JWD Infologistics

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

Equity Bottom-Up
170 Views, 11 May 2022 11:41
EXECUTIVE SUMMARY
  • 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 
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Pi Securities PCL, Thailand
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