New Risk • Sep 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿2.80b (US$87.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿2.9b free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 58% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿2.80b market cap, or US$87.6m). New Risk • Sep 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿2.9b free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.31 loss per share (vs ฿0.61 loss in 2Q 2024) Second quarter 2025 results: ฿0.31 loss per share. Revenue: ฿1.34b (down 50% from 2Q 2024). Net loss: ฿1.10b (loss widened 3.6% from 2Q 2024). New Risk • Jul 01
New major risk - Revenue and earnings growth Earnings have declined by 62% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿3.1b free cash flow). Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • May 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿3.1b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿3.1b free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable next year (฿2.3b net loss next year). Price Target Changed • Apr 09
Price target decreased by 23% to ฿2.63 Down from ฿3.43, the current price target is an average from 3 analysts. New target price is 221% above last closing price of ฿0.82. Stock is down 83% over the past year. The company is forecast to post a net loss per share of ฿0.83 next year compared to a net loss per share of ฿2.54 last year. Ankündigung • Apr 03
Kex Express (Thailand) Public Company Limited Announces Resignation of Pimporn Supapatpong as Chief Accountant KEX Express (Thailand) Public Company Limited announced the resignation of Pimporn Supapatpong as Chief Accountant. Effective Date of Termination April 1, 2025. New Risk • Mar 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (฿1.6b net loss in 3 years). New Risk • Feb 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.08b (US$90.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (฿1.6b net loss in 3 years). Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (฿3.08b market cap, or US$90.9m). Reported Earnings • Feb 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ฿2.54 loss per share (further deteriorated from ฿2.23 loss in FY 2023). Revenue: ฿9.45b (down 18% from FY 2023). Net loss: ฿5.91b (loss widened 52% from FY 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 63%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Logistics industry in Thailand. New Risk • Jan 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (฿1.7b net loss in 3 years). Share price has been volatile over the past 3 months (6.1% average weekly change). Major Estimate Revision • Nov 15
Consensus EPS estimates upgraded to ฿1.28 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -฿1.56 to -฿1.28 per share. Revenue forecast unchanged from ฿11.3b at last update. Logistics industry in Thailand expected to see average net income growth of 22% next year. Consensus price target of ฿2.73 unchanged from last update. Share price fell 13% to ฿2.06 over the past week. Reported Earnings • Nov 10
Third quarter 2024 earnings released: ฿0.45 loss per share (vs ฿0.51 loss in 3Q 2023) Third quarter 2024 results: ฿0.45 loss per share. Revenue: ฿2.51b (down 14% from 3Q 2023). Net loss: ฿1.04b (loss widened 16% from 3Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Logistics industry in Thailand. New Risk • Sep 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (฿1.8b net loss in 3 years). Reported Earnings • Aug 17
Second quarter 2024 earnings released: ฿0.61 loss per share (vs ฿0.60 loss in 2Q 2023) Second quarter 2024 results: ฿0.61 loss per share (further deteriorated from ฿0.60 loss in 2Q 2023). Revenue: ฿2.65b (down 9.2% from 2Q 2023). Net loss: ฿1.06b (loss widened 1.5% from 2Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 16 percentage points per year, which is a significant difference in performance. Ankündigung • Jul 15
Kerry Express (Thailand) Public Company Limited Appoints Hoi Ching Yeung as Company Secretary Kerry Express (Thailand) Public Company Limited at its board meeting held on July 15, 2024 approved appointment of Mr. Hoi Ching Yeung, the Director, as the Company Secretary from 15th July 2024 onwards. New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (฿1.9b net loss in 3 years). Share price has been volatile over the past 3 months (6.2% average weekly change). Major Estimate Revision • Jun 18
Consensus EPS estimates upgraded to ฿1.88 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -฿2.78 to -฿1.88 per share. Revenue forecast unchanged from ฿11.0b at last update. Logistics industry in Thailand expected to see average net income growth of 34% next year. Consensus price target down from ฿5.03 to ฿3.80. Share price fell 17% to ฿2.92 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.68 loss per share (vs ฿0.45 loss in 1Q 2023) First quarter 2024 results: ฿0.68 loss per share (further deteriorated from ฿0.45 loss in 1Q 2023). Revenue: ฿2.56b (down 18% from 1Q 2023). Net loss: ฿1.19b (loss widened 51% from 1Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Ankündigung • Apr 23
