Tidlor Holdings Public Company Limited provides loans and insurance brokerage services in Thailand. The company offers vehicle title loans for motorcycles, cars, pickups trucks, and commercial trucks; and various insurance products, such as car, electric vehicle, personal accident, travel, home, accident, life, and health under the Shield Insurance Broker, Areegator, and heygoody brands. It also provides hire purchase for vehicles. Tidlor Holdings Public Company Limited was incorporated in 2006 and is based in Bangkok, Thailand.
Brokerage ASL maintains a "Buy" recommendation on TIDLOR shares with a year-end 2027 target price of 25.75 baht, based on a PBV of 1.8 times. From the latest price of 20.20 baht, this implies an upside of 27.5%. ASL expects net profit for 2026 to reach 6.03 billion baht, up 22.2% year-on-year, which would be the highest growth rate in the group, driven by accelerating loan growth, recovering NIM, and lower credit costs. ROE is expected to rise to 16.6% from 15.1%. In 2Q69, net profit was 1.53 billion baht, up 18.3% year-on-year, bringing 1H69 profit to 3.15 billion baht, up 26.2% year-on-year. NIM in 2Q69 increased to 16.2% from 15.6% in 2Q68, as yield on loans rose to 18.3% while cost of funds fell to 2.1%, with potential for further decline of 5-10 basis points in 2H69. ASL forecasts loan growth of 5.5% for 2026, near the lower end of the company's target range of 5-10%. Loans in 1H69 grew 2.7% year-to-date, while the NPL ratio stood at 1.54%, close to the lower end of the 1.5-1.8% target, and the coverage ratio was high at 321%. Better-than-expected asset quality has led TIDLOR to cut its 2026 credit cost target to 2.0-2.5% from 2.2-2.8%, after 1H69 came in at only 1.88%. The insurance brokerage business remains a growth engine, with non-life insurance premiums in 1H69 growing 10% year-on-year, hitting the upper end of the full-year target of 5-10% and outpacing the industry's 2.5%. ASL expects net profit for 2027 to reach 6.33 billion baht, up 5.0%, with a dividend yield of 4.5%.
TIDLOR issues first yen bonds worth 16.5 billion yen
TIDLOR strengthened its position with its first yen-denominated bond issuance worth 16.5 billion yen, with a three-year tenor maturing in August 2029. The bonds are guaranteed and unsubordinated, and received an A- rating from Japan Credit Rating Agency, reflecting the expansion of its funding sources into international markets and a more diversified capital structure to support long-term growth. Meanwhile, PANEL is accelerating in the second half of 2026 after its new plant began full operations, unlocking production capacity constraints and positioning it to take on new projects and build a new S-curve from data centers and the electronics industry. The company is confident that third and fourth quarter 2026 results will surge, pushing this year's revenue past the target of 220 million baht to a new record high, before moving toward 300 million baht in 2027 and 400 million baht in 2028. As for EURO, it has completed its share buyback program for financial management purposes, after the program began on March 16, 2026 and ended on August 14, 2026. The company repurchased 1.82 million shares, representing 0.60% of total issued shares, within the approved maximum budget of 25 million baht.
Broker Highlights 5 The Star Stocks with Outstanding Q3 Profit Growth
Analysts at InnovestX Securities expect combined net profit of Thai listed companies in the third quarter of 2026 to continue growing from the same period last year, despite pressure from geopolitical risks and a prolonged El Niño. Combined net profit in the second quarter of 2026 expanded 14.3 percent from a year earlier and 12.0 percent from the previous quarter, marking a sixth consecutive quarter of growth and a fifth consecutive quarter of double-digit growth, supported by higher margins and selling price increases amid expanding demand, especially in energy, petrochemicals, and construction materials, which benefited from the Middle East conflict. More than 50 percent of the 107 listed companies with market forecasts reported net profit above expectations. The broker recommends avoiding sectors where earnings remain weak and accumulating five The Star stocks: HANA, ERW, PR9, BCH, and TIDLOR, which have potential for standout profit growth both from a year earlier and from the previous quarter, driven by company-specific positive factors and government stimulus measures.
