2023-09-20 03:05:48
SINO opened trading on the first day at 1.60 baht, an increase of 0.20 baht or 14.29% from the IPO price of 1.40 baht.
Globelex Securities (co-distributor) stated in its analysis that Sino Logistics Corporation Public Company Limited (SINO) has an appropriate price of 2.02 baht.
SINO, the number one sea transporter on the Thai-US route, operates a business providing international shipping management services, dividing its income into 4 types as follows: 1. Sea shipping services 2. Air shipping services 3. Warehouse rental services and 4. Logistics service support services, with a proportion of revenue in 2022 at 97.1%, 0.7%, 0.4%, and 1.4%, respectively, with a proportion of revenue from transporting goods to North America, Europe, and Asia at 78.1%. 12.3% and 6.9% respectively
Revenue and net profit in 2020-22 are at 834-5,907 million baht and 23-691 million baht, respectively, representing a three-year average growth rate (CAGR) of 166% and 444% per year, respectively. Due to the COVID-19 situation This causes increased demand for shipping, causing freight rates to increase. In addition, the weak baht supported profit growth. However, H1/66 revenue and profits shrank 78%YoY and 91%YoY to 3,703 million baht and 830 million baht, respectively, following the COVID-19 situation eased causing maritime transport. Return to normal
Number of IPO shares: 292 million shares, divided into 240 million new shares issued and 52,000,000 common shares from existing shareholders. Funding value: 336 million baht. Securities value at the IPO price: 1,456 million baht. The IPO price is considered to be a trailing P/E of 6.9 times, which is low. That’s 58 times higher than the industry average.
Fundraising for 1. Expand the service area for container storage. 2. Invest with business partners both within the country and ASEAN countries and invest in related businesses and 3. The company’s working capital. and to expand the business
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