New Risk • May 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 2.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 34% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (105% payout ratio). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (฿1.54b market cap, or US$47.2m). Declared Dividend • Mar 02
Dividend of ฿0.14 announced Dividend of ฿0.14 is the same as last year. Ex-date: 11th March 2026 Payment date: 13th May 2026 Dividend yield will be 5.2%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is not covered by earnings (124% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 37% to bring the payout ratio under control. However, EPS is expected to remain steady over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.19 (up from ฿0.15 in FY 2024). Revenue: ฿4.66b (up 13% from FY 2024). Net income: ฿122.1m (up 25% from FY 2024). Profit margin: 2.6% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 27
Wice Logistics Public Company Limited announces Annual dividend, payable on May 13, 2026 Wice Logistics Public Company Limited announced Annual dividend of THB 0.1400 per share payable on May 13, 2026, ex-date on March 11, 2026 and record date on March 12, 2026. Aankondiging • Feb 26
Wice Logistics Public Company Limited, Annual General Meeting, Apr 21, 2026 Wice Logistics Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.042 (vs ฿0.03 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.042 (up from ฿0.03 in 3Q 2024). Revenue: ฿1.21b (up 7.5% from 3Q 2024). Net income: ฿26.8m (up 47% from 3Q 2024). Profit margin: 2.2% (up from 1.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.036 (vs ฿0.11 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.036 (down from ฿0.11 in 2Q 2024). Revenue: ฿1.23b (up 13% from 2Q 2024). Net income: ฿23.2m (down 69% from 2Q 2024). Profit margin: 1.9% (down from 6.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. New Risk • Jun 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (฿1.88b market cap, or US$58.0m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ฿3.36, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Logistics industry in Asia. Total loss to shareholders of 76% over the past three years. New Risk • May 20
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 10% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (฿2.45b market cap, or US$74.1m). Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.086 (vs ฿0.059 in 1Q 2024) First quarter 2025 results: EPS: ฿0.086 (up from ฿0.059 in 1Q 2024). Revenue: ฿1.07b (up 9.6% from 1Q 2024). Net income: ฿56.3m (up 46% from 1Q 2024). Profit margin: 5.3% (up from 4.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 18 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 24
Wice Logistics Public Company Limited Approves Cash Dividend for the Fiscal Year Ended December 31, 2024, Payable on 20 May 2025 Wice Logistics Public Company Limited at its AGM,held on April 22, 2025, approved from the net profit of the Company's separate financial statements for the year 2024. No appropriation of profit to the legal reserve was made, as of the fiscal year-end on December 31, 2024, the Company had a legal reserve of THB 32,594,975, equivalent to 10% of the Company's registered capital, which is in full compliance with the legal requirement and the Company's Articles of Association. Therefore, no additional appropriation to the legal reserve is required. A dividend will be paid at the rate of THB 0.14 per share to shareholders whose names appear in the shareholder register on the Record Date of March 11, 2025, and the dividend payment will be made on May 20, 2025. Declared Dividend • Feb 27
Dividend reduced to ฿0.14 Dividend of ฿0.14 is 42% lower than last year. Ex-date: 10th March 2025 Payment date: 20th May 2025 Dividend yield will be 4.8%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) nor is it covered by cash flows (216% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.0% to bring the payout ratio under control. EPS is expected to grow by 82% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Board Change • Feb 26
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Thammarat Horboonmasuth was the last independent director to join the board, commencing their role in 2025. 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 • Feb 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.15 (down from ฿0.26 in FY 2023). Revenue: ฿4.13b (up 7.9% from FY 2023). Net income: ฿97.7m (down 43% from FY 2023). Profit margin: 2.4% (down from 4.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 47% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 26
WICE Logistics Public Company Limited Announces Resignation of Silawat Santiwisit as Independent Director and Chairman of Nomination and Remuneration Committee WICE Logistics Public Company Limited announced that Mr. Silawat Santiwisit has resigned from his position as Independent Director and Chairman of Nomination and Remuneration Committee due to personal engagements, which will result in him being unable to fully perform his duties as a Company Director, effective from 25 February 2025 onwards. Aankondiging • Feb 07
