Asia Plus maintains Buy on SJWD with 12.50 baht target, expects third-quarter profit of about 320-360 million baht

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Asia Plus Securities maintains a Buy rating on SJWD shares with a fair value of 12.50 baht, estimating third-quarter profit at around 320-360 million baht. Although this is down from the peak in the second quarter on seasonal factors, it still represents growth of more than 25% from a year earlier and is in line with the company's new earnings base. The B2B Transport business performed better than planned, while AutoLogistic, Freight and Dangerous Goods remain the main drivers. The cold storage business weakened on inventory reductions by Tuna customers, but is expected to recover in the fourth quarter. The research team noted that the latest rise in diesel prices has pushed transport costs back to high levels, though the impact on SJWD is more limited than during the earlier war period, since there is no oil shortage and the company can pass costs on to customers more effectively. Looking ahead, the company expects to begin realizing benefits from integrating its accounting and ERP systems, which will help cut expenses by about 50 million baht per year, alongside lower financial costs from debt refinancing. Meanwhile, an M&A deal in progress, which is expected to become clearer late this year, and a plan to establish Alpha REIT in early 2027, with assets in the pipeline worth several billion baht, will be key catalysts helping to expand the earnings base and unlock asset value in 2027.

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