Earnings Report /
Thailand

Triple I Logistics: Result beat! Good 2H22 outlook

  • Both NPAT and core profit beat our estimates

  • III posted a 2Q22 bottom-line of Bt119m

  • Revenue increased 13% YoY

Bualuang Securities
10 August 2022

We expect strong earnings growth—3Q22 through 2023—to fuel stock price expansion. And there’s scope for upside to our long-term profit forecasts and target price from new business tied to rail logistics. Our BUY call stands to a YE22 target price of Bt25.

Both NPAT and core profit beat our estimates

III posted a 2Q22 bottom-line of Bt119m, up by 39% YoY and 6% QoQ. NPAT was 9% ahead of our estimate (higher other income and lower SG&A expenses than we had assumed). Stripping out extra items, core earnings would be Bt125m, up by 40% YoY and 8% QoQ. The core number was 14% beyond our estimate (greater other income than assumed).