Forward Air vs SCGJWD LOGISTICS PCL NON-VOTING DR: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Forward Air Corporation (FWRD)

SCGJWD LOGISTICS PCL NON-VOTING DR (SJWD.BK)

Q3 202613 Aug – 30 Sep 2026

▲3

SJWD hits record profit, raises cheap cash, and rides freight and port upside

Record Q2 profit and AI/data-centre warehouse demand SJWD reported a record quarterly net profit of 463 million baht, up 64% from a year earlier, with revenue up 9.7%. Its general warehouses are benefiting from Thailand's AI and data-centre supply chain, storing about 25,000 pallets of such goods, expected to rise another 30% within a year. This strong demand supports higher earnings and the share price.
This is the core new fundamental driver: record earnings and a fast-growing demand source that directly lifts profit expectations.
Cheap funding via digital bonds and debentures SJWD raised up to 1.5 billion baht through debentures and digital bonds at coupons of 2.85%–2.95%. Its first digital bond issue on the Paotang app sold out 500 million baht in just 46 seconds, showing strong investor confidence. Cheap, quickly raised cash funds growth without straining the balance sheet, a positive for the stock.
This shows the company can fund expansion cheaply and that investors are eager to lend to it, reducing financial risk and supporting growth.
Rising freight rates and port concession opportunity Krungsri kept a Buy rating with a 12 baht target, noting global freight rates have jumped about 46%–92% this year, which helps SJWD's transport and freight business. It also sees long-term upside if SJWD wins market share from the planned Khlong Toei port relocation and new port concessions. Higher rates and new port business mean more profit.
This identifies two new profit drivers—higher freight pricing and potential port expansion—that analysts say could lift future earnings.
Strong Q3 expected, but Alpha REIT asset sale delayed Asia Plus maintained Buy with a 12.50 baht target and expects strong third-quarter profit of 320–360 million baht, up over 25% year-on-year. However, the Alpha group asset sale into a REIT is now expected by mid-2027, later than the market hoped, delaying 100–150 million baht of SJWD's profit share. The delay is a mild negative, but core operations remain strong.
This gives the fair counterweight: near-term earnings are solid, but a hoped-for one-off gain is pushed out, which could temper some investor enthusiasm.

September 202613 Aug – 30 Sep 2026

▲3

SJWD hits record profit, raises cheap cash, and rides freight and port upside

Record Q2 profit and AI/data-centre warehouse demand SJWD reported a record quarterly net profit of 463 million baht, up 64% from a year earlier, with revenue up 9.7%. Its general warehouses are benefiting from Thailand's AI and data-centre supply chain, storing about 25,000 pallets of such goods, expected to rise another 30% within a year. This strong demand supports higher earnings and the share price.
This is the core new fundamental driver: record earnings and a fast-growing demand source that directly lifts profit expectations.
Cheap funding via digital bonds and debentures SJWD raised up to 1.5 billion baht through debentures and digital bonds at coupons of 2.85%–2.95%. Its first digital bond issue on the Paotang app sold out 500 million baht in just 46 seconds, showing strong investor confidence. Cheap, quickly raised cash funds growth without straining the balance sheet, a positive for the stock.
This shows the company can fund expansion cheaply and that investors are eager to lend to it, reducing financial risk and supporting growth.
Rising freight rates and port concession opportunity Krungsri kept a Buy rating with a 12 baht target, noting global freight rates have jumped about 46%–92% this year, which helps SJWD's transport and freight business. It also sees long-term upside if SJWD wins market share from the planned Khlong Toei port relocation and new port concessions. Higher rates and new port business mean more profit.
This identifies two new profit drivers—higher freight pricing and potential port expansion—that analysts say could lift future earnings.
Strong Q3 expected, but Alpha REIT asset sale delayed Asia Plus maintained Buy with a 12.50 baht target and expects strong third-quarter profit of 320–360 million baht, up over 25% year-on-year. However, the Alpha group asset sale into a REIT is now expected by mid-2027, later than the market hoped, delaying 100–150 million baht of SJWD's profit share. The delay is a mild negative, but core operations remain strong.
This gives the fair counterweight: near-term earnings are solid, but a hoped-for one-off gain is pushed out, which could temper some investor enthusiasm.

Latest13 Aug – 30 Sep 2026

▲3

SJWD hits record profit, raises cheap cash, and rides freight and port upside

Record Q2 profit and AI/data-centre warehouse demand SJWD reported a record quarterly net profit of 463 million baht, up 64% from a year earlier, with revenue up 9.7%. Its general warehouses are benefiting from Thailand's AI and data-centre supply chain, storing about 25,000 pallets of such goods, expected to rise another 30% within a year. This strong demand supports higher earnings and the share price.
This is the core new fundamental driver: record earnings and a fast-growing demand source that directly lifts profit expectations.
Cheap funding via digital bonds and debentures SJWD raised up to 1.5 billion baht through debentures and digital bonds at coupons of 2.85%–2.95%. Its first digital bond issue on the Paotang app sold out 500 million baht in just 46 seconds, showing strong investor confidence. Cheap, quickly raised cash funds growth without straining the balance sheet, a positive for the stock.
This shows the company can fund expansion cheaply and that investors are eager to lend to it, reducing financial risk and supporting growth.
Rising freight rates and port concession opportunity Krungsri kept a Buy rating with a 12 baht target, noting global freight rates have jumped about 46%–92% this year, which helps SJWD's transport and freight business. It also sees long-term upside if SJWD wins market share from the planned Khlong Toei port relocation and new port concessions. Higher rates and new port business mean more profit.
This identifies two new profit drivers—higher freight pricing and potential port expansion—that analysts say could lift future earnings.
Strong Q3 expected, but Alpha REIT asset sale delayed Asia Plus maintained Buy with a 12.50 baht target and expects strong third-quarter profit of 320–360 million baht, up over 25% year-on-year. However, the Alpha group asset sale into a REIT is now expected by mid-2027, later than the market hoped, delaying 100–150 million baht of SJWD's profit share. The delay is a mild negative, but core operations remain strong.
This gives the fair counterweight: near-term earnings are solid, but a hoped-for one-off gain is pushed out, which could temper some investor enthusiasm.