KEX Express (Thailand) Public Company Limited (“KEX”) is one of the leading express parcel delivery companies in Thailand that has been operating continuously since 2006, offering a comprehensive range of integrated parcel delivery services to customers at competitive prices.
KEX is also one of the direct subsidiaries under SF Holdings, the largest integrated logistics services provider in China and the fourth largest in the world. KEX strives to offer the highest quality of goods, services, and innovations to sustain its position as the leading express delivery brand in Thailand.
| 9M24 | 9M23 | 2023 | 2022 |
|---|
| Revenues | 7,793.05 | 8,994.98 | 11,541.48 | 17,145.04 |
| Expenses | 10,666.15 | 12,378.77 | 16,055.93 | 20,681.54 |
| Net Profit (Loss) | -3,286.53 | -2,725.09 | -3,880.64 | -2,829.84 |
| Assets | 12,455.66 | 8,593.70 | 9,055.71 | 12,093.24 |
| Liabilities | 7,528.73 | 4,818.71 | 6,412.81 | 5,595.55 |
| Shareholders' Equity | 4,950.10 | 3,781.93 | 2,653.26 | 6,499.85 |
| Operating | -1,855.80 | -1,621.41 | -2,038.77 | -1,282.50 |
| Investing | -451.03 | 521.54 | 260.29 | 4,534.53 |
| Financing | 6,739.29 | -578.39 | 351.78 | -2,377.87 |
| EPS (Baht) | -1.70 | -1.56 | -2.23 | -1.62 |
| GP Margin (%) | -22.81 | -24.13 | -25.00 | -9.89 |
| NP Margin (%) | -42.58 | -30.48 | -33.80 | -16.62 |
| D/E Ratio (x) | 1.53 | 1.28 | 2.43 | 0.86 |
| ROE (%) | -101.87 | -65.84 | -84.79 | -35.82 |
| ROA (%) | -42.11 | -33.57 | -42.71 | -24.27 |
Looking ahead, KEX will continue to advance the DIVERSIFIED BUSINESS INITIATIVES TO EXPLORE NEW REVENUE STREAMS, ENHANCE MARGINS especially retail customers, OPTIMIZE NETWORK PLANNING, INTEGRATED ONE STOP SOLUTION, INTERNATIONAL AND CROSS BORDER delivery linking Thailand to other major countries. This strategic focus includes maximizing facility rentals and effectively managing workforce costs associated with operational activities.
Economic and Governance Management Focus on enhancing service quality & customer relationship management. Drive innovation forward through investments and R&D of new products and services. Ensure a secure information management system and handling of personal data to enhance a safe and secure internal system and avoid all information breaches. Environmental Management KEX gearing towards the green economy with the commitment to achieve net zero emission within 2050 through route optimisation, electric vehicle transition, and efficient use of natural resources. People Management KEX commits to promote human capital development by building the new process and platform. Upskill employees in all levels to ensure the competencies.
For more information, please visit the Company's Sustainability page at
https://investor.th.kex-express.com/en/sustainability/sustainability-as-strategy
• No.1 express parcel delivery brand in Thailand 7 consecutive years granted by Marketeer Online.
• KEX completed the Right Offering transaction in August 2024 with a total of 1,762,393,295 shares or THB 5,639,658,544.
• In 3Q/2024, Kerry Express commenced its rebranding by changing the name and trademark “KEX” as part of a long-term strategy to drive business transformation and ensure a smooth transition aligned with the Company’s future development.
Sales and service income for the nine-month period amounted to THB 7,718.2 million, marking a 14% decline compared to the same period last year. The reduction was primarily driven by lowered delivery volumes as expected, particularly a reduction in the E-commerce platforms to focus resources on developing higher yield segments.
The costs of sales and services were reported at THB 9,479.0 million, representing a 15% decrease compared to the same period last year. This reduction has benefited from continuously executed cost management for optimization of operation facilities and routes with the improvement in our system (i.e. routing maps) and increased staff productivity.
Selling and administrative expenses (SG&A) (incl. net impairment losses) were reported at THB 1,187.2 million, decreased by 6% compared to the same period last year, mainly resulting from cost and network optimization.
As a result, the Company and its subsidiaries reported a loss before income tax of THB 2,969.8 million for the nine-month period, reflecting an improvement of 13% compared to the same period last year, however the Net loss attributable to owners of the Company amounted to THB 3,286.5 million, representing a 20% wider losses compared to 9M/2023, primarily due to income tax adjustment during the year 2024.
• KEX announced a strategic rebrand, changing its name and trademark to "KEX". This move continues its mission to provide superior delivery solutions, seamlessly connecting the world and offering fast, reliable local deliveries under “GLOBAL CONNECTIONS, LOCAL DELIVERIES."
• KEX has expanded its offering to enable customers to send express parcels abroad. Adding a special service, GLOBAL EXPRESS PLUS (GE+) from the collaboration between “UPS” and “SF Express”, to provide a superior experience with express parcel delivery options to numerous destinations.
• KEX Express Service Co., Ltd., a subsidiary of KEX Express (Thailand) Public Company Limited, has been awarded the prestigious "Outstanding Workplace of the Year 2024" by the Social Security Office.
KEX’s risk management framework and policy are in conformity with COSO ERM 2017. The main purposes are to ensure that the organization conducts the business with good governance, risks and potential incidents are reported to management in an adequate and timely manner, root causes of risks are analyzed, impact and likelihood of risks are minimized, roles and responsibilities of stakeholders are clearly defined, and KEX is encouraged to achieve its business objectives.
Won 7 consecutive years as "No.1 Brand Thailand 2024"
| as of 30/09/24 | KEX | TRANS | SET |
|---|---|---|---|
| P/E (X) | - | 44.48 | 18.03 |
| P/BV (X) | 1.65 | 2.83 | 1.37 |
| Dividend yield (%) | - | 1.22 | 3.16 |
| 30/09/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 9,884.02 | 8,608.33 | 32,063.42 |
| Price (B/Share) | 2.82 | 4.94 | 18.40 |
| P/E (X) | - | - | - |
| P/BV (X) | 1.65 | 2.28 | 4.36 |
