SCGJWD LOGISTICS PCL NON-VOTING DR

Tisco Securities sees Thai stocks entering a recovery phase, with listed-company profits in the second quarter of 2026 setting record highs in revenue, net profit and EBITDA, while valuations remain attractive. Excluding DELTA, the Thai stock market trades at a 12-month forward PER of just 11.8 times, and about 60% of Thai listed companies still trade below their book value. The Thai market also offers an average dividend yield of around 3.9%, higher than the regional average of about 3.4%. Apichat Poobanjerdkul, senior director of the strategic analysis department at Tisco Securities, said the Thai economy and stock market are entering a period of stronger fundamentals, driven by private-sector investment, the AI and data center investment cycle, and continued growth in electronic component exports. He added that there is also long-term upside from large-scale infrastructure investment, especially the PDP 2026 power development plan, which is expected to involve investment worth as much as 2 to 3 trillion baht and is initially expected to add no less than 0.5% per year to GDP growth, making it the most important structural positive factor for Thailand in several decades. Tisco Securities assesses key support levels at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630 and 1,660 points respectively. It recommends gradually accumulating during market weakness, and its top picks for October are BH, DELTA, KBANK, PTTEP, SJWD, TRUE and TVO.

Krungsri Securities said in an analysis dated September 29, 2026 that it holds a positive view on SCG JWD Logistics, or SJWD, maintaining a Buy recommendation with a 2027 target price of 12 baht, driven by rising freight rates. The Baltic Dry Index and the World Container Index have risen about 46% and 92% respectively since the start of the year, while prolonged geopolitical risk is accelerating import-export activity and tightening supply chains, a positive for SJWD's Transport, Freight and Equity Income businesses. Krungsri also sees long-term upside from the plan to relocate the Khlong Toei port to Laem Chabang port, which currently handles about 1.3 million TEU of containers and roughly 1.5 to 2.0 million tonnes of bulk cargo per year. It estimates that for every 5% of market share SJWD gains from Khlong Toei's shipping volume, annual profit would rise about 2%, and there is further opportunity from the new round of concessions for ports A5 and B1-B5 under the Port Authority of Thailand, where existing concessionaires NYT, Evergreen, ESCO and TIPS each average about 300 to 400 million baht in annual profit per port. Krungsri expects SJWD to post normalised profit of about 1.294 billion baht in 2026, up 16.6% from a year earlier, on revenue of about 27.295 billion baht, up 8.5%.

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.

SCG JWD Logistics Public Company Limited, or SJWD, successfully offered a total of 1.5 billion baht in bonds. The second digital bond tranche, worth 500 million baht, with a tenor of 3 years and 6 months and a fixed interest rate of 2.95% per year, was opened for subscription through Krungthai Bank's Paotang application between September 18 and 22, 2026, and the full amount was fully subscribed in just 46 seconds. Meanwhile, the first tranche, worth 1 billion baht, with a tenor of 3 years and a fixed interest rate of 2.85% per year, was opened for subscription through Kasikornbank and Kiatnakin Phatra Securities, as well as to institutional investors and high-net-worth investors through TMBThanachart Bank and TTB Wealth Securities, drew interest more than double the offered amount. Dr. Eakpong Tungsrisanguan, Chief Financial Officer, said the response reflects investor confidence in SJWD's potential and business position as a regional provider of comprehensive logistics and supply chain services. For its second-quarter 2026 results, the company reported total revenue of 7.0648 billion baht, up 11.6% from the previous quarter, and net profit of 463.4 million baht, up 67.6% from the previous quarter, a new record high for the company. For the first six months of 2026, total revenue was 13.397 billion baht, up 4.0% from the same period a year earlier, and net profit was 739.9 million baht, up 14.3% from the same period a year earlier. This fundraising also allows SJWD to lock in interest-rate costs over the long term and is expected to significantly reduce its interest burden, while strengthening cash flow to support future business expansion plans.

SCG JWD Logistics, or SJWD, has announced the offering of 3-year bonds with a coupon of 2.85% per year and 3-year 6-month digital bonds with a fixed coupon of 2.95% per year. The general public is expected to be able to subscribe on September 18 and September 21-22. The bonds have been assigned a credit rating of BBB+(tha) with a stable outlook by Fitch Ratings (Thailand) on July 2, 2026. The 3-year bonds will be subscribed through 3 financial institutions, while the digital bonds will be subscribed only through the Paotang application. Dr. Eakpong Tangsrisanguan, Chief Financial Officer, said the proceeds from this offering will be used to repay debt from previous debenture issuance, or roll-over. In the first 6 months of 2026, the company had profit attributable to the parent company of 739.9 million baht, an increase of 14.2% from the same period last year.