Kerry Express (Thailand) Public Company Limited Announces Resignation of Patamabhorn Damrongsoontornchai as Company Secretary Kerry Express (Thailand) Public Company Limited announced that Miss Patamabhorn Damrongsoontornchai has resigned from the position of the Company Secretary, effective from 16th April 2024 onwards. Ankündigung • Apr 10
Kerry Express (Thailand) Public Company Limited Announces Chief Financial Officer Changes Kerry Express (Thailand) Public Company Limited announced the termination of Miss Wanvisah Tasanaprechachai as Chief Financial Officer. Effective Date of Termination April 4, 2024. Also announced the appointment of Mr. Kwan Wai Leon Chow as Chief Financial Officer, Effective Date of Appointment April 5, 2024. Ankündigung • Apr 03
Kerry Express (Thailand) Public Company Limited Announces the Resignation of Kultaree Samakkeenitch as Chief Accountant Kerry Express (Thailand) Public Company Limited announced the resignation of Kultaree Samakkeenitch as Chief Accountant, effective March 31, 2024. Major Estimate Revision • Feb 14
Consensus revenue estimates fall by 24% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿14.9b to ฿11.3b. Forecast losses increased from -฿0.955 to -฿2.78 per share. Logistics industry in Thailand expected to see average net income growth of 19% next year. Consensus price target of ฿6.48 unchanged from last update. Share price was steady at ฿5.50 over the past week. Ankündigung • Feb 09
Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2024 Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the report on the Company's business performance for the year 2023; to approve the audited financial statements for the fiscal year ended 31st December 2023; to approve the omission of dividend payment for the 2023 performance; to approve the appointment of directors replacing those retired by rotation in 2024; and to consider other matters. Reported Earnings • Feb 09
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: ฿2.23 loss per share (further deteriorated from ฿1.62 loss in FY 2022). Revenue: ฿11.5b (down 33% from FY 2022). Net loss: ฿3.88b (loss widened 37% from FY 2022). Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Ankündigung • Feb 07
S.F. Holding Co., Ltd. made an offer to acquire 73.2% stake in Kerry Express (Thailand) Public Company Limited (SET:KEX) for THB 7 billion. S.F. Holding Co., Ltd. made an offer to acquire 73.2% stake in Kerry Express (Thailand) Public Company Limited (SET:KEX) for THB 7 billion on February 6, 2024. In related transaction SF International Holding (Thailand) Co., Ltd signed a Share purchase agreement with Flourish Harmony Holdings Company Limited. New Risk • Nov 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿2.4b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿2.4b free cash flow). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (฿376m net loss in 2 years). Reported Earnings • Nov 07
Third quarter 2023 earnings released: ฿0.51 loss per share (vs ฿0.39 loss in 3Q 2022) Third quarter 2023 results: ฿0.51 loss per share (further deteriorated from ฿0.39 loss in 3Q 2022). Revenue: ฿2.90b (down 31% from 3Q 2022). Net loss: ฿889.9m (loss widened 32% from 3Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Logistics industry in Thailand. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risks Less than 1 year of cash runway based on current free cash flow (-฿1.8b). Currently unprofitable and not forecast to become profitable over next 2 years (฿367m net loss in 2 years). New Risk • Oct 18
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: ฿3.4b Forecast net loss in 2 years: ฿367m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risks Less than 1 year of cash runway based on current free cash flow (-฿1.8b). Currently unprofitable and not forecast to become profitable over next 2 years (฿367m net loss in 2 years). Share price has been volatile over the past 3 months (6.7% average weekly change). Price Target Changed • Oct 11
Price target decreased by 13% to ฿8.95 Down from ฿10.23, the current price target is an average from 6 analysts. New target price is 42% above last closing price of ฿6.30. Stock is down 65% over the past year. The company is forecast to post a net loss per share of ฿2.46 next year compared to a net loss per share of ฿1.62 last year. New Risk • Aug 09
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -฿1.8b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risks Less than 1 year of cash runway based on current free cash flow (-฿1.8b). Share price has been volatile over the past 3 months (7.9% average weekly change). Ankündigung • Aug 09
Kerry Express (Thailand) Public Company Limited Appoints Patamabhorn Damrongsoontornchai as Company Secretary Kerry Express (Thailand) Public Company Limited announced the the Company's Board of Directors Meeting held on August 8th, 2023, passed a resolution to appoint Miss. Patamabhorn Damrongsoontornchai as the Company Secretary. The Company Secretary shall perform her role in accordance with the provisions of the Securities and Exchange Act and any other acts as assigned by the Board of Directors. The appointment will be effective from August 8th, 2023 onwards. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: ฿0.60 loss per share (further deteriorated from ฿0.42 loss in 2Q 2022). Revenue: ฿2.92b (down 32% from 2Q 2022). Net loss: ฿1.05b (loss widened 43% from 2Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Logistics industry in Thailand. Ankündigung • Jul 15
