| 6M24 | 6M23 | 2023 | 2022 |
|---|
| Revenues | 629.79 | 650.35 | 1,250.03 | 1,481.72 |
| Expenses | 594.12 | 605.95 | 1,170.80 | 1,400.80 |
| Net Profit (Loss) | 23.61 | 29.75 | 57.51 | 57.92 |
| Assets | 1,011.73 | 973.01 | 1,068.55 | 1,015.87 |
| Liabilities | 334.93 | 548.69 | 409.45 | 607.58 |
| Shareholders' Equity | 676.70 | 422.43 | 660.51 | 408.52 |
| Operating | 29.40 | -26.40 | 17.74 | 98.52 |
| Investing | -7.94 | 1.18 | -178.89 | -8.64 |
| Financing | -40.01 | -39.37 | 69.39 | -23.74 |
| EPS (Baht) | 0.04 | 0.09 | 0.14 | 0.19 |
| GP Margin (%) | 13.44 | 14.70 | 15.00 | 14.10 |
| NP Margin (%) | 4.06 | 4.90 | 4.51 | 3.38 |
| D/E Ratio (x) | 0.49 | 1.29 | 0.62 | 1.49 |
| ROE (%) | 9.35 | 13.95 | 10.76 | 14.18 |
| ROA (%) | 7.09 | 8.65 | 7.47 | 8.03 |
1. Expanding Services to Include Cold Chain
Expand investments in temperature-controlled Reefer Containers while establishing the infrastructure to integrate a temperature-controlled logistics system (Cold Chain). This is aimed at increasing the value of services, with a focus on maintaining product quality until it reaches the destination.
2. Expanding Business into New Markets (through mergers or acquisitions / partnerships)
Expand business through mergers and acquisitions or joint ventures in Vietnam and Cambodia to enhance cost management efficiency, increase asset value and networks, and extend the customer base.
3. Increase of Vehicles to Accommodate Future Growth
The Company focuses on generating revenue as well as profitability and long-term growth. To seize future business opportunities, the Company plans on an expansion of its fleet, including tow trucks and semi-trailers, as well as temperature-controlled containers, to meet customer demands.
4. Improvement of Transportation Management System
Develop a real-time delivery tracking and management system to allow customers to have complete visibility into their supply chain, enhance the efficiency of route planning, and expand the company's service to accommodate future growth.
5. Cost and Expense Control and Management
ETL has implemented measures for vehicle management, with a focus on increasing the utilization of vehicles within the Group to manage costs more effectively. Additionally, ETL will enhance the efficiency of managing backhaul trips.
In the 1H of 2024, the increased demand of fruit export to China rendered the Company receive additional market shares from new customers. The Company generated an increase in revenue of 58% compared to that of 6M last year. The Company has also been benefited in expanding its customer base and foresee to obviously see the growth in Q3 and Q4.
In this quarter, the import and export direction expanded from the previous quarter, especially China, which had an increase in the volume of import and export of goods. In addition, the demand for fruit export to China increased, causing the Company to gain more market shares from the new customer group. As a result, the transportation volume in this quarter increased by 15%, and the Company had net profit of Baht 16.48 million, an increase of Baht 7.83 million or 90% compared to the first quarter of this year.
Service income
In the second quarter of the year, the Group generated total revenue of Baht 340 million, which increased by 90% when compared to QoQ. The main reasons for the increase were from the higher volume of fruit export shipments to China through Cold Chain transportation, which had quite high demand. In addition, the import and export situation of China in the first half of the year has expanded. As a result, the proportion of revenue from China is up to 40 percent of the total revenue, followed by Malaysia with 31% and Thailand with 29% respectively. For the six-month period of 2023 and 2024, the Group generated service income of Baht 646 million and Baht 609 million, respectively. The decrease of 6%, mainly due to a decrease in service income from a certain major customer; however, the Company was able to find new groups of customers to replace.
Gross profit and Gross profit margin
The Company's GPM for Q2 and t6M of 2024 decreased, resulting from the adjustment of fuel prices both in Thailand and Malaysia, including the increase in the cost of outsourcing transportation due to fuel price fluctuation. However, the Company has foreseen external factors that tend to increase continuously. Therefore, a preventive approach has been sought to reduce fluctuations in transportation costs by managing trips to be more efficient.
ETL currently has new 100 Reefer containers ready for operations by targeting to agricultural, dairy, FMCG and pharmaceutical products. ETL also expands the fleet of prime movers – trailers in Thailand, Malaysia, and Vietnam as well as has been provided great feedback by both existing and new customers since ETL is the first company investing in 45 feet-reefer containers to support market demand which lacks this kind of equipment.
The Company has implemented an Enterprise Risk Management Policy: ERM Policy and complied with such policy, which includes both enterprise and operational risks to manage those risks to be in acceptable levels (risk appetite). Furthermore, the Company regularly considers significant matters by complying with risk management policy in Risk Management Committee meetings including strategic risk, operational risk, financial risk, compliance risk and new risk.
-Transported Asset Protection Association (TAPA)
-Q MARK certified the quality standard of truck transportation services from the Department of Land Transport.
-Carbon Footprint Standard Certified from Thailand Greenhouse Gas Management Organization (TGO) and ISO14064-1:2018
| as of 28/06/24 | ETL | TRANS | SET |
|---|---|---|---|
| P/E (X) | 13.65 | 46.85 | 17.05 |
| P/BV (X) | 1.02 | 2.62 | 1.22 |
| Dividend yield (%) | - | 1.33 | 3.53 |
| 28/06/24 | 28/12/23 | - | |
|---|---|---|---|
| Market Cap (MB) | 682.00 | 1,010.60 | N/A |
| Price (B/Share) | 1.10 | 1.63 | N/A |
| P/E (X) | 13.65 | 19.43 | N/A |
| P/BV (X) | 1.02 | 1.56 | N/A |