SCGJWD LOGISTICS PCL NON-VOTING DR

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.