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.
SCGJWD LOGISTICS PCL NON-VOTING DRSJWD expects stronger Q2 profit driven by automotive EV transport, cold storage occupancy, and overseas growth.
BYD Co Ltd Class A