GULF announced a strategic partnership with Singtel Group to develop subsea cable infrastructure connecting Thailand and Singapore, aiming to elevate international connectivity and strengthen the digital infrastructure readiness of both countries. The collaboration also builds on existing capabilities to meet continuously rising demand for cloud services, artificial intelligence or AI, data centers, and digital services, while expanding business opportunities to create shared value and long-term growth. Meanwhile, SISB is confident of continued growth in the second half of the year and is upgrading its curriculum by integrating Artificial Intelligence Literacy into teaching, revising its Chinese language program, and adding educational guidance services for university admission both domestically and abroad. The company believes its more than 25 years of experience will drive sustainable long-term growth. Separately, SJWD plans to offer debentures to the general public with a total value of up to 1.5 billion baht, divided into a first tranche of 3-year debentures with a coupon of 2.85% per year, offered on September 18 and September 21-22, and a second tranche of 3-year 6-month digital debentures with a coupon of 2.95% per year, offered on September 18-22. The company is highlighting its record-breaking second-quarter 2026 results, with revenue and net profit at all-time highs, as a selling point.

SCG JWD Logistics Public Company Limited (SJWD) has announced the establishment of a new subsidiary in Myanmar, named SCGJWD Logistics Myanmar Company Limited, with registration completed on September 1, 2026. The subsidiary will provide logistics consulting and research services in Myanmar, with operations and commercial revenue expected to commence from October 2026 onward. The subsidiary has a registered capital of 5,000 US dollars, equivalent to 164,650 baht, divided into 50 ordinary shares with a par value of 100 US dollars or 3,293 baht per share, fully paid up. SJWD holds 100 percent of the registered capital.

The Q2/2026 results of the transport and logistics group, comprising SJWD, ANI, III, and WICE, reflect a significant recovery. ANI posted a net profit of 261.7 million baht, up 92.5% year-on-year and 130.6% quarter-on-quarter. III's net profit was 140.9 million baht, up 91.6% year-on-year. SJWD reported revenue of 7,064.8 million baht and net profit of 463.5 million baht, up 64.0%. WICE's net profit was 29.0 million baht, up 24.8%. For the first half, SJWD had total revenue of 13,397.0 million baht and net profit of 739.9 million baht, up 14.2%. ANI had revenue of 3,882.4 million baht and net profit of 375.2 million baht, up 36.9%. III had revenue of 1,330.5 million baht and net profit of 235.9 million baht, up 29.5%. WICE had revenue of 2,800.9 million baht and net profit of 48.3 million baht, down 39.2%. III had the highest net profit margin at 17.7% and the lowest P/E at 9.2 times, while ANI had the highest dividend yield at 5.6%.

SCGJWD Logistics Public Company Limited, or SJWD, is preparing to offer two tranches of bonds with initial fixed coupon rates between 2.85 and 3.20 percent per annum, paying interest every three months. The first tranche has a tenor of three years and a coupon of 2.85 to 3.10 percent per annum, with subscription opening on 18 and 21 to 22 September 2026 through Kasikornbank, TMBThanachart Bank, and Kiatnakin Phatra Securities, with a minimum subscription of 100,000 baht. The digital bond tranche has a tenor of three years and six months and a coupon of 2.95 to 3.20 percent per annum, with subscription opening from 18 to 22 September 2026 exclusively through the Pao Tang application of Krungthai Bank, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per investor. The bonds and the company were assigned a credit rating of BBB plus Thai with a stable outlook by Fitch Ratings on 2 July 2026. Proceeds will be used to repay existing debt instruments. For the first six months of 2026, the company reported net profit of 739.9 million baht, up 14.2 percent, and total revenue of 13.397 billion baht, up 4 percent from the same period last year.

SCGJWD Logistics Public Company Limited, or SJWD, together with the Thai Food Processors Association, or TFPA, has announced a strategic partnership to develop the Thailand Food Logistics Platform, enhancing the competitiveness of Thailand's food industry. The two parties have signed a memorandum of understanding. The collaboration aims to build a world-class logistics system through three core pillars: speed, quality, and efficiency, to support the long-term growth of Thai food exports. The implementation will be carried out in three phases, starting with a study of potential and the design of an export consolidation system, connecting operators to a temperature-controlled warehouse network, and expanding the model nationwide, with the goal of positioning Thailand as a global food export hub.

