Earnings Report /
Thailand

LEO Global Logistics PCL: New record! But set for soft 4Q22 number

  • Beat our estimate, but was in line with street

  • LEO posted a 3Q22 net profit of Bt107m

  • Revenue was Bt1,022m, down by 6% YoY and 23% QoQ

Bualuang Securities
14 November 2022

LEO’s 2023-24 earnings outlook isn’t as exciting as its 2021-9M22 performance. We expect the slump in seaborne freight rates to outweigh the effect of greater air freight business income. Our HOLD rating stands.

Beat our estimate, but was in line with street

LEO posted a 3Q22 net profit of Bt107m, up by 106% YoY and 8% QoQ and a record high. NPAT was 25% above our estimate (a fatter GM and lighter SG&A expenses than assumed), but was in line with the consensus. Stripping out extra items, the core number would be Bt111m, up by 111% YoY and 4% QoQ and a new record. Core earnings were 29% above our estimate (a fatter GM and lighter SG&A expenses than assumed), but were in line with the street.