Ratchthani Leasing Public Company Limited, together with its subsidiary, provides hire-purchase and finance leasing services in Thailand. The company offers hire purchase loans for new and used cars; refinance and car title loans; financial lease; loans for solar panel installation; and loans to car dealerships. It also provides auto and property insurance products, as well as annual tax registration, le, and truck to you services. The company was founded in 1988 and is headquartered in Bangkok, Thailand. Ratchthani Leasing Public Company Limited operates as a subsidiary of Thanachart SPV1 Co., Ltd.
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Brokers maintain buy rating on THANI with high target price of 2.90 baht
Krungsri Securities and Finansia Syrus maintain their buy recommendations on Ratchathani Leasing Public Company Limited, or THANI, with 2027 target prices of 2.90 baht and 2.75 baht respectively. Krungsri expects net profit for 2026 and 2027 at 1.326 billion baht and 1.372 billion baht, growing 16% and 3% from the same periods a year earlier, supported by good asset quality, low NPLs and repossessed vehicles, a high dividend yield of up to 6% per year, and a policy of paying dividends of no less than 50% of net profit. The company targets new loan disbursements of 17 billion baht this year, with 8.241 billion baht already disbursed in the first half. In the second half, it will focus more on new trucks. Financial costs are likely to decline due to lower interest rates on debentures and bills of exchange. It targets credit cost in 2026 of no more than 2.0%, with the first half at 0.7%. Repossessed vehicles currently stand at 50 to 60 units per month, below the normal 90 to 100 units. Management expects cost savings from maturing debentures of 4.4 billion baht and targets average financial costs of around 3.00% in 2026 and below 3% in 2027.
THANI pushes into truck loans, targets 17 billion baht in new lending
Ratchathani Leasing Public Company Limited, or THANI, has announced a second-half plan focused on penetrating the new truck loan market to help return its total loan portfolio to positive growth. The company is confident that new loan disbursements will meet the target of 17 billion baht after expanding its used truck loan base to 34 percent of the portfolio. Mr. Kovit Rungwattanasophon, Executive Chairman and Managing Director, said at an Opportunity Day event that the company is beginning to see positive signals from major customers who are bringing electric trucks in for trial use, and expects the electric truck market to become clearer next year. The board is reviewing the high level of excess reserves. If they can be reduced, it will open the opportunity to pay higher dividends from the current level of no less than 50 percent of net profit. The company has arranged credit facilities to support more than 9 billion baht of debentures maturing from the second quarter of this year to the second quarter of next year, and expects financial costs to decline significantly next year due to the downward interest rate trend. First-half results showed net profit of 700 million baht, an increase of 168 million baht from the previous year, while expected credit losses fell to 193 million baht. The non-performing loan ratio stood at 2.35 percent, credit cost was 0.69 percent, and the allowance for doubtful accounts to non-performing loans ratio was 143 percent.
Asia Plus Securities upgrades TCAP to Buy with target price of 105 baht
Asia Plus Securities has upgraded its recommendation on TCAP to Buy, with a target price of 105 baht, after second-quarter 2026 net profit came in at 2.64 billion baht, up 25% from the previous quarter and 28% from a year earlier. The increase was driven mainly by non-interest income, including dividend income, share of profit from associates, and investment gains. Net interest income fell 5% from the previous quarter and 12% from a year earlier, as THANI tightened lending, causing net loans to decline 4.2% from the previous quarter and 5.7% from the start of the year. Interest expenses rose due to financial restructuring, but provisions fell 79% from a year earlier on better asset quality, representing a credit cost of 0.5%. The cost-to-income ratio was 12.3%, down from 13.0% in the previous quarter and 13.9% a year earlier. For the first six months of 2026, net profit was 4.77 billion baht, up 26% from a year earlier, equal to 52% of Asia Plus Securities' full-year net profit estimate. Asia Plus Securities raised its 2026 and 2027 net profit forecasts by 16% and 20% to 9.23 billion baht, up 19% from a year earlier, and 9.6 billion baht, up 1% from a year earlier, respectively, on better-than-expected non-interest income, especially a significant increase in dividend income and improved insurance income, as well as a smaller-than-expected decline in provisions, implying a full-year credit cost of 0.6%. It also raised its dividend payout ratio to 57.5% from 50%, equal to a dividend of 5.06 baht per share, and expects an interim dividend of 1.35 baht per share, representing a dividend yield of 1.5%. The share buyback program of up to 7.5 billion baht, covering 104.86 million shares or no more than 10% of paid-up shares, from 17 August 2026 to 16 February 2027, will help lift shareholder return by 1% to 10.4% by the end of 2027, supporting the share price and limiting downside risk. The target price of 105 baht is based on a price-to-book value of 1.17 times, assuming return on equity of 10.2% and cost of equity of 9.2%. Although the share price has already risen more than 48% from the start of the year and hit a new 30-year high, it still offers a high dividend yield of 5.7% to 6.1% per year during 2026 to 2028. On technical factors, the price has formed a double bottom and is holding clearly above the 5-day moving average. In the short term, it made a new high with a long white candle. Intraday support is at 88.25 to 88 baht. The trend is to continue rising within an uptrend channel, with resistance at 90 and 93 baht.
