Maybank Upgrades SWIFT After 3Q Profit Jumps 58%, Awaits Expansion Payoff

C.R. Lee · November 12, 2026

AI-assisted, reviewed by C.R. Lee

Maybank Investment Bank analyst Loh Yan Jin upgraded Swift Haulage to “Hold” from “Sell”, retaining a RM0.35 target price. The company's 3Q26 core net profit rose 58.4% YoY to RM8.2 million, supported by stronger container-haulage and freight-forwarding contributions. 9M26 core earnings of RM23.1 million broadly met expectations.

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Container-haulage operating profit increased 52%, while freight forwarding grew 20% on stronger project-cargo demand. However, warehousing and container-depot operating profit fell 40% amid weaker revenue and lower utilisation. Newly operating Global Vision Logistics and the cold-chain joint venture also incurred upfront costs before utilisation builds.

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Loh expects a seasonally stronger fourth quarter, supported by year-end shopping activity. Warehouse expansion and improving utilisation at new ventures could support earnings and cross-selling opportunities. Nevertheless, margin volatility, elevated overheads and intensifying price competition could limit the recovery. Loh retained earnings forecasts while awaiting clearer returns from the expansion.

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As of 9:51 a.m. on November 12, Swift Haulage’s share price was unchanged at RM0.365.

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