First-half 2026 earnings from four Thai-listed transport and logistics companies — SCG JWD Logistics (SJWD), Asia Network International (ANI), Triple I Logistics (III), and WICE Logistics (WICE), all engaged in air-freight forwarding — point to a broad-based recovery in the sector, even as performance diverged sharply across the group in terms of scale, profitability, and valuation.
Valuation and Performance
Based on closing prices as of August 27, 2026, price-to-earnings ratios across the four stocks varied widely. III traded at the group’s lowest multiple of 9.2 times earnings, followed by ANI at 9.9 times. SJWD stood at 14.0 times, while WICE commanded the richest valuation in the group at 23.4 times.
On dividend yield, ANI led the pack at 5.6%, ahead of III at 4.7%. WICE and SJWD were roughly in line with each other at 4.1% apiece. Taken together, ANI and III stood out on multiple fronts — earnings growth, share valuation, and dividend returns.
Year-to-date share price performance told a different story: WICE posted the steepest gain in the group at 52.7%, matched closely by ANI, which also rose 52.7%. SJWD advanced 36.1%, while III gained 31.8%.
Half-Year Results
By revenue size, SJWD ranked first in the group, posting total revenue of 13,397.0 million baht and net profit of 739.9 million baht, up 14.2% year-on-year, for a net margin of 5.5% — underscoring the resilience of its large, diversified business base.
ANI generated total revenue of 3,882.4 million baht and net profit of 375.2 million baht, a 36.9% jump from a year earlier, translating into a 9.7% net margin and pointing to strong earnings growth relative to its revenue base.
III recorded the smallest revenue in the group at 1,330.5 million baht, yet delivered net profit of 235.9 million baht, up 29.5%, with a net margin of 17.7% — the highest among its peers, highlighting superior cost efficiency and profitability.
WICE, meanwhile, generated total revenue of 2,800.9 million baht, but net profit fell to 48.3 million baht, down 39.2% year-on-year, pushing its net margin down to just 1.7%. The results point to pressure on profitability even though revenue remained comparatively high against some peers in the group.
Outlook
Overall, the half-year results point to a clear recovery across the transport and logistics sector. SJWD continues to lean on its scale and revenue base, III stands out for its net margin and low valuation, and ANI combines earnings growth with attractive dividend returns. WICE, despite a weaker first half, saw profit begin to recover in the second quarter of 2026, making its performance and business direction in the second half worth watching closely.
