SJWD Logistics
SJWD Logistics (SET: SJWD) emerged from the 2023 merger of Kerry Express Thailand (SET: KEX, last-mile parcel, document leader) and JWD InfoLogistics (SET: JWD, cross-border, cold-chain, warehousing specialist). FY2024 consolidated revenue ~THB 25-30B makes SJWD the largest listed logistics platform in Thailand by revenue. Integrated business lines: last-mile parcel delivery (inherited Kerry network), ASEAN cross-border freight (Thailand-Laos-Vietnam-Cambodia-Myanmar road, rail, sea coordination), cold-chain logistics (temperature-controlled warehouse, refrigerated transport for food, pharma), bonded warehouse, customs broker, freight-forwarding. JWD founder Charvanin Bunditkitsada retained operating-management role post-merger; Kerry's legacy shareholders took share consideration.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 25-30B
Post-merger consolidation
Merger
2023 KEX, JWD
Major post-COVID consolidation
Ticker
SET: SJWD
Listed
Scope
Last-mile, cross-border, cold chain
Integrated platform
What this company actually does
SJWD Logistics operates four integrated business lines: (1) Last-mile parcel, document delivery — Kerry Express brand legacy network across Thailand, competing with Flash Express, Shopee Xpress, J&T in the ~3-4B parcels/year market; (2) Cross-border ASEAN freight — road, rail, sea coordination across Thailand-Laos-Vietnam-Cambodia-Myanmar, leveraging JWD's historical ASEAN-freight-forwarder footprint; (3) Cold-chain logistics — temperature-controlled warehousing, refrigerated transport for food, pharma, agricultural exports; (4) Bonded warehouse, customs broker, freight-forwarding — multimodal transport operator (MTO) licensed services.[, ]
The 2023 merger thesis was integration-driven: Kerry's last-mile-parcel franchise, JWD's cross-border, cold-chain, warehouse capability combined creates a full-stack logistics platform that platform-captive players (Shopee Xpress, Lazada Logistics) cannot replicate. Strategic differentiation vs Flash Express is scope, B2B, cold-chain depth; vs Shopee Xpress is cross-border, platform-agnostic scope. Post-merger integration challenges remain — unifying operating systems, rebalancing network footprint, managing legacy Kerry shareholder, JWD founder dynamics. FY2025 56-1 (due March-April 2026) will provide the first full-year comparable post-merger baseline.[]
Business segments
Last-mile parcel
Kerry Express legacy network
Inherited Kerry Express last-mile delivery network covering 77 provinces in Thailand. Competes in the ~3-4B parcels/year Thai e-commerce delivery market. Share pressure from Flash Express, Shopee Xpress, J&T.
Cross-border ASEAN
JWD GMS freight forwarding
Road, rail, sea cross-border freight across Thailand-Laos-Vietnam-Cambodia-Myanmar corridors. JWD's historical ASEAN freight-forwarder expertise is the differentiation vs single-country operators.
Cold-chain
Temperature-controlled warehousing
Temperature-controlled warehouse and refrigerated transport for food, pharmaceutical, and agricultural export customers. Cold-chain is a high-margin niche with limited competition from pure last-mile players.
Bonded warehouse
Customs broker, MTO services
Bonded warehouse, customs brokerage, multimodal transport operator (MTO) licensed services serving export-import industrial and F&B customers. B2B segment provides stable fee-based revenue.
Thai logistics operator comparison
Major listed and private logistics operators, approximate FY2024 positioning
Ticker
Private
Revenue est.
~ $0.58-25B
Primary specialty
Last-mile parcel (dominant share)
Ticker
XETRA:DPW parent
Revenue est.
Undisclosed
Primary specialty
MNC contract logistics
| Entity | Ticker | Revenue est. | Primary specialty |
|---|---|---|---|
| SJWD Logistics | SET:SJWD | ~ $0.725-30B | Last-mile, cross-border, cold-chain |
| Flash Express | Private | ~ $0.58-25B | Last-mile parcel (dominant share) |
| Nippon Express Thailand | TSE:9147 parent | Undisclosed | Japanese-corporate 3PL, GMS |
| DHL Supply Chain Thailand | XETRA:DPW parent | Undisclosed | MNC contract logistics |
Key drivers 2025-2026
Post-merger integration
Kerry, JWD system unification
FY2025 is first full-year comparable post-2023 merger. IT systems integration, network rationalisation, and cost-synergy realisation are the execution variables watched by investors.
E-commerce volumes
Thai parcel market growth
Thai e-commerce GMV growth drives last-mile parcel demand. 2024-2025 recovery from COVID-era oversupply correction. SJWD's Kerry network share relative to Flash Express is the competitive KPI.
Rail corridor
Thailand-China rail Phase 1 2027
Thailand-Laos-China rail Phase 1 opens ~2027. Cross-border freight mode shift from truck to rail is the medium-term growth catalyst for SJWD's ASEAN freight business.
Watchpoints
Last-mile parcel share trajectory
Kerry legacy share vs Flash, Shopee Xpress pressure — the core last-mile question.
Cross-border ASEAN growth
Thailand-Laos-Vietnam-Cambodia-Myanmar freight volume, revenue growth.
Cold-chain capacity expansion
Temperature-controlled warehouse, refrigerated fleet build-out.
Thailand-China HSR readiness
Rail-freight positioning for 2027 Phase 1, subsequent expansion.
Related Market profiles
Peers, parents, partners, agencies, and other Logistics & Warehousing actors.
Competitor
Flash Express
Larger last-mile parcel share leader; private unicorn.
Open Market profile →
Competitor
Shopee (Sea Limited)
Shopee Xpress platform-captive competitor.
Open Market profile →
Sector peer
Amata Corporation
Chonburi-anchored industrial estate; Amata Nakorn, Amata City Rayong; Japanese-automotive client concentration.
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Sector peer
Aramex Thailand
Thai operations of Aramex International, a Dubai-listed express courier with dominant reach in Middle East, South Asia, and Africa corridors.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Kerry Express Thailand (SET: KEX / SJWD) FY2024 Form 56-1
SJWD Logistics (SET: SJWD; former JWD InfoLogistics merged with KEX)
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Kerry Express Thailand (SET: KEX / SJWD) FY2024 Form 56-1 | Kerry Express Thailand PCL / SJWD Logistics PCL | Primary | 2025-03-31 |
| SJWD Logistics (SET: SJWD; former JWD InfoLogistics merged with KEX) | SJWD Logistics PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Logistics & Warehousing Market Intelligence
Post-2023 Kerry, JWD merger; full-stack logistics integrator; FY2024 revenue ~THB 25-30B.
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Sits alongside 10 other Atlas profilesThailand E-commerce Market Intelligence
Last-mile parcel operator in the e-commerce value chain.
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Sits alongside 11 other Atlas profilesThailand Freight and Shipping Market Intelligence
SJWD logistics operations.
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Sits alongside 17 other Atlas profiles