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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

<ul>
<li>We anticipate WICE’s earnings in 4Q21 to continue to surge YoY on the back of solid demand for air-sea freight and cross border transportation. However, QoQ is expected </li>
<li>WICE report 3Q21 net profit at Bt162m (+189%YoY and +46%QoQ), the highest level since inception. This driven by all-time high revenue </li>
<li>Cross border business as the key earnings driver in 2022, offset the impact from expected drop in sea freight rate in 2H21.</li>
</ul>


We anticipate WICE’s earnings in 4Q21 to continue to surge YoY on the back of solid demand for air-sea freight and cross border transportation. However, QoQ is expected 
WICE report 3Q21 net profit at Bt162m (+189%YoY and +46%QoQ), the highest level since inception. This driven by all-time high revenue 
Cross border business as the key earnings driver in 2022, offset the impact from expected drop in sea freight rate in 2H21.


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

Wice Logistics

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