Wice Logistics Public Company Limited Approves Board and Committee Appointments Wice Logistics Public Company Limited at its board of directors meeting held on February 6, 2025, the board resolved to appoint Mr. Thammarat Horboonmasuth as an Independent Director, Audit Committee Member, Chairman of the Corporate Risk Management Committee, and Corporate Governance and Sustainable Development Committee Member for the remaining term in replacement of Mr. Komol Rungruangyot, who resigned on December 13, 2024. This appointment shall be effective from February 6, 2025, onward. The Board resolved to appoint Mr. Boongrieng Thanaphansin as the Chairman of the Audit Committee, effective from February 6, 2025, onward. Following these appointments, the Board of Directors, Chairman of the Audit Committee, Audit Committee Members, Chairman of the Corporate Risk Management Committee, and Corporate Governance and Sustainable Development Committee Members now comprise the following individuals: Board of Directors: Professor Ruth Banomyong (PhD), Independent Director /Chairman of the Board of Directors/Audit Committee Member. Mr. Boongrieng Thanaphansin, Independent Director /Chairman of the Audit Committee. Mr. Silawat Santiwisit, Independent Director. Mr. Thammarat Horboonmasuth, Independent Director /Audit Committee Member. Dr. Araya Kongsoonthorn, Director. Mr. Chudet Kongsoonthorn, Director. Ms. Thitimar Tantikulsuntorn, Director. Ms. Busarin Tuanchaem, Director. Audit Committee: Mr. Boongrieng Thanaphansin, Chairman of Audit Committee. Professor Ruth Banomyong (PhD), Audit Committee Member. Mr. Thammarat Horboonmasuth, Audit Committee Member. Risk Management Committee: Mr. Thammarat Horboonmasuth, Chairman of the Risk Management Committee. Ms. Thitimar Tantikulsuntorn, Risk Management Committee Member. Ms. Busarin Tuanchaem, Risk Management Committee Member. Corporate Governance and Sustainability Committee: Mr. Boongrieng Thanaphansin, Chairman of the Corporate Governance and Sustainable Committee. Ms. Thitimar Tantikulsuntorn, Corporate Governance and Sustainable Committee Member. Mr. Thammarat Horboonmasuth, Corporate Governance and Sustainable Committee Member. Aankondiging • Dec 16
Wice Logistics Public Company Limited Announces Resignation of Komol Rungruangyot as Independent Director, Chairman of the Audit Committee, Chairman of the Risk Management Committee, and Member of the Corporate Governance and Sustainability Committee, Effective December 14, 2024 On December 13, 2024, WICE Logistics Public Company Limited notified that Mr. Komol Rungruangyot, who held the positions of Independent Director, Chairman of the Audit Committee, Chairman of the Risk Management Committee, and Member of the Corporate Governance and Sustainability Committee, has submitted his resignation from the Board of Directors. His resignation is due to multiple obligations that have hindered his ability to fully perform his duties as a director of the Company. His resignation will be effective on December 14, 2024. In accordance with the Stock Exchange of Thailand's Best Practice Guidelines for Audit Committees, the Company is obligated to ensure that the Board of Directors appoints a qualified replacement to fill the vacancy in the Audit Committee within three months of the effective resignation date. This appointment will ensure compliance with the requirement that the Audit Committee comprises a minimum of three members. The Nomination and Remuneration Committee is currently undertaking the process of identifying and nominating a suitably qualified candidate with the requisite expertise and experience to assume the role. Upon completion of this process, the Company will promptly inform the Stock Exchange of Thailand of the appointment outcome. Price Target Changed • Nov 16
Price target decreased by 9.4% to ฿5.65 Down from ฿6.24, the current price target is an average from 2 analysts. New target price is 11% above last closing price of ฿5.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.26 last year. New Risk • Nov 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.33b (US$97.2m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (฿3.33b market cap, or US$97.2m). Price Target Changed • Oct 22
Price target increased by 9.4% to ฿6.58 Up from ฿6.01, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of ฿6.00. Stock is down 4.0% over the past year. The company is forecast to post earnings per share of ฿0.37 for next year compared to ฿0.26 last year. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.097 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.11 (up from ฿0.097 in 2Q 2023). Revenue: ฿1.09b (up 11% from 2Q 2023). Net income: ฿74.6m (up 18% from 2Q 2023). Profit margin: 6.8% (up from 6.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 25% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿5.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Logistics industry in Thailand. Total loss to shareholders of 56% over the past three years. New Risk • Jul 20
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 6.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Dividend per share is over 111x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Board Change • Jun 01
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Silawat Santiwisat was the last independent director to join the board, commencing their role in 2024. 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 • May 22