Kerry Express (Thailand) Public Company Limited Announces Resignation of Miss Rasamee Yongrasameewong as Company Secretary Kerry Express (Thailand) Public Company Limited announced that Miss Rasamee Yongrasameewong has resigned from the position of the company secretary, effective from July 13, 2023 onwards. Price Target Changed • Jun 15
Price target decreased by 15% to ฿12.63 Down from ฿14.80, the current price target is an average from 7 analysts. New target price is 8.9% above last closing price of ฿11.60. Stock is down 51% over the past year. The company is forecast to post a net loss per share of ฿1.31 next year compared to a net loss per share of ฿1.62 last year. Major Estimate Revision • May 22
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿16.8b to ฿15.4b. Losses expected to increase from ฿0.98 per share to ฿1.31. Logistics industry in Thailand expected to see average net income growth of 18% next year. Consensus price target down from ฿15.99 to ฿14.64. Share price fell 7.9% to ฿9.95 over the past week. Reported Earnings • May 17
First quarter 2023 earnings released: ฿0.45 loss per share (vs ฿0.28 loss in 1Q 2022) First quarter 2023 results: ฿0.45 loss per share (further deteriorated from ฿0.28 loss in 1Q 2022). Revenue: ฿3.13b (down 29% from 1Q 2022). Net loss: ฿787.5m (loss widened 60% from 1Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Logistics industry in Thailand. Price Target Changed • May 16
Price target decreased by 8.0% to ฿15.03 Down from ฿16.33, the current price target is an average from 8 analysts. New target price is 37% above last closing price of ฿11.00. Stock is down 46% over the past year. The company is forecast to post a net loss per share of ฿0.98 next year compared to a net loss per share of ฿1.62 last year. Buying Opportunity • May 02
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be ฿15.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 1.3% in a year. Earnings is forecast to grow by 48% in the next year. Major Estimate Revision • Apr 19
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿17.3b to ฿16.8b. Losses expected to increase from ฿0.83 per share to ฿0.98. Logistics industry in Thailand expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at ฿16.21. Share price fell 4.2% to ฿15.90 over the past week. Major Estimate Revision • Feb 16
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿19.0b to ฿16.5b. Forecast losses increased from -฿0.317 to -฿1.18 per share. Logistics industry in Thailand expected to see average net income growth of 14% next year. Consensus price target down from ฿17.74 to ฿16.28. Share price fell 12% to ฿15.60 over the past week. Price Target Changed • Feb 15
Price target decreased by 9.6% to ฿16.28 Down from ฿18.00, the current price target is an average from 8 analysts. New target price is 8.5% above last closing price of ฿15.00. Stock is down 33% over the past year. The company is forecast to post a net loss per share of ฿1.64 compared to earnings per share of ฿0.027 last year. Ankündigung • Feb 15
Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 21, 2023 Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 21, 2023, at 07:00 Coordinated Universal Time. Agenda: To acknowledge the report on the Company’s business performance for the year 2022; to acknowledge the amendment of the IPO proceed utilization; to approve the audited financial statements for the fiscal year ended 31st December 2022; to approve the omission of dividend payment for the 2022 performance; to approve the appointment of the Company’s auditors and audit fee for the year 2023, from PricewaterhouseCoopers ABAS Ltd. (“PwC”) to serve as the Company’s external auditor for the year 2023; to approve the appointment of directors replacing those retired by rotation in 2023; to approve the director’s remuneration policy and budget for the year 2023; to consider other matters if any. Reported Earnings • Nov 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: ฿0.39 loss per share (down from ฿0.007 profit in 3Q 2021). Revenue: ฿4.22b (down 21% from 3Q 2021). Net loss: ฿674.6m (down ฿687.5m from profit in 3Q 2021). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Logistics industry in Thailand. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Kamthorn Tatiyakavee was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: ฿0.39 loss per share (down from ฿0.007 profit in 3Q 2021). Revenue: ฿4.22b (down 21% from 3Q 2021). Net loss: ฿674.6m (down ฿687.5m from profit in 3Q 2021). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Logistics industry in Thailand. Price Target Changed • Oct 25
Price target decreased to ฿19.60 Down from ฿22.03, the current price target is an average from 7 analysts. New target price is 7.7% above last closing price of ฿18.20. Stock is down 53% over the past year. The company is forecast to post a net loss per share of ฿1.40 compared to earnings per share of ฿0.027 last year. Price Target Changed • Oct 21
