Earnings Report /
Thailand

WICE: Result in line; soft landing expected for 2H22

  • Profit was in line with our estimate

  • WICE posted 2Q22 NPAT of Bt170m

  • Revenue was Bt2,045m, up 20% YoY

Bualuang Securities
10 August 2022

Despite declining freight rates, we expect WICE’s aggressive business expansion plan to make for 2022 core earnings growth. Moreover, baht depreciation against the greenback will boost revenue (the firm quotes in US dollars). Our BUY call stands to a target price of Bt22.

Profit was in line with our estimate

WICE posted 2Q22 NPAT of Bt170m, up by 53% YoY and 8% QoQ. Stripping out extra items, the core number would be Bt169m, up by 52% YoY and 8% QoQ. Both the net and core numbers were in line with our estimates (but were 6% ahead of the consensus projections).