Price target decreased by 14% to ฿5.63 Down from ฿6.57, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿5.85. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.32 for next year compared to ฿0.26 last year. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.95, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Logistics industry in Thailand. Total loss to shareholders of 17% over the past three years. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.085 in 1Q 2023) First quarter 2024 results: EPS: ฿0.06 (down from ฿0.085 in 1Q 2023). Revenue: ฿976.1m (down 5.6% from 1Q 2023). Net income: ฿38.7m (down 30% from 1Q 2023). Profit margin: 4.0% (down from 5.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% 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, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿4.53b to ฿4.64b. EPS estimate fell from ฿0.38 to ฿0.303 per share. Net income forecast to grow 15% next year vs 33% growth forecast for Logistics industry in Thailand. Consensus price target down from ฿6.99 to ฿6.57. Share price rose 6.0% to ฿6.20 over the past week. Upcoming Dividend • Feb 26
Upcoming dividend of ฿0.24 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 13 May 2024. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (4.2%). Declared Dividend • Feb 22
Dividend reduced to ฿0.24 Dividend of ฿0.24 is 45% lower than last year. Ex-date: 4th March 2024 Payment date: 13th May 2024 Dividend yield will be 4.0%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) nor is it covered by cash flows (111% cash payout ratio). The dividend has increased by an average of 17% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 4.1% over the next 2 years, which should maintain adequate earnings cover for the dividend. Aankondiging • Feb 21
Wice Logistics Public Company Limited, Annual General Meeting, Apr 25, 2024 Wice Logistics Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider and certify the Minutes of the Annual General Meeting of Shareholders 2023; to acknowledge the Board of Directors report about the operating result for the year 2023; to consider and approve the financial statement for the year ended December 31,2023; to consider and approve the allocation of profits and dividend payment from the operating result of year 2023; to consider and approve the appointment of Directors in replacement of those who retired by rotation; and to consider other matters. Reported Earnings • Feb 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.26 (down from ฿0.85 in FY 2022). Revenue: ฿3.83b (down 46% from FY 2022). Net income: ฿170.4m (down 69% from FY 2022). Profit margin: 4.5% (down from 7.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Aankondiging • Feb 20
Wice Logistics Public Company Limited Proposes Dividend for the Year 2023, Payable on May 13, 2024 Wice Logistics Public Company Limited proposed Dividends are paid in cash. This is calculated as a dividend payment of THB 0.24 per share, or a total of THB 153.83 million (deducting the number of treasury shares), representing 51.18% of profits for the year. The payment will be made from profits for the year according to the separate financial statements. And all dividends will be subject to withholding tax at the rate specified by law. Record Date Right to attend the meeting and receive dividends on Tuesday, March 5, 2024. Dividend payment on May 13, 2024 . Rights to receive dividends are as follows: Said there is still uncertainty as it must be approved by the Annual General Meeting of Shareholders 2024 to be held on April 25, 2024. Major Estimate Revision • Jan 09
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿4.24b to ฿4.07b. EPS estimate also fell from ฿0.38 per share to ฿0.337 per share. Net income forecast to shrink 4.5% next year vs 20% growth forecast for Logistics industry in Thailand . Consensus price target down from ฿7.67 to ฿6.99. Share price was steady at ฿6.30 over the past week. Price Target Changed • Dec 26
Price target decreased by 14% to ฿7.67 Down from ฿8.87, the current price target is an average from 4 analysts. New target price is 30% above last closing price of ฿5.90. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.85 last year. New Risk • Nov 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.46b (US$98.2m) 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: Minor Risks Dividend is not well covered by earnings (116% payout ratio). Market cap is less than US$100m (฿3.46b market cap, or US$98.2m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.20 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.05 (down from ฿0.20 in 3Q 2022). Revenue: ฿915.7m (down 43% from 3Q 2022). Net income: ฿32.2m (down 75% from 3Q 2022). Profit margin: 3.5% (down from 8.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Nov 13
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 6.4% 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 Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Sep 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Boongrieng Thanaphansin was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 18
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿5.51b to ฿4.73b. EPS estimate fell from ฿0.64 to ฿0.495 per share. Net income forecast to grow 8.4% next year vs 16% growth forecast for Logistics industry in Thailand. Consensus price target down from ฿10.00 to ฿8.87. Share price fell 9.6% to ฿7.55 over the past week. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.26 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.10 (down from ฿0.26 in 2Q 2022). Revenue: ฿983.5m (down 53% from 2Q 2022). Net income: ฿63.0m (down 63% from 2Q 2022). Profit margin: 6.4% (down from 8.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 30% per year. Price Target Changed • May 31