CGSI recommends buying TIDLOR and raises target price to 25 baht
CGSI recommends buying TIDLOR shares and has raised its target price from 24 baht to 25 baht after first-half 2026 net profit came in better than expected. In the second quarter of 2026, net profit was 1.53 billion baht, up 18.3 percent from a year earlier but down 5.0 percent from the previous quarter, in line with the analyst team's estimate and the Bloomberg consensus. The analyst team raised its 2026 to 2028 earnings per share estimates by 7.6 to 8.1 percent after lowering its credit loss reserve assumption from 245 to 267 basis points to 220 basis points and raising its 2027 to 2028 loan growth assumption from 6 to 7 percent to 8 percent. It maintained its buy recommendation, noting that the current share price trades at a 2026 price-to-book value of only 1.4 times, compared with a five-year average of 2.08 times, and offers a high dividend yield of 4.9 to 5.9 percent per year in 2026 to 2028.
CGSI raises TIDLOR profit target after better-than-expected first half
The research unit of CGS International Securities Thailand, or CGSI, has raised its profit forecast and target price for Tid Lor Holdings Public Company Limited, or TIDLOR, after first-half profit beat expectations. Second-quarter net profit for fiscal 2026 came in at 1.53 billion baht, up 18.3 percent from a year earlier but down 5.0 percent from the previous quarter, in line with the research unit's estimate and the Bloomberg consensus. First-half net profit accounted for 58 percent of the previous full-year forecast for fiscal 2026. Second-quarter loans grew 6.3 percent from a year earlier and 2.7 percent from the end of fiscal 2025. TIDLOR management maintained its loan growth target of 5 to 10 percent for fiscal 2026, but lowered its credit cost target to 200 to 250 basis points from the previous level, compared with a first-half credit cost of 187 basis points and a coverage ratio of 322 percent at the end of the second quarter. CGSI therefore raised its earnings per share estimates for fiscal 2026 to 2028 by 7.6 to 8.1 percent, after lowering its credit cost assumption from 245 to 267 basis points to 220 basis points and raising its loan growth assumption for fiscal 2027 to 2028 from 6 to 7 percent to 8 percent. It also raised its target price from 24 baht to 25 baht and maintained a buy rating, viewing TIDLOR as still attractively valued given return on equity of 15.7 to 16.0 percent in fiscal 2026 to 2028 and a high dividend yield of 4.9 to 5.9 percent per year, assuming a payout ratio of 45 percent of net profit.
CGSI says surging oil prices pressure SET to consolidate in 1,610-1,635 range
CGS International said rising oil prices and the 30-year US government bond yield hitting a 19-year high of 5.31% are weighing on global investment sentiment. It sees the SET index as likely to consolidate in the 1,610-1,635 point range, and recommends TIDLOR and CPN as top picks. TIDLOR reported second-quarter 2026 net profit of 1.53 billion baht, up 18.3% from a year earlier but down 5.0% from the previous quarter, and CGSI raised its 2026-2028 earnings per share estimates by 7.6-8.1%. CPN is expected to see shopping mall rental income and residential business revenue in the fourth quarter of 2026 reach quarterly highs for the year, and it plans to inject shopping malls into the CPNREIT trust in mid-2027.
TIDLOR confident of second-half growth as lending and insurance recover, NPL under control
Ngern Tid Lor Public Company Limited, or TIDLOR, said at its Opportunity Day event that business in the second half of 2026 will grow on the back of vehicle title loans and the insurance brokerage business, which are recovering in line with economic activity. The company expects financial costs to decline by 0.05% to 0.10% as new bond issues replace maturing ones, supporting net interest margins. Non-performing loans at the end of the second quarter stood at 1.54%, within the target range of 1.5% to 1.8%, while Stage 2 loans fell to 16.26%. The company has therefore lowered its full-year credit cost target to 2.0% to 2.5%, from 2.2% to 2.8% previously. On liquidity, the company has more than 22 billion baht in undrawn credit facilities to cover 33 billion baht of bonds maturing over the next 12 months, and has successfully issued yen-denominated bonds for the first time with full exchange-rate hedging, keeping its debt-to-equity ratio at 2.3 times.