SJWD shares climbed 1.96% to 10.40 baht after a broker maintained a buy rating and raised its target price to 12.50 baht from 12.00 baht, citing second-half 2026 earnings growth supported by high warehouse occupancy and demand from AI and data center customers, as well as an expanding transport customer base. The company expects to book average share of profit from investments of 120 million baht per quarter and plans to inject its ALPHA warehouse into the AIMIRT trust for 800 to 900 million baht in the fourth quarter of 2026, while setting up a new REIT for ALPHA in 2027 worth 3 to 4 billion baht. Dao Securities raised its 2026 normalized profit estimate by 4% to 1.25 billion baht, up 13% year on year, while another research note put fair value at 12.80 baht based on a discounted cash flow method, implying upside of about 25% from the reference price of 10.20 baht.

Finansia Syrus Securities stated that SCGJWD Logistics reported a normalised profit of 366.7 million baht for the second quarter of 2026, up 37.4% from the previous quarter and 28.6% from the same period last year, marking a record high and coming in 9% above the research team's estimate, driven by better-than-expected gross margin and higher profit contributions from associates. Net profit was 463.5 million baht, including positive net extraordinary items of 96.7 million baht. The transport business saw revenue rise 5.6% from the previous quarter and 7.1% from a year earlier, with gross margin reaching a record high of 10.4%. The warehouse business posted revenue growth of 13.1% from the previous quarter and 16.5% from a year earlier, with a gross margin of 26.9% and warehouse utilisation rising to 94.8%. Overseas logistics operations generated record revenue of approximately 1.3 billion baht, while profit contributions from associates increased to 121.3 million baht. Finansia Syrus expects normalised profit in the third quarter of 2026 to slow from the previous quarter due to seasonal factors, but still grow from a year earlier, and maintains a buy recommendation with a target price of 13.30 baht.

Triple i Logistics Public Company Limited, or III, and SCGJWD Logistics Public Company Limited, or SJWD, have reported their second quarter 2026 results, with both companies posting strong net profit growth. III recorded a net profit of 140.9 million baht, up 91.5 percent from the same period last year and the highest level in ten quarters. SJWD posted a net profit of 463.5 million baht, up 64 percent and a record high. For the first six months, III reported a net profit of 235.9 million baht, up 29.54 percent, while SJWD reported a net profit of 739.9 million baht, up 14.2 percent. III was supported by higher air freight rates and an expanded customer base, while SJWD was driven by growth across all core businesses and an 85.6 percent increase in profit sharing from associates, particularly from Transimex Corporation and Asia Network International PCL.

SCGJWD Logistics Public Company Limited, or SJWD, reported second-quarter 2069 results that set a new record, with total revenue of 7.06 billion baht, up 11.6% from the previous quarter and 9.7% from the same period last year, and net profit of 463.4 million baht, up 67.6% from the previous quarter and 64.0% from the same period last year. Share of profit from joint ventures rose to 201.3 million baht, also a new record. Gross profit margin increased to 15.0%, compared with 14.1% in the previous quarter and 14.0% in the same period last year. General warehouse business revenue was 388.3 million baht, up 18.5%. Dangerous goods warehouse revenue was 169.5 million baht, up 12.9%. Cold storage warehouse revenue was 327.0 million baht, up 20.4%. B2B freight transportation services revenue was 2.36 billion baht, up 11.3%. D2C freight transportation services revenue was 616.9 million baht, up 25.0%. Multimodal transportation services revenue was 283.0 million baht, up 12.5%. Overseas business revenue was 1.25 billion baht, up 20.1%. The board approved an interim dividend for the first six months of 2026 at 0.20 baht per share, totaling 355.3 million baht, with the ex-dividend date set for 26 August 2026 and payment on 10 September 2026. The company expects full-year performance to exceed its revenue target of 26 billion baht, supported by rising demand for logistics and warehouse services, general warehouse business tied to AI and data center investment supply chains in Thailand, where about 25,000 pallets of such goods are currently stored and are expected to increase by another 30% within 12 months, as well as a plan to reduce financial costs by issuing new debentures worth 1.5 billion baht to replace 3.7 billion baht of debentures maturing this year.