Price target decreased by 9.3% to ฿10.70 Down from ฿11.80, the current price target is an average from 4 analysts. New target price is 33% above last closing price of ฿8.05. Stock is down 50% over the past year. The company is forecast to post earnings per share of ฿0.72 for next year compared to ฿0.85 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.09 (vs ฿0.24 in 1Q 2022) First quarter 2023 results: EPS: ฿0.09 (down from ฿0.24 in 1Q 2022). Revenue: ฿1.03b (down 52% from 1Q 2022). Net income: ฿55.3m (down 65% from 1Q 2022). Profit margin: 5.3% (down from 7.3% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 17
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿7.33b to ฿6.15b. EPS estimate fell from ฿0.81 to ฿0.73 per share. Net income forecast to shrink 15% next year vs 18% growth forecast for Logistics industry in Thailand . Consensus price target down from ฿11.80 to ฿11.30. Share price fell 7.9% to ฿8.20 over the past week. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿8.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Logistics industry in Asia. Total returns to shareholders of 310% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿9.86 per share. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.44 per share at 4.1% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.6%). In line with average of industry peers (4.3%). Reported Earnings • Feb 25
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ฿0.85 (up from ฿0.82 in FY 2021). Revenue: ฿7.14b (down 6.9% from FY 2021). Net income: ฿554.1m (up 3.5% from FY 2021). Profit margin: 7.8% (up from 7.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jan 13
Wice Logistics Public Company Limited (SET:WICE) announces an Equity Buyback for 13,000,000 shares, representing 1.99% for THB 170 million. Wice Logistics Public Company Limited (SET:WICE) announces a share repurchase program. Under the program, the company will repurchase up to 13,000,000 shares, representing 2% of its share capital for THB 170 million. The purpose of the plan is to conduct confidence to company’s shareholders, maximize the benefits of the company’s excess liquidity, and enhance the rate of return on equity and earning per share. The plan will be valid till July 18, 2023. As of March 10, 2022, the company had 651,899,500 shares outstanding. Buying Opportunity • Dec 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ฿12.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 2.2% per annum over the same time period. Buying Opportunity • Nov 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ฿13.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 2.2% per annum over the same time period. Price Target Changed • Nov 16
Price target decreased to ฿12.32 Down from ฿20.60, the current price target is an average from 6 analysts. New target price is 12% above last closing price of ฿11.00. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿0.93 for next year compared to ฿0.82 last year. Buying Opportunity • Nov 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be ฿14.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 72%. Revenue is forecast to decline by 0.5% in 2 years. Earnings is forecast to decline by 5.9% in the next 2 years. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: ฿0.20 (vs ฿0.25 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.20 (down from ฿0.25 in 3Q 2021). Revenue: ฿1.61b (down 30% from 3Q 2021). Net income: ฿129.8m (down 20% from 3Q 2021). Profit margin: 8.1% (up from 7.1% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Logistics industry in Thailand are expected to grow by 18%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: ฿2.06b (up 21% from 2Q 2021). Net income: ฿170.5m (up 53% from 2Q 2021). Profit margin: 8.3% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.8%. Over the next year, revenue is expected to shrink by 15% compared to a 2.7% growth forecast for the industry in Thailand. Price Target Changed • Jul 12
Price target decreased to ฿20.60 Down from ฿23.86, the current price target is an average from 4 analysts. New target price is 78% above last closing price of ฿11.60. Stock is up 14% over the past year. The company is forecast to post earnings per share of ฿0.98 for next year compared to ฿0.82 last year. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.24 (up from ฿0.13 in 1Q 2021). Revenue: ฿2.17b (up 68% from 1Q 2021). Net income: ฿157.7m (up 93% from 1Q 2021). Profit margin: 7.3% (up from 6.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 3.6%, compared to a 6.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ฿21.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Earnings per share has grown by 71%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Price Target Changed • Apr 27
Price target increased to ฿24.33 Up from ฿22.50, the current price target is an average from 3 analysts. New target price is 25% above last closing price of ฿19.50. Stock is up 185% over the past year. The company is forecast to post earnings per share of ฿0.92 for next year compared to ฿0.82 last year. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.23 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (2.3%). Reported Earnings • Feb 25
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.82 (up from ฿0.31 in FY 2020). Revenue: ฿7.67b (up 92% from FY 2020). Net income: ฿535.5m (up 166% from FY 2020). Profit margin: 7.0% (up from 5.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 7.8%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿17.40, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 24x in the Logistics industry in Thailand. Total returns to shareholders of 352% over the past three years. Price Target Changed • Jan 14
