III rides high season to lift logistics, plans chemical warehouse expansion and raises 2026 growth target to at least 20%

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Summary · why it matters

Tip Dalal, Chief Executive Officer of Triple I Logistics Public Company Limited, or III, said the logistics business from late in the third quarter through the fourth quarter of 2026 is entering the high season, particularly in October and November, driven by rising demand for freight transport in nearly all customer groups. As a result, freight rates are trending higher in line with market mechanisms. With oil costs rising, the company manages risk through a pass-through mechanism, clearly separating fuel surcharges from service fees. In the cargo flight business, the company is shifting from charter flights to scheduled flights and expects greater clarity in the fourth quarter of 2026, focusing on routes to Vietnam, Myanmar and India. In the chemical warehouse business, the company plans to expand its space from about 26,000 square metres at present to at least 32,000 to 33,000 square metres by the end of 2026. Following better-than-expected first-half results, the company has raised its 2026 growth target from about 10 to 15 percent to no less than 20 percent. As for its investment in AOT Ground Aviation Services, or AOTGA, after the cabinet approved the investment project in the Suvarnabhumi airport area with a total value of more than 67 billion baht, the company holds an indirect stake in AOTGA through its holding in SAL of about 25 percent, while SAL holds 50 percent of AOTGA. AOTGA has two concession contracts with a term of 25 years. The first covers ground handling services, for which details are being negotiated and are expected to take about two to three months, with services likely to begin late in 2026 or early in 2027. The second contract covers cargo terminal services, which requires construction of a new cargo warehouse expected to take nearly two years. The company estimates that over the long term, about five years, once services are fully expanded into Suvarnabhumi, this will help drive AOTGA's earnings to grow by roughly another twofold.

Impact on stocks 1

Industrials▲ · 1 stocks
Triple i Logistics Public Company Limited
III
▲ PositiveDemandSupplyrelevance

High season drives rising freight demand across nearly all customer groups, lifting freight rates and prompting III to raise its 2026 growth target to at least 20%.

Off-coverage companies 2

AOT Ground Aviation Services Company Limited (AOTGA)Private▲ Positive
Regulationrelevance

Cabinet approved the Suvarnabhumi airport investment project worth over 67 billion baht, in which AOTGA holds two 25-year concession contracts for ground handling and cargo terminal services.

Bangkok Worldwide Flight Services Company LimitedPrivate± Mixed
relevance

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