We have a BUY call to a YE22 target price of Bt22, premised on the impressive freight rate outlook. WICE should prove strong core earnings through 2022. Its recent stock price slide opens an opportunity to take positions cheaply.
Result was in line with our estimate
WICE posted a 1Q22 net profit of Bt158m, up 93% YoY but down 13% QoQ. The 1Q22 bottom-line was in line with our estimate and the consensus. Stripping out extra items, the core number would be Bt157m, up 93% YoY but down 12% QoQ. Core profit was also in line with our estimate and the street.