JWD : 2Q22 Earnings Result Should Be Bottom of This Year

JWD : Merger with SCC’s Logistics Arm Should Yield Positive Synergy

JWD : Expect Merger with SCC’s Logistics Arm to Obtain Synergy in 2023

JWD: Decent Earnings Growth Profile in 4Q21 and Onward to 2022

JWD: Expect Solid Earnings Growth from 2Q22 and Onwards to 2H22

JWD: Solid Earnings Growth Profile in 4Q21 and Onward to 2022E

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for JWD but cut target price to Bt17.5 (Previous TP: Bt20.0) due to industry valuation derating. We believe 40%YTD correction in JWD’s stock price has priced </li>
<li>Expect profit to hit bottom in 2Q22 before recovery in 2H22 We expect the company to post 2Q22 core profit at Bt105m.(-8%YoY -7%QoQ),the lowest level in the past five quarter.</li>
<li>This drop is likely to be pressured by weak margins for logistics infra. and warehouse businesses (50% of total revenue) following a drop in serviced capacity for barge terminal</li>
</ul>


Maintain BUY recommendation for JWD but cut target price to Bt17.5 (Previous TP: Bt20.0) due to industry valuation derating. We believe 40%YTD correction in JWD’s stock price has priced 
Expect profit to hit bottom in 2Q22 before recovery in 2H22 We expect the company to post 2Q22 core profit at Bt105m.(-8%YoY -7%QoQ),the lowest level in the past five quarter.
This drop is likely to be pressured by weak margins for logistics infra. and warehouse businesses (50% of total revenue) following a drop in serviced capacity for barge terminal


JWD Infologistics

JWD : Accumulate on Weakening Earnings