ASL Securities assesses that SJWD will post a better profit in the second quarter of 2026 than in the first quarter, driven by the automotive business benefiting from electric vehicle transport, especially BYD, a cold storage business with a high occupancy rate near 80%, and continued growth in overseas operations. The second half of the year is likely to outperform the first half due to seasonality and revenue recognition from new projects. The company targets a 2026 net profit of more than 1.2 billion baht and a long-term goal of reaching 3 billion baht in 2030, through reducing financial costs by using cash flow to repay debentures and increasing the proportion of low-interest bank loans, alongside a Digital Infrastructure Blueprint project that helps lower selling and administrative expenses. Meanwhile, the cold storage business maintains a high gross margin of nearly 39%, and the freight transport business benefits from recovering shipping freight rates. Although the Middle East conflict causes volatility in oil costs and freight rates, SJWD can pass on costs to customers, so margins are not significantly affected. The company also aims to increase the share of profit from overseas to 40% within two to three years, from nearly 20% currently, through expanding cold storage warehouses in Malaysia and ASEAN, and expects to close one to two merger and acquisition deals in the third to fourth quarter of 2026 to support inorganic growth. In addition, SJWD benefits from megatrends in the electric vehicle supply chain and data centers, providing logistics services to more than 16 car brands, as well as warehousing and logistics for the artificial intelligence and data center industries.

Analysts at Finansia Syrus Securities assess that the SET Index in August 2026 has a chance to rise and test key resistance at 1,680 to 1,700 points, maintaining a positive view as long as the index holds above 1,580 to 1,600 points. They have also raised the index target to 1,710 points by mid-2027, based on an estimated average earnings per share of 100.5 baht and a target price-to-earnings ratio of 17 times. Second-quarter 2026 net profits of Thai listed companies are expected to decline 7% from the previous quarter and 10% from the same period last year, pressured by banking, energy, transport, and property sectors, while electronics, petrochemicals, packaging, and telecoms show better trends. Analysts also believe foreign fund inflows into the Thai stock market will continue, as foreign ownership excluding DELTA remains below past peaks. For the August strategy, they recommend selective investment in stocks with standout second-quarter 2026 results and bright second-half outlooks, highlighting picks such as BTG, ITC, MAGURO, SJWD, and STA.

SJWD shares rose 3.23% to 9.60 baht after several brokers forecast second-quarter 2026 profit would hit a record high since the merger with SCG Logistics. Dao Securities estimated normalised profit at 360 million baht, up 26% from a year earlier, and raised its target price to 12.00 baht from 10.50 baht. Krungsri Securities projected normalised profit of 341 million baht, up 20% year-on-year, maintaining a buy rating and target of 11.00 baht. Asia Plus Securities estimated net profit at 369 million baht, up 31% from a year ago, keeping a buy recommendation and target of 10.50 baht. The strong performance was driven by growth in the transport and warehouse business, supported by uncertainty in the Middle East, along with an expanding customer base and improved cost management efficiency.

Several brokers view MOSHI as the standout in the retail sector. Maybank Securities forecasts second-quarter 2026 profit at 154 million baht, up 15% year-on-year, with same-store sales growth of 3.5%, the highest in the group. KGI Securities and DBS Vickers Securities emphasize recovering consumer confidence and ongoing branch expansion plans. In the hotel sector, ERW is expected to post a 25% year-on-year profit increase in the second quarter of 2026, supported by short-haul tourists and HOP INN. CENTEL is projected to earn 120 million baht, up 15% year-on-year, and is benefiting from positive sentiment around year-end domestic events. For large-cap stocks, PTT is seen as having its core business returning to a recovery cycle. Krungsri Securities expects normalized profit in 2026 to grow 66%, with the stock trading at a low price-to-book value of just 0.95 times. TRUE is forecast to achieve a new record high for second-quarter 2026 profit, reaching 6.8 billion baht, a 232% year-on-year surge, driven by higher margins and reduced competition. In logistics, SJWD is expected to report normalized second-quarter 2026 profit of 337 million baht, up 18% year-on-year, the highest in five quarters. UOB Kay Hian has upgraded BJC to a buy recommendation, citing an improving utilization outlook for its glass bottle production. Additionally, AIRA Securities notes that GANFENG23, which references Ganfeng Lithium Group, one of the world's largest lithium producers, has a forward price-to-earnings ratio for 2026 of just 7.8 times, well below its five-year historical average of 14.4 times, with earnings expected to recover as lithium carbonate prices rise to 160,000 yuan per ton.