Price target decreased to ฿21.39 Down from ฿23.67, the current price target is an average from 7 analysts. New target price is 17% above last closing price of ฿18.30. Stock is down 53% over the past year. The company is forecast to post a net loss per share of ฿1.36 compared to earnings per share of ฿0.027 last year. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: ฿0.42 loss per share (down from ฿0.19 profit in 2Q 2021). Revenue: ฿4.28b (down 6.9% from 2Q 2021). Net loss: ฿732.4m (down 318% from profit in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 42%. Over the next year, revenue is forecast to grow 5.1%, compared to a 1.4% growth forecast for the Logistics industry in Thailand. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -฿1.14 to -฿1.47 per share. Revenue forecast unchanged at ฿18.7b. Logistics industry in Thailand expected to see average net income growth of 19% next year. Consensus price target down from ฿23.67 to ฿22.89. Share price fell 8.6% to ฿21.20 over the past week. Major Estimate Revision • Jul 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -฿1.00 to -฿1.14 per share. Revenue forecast of ฿19.0b unchanged since last update. Logistics industry in Thailand expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at ฿23.81. Share price fell 13% to ฿22.50 over the past week. Major Estimate Revision • Jul 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -฿0.82 to -฿1.00 per share. Revenue forecast unchanged at ฿19.0b. Logistics industry in Thailand expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at ฿23.56. Share price rose 19% to ฿26.75 over the past week. Price Target Changed • Jun 22
Price target increased to ฿23.20 Up from ฿21.24, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ฿23.50. Stock is down 40% over the past year. The company is forecast to post a net loss per share of ฿0.80 compared to earnings per share of ฿0.027 last year. Major Estimate Revision • May 24
Consensus EPS estimates fall by 184% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿19.2b to ฿18.7b. Losses expected to increase from ฿0.28 per share to ฿0.79. Logistics industry in Thailand expected to see average net income growth of 17% next year. Consensus price target broadly unchanged at ฿21.24. Share price was steady at ฿20.40 over the past week. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿0.28 loss per share (down from ฿0.17 profit in 1Q 2021). Revenue: ฿4.42b (up 5.5% from 1Q 2021). Net loss: ฿491.1m (down 262% from profit in 1Q 2021). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to stay flat compared to a 2.5% growth forecast for the industry in Thailand. Price Target Changed • Apr 27
Price target decreased to ฿21.66 Down from ฿23.68, the current price target is an average from 8 analysts. New target price is 10% below last closing price of ฿24.10. Stock is down 49% over the past year. The company is forecast to post a net loss per share of ฿0.28 compared to earnings per share of ฿0.027 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Kamthorn Tatiyakavee was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 21
Price target decreased to ฿20.97 Down from ฿23.68, the current price target is an average from 8 analysts. New target price is 6.8% below last closing price of ฿22.50. Stock is down 52% over the past year. The company is forecast to post a net loss per share of ฿0.28 compared to earnings per share of ฿0.027 last year. Major Estimate Revision • Feb 21
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿19.8b to ฿19.3b. Now expected to report a loss of ฿0.02 per share instead of ฿0.51 per share profit previously forecast. Logistics industry in Thailand expected to see average net income growth of 41% next year. Consensus price target down from ฿33.34 to ฿26.43. Share price was steady at ฿23.60 over the past week. Buying Opportunity • Feb 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be ฿28.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% per annum over the last 3 years. Earnings per share has declined by 90% per annum over the last 3 years. Ankündigung • Feb 15
Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2022 Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2022, at 07:00 Coordinated Universal Time. Agenda: To acknowledge the report of company's business performance for the year 2021; to approve the audited financial statements for the fiscal year ended 31 December 2021; and to approve no further dividend payment from the 2021 performance. Price Target Changed • Feb 15
Price target decreased to ฿29.18 Down from ฿35.59, the current price target is an average from 8 analysts. New target price is 30% above last closing price of ฿22.50. Stock is down 60% over the past year. The company is forecast to post earnings per share of ฿0.39 for next year compared to ฿0.027 last year. Ankündigung • Feb 15
