phase 2” project) should prompt the market to bid up the stock price. And there’s scope for further upside to earnings from new opportunities tied to freight on the Kunming-Vientiane railroad. BUY!

Beat our estimate!

LEO posted a new record 4Q21 bottom-line of Bt77m, up by 449% YoY and 47% QoQ. Stripping out extra items, core earnings would be Bt78m, up by 459% YoY and 47% QoQ (also a new record). The core result was 10% ahead of our estimate, led by a fatter GM than assumed. LEO will pay a DPS for 2H21 of Bt0.18 (XD May 9, payment May 26), an implied 1.2% simple yield.