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

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

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

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

Pi Research

Thai Equity - Bottom-up - Equities

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

Equity Bottom-Up

<ul>
<li>We reiterate a BUY rating but trim down target price to Bt20.0 (Previous TP: Bt22.20) after revised down earnings in 2022E by 10%.The target derived from 37xPE’22E, its +1.0 S.D. </li>
<li>Expect solid performance for logistics and warehouse businesses from 2Q22 onward to 2H22</li>
<li>Anticipate shared profit from Transimex(Vietnam)to gradually drop from high base in 4Q21which will be pressured by decreasing global freight rate but the impact is likely to be offset with profit </li>
</ul>


We reiterate a BUY rating but trim down target price to Bt20.0 (Previous TP: Bt22.20) after revised down earnings in 2022E by 10%.The target derived from 37xPE’22E, its +1.0 S.D. 
Expect solid performance for logistics and warehouse businesses from 2Q22 onward to 2H22
Anticipate shared profit from Transimex(Vietnam)to gradually drop from high base in 4Q21which will be pressured by decreasing global freight rate but the impact is likely to be offset with profit 


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

JWD Infologistics

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