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.
Triple i Logistics Public Company LimitedAir freight rates surge due to war disruptions and reduced airline capacity, boosting III's revenue and profit.