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.
SCGJWD LOGISTICS PCL NON-VOTING DRRecord Q2 profit beat estimates, driven by better margins and associate contributions, with buy rating and target price.
