Alpha Co., Ltd.

Asia Plus Securities assessed SJWD after AIMIRT notified the Stock Exchange of Thailand of a plan to invest further in three Alpha group assets: Phanthong, Bang Kadi, and Rangsit, with a combined value of no more than 2.59 billion baht, or total leasable area of more than 126,000 square meters. The transaction is expected to be completed within 2Q70, later than the market had expected in 4Q69, delaying recognition of profit from the asset sale. The research team estimates the deal could generate profit from the sale of about 200 to 300 million baht, and expects SJWD, which holds a 50% stake in the Alpha group, to recognize a share of profit of about 100 to 150 million baht. On the flooding situation in Bangkok and its vicinity, management assesses the impact on business as still limited, affecting only delays in transport on some routes, while all warehouses continue to operate normally. The 3Q69 profit outlook remains strong, with the research team estimating profit in the range of 320 to 360 million baht, growing more than 25% YoY, driven by the B2B Transport, Automotive, and Dangerous Goods businesses. It maintains a Buy recommendation with a fair value of 12.50 baht and views progress in establishing the Alpha REIT fund in early 2570 as a key issue to monitor.