Price target increased to ฿22.50 Up from ฿16.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ฿23.30. Stock is up 273% over the past year. The company is forecast to post earnings per share of ฿0.80 for next year compared to ฿0.31 last year. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 15% share price gain to ฿22.00, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Logistics industry in Thailand. Total returns to shareholders of 550% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 19% share price gain to ฿17.60, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 24x in the Logistics industry in Thailand. Total returns to shareholders of 402% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.09 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.28b (up 149% from 3Q 2020). Net income: ฿162.2m (up 189% from 3Q 2020). Profit margin: 7.1% (up from 6.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.08 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.71b (up 64% from 2Q 2020). Net income: ฿111.4m (up 102% from 2Q 2020). Profit margin: 6.5% (up from 5.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 19% share price gain to ฿12.00, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 36x in the Logistics industry in Thailand. Total returns to shareholders of 232% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.39 per share. Price Target Changed • Jul 31
Price target increased to ฿8.80 Up from ฿7.10, the current price target is an average from 2 analysts. New target price is 13% below last closing price of ฿10.10. Stock is up 177% over the past year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 20% share price gain to ฿9.45, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 28x in the Logistics industry in Thailand. Total returns to shareholders of 156% over the past three years. Executive Departure • May 23
Independent Director has left the company On the 14th of May, Charoenkiat Huthananuntha's tenure as Independent Director ended after 6.8 years in the role. We don't have any record of a personal shareholding under Charoenkiat's name. Charoenkiat is the only executive to leave the company over the last 12 months. Price Target Changed • May 19
Price target increased to ฿8.40 Up from ฿7.10, the current price target is provided by 1 analyst. New target price is 11% above last closing price of ฿7.55. Stock is up 160% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.048 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.29b (up 98% from 1Q 2020). Net income: ฿81.6m (up 170% from 1Q 2020). Profit margin: 6.3% (up from 4.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 19 May 2021. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.5%). Major Estimate Revision • Mar 26
Consensus revenue estimates increase to ฿4.52b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿3.54b to ฿4.52b. EPS estimate increased from ฿0.32 to ฿0.35 per share. Net income forecast to grow 15% next year vs 20% growth forecast for Logistics industry in Thailand. Consensus price target up from ฿6.68 to ฿6.85. Share price was steady at ฿6.25 over the past week. Price Target Changed • Mar 25
Price target increased to ฿6.85 Up from ฿6.40, the current price target is an average from 2 analysts. New target price is 7.0% above last closing price of ฿6.40. Stock is up 381% over the past year. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿0.31 (vs ฿0.095 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.01b (up 80% from FY 2019). Net income: ฿201.1m (up 225% from FY 2019). Profit margin: 5.0% (up from 2.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 12% compared to a 19% growth forecast for the Logistics industry in Thailand. Is New 90 Day High Low • Feb 24
New 90-day high: ฿6.45 The company is up 35% from its price of ฿4.78 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.71 per share. Major Estimate Revision • Jan 23
Analysts increase EPS estimates to ฿0.28 The 2020 consensus revenue estimate increased from ฿3.36b to ฿3.41b. The earnings per share estimate also received an upgrade from ฿0.24 to ฿0.28 for the same period. Net income is expected to grow by 29% next year compared to 13% growth forecast for the Logistics industry in Thailand. The consensus price target increased from ฿6.40 to ฿6.68. Share price is down by 4.0% to ฿6.00 over the past week. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ฿5.75, the stock is trading at a trailing P/E ratio of 22.8x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 26x in the Logistics industry in Thailand. Total returns to shareholders over the past three years are 11%. Is New 90 Day High Low • Jan 05
New 90-day high: ฿5.60 The company is up 11% from its price of ฿5.05 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.51 per share. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.09 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿916.4m (up 55% from 3Q 2019). Net income: ฿56.2m (up 104% from 3Q 2019). Profit margin: 6.1% (up from 4.7% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 17
Revenue and earnings miss expectations Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 10%, compared to a 16% growth forecast for the Logistics industry in Thailand. Is New 90 Day High Low • Oct 02
New 90-day high: ฿5.25 The company is up 55% from its price of ฿3.38 on 03 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.39 per share.