Triple i Logistics Past Earnings Performance

Past criteria checks 4/6

Triple i Logistics has been growing earnings at an average annual rate of 42.6%, while the Logistics industry saw earnings growing at 30.6% annually. Revenues have been declining at an average rate of 2.2% per year. Triple i Logistics's return on equity is 23%, and it has net margins of 49.1%.

Key information

42.6%

Earnings growth rate

38.3%

EPS growth rate

Logistics Industry Growth	37.6%
Revenue growth rate	-2.2%
Return on equity	23.0%
Net Margin	49.1%
Last Earnings Update	31 Dec 2023

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown
Beta

How Triple i Logistics makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

SET:III Revenue, expenses and earnings (THB Millions)
Date	Revenue	Earnings	G+A Expenses
31 Dec 23	1,764	866	306
30 Sep 23	1,855	889	389
30 Jun 23	2,201	876	411
31 Mar 23	2,481	837	440
31 Dec 22	2,789	796	438
30 Sep 22	3,270	476	380
30 Jun 22	3,131	425	370
31 Mar 22	3,051	397	357
31 Dec 21	2,939	367	363
30 Sep 21	2,398	308	341
30 Jun 21	2,128	268	338
31 Mar 21	1,833	217	335
31 Dec 20	1,607	162	333
30 Sep 20	1,739	143	331
30 Jun 20	2,072	128	346
31 Mar 20	2,438	144	364
31 Dec 19	2,713	165	361
30 Sep 19	2,797	178	351
30 Jun 19	2,862	179	354
31 Mar 19	2,850	167	353
31 Dec 18	2,771	150	372
30 Sep 18	2,712	128	396
30 Jun 18	2,512	110	397
31 Mar 18	2,352	115	397
31 Dec 17	2,295	130	392
30 Sep 17	2,195	123	401
30 Jun 17	2,178	123	398
31 Mar 17	2,165	103	391
31 Dec 16	2,076	89	376
31 Dec 15	1,542	-2	285
31 Dec 14	1,139	2	216

Quality Earnings: III has a high level of non-cash earnings.

Growing Profit Margin: III's current net profit margins (49.1%) are higher than last year (28.5%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: III's earnings have grown significantly by 42.6% per year over the past 5 years.

Accelerating Growth: III's earnings growth over the past year (8.9%) is below its 5-year average (42.6% per year).

Earnings vs Industry: III earnings growth over the past year (8.9%) exceeded the Logistics industry -42.2%.

Triple i Logistics Past Earnings Performance

Past criteria checks 4/6

Key information

Recent past performance updates

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Third quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.23 in 3Q 2022)

Second quarter 2023 earnings: EPS and revenues miss analyst expectations

First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Full year 2022 earnings released: EPS: ฿1.25 (vs ฿0.62 in FY 2021)

Third quarter 2022 earnings released: EPS: ฿0.23 (vs ฿0.16 in 3Q 2021)

Recent updates

Triple I Logistics Public Company Limited Announces Appointment of Directors of Sub-Committees

Upcoming dividend of ฿0.18 per share

Consensus revenue estimates fall by 21%

Price target decreased by 7.3% to ฿13.22

Final dividend reduced to ฿0.18

Triple i Logistics Public Company Limited, Annual General Meeting, Apr 23, 2024

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Triple i Logistics Public Company Limited Proposes Dividend for the Year 2023, Payable on May 16, 2024

Price target decreased by 8.1% to ฿13.92

Third quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.23 in 3Q 2022)

Now 24% undervalued after recent price drop

Upcoming dividend of ฿0.20 per share at 4.6% yield

Triple i Logistics Public Company Limited (SET:III) announces an Equity Buyback for 25,000,000 shares, representing 3.1% for THB 300 million.

New major risk - Earnings quality

Second quarter 2023 earnings: EPS and revenues miss analyst expectations

New major risk - Revenue and earnings growth

Price target decreased by 12% to ฿15.10

First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Consensus revenue estimates decrease by 16%

Upcoming dividend of ฿0.40 per share at 4.0% yield

Full year 2022 earnings released: EPS: ฿1.25 (vs ฿0.62 in FY 2021)

Less than half of directors are independent

Third quarter 2022 earnings released: EPS: ฿0.23 (vs ฿0.16 in 3Q 2021)

Price target decreased to ฿18.30

Now 20% undervalued after recent price drop

Upcoming dividend of ฿0.15 per share

Triple i Logistics Public Company Limited Announces Interim Dividend For Operating Period from 01 January 2022 to 30 June 2022, Payable on 09 September 2022

Second quarter 2022 earnings: EPS and revenues miss analyst expectations

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

First quarter 2022 earnings: EPS and revenues miss analyst expectations

Less than half of directors are independent

Triple I Logistics Public Company Limited Approves Payment of Dividend for the Year 2021, Payable on May 17, 2022

Upcoming dividend of ฿0.30 per share

Triple i Logistics Public Company Limited, Annual General Meeting, Apr 19, 2022

Full year 2021 earnings: EPS and revenues exceed analyst expectations

Triple i Logistics Public Company Limited Proposes Annual Dividend Payment for the Year 2021, Payable on 17 May 2022

Triple i Logistics Public Company Limited Announces Resignation of Teeranit Isarangkul Na Ayudhaya as Director

Third quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.096 in 3Q 2020)

Upcoming dividend of ฿0.10 per share

Price target increased to ฿14.48

Consensus revenue estimates increase to ฿2.53b

Price target increased to ฿11.47

Triple i Logistics Public Company Limited (SET:III) entered into information memorandum to acquire additional 8% stake in A.T.P. Friend Services Co., Ltd. from Thaweechok Saetang, Patcharatorn Thewarit, Satheranat Lapkaiwan and Ekkalak Pintafai for THB 28 million.

Second quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.057 in 2Q 2020)

Investor sentiment improved over the past week

Price target increased to ฿9.58

Consensus revenue estimates increase to ฿2.14b

First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.037 in 1Q 2020)

Upcoming dividend of ฿0.10 per share

Price target increased to ฿8.20

Analysts increase EPS estimates to ฿0.29

New 90-day high: ฿7.40

Triple i Logistics Public Company Limited, Annual General Meeting, Apr 20, 2021

Full year 2020 earnings released: EPS ฿0.27 (vs ฿0.27 in FY 2019)

Revenue and earnings beat expectations

New 90-day high: ฿6.80

Price target raised to ฿6.40

New 90-day high: ฿6.65

Market bids up stock over the past week

New 90-day high: ฿5.05

Earnings beat expectations, revenue disappoints

Third quarter 2020 earnings released: EPS ฿0.096

Analysts update estimates

New 90-day low: ฿3.96

New 90-day low - ฿4.22

First half earnings released

New 90-day high - ฿4.66

Sky ICT Public Company Limited (SET:SKY) agreed to acquire 46.8% stake in SAL Group (Thailand) Company Limited from Triple i Logistics Public Company Limited (SET:III) and My Box Company Limited for approximately THB 210 million.

Revenue & Expenses Breakdown
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