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

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

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

WICE: Positive Earnings Outlook Throughout 2021

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

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

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<li>Expect impact from an expected drop in sea freight rate (50% of WICE revenue link to this freight price) is likely to be offset by an increase in cross border</li>
<li>We have factored in impact from China border restriction and a gradual drop in sea-air freight,which we anticipated to normalize to pre-COVID-19 gradually.Our revenue forecast at Bt8.2bn is on conservative</li>
<li>WICE report 1Q22 net profit at Bt158m (+93%YoY and -13%QoQ). QoQ contraction from all-time high level in 4Q21 was due to a drop in air freight and cross border revenue</li>
</ul>


Expect impact from an expected drop in sea freight rate (50% of WICE revenue link to this freight price) is likely to be offset by an increase in cross border
We have factored in impact from China border restriction and a gradual drop in sea-air freight,which we anticipated to normalize to pre-COVID-19 gradually.Our revenue forecast at Bt8.2bn is on conservative
WICE report 1Q22 net profit at Bt158m (+93%YoY and -13%QoQ). QoQ contraction from all-time high level in 4Q21 was due to a drop in air freight and cross border revenue


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

Wice Logistics

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