← SCGJWD LOGISTICS PCL NON-VOTING DR overview

SCGJWD LOGISTICS PCL NON-VOTING DR vs Triple i Logistics: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

SCGJWD LOGISTICS PCL NON-VOTING DR (SJWD.BK)

Q3 2026
▲3▼1

Record Q2 profit, cheap funding, and new logistics bets lift SJWD

  • Record Q2 profit on AI/data-centre warehouse demand SJWD reported record Q2 net profit of 463 million baht, up 64% year-on-year, as demand for warehouses serving AI and data centres surged. First-half profit rose 14.2%, showing the core business is growing strongly.

    This is the main new earnings event that drove positive sentiment in the period.

  • Cheap funding raised via debentures and digital bonds The company raised money cheaply through debentures and digital bonds with coupons of 2.85%–3.20%. The first digital bond sold out in just 46 seconds, showing strong investor appetite and lowering funding costs for expansion.

    New financing success supports growth and was a positive catalyst for the stock.

  • Freight rates jump and new revenue streams open Rising freight rates (up 46%–92%) and potential Khlong Toei port concessions add upside. Expansion into food logistics, Myanmar, and wine storage opens new revenue streams, and brokers raised targets to 12.50 baht, with Tisco naming it a top pick.

    These new growth avenues and analyst upgrades drove positive expectations for future earnings.

  • Alpha REIT asset sale delayed to mid-2027 The Alpha REIT asset sale is delayed to mid-2027, postponing 100–150 million baht in profit share. This is a mild negative, though core operations remain strong.

    This is the main counterweight that slightly tempered the positive drivers.

September 2026
▲3▼1

Record Q2 profit, cheap funding, and new logistics bets lift SJWD

  • Record Q2 profit on AI/data-centre warehouse demand SJWD reported record Q2 net profit of 463 million baht, up 64% year-on-year, as demand for warehouses serving AI and data centres surged. First-half profit rose 14.2%, showing the core business is growing strongly.

    This is the main new earnings event that drove positive sentiment in the period.

  • Cheap funding raised via debentures and digital bonds The company raised money cheaply through debentures and digital bonds with coupons of 2.85%–3.20%. The first digital bond sold out in just 46 seconds, showing strong investor appetite and lowering funding costs for expansion.

    New financing success supports growth and was a positive catalyst for the stock.

  • Freight rates jump and new revenue streams open Rising freight rates (up 46%–92%) and potential Khlong Toei port concessions add upside. Expansion into food logistics, Myanmar, and wine storage opens new revenue streams, and brokers raised targets to 12.50 baht, with Tisco naming it a top pick.

    These new growth avenues and analyst upgrades drove positive expectations for future earnings.

  • Alpha REIT asset sale delayed to mid-2027 The Alpha REIT asset sale is delayed to mid-2027, postponing 100–150 million baht in profit share. This is a mild negative, though core operations remain strong.

    This is the main counterweight that slightly tempered the positive drivers.

Latest
▲4

SJWD hits record Q2 profit, expands logistics, raises cheap cash

  • Record Q2 profit and strong H1 results SJWD reported a record Q2 net profit of 463.5 million baht, up 64% from a year earlier, with H1 profit up 14.2%. Growth came from all core businesses and an 85.6% jump in profit from associates. This confirms the company's earnings power and supports the stock price.

    This is the core earnings event that validates the company's growth and directly boosts investor confidence.

  • Cheap funding via new bonds and digital bonds SJWD is issuing new bonds and digital bonds at coupons of 2.85%–3.20% to repay existing debt. The low cost and strong demand (first digital bond sold out in 46 seconds) reduce financial expenses and fund growth without straining the balance sheet, a positive for the stock.

    Lower funding costs directly improve profitability and financial flexibility, supporting the share price.

  • Expansion into food logistics, Myanmar, and wine storage SJWD partnered with the Thai Food Processors Association to build a food logistics platform, set up a Myanmar subsidiary for logistics consulting, and opened Phase 2 of its wine storage (total 70,000 bottles). These moves expand service offerings and open new revenue streams, supporting long-term growth.

    New business initiatives diversify revenue and demonstrate management's growth strategy, which can lift the stock.

  • Broker upgrades and Tisco top pick on AI/data center demand Brokers raised target prices to as high as 12.50 baht, citing high warehouse occupancy and AI/data center demand. Tisco Securities named SJWD a top pick for October, expecting Thai stocks to recover. These endorsements attract buyers and support the share price.

    Analyst recommendations and target price increases directly influence investor sentiment and demand for the stock.

▲3

SJWD hits record profit, raises cheap cash, and rides freight and port upside

  • Record Q2 profit and AI/data-centre warehouse demand SJWD reported a record quarterly net profit of 463 million baht, up 64% from a year earlier, with revenue up 9.7%. Its general warehouses are benefiting from Thailand's AI and data-centre supply chain, storing about 25,000 pallets of such goods, expected to rise another 30% within a year. This strong demand supports higher earnings and the share price.

    This is the core new fundamental driver: record earnings and a fast-growing demand source that directly lifts profit expectations.

