บทวิเคราะห์ (Research)

SJWD reported a revenue of THB6.38b in 1Q25 (+2% q-q, +2% y-y), driven by growth in warehouse and yard management (WY), other logistics businesses, and overseas operations. GPM remained stable at 14.3% q-q but improved from 12.8% y-y, reflecting better cost management. The quarter’s standout performance came from equity profit, which surged to THB170m (+130% q-q, +317% y-y), boosted by a land sale in Cambodia (THB42m), a recovery at Transimex (Vietnam) contributing THB32m, reversing a loss last year, and robust growth at Siam JWD (Thailand), where earnings rose 43% y-y, driven by the expansion of EV logistics. These factors led to a net profit of THB366m (+97% q-q, +123% y-y). We maintain a BUY recommendation on SJWD with a revised target price of THB10 (up from THB8.2), based on a 2025E P/E multiple of 18x, representing -1SD from its historical average. We believe 2025E will be the year in which SJWD begins to unlock value from its recent investments, while its core businesses remain fundamentally strong.