WICE : 3Q22 Net Profit Fell to Five-Quarter Low

WICE: Expect Strong Earnings Growth Momentum to Persist in 2022E

WICE: Earnings Still Continue to Expand in 2022 with Potential Upside

WICE: Expect Earnings to Expand YoY but Dip QoQ in 4Q21

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We downgrade WICE to HOLD with a new target price of Bt12.60. (Previous TP: Bt19.30) after revised earnings down by 8-15% in 2022-23E. We anticipate impact from a continued drop</li>
<li>2Q22 profit beat market expectation at Bt170m WICE report 2Q22 net profit at Bt170m (+52%YoY and +8%QoQ)</li>
<li>YoY growth supported by 20% expansion to Bt2.0bn, solely driven by sea freight (+72%YoY to Bt1.2bn while contributes 61% of total revenue in 2Q22) on the back of high freight </li>
</ul>


We downgrade WICE to HOLD with a new target price of Bt12.60. (Previous TP: Bt19.30) after revised earnings down by 8-15% in 2022-23E. We anticipate impact from a continued drop
2Q22 profit beat market expectation at Bt170m WICE report 2Q22 net profit at Bt170m (+52%YoY and +8%QoQ)
YoY growth supported by 20% expansion to Bt2.0bn, solely driven by sea freight (+72%YoY to Bt1.2bn while contributes 61% of total revenue in 2Q22) on the back of high freight 


WICE : Earnings Remain Solid, but Has Already Reached Its Peak

Wice Logistics

WICE : Earnings Remain Solid, but Has Already Reached Its Peak