  • Cheap funding via digital bonds and debentures SJWD raised up to 1.5 billion baht through debentures and digital bonds at coupons of 2.85%–2.95%. Its first digital bond issue on the Paotang app sold out 500 million baht in just 46 seconds, showing strong investor confidence. Cheap, quickly raised cash funds growth without straining the balance sheet, a positive for the stock.

    This shows the company can fund expansion cheaply and that investors are eager to lend to it, reducing financial risk and supporting growth.

  • Rising freight rates and port concession opportunity Krungsri kept a Buy rating with a 12 baht target, noting global freight rates have jumped about 46%–92% this year, which helps SJWD's transport and freight business. It also sees long-term upside if SJWD wins market share from the planned Khlong Toei port relocation and new port concessions. Higher rates and new port business mean more profit.

    This identifies two new profit drivers—higher freight pricing and potential port expansion—that analysts say could lift future earnings.

  • Strong Q3 expected, but Alpha REIT asset sale delayed Asia Plus maintained Buy with a 12.50 baht target and expects strong third-quarter profit of 320–360 million baht, up over 25% year-on-year. However, the Alpha group asset sale into a REIT is now expected by mid-2027, later than the market hoped, delaying 100–150 million baht of SJWD's profit share. The delay is a mild negative, but core operations remain strong.

    This gives the fair counterweight: near-term earnings are solid, but a hoped-for one-off gain is pushed out, which could temper some investor enthusiasm.

Triple i Logistics Public Company Limited (III.BK)

Q3 2026
▲3

III's profit surges on air freight boom, AOTGA airport deal adds long-term growth

  • Air freight rates surge lifts Q2 profit 91.5% War disruptions cut airline capacity, pushing air freight rates up 26-30% and driving III's Q2 net profit to 140.9 million baht, up 91.5% year-on-year — its best in 10 quarters. Management raised its full-year revenue growth target from 15% to 20%.

    This is the core earnings driver behind III's recent stock strength.

  • High season and warehouse expansion support H2 growth III says late Q3 through Q4 is peak season with rising freight demand and rates across nearly all customer groups. It plans to expand chemical warehouse space from 26,000 to at least 32,000-33,000 square metres by end-2026, supporting its raised 20% growth target.

    Shows the demand and capacity drivers that underpin the raised growth target.

  • AOTGA signs 25-year Suvarnabhumi ground services contract AOTGA, in which III holds a stake, signed a 25-year contract with AOT to provide ground services and cargo warehouses at Suvarnabhumi, starting December 2026. Yuanta says this adds about 18 million baht to III's profit share from 2027, rising to 337 million baht by 2036, and raised its target price to 7.40 baht.

    This is the key new long-term catalyst that extends III's growth beyond the current freight cycle.

September 2026
▲3

III's profit surges on air freight boom, AOTGA airport deal adds long-term growth

  • Air freight rates surge lifts Q2 profit 91.5% War disruptions cut airline capacity, pushing air freight rates up 26-30% and driving III's Q2 net profit to 140.9 million baht, up 91.5% year-on-year — its best in 10 quarters. Management raised its full-year revenue growth target from 15% to 20%.

    This is the core earnings driver behind III's recent stock strength.

  • High season and warehouse expansion support H2 growth III says late Q3 through Q4 is peak season with rising freight demand and rates across nearly all customer groups. It plans to expand chemical warehouse space from 26,000 to at least 32,000-33,000 square metres by end-2026, supporting its raised 20% growth target.

    Shows the demand and capacity drivers that underpin the raised growth target.

  • AOTGA signs 25-year Suvarnabhumi ground services contract AOTGA, in which III holds a stake, signed a 25-year contract with AOT to provide ground services and cargo warehouses at Suvarnabhumi, starting December 2026. Yuanta says this adds about 18 million baht to III's profit share from 2027, rising to 337 million baht by 2036, and raised its target price to 7.40 baht.

    This is the key new long-term catalyst that extends III's growth beyond the current freight cycle.

Latest
▲3

III's profit surges on air freight boom, AOTGA airport deal adds long-term growth

  • Air freight rates surge lifts Q2 profit 91.5% War disruptions cut airline capacity, pushing air freight rates up 26-30% and driving III's Q2 net profit to 140.9 million baht, up 91.5% year-on-year — its best in 10 quarters. Management raised its full-year revenue growth target from 15% to 20%.

    This is the core earnings driver behind III's recent stock strength.

  • High season and warehouse expansion support H2 growth III says late Q3 through Q4 is peak season with rising freight demand and rates across nearly all customer groups. It plans to expand chemical warehouse space from 26,000 to at least 32,000-33,000 square metres by end-2026, supporting its raised 20% growth target.

    Shows the demand and capacity drivers that underpin the raised growth target.

  • AOTGA signs 25-year Suvarnabhumi ground services contract AOTGA, in which III holds a stake, signed a 25-year contract with AOT to provide ground services and cargo warehouses at Suvarnabhumi, starting December 2026. Yuanta says this adds about 18 million baht to III's profit share from 2027, rising to 337 million baht by 2036, and raised its target price to 7.40 baht.

    This is the key new long-term catalyst that extends III's growth beyond the current freight cycle.