Earnings Report /
Thailand

WICE: Good result, as expected (and even stronger quarters ahead)

  • Result was in line with our estimate

  • WICE posted a 1Q22 net profit of Bt158m

  • Revenue was Bt2,155m, up 68% YoY

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
11 May 2022

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.