Triple i Logistics Public Company Limited

Triple i Logistics Public Company Limited, or III, announced second-quarter 2026 results with net profit of 140.9 million baht, up 91.5% from the same period last year and up 48.2% from the previous quarter, marking the highest net profit in 10 quarters. Total revenue was 725.6 million baht, up 12.9% year-on-year and up 19.9% quarter-on-quarter. Growth was driven by all three core business groups: air cargo transportation, logistics for chemicals and dangerous goods, and logistics management. Share of profit from associates was 115.8 million baht, up 61.7% year-on-year, as ANI recognised higher profit from its airline cargo sales agency business, while AOTGA's profit declined due to investment expenses for service expansion. As a result, first-half 2026 total revenue reached 1.33 billion baht, up 13.3%, and net profit totalled 235.9 million baht, up 29.5% from the previous year. For the second half, the company is confident in continued growth from the high season and its Aviation Ecosystem strategy, including charter flight services and fixed-schedule freighter services in the fourth quarter, along with an additional 5,000 square metres of chemical warehouse space. The company is also in talks on two to three merger and acquisition deals expected to close in 2026. It is therefore confident in raising its 2026 growth target from 15% to 20%.

Yuanta Securities forecasts that Triple I Logistics Public Company Limited, or III, will post a normalised profit of 118 million baht in the second quarter of 2026, up 24% from the previous quarter and 40% from a year earlier, supported by higher air freight rates amid supply disruptions during the war. Total revenue is projected at 690 million baht, rising 14% quarter-on-quarter and 7% year-on-year, with the air freight business seeing strong demand and reduced airline capacity, pushing average freight rates in the current quarter up 26% from the prior quarter and 30% from a year ago. Gross margin is expected to improve to 20.0%. Profit contribution from associate ANI is forecast to grow strongly to 110 million baht, an increase of 22% from the previous quarter and 54% from a year earlier, benefiting from the same trends as the air freight business and recognising backdated revenue from the expansion of overseas service bases. The normalised profit trend for the third quarter is expected to be stable to growing, driven by seasonally higher cargo volumes and a recovery in profit share from AOTGA as Thai tourism rebounds. The fourth quarter is projected to be the strongest quarter on seasonal factors, with potential upside if III obtains a full air cargo carrier licence within the fourth quarter of 2026. The broker maintains a buy rating with a target price of 5.50 baht.