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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Kerry Express Thailand / Equity Bottom-Up

<ul>
<li>We anticipate KEX net loss in 2Q22 atBt732m to be the bottom quarter of 2022 but still continue to incur net loss for at least in the next two quarters </li>
<li>Most disappointed net loss since listed KEX report net loss in 2Q22 at Bt732m, the lowest level since listed in DEC’20 (post net loss of Bt491m in 1Q22). </li>
<li>QoQ worsening was due to a 3% drop in revenue to Bt4.3bn amid low season, together with upward pressures on costs which were primarily caused by tightening labour market</li>
</ul>


We anticipate KEX net loss in 2Q22 atBt732m to be the bottom quarter of 2022 but still continue to incur net loss for at least in the next two quarters 
Most disappointed net loss since listed KEX report net loss in 2Q22 at Bt732m, the lowest level since listed in DEC’20 (post net loss of Bt491m in 1Q22). 
QoQ worsening was due to a 3% drop in revenue to Bt4.3bn amid low season, together with upward pressures on costs which were primarily caused by tightening labour market


KEX : Net Loss in 2Q22 Should Be Bottom of 2022