Kerry Express (Thailand) Public Company Limited Proposes No Further Dividend Payment from the 2021 Kerry Express (Thailand) Public Company Limited, approved to propose no further dividend payment from the 2021 performance, in addition to the interim dividend paid on 10 September 2021 for THB 0.743 per share, totaling THB 1,293 million, to the Annual General Meeting of Shareholders for the year 2022 to reserve its cash flow for new investments and strategy execution of the Company. Approved to propose no further dividend payment from the 2021 performance, in addition to the interim dividend paid on 10 September 2021 for THB 0.743 per share, totaling THB 1,293 million, to the Annual General Meeting of Shareholders for the year 2022 to reserve its cash flow for new investments and strategy execution of the Company. Price Target Changed • Jan 26
Price target decreased to ฿33.84 Down from ฿37.56, the current price target is an average from 8 analysts. New target price is 39% above last closing price of ฿24.30. Stock is down 57% over the past year. The company is forecast to post earnings per share of ฿0.35 for next year compared to ฿1.11 last year. Major Estimate Revision • Jan 26
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿0.39 to ฿0.32 per share. Revenue forecast steady at ฿18.9b. Net income forecast to shrink 5.8% next year vs 26% growth forecast for Logistics industry in Thailand . Consensus price target down from ฿39.50 to ฿35.59. Share price fell 13% to ฿24.30 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.007 (vs ฿0.20 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿5.33b (up 19% from 3Q 2020). Net income: ฿12.8m (down 96% from 3Q 2020). Profit margin: 0.2% (down from 6.5% in 3Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.74 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 10 September 2021. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.25 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2021 results: Revenue: ฿4.60b (down 15% from 2Q 2020). Net income: ฿335.6m (down 8.1% from 2Q 2020). Profit margin: 7.3% (up from 6.8% in 2Q 2020). The increase in margin was driven by lower expenses. Major Estimate Revision • May 20
Consensus revenue estimates fall to ฿19.2b The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ฿22.6b to ฿19.2b. EPS estimate fell from ฿1.01 to ฿0.81 per share. Net income forecast to grow 14% next year vs 8.8% growth forecast for Logistics industry in Thailand. Consensus price target down from ฿58.63 to ฿48.90. Share price rose 11% to ฿42.00 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.62 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿4.19b (down 13% from 1Q 2020). Net income: ฿302.8m (down 19% from 1Q 2020). Profit margin: 7.2% (down from 7.7% in 1Q 2020). The decrease in margin was driven by lower revenue. Ankündigung • Apr 27
Kerry Express (Thailand) Public Company Limited Approves Annual Dividend Payable on 7 May 2021 and 21 May 2021 Kerry Express (Thailand) Public Company Limited at the Annual General Meeting of Shareholders 2021 held on 23 April 2021, acknowledged the interim dividend paid on 11 September 2020 at the rate of THB 0.435, totalling
THB 626.4 million, and approved the annual dividend at the rate of THB 0.22 per share from the 2020 net profit, equivalent to THB 382.8 million. Additionally, the Meeting determined the Record Date for the rights of shareholders to receive the annual dividend and the date of dividend payment on 7 and 21 May 2021 respectively. Ankündigung • Feb 24
Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021 Kerry Express (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021, at 03:00 Coordinated Universal Time. Location: Ballroom 1 and Ballroom 2, Shangri-La Hotel, No. 89 Soi Wat Suan Phlu, New Road, Bangrak Sub-District Bangkok Thailand Agenda: To acknowledge the report of Company's 2020 business performance; to approve the audited financial statement for the fiscal year ended 31 December 2020; to approve the allocation of 2020 net profit as dividend, and set the record date for the rights to receive dividend; to approve the appointment of the Company's auditors and auditing fee for the year 2021; to approve the appointment of directors replacing those retired by rotation in 2021; and to consider other transactions. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS ฿1.11 (vs ฿5.54 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿18.9b (down 4.4% from FY 2019). Net income: ฿1.41b (up 5.8% from FY 2019). Profit margin: 7.4% (up from 6.7% in FY 2019). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Feb 21
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 38%. Over the next year, revenue is forecast to grow 22%, compared to a 11% growth forecast for the Logistics industry in Thailand. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 15% share price gain to ฿56.75, the stock is trading at a trailing P/E ratio of 37.1x, up from the previous P/E ratio of 32.2x. This compares to an average P/E of 26x in the Logistics industry in Thailand. Ankündigung • Dec 25
Kerry Express (Thailand) Public Company Limited has completed an IPO in the amount of THB 8.4 billion. Kerry Express (Thailand) Public Company Limited has completed an IPO in the amount of THB 8.4 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 300,000,000
Price\Range: THB 28