Financials JWD InfoLogistics

Equities

SJWD

TH6718010007

Air Freight & Logistics

End-of-day quote Thailand S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
13.9 ^THB	-2.11%		-4.14%	-9.74%

29/04	SCGJWD Logistics Public Company Limited Approves Dividend for the Year Ended 31 December 2023, Payable on 27 May 2024	CI
29/02	SCGJWD Logistics Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,109	8,517	22,440	21,216	27,890	25,173	-	-
Enterprise Value (EV) ¹	10,844	13,049	28,395	26,694	27,890	36,964	35,744	34,431
P/E ratio	22.1 x	29.8 x	39.3 x	42.4 x	35 x	22.2 x	18.3 x	16.4 x
Yield	3.14%	2.63%	1.14%	3.75%	-	2.16%	2.93%	3.36%
Capitalization / Revenue	2.28 x	2.17 x	4.4 x	3.59 x	1.16 x	0.96 x	0.89 x	0.84 x
EV / Revenue	3.04 x	3.33 x	5.57 x	4.52 x	1.16 x	1.41 x	1.27 x	1.15 x
EV / EBITDA	16.9 x	12.5 x	25.5 x	21.5 x	10.7 x	10.5 x	9.43 x	8.42 x
EV / FCF	-59.2 x	27.3 x	-35.8 x	189 x	-	18.1 x	17.6 x	16.5 x
FCF Yield	-1.69%	3.66%	-2.79%	0.53%	-	5.51%	5.67%	6.07%
Price to Book	2.57 x	2.73 x	5.64 x	6.18 x	-	1.11 x	1.08 x	1.05 x
Nbr of stocks (in thousands)	10,20,000	10,20,000	10,20,000	10,20,000	18,11,020	18,11,020	-	-
Reference price ²	7.950	8.350	22.00	20.80	15.40	13.90	13.90	13.90
Announcement Date	02/03/20	25/02/21	27/02/22	28/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,562	3,922	5,101	5,902	23,979	26,199	28,167	30,023
EBITDA ¹	640.6	1,044	1,112	1,242	2,617	3,519	3,792	4,087
EBIT ¹	298.3	380.8	405.8	444.3	1,024	1,752	1,852	2,015
Operating Margin	8.38%	9.71%	7.96%	7.53%	4.27%	6.69%	6.57%	6.71%
Earnings before Tax (EBT) ¹	399.2	306.8	601.2	566.9	977.5	1,458	1,500	1,701
Net income ¹	362.8	290	556.6	504.3	761.3	1,137	1,375	1,535
Net margin	10.18%	7.39%	10.91%	8.54%	3.17%	4.34%	4.88%	5.11%
EPS ²	0.3600	0.2800	0.5600	0.4900	0.4400	0.6267	0.7600	0.8467
Free Cash Flow ¹	-183.3	477.8	-792.2	141.2	-	2,038	2,028	2,089
FCF margin	-5.15%	12.18%	-15.53%	2.39%	-	7.78%	7.2%	6.96%
FCF Conversion (EBITDA)	-	45.77%	-	11.37%	-	57.92%	53.48%	51.11%
FCF Conversion (Net income)	-	164.79%	-	28%	-	179.3%	147.45%	136.12%
Dividend per Share ²	0.2500	0.2200	0.2500	0.7800	-	0.3000	0.4067	0.4667
Announcement Date	02/03/20	25/02/21	27/02/22	28/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	1,440	1,410	1,373	1,599	1,580	4,885	6,131	6,475	6,378	6,252
EBITDA ¹	210.2	-	444.8	363	313.5	511.4	769.1	440	970.9	693.4
EBIT ¹	37.25	-	238.3	141.8	130.1	201.8	310	243.2	343	289.6
Operating Margin	2.59%	-	17.35%	8.87%	8.23%	4.13%	5.06%	3.76%	5.38%	4.63%
Earnings before Tax (EBT) ¹	229.3	-	-	127.6	123	245.2	192.8	208.2	499.9	220.5
Net income ¹	161.2	-	154.1	111.7	112.8	231.2	129.3	139.8	261	164.1
Net margin	11.19%	-	11.22%	6.99%	7.14%	4.73%	2.11%	2.16%	4.09%	2.63%
EPS ²	-	-	0.1500	0.1100	-	0.1623	0.0800	0.0800	0.1400	0.1810
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/02/22	18/05/22	10/08/22	10/11/22	28/02/23	15/05/23	14/08/23	13/11/23	29/02/24	13/05/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,735	4,532	5,955	5,478	-	11,791	10,571	9,258
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.27 x	4.341 x	5.354 x	4.41 x	-	3.351 x	2.788 x	2.265 x
Free Cash Flow ¹	-183	478	-792	141	-	1,285	2,028	2,089
ROE (net income / shareholders' equity)	11.8%	9.25%	16.7%	14.7%	-	5.1%	5.93%	6.5%
ROA (Net income/ Total Assets)	5.13%	3.35%	5.18%	3.93%	-	4.5%	4.15%	4.55%
Assets ¹	7,074	8,646	10,748	12,823	-	25,259	33,141	33,729
Book Value Per Share ²	3.090	3.060	3.900	3.370	-	12.50	12.90	13.20
Cash Flow per Share ²	0.4400	1.160	1.050	1.040	-	1.310	1.920	2.010
Capex ¹	635	771	787	923	-	1,000	1,400	1,580
Capex / Sales	17.84%	19.65%	15.43%	15.63%	-	3.82%	4.97%	5.26%
Announcement Date	02/03/20	25/02/21	27/02/22	28/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for JWD InfoLogistics

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.9 THB

Average target price

19.33 THB

Spread / Average Target

+39.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
JWD INFOLOGISTICS	-9.74%	688M
KUEHNE UND NAGEL INTERNATIONAL AG	-13.73%	32.28B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-1.78%	5.17B
NIPPON EXPRESS HOLDINGS INC.	-3.89%	4.38B
COMPAGNIE DU CAMBODGE	+4.62%	4.12B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+9.15%	3.78B
AGILITY GLOBAL PLC	0.00%	3.57B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+82.79%	2.79B
SEINO HOLDINGS CO., LTD.	-2.48%	2.3B

Integrated Logistics Operators