Thanachart Capital Public Company Limited, or TCAP, reported second-quarter 2026 net profit of 2.64 billion baht, up 28% from a year earlier and 24% from the previous quarter, beating market expectations by 25%. The strong result was driven by high dividend income of 797 million baht and a sharp 79% year-on-year drop in provisioning expenses, reflecting improved asset quality at Ratchathani Leasing Public Company Limited, or THANI. In addition, TMBThanachart Bank Public Company Limited, or TTB, and Thanachart Insurance Public Company Limited both delivered better-than-expected earnings. Thanachart Insurance saw profit rise 57% on investment gains, while T-Life Assurance Company Limited posted a 137% profit jump thanks to higher dividend income. Analysts at Dao Securities Thailand Public Company Limited raised their 2026 and 2027 net profit forecasts by 8% and 7% respectively, putting 2026 net profit at 8.88 billion baht, up 15% from the prior year. They maintained a buy rating and lifted the target price to 97 baht from 82 baht, based on 1.2 times 2026 book value, and forecast a 2026 dividend of 3.60 baht per share, implying a yield of about 4%, with potential for a higher payout if no share buyback occurs.
Two brokers raise target price for THANI, highest at 2.90 baht
Analysts from Krungsri Securities and Phillip Securities Thailand have both raised their target prices for Ratchthani Leasing Public Company Limited, or THANI. Krungsri set a new target of 2.90 baht, up from 2.70 baht, while maintaining a buy recommendation, citing well-managed asset quality and forecasting 2026 net profit growth of 16 percent year-on-year. Phillip gave a 2027 base price of 2.75 baht, also recommending buy, and raised its 2026 net profit estimate to 1.4 billion baht, representing growth of 22.9 percent from the previous year. This follows second-quarter 2026 results that came in close to expectations, with net profit of 359 million baht, up 29 percent year-on-year and 5.6 percent quarter-on-quarter, supported by lower-than-expected provisioning, even as loans contracted for a twelfth consecutive quarter and non-performing loans rose to 2.35 percent.
Krungsri Securities highlights 7 standout stocks for Q2 2026 earnings season
Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.
TTBWEALTH Recommends 3 Top Picks PR9, STECON, THANI for Strong Q2 2026 Earnings Growth
The research team at TTB Wealth Securities, or TTBWEALTH, has assessed the earnings outlook for the second quarter of 2026 and selected three standout stocks expected to deliver strong net profit growth. They are Praram 9 Hospital, or PR9, with an estimated net profit of 194 million baht, up 6 percent from a year earlier and 5 percent from the previous quarter, and a target price of 21 baht. Stecon Group, or STECON, with an estimated net profit of 759 million baht, surging 367 percent from a year earlier, driven by lower administrative expenses and profit sharing from the U-Tapao airport project, and a target price of 21 baht. And Ratchathani Leasing, or THANI, with an estimated net profit of 354 million baht, up 27 percent from a year earlier and 4 percent from the previous quarter, supported by good asset quality, lower financial costs, and higher loan origination, with a target price of 2.50 baht.