SAWAD, TIDLOR, and MTC push into high-season lending in second half
Major vehicle title loan and microfinance groups SAWAD, TIDLOR, and MTC are all expanding their businesses to meet loan demand expected to rise during the high season in the second half of 2026. SAWAD said it will focus on growing its title loan portfolio under a selective growth strategy, alongside expanding its insurance brokerage business and accelerating digital platforms such as e-KYC, as well as building on mobile phone hire-purchase lending through its Locked Phone system to strengthen capabilities. TIDLOR reported second-quarter 2026 total revenue of 6.143 billion baht, up 6.7 percent, and net profit of 1.5332 billion baht, up 18.3 percent from the same period last year. That brought first-half net profit to 3.147 billion baht, up 26.2 percent, driven mainly by loan portfolio growth of 2.4 percent and strong expansion in the insurance brokerage business, while asset quality management helped lower the non-performing loan ratio to 1.54 percent. MTC said it is confident its loan portfolio will grow by about 10 percent and that it will keep NPLs within target. Second-quarter 2026 results showed a total loan portfolio of 188.699 billion baht, total revenue of 8.127 billion baht, up 7.70 percent, and net profit of 1.905 billion baht, up 15.66 percent from the same period last year. First-half net profit totaled 3.728 billion baht, up 15.84 percent.
Tidlor Holdings Public Company Limited, or TIDLOR, reported second quarter 2069 profit of 1.533 billion baht, up 18.3 percent from the same period last year but down 5 percent from the previous quarter, which was better than analysts had expected. Trinity Securities said profit beat expectations by 5.46 percent, driven by loan portfolio expansion and income from the insurance brokerage business, and forecast 2026 profit growth of about 14.81 percent with a target price of 24.00 baht. Finansia Syrus Securities said profit was slightly above expectations as credit costs returned to a normal level of 2.09 percent, maintained its 2026 to 2028 profit growth estimate averaging 9.8 percent, kept a buy recommendation with a target price of 23.00 baht, and selected it as a top pick in the sector.
TIDLOR second-quarter 2026 profit rises 18.3% to 1.53 billion baht
Tidlor Holdings Public Company Limited, or TIDLOR, reported second-quarter 2026 net profit of 1,533.2 million baht, up 18.3% from the same period last year. This brought first-half 2026 net profit to 3,147.0 million baht, up 26.2% from the same period last year, supported by growth in lending and insurance brokerage revenue along with efficient cost and credit quality management. Total revenue for the second quarter of 2026 was 6,143 million baht, up 6.7% from the same period last year, and first-half total revenue was 12,212.5 million baht, up 7.2% from the same period last year. Net interest margin improved to 16.2%, and the cost-to-income ratio stood at 55.1%. The loan portfolio at the end of June 2026 was 112,537.9 million baht, up 6.3% from the same period last year and 2.4% from the previous quarter. The non-performing loan ratio was 1.54%, down from 1.78% in the same quarter last year, and the credit loss ratio was 2.06%, down from 2.63% in the same quarter last year. The reserve-to-non-performing-loan ratio remained high at 322%. In the insurance brokerage business, non-life insurance premiums in the second quarter of 2026 were 2,756 million baht, up 7.4% from the same period last year, led by three main brands: TIDLOR Insurance, Areegator, and Hey Goody.
InnovestX sees SET edging up on strong Q2 earnings, recommends GUNKUL and TIDLOR
Mr. Phobchai Pattarawich, strategist at InnovestX, said the Thai stock market this week is likely to edge up within a range of 1,600 to 1,650 points, supported by strong second-quarter 2026 earnings. As of last Friday, 96 listed companies had reported results, accounting for 56 percent of total market capitalisation, with combined net profit of 196 billion baht, up 23 percent from the previous quarter, and 56 percent of companies with estimates beat profit forecasts. Additional positive factors include weak US employment data, which raises expectations that the Federal Reserve will hold rates steady, and the MSCI index review on 13 August 2026, which may increase the weighting of Thai stocks. For investment strategy, InnovestX recommends GUNKUL on its profit growth outlook and government measures promoting solar rooftops, and TIDLOR on strong earnings growth, lower financial costs, and a share buyback programme. It also highlights other stocks with outstanding results, including MTC, PR9, AP, CPN, KCE, ERW, and HANA.
Brokers highlight top picks SAPPE with 16% profit growth in 2027, MINT and BCP show strong earnings
Several brokers have summarized their top fundamental stock picks. Maybank Securities notes that SAPPE is expected to deliver the strongest profit growth in its sector at 16% in 2027, compared to the sector average of 9.4%, while its 2027 price-to-earnings ratio is only 12.2 times, the lowest in the group. CGS International reports that MINT's core earnings per share for the second quarter of 2026 rose 6% year-on-year and 1,282% quarter-on-quarter to 0.55 baht per share. BCP reported a strong net profit of 12.24 billion baht for the second quarter of 2026, exceeding estimates by 60%, driven by robust market gross refining margins and the start of sustainable aviation fuel production, which added approximately 1.0 billion baht to EBITDA. For TIDLOR, Finansia Syrus Securities expects a second-quarter 2026 profit of 1.49 billion baht, down 8% quarter-on-quarter but up 15% year-on-year, while DBS Vickers Securities forecasts a net profit of 1.48 billion baht, up 14.4% year-on-year but down 8.1% quarter-on-quarter, with full-year 2026 net profit projected to expand by 19.2%. As for PTT, Krungsri Securities expects normalized profit to surge 225% year-on-year and 80% quarter-on-quarter, better than previously estimated, thanks to the gas separation plant and the refining and petrochemical businesses.
Brokers highlight three finance stocks with standout earnings on loan portfolio growth and surging interest income
Analysts from leading securities firms forecast second-quarter 2025 earnings for three financial sector companies: SAWAD, TIDLOR, and MTC. Overall, net profit is expected to grow from the same period last year, supported by loan portfolio expansion and higher interest income. For SAWAD, FSS analysts project net profit of 1.43 billion baht, up 12.6 percent year-on-year, and recommend buying with a target price of 35 baht. Meanwhile, TNITY estimates net profit at 1.401 billion baht, up 10.34 percent year-on-year, and maintains a buy rating with a target price of 35 baht. For TIDLOR, YUANTA forecasts net profit of 1.455 billion baht, growing 12.2 percent year-on-year but declining 9.8 percent from the previous quarter, while keeping a buy recommendation with a new target price of 23 baht. KGI projects net profit of 1.4 billion baht, up 8 percent year-on-year, and upgrades its recommendation from sell to hold, raising the target price to 19.20 baht. For MTC, TNITY expects net profit of 1.883 billion baht, up 14.4 percent year-on-year, and recommends buying with a target price of 43 baht. FSS estimates net profit at 1.89 billion baht, up 14.7 percent year-on-year, and maintains a buy rating but lowers the target price to 40 baht.
CGSI names 14 top picks for Q2 2026 earnings season, flags communication and tourism sectors as disappointment risks
CGSI assesses listed-company earnings for the second quarter of 2026, with the petrochemical sector driving growth while the communication and tourism sectors may disappoint. The firm maintains its year-end 2026 SET Index target at 1,630 points and selects BH, PR9, THAI, ERW, CRC, CPN, AMATA, WHA, GULF, TRUE, TFG, KBANK, MTC, and TIDLOR as top picks. The research team notes that the non-bank sector will see net profit decline 14 percent year-on-year and 7 percent quarter-on-quarter in the second quarter of 2026, based on Bloomberg consensus estimates. The petrochemical sector is likely to be supported by higher spreads, while the transport sector, especially airlines, tends to weaken due to rising fuel costs stemming from the situation in the Middle East. In addition, the ICT and tourism sectors face risks of disappointment, as Bloomberg consensus estimates of strong net profit growth of 26 percent year-on-year for ICT and 15 percent year-on-year for tourism are unlikely to materialize amid a still-weak economy and a 4 percent year-on-year drop in foreign tourist arrivals. Tensions in the Middle East and high oil prices have caused Thailand to face twin deficits, with a trade deficit of 12.4 billion US dollars and a current account deficit of 13.3 billion US dollars in the first half of 2026. Elevated oil prices also increase the risk of government price intervention, which would pressure margins for downstream oil and gas businesses and could push inflation higher in the second half of 2026. While the Bank of Thailand views current inflation as likely temporary, the research team believes the central bank will not raise interest rates at the Monetary Policy Committee meeting on August 26, 2026. Regarding the Senate election collusion case, the Election Commission expects to conclude the investigation by the end of August, but the timeline may be extended. The most likely scenario is that charges will be filed against only some individuals, which would negatively affect market sentiment, and the broader legal proceedings would take longer than before. The SET currently trades at a 12-month forward price-to-earnings ratio of 16.7 times, but this drops to 14 times when excluding DELTA, which has a forward P/E of 83 times. CGSI maintains its year-end 2026 SET Index target at 1,630 points. Positive factors that could support the market include an easing of geopolitical tensions and lower oil prices, while downside risks are the Election Commission filing charges against key politicians from coalition parties and a sharp slowdown in tourist arrivals.
KGI Securities Thailand has raised its 2026 profit forecast for Ngern Tid Lor Holdings Public Company Limited, or TIDLOR, by 6%, lowering its credit cost assumption to 2.5% from 2.75%. It also raised its 12-month target price to 19.20 baht and upgraded its recommendation to Hold from Sell. The research team expects second-quarter 2026 profit at 1.4 billion baht, down 13% quarter-on-quarter but up 8% year-on-year. The quarterly decline was due to a 10-basis-point drop in net interest margin and higher provisioning expenses at 2.4%, up from an unusually low 1.7% in the first quarter of 2026. The year-on-year increase came from a 20-basis-point decline in provisioning expenses. TIDLOR's outlook remains pressured by a weak lower-tier economy, which limits loan growth and keeps new NPL formation elevated.
TIDLOR expects Q2 profit to grow 12.2%, with 20% upside, target 23 baht
Yuanta Securities expects TIDLOR to post a net profit of 1.455 billion baht in the second quarter of 2026, up 12.2% from the same period last year but down 9.8% from the previous quarter. The decline is due to an expected 39.1% increase in provisions from the prior quarter, implying a credit cost of 2.3%, up from 1.7% in the first quarter of 2026. The first-quarter level was unusually low because the company had front-loaded excess provisions in the fourth quarter of 2025, leading to a slowdown in provisioning in the first quarter. In the second quarter, provisioning returns to a normal level. Asset quality remains manageable; although the NPL ratio may edge up slightly, the coverage ratio is expected to stay high at 326.2%. Positive factors are emerging from government economic stimulus measures. Non-interest income is forecast to drop 9.6% from the previous quarter due to seasonal factors, but net interest income is expected to grow 2.6% quarter-on-quarter, in line with total loan growth of 3% from the prior quarter and a net interest margin projected to rise to 16.1% from 15.9% in the first quarter. First-half net profit will account for 59% of the full-year estimate. Operating results are expected to pick up again in the third quarter, both year-on-year and quarter-on-quarter, driven by better loan growth and lower provisioning, supported by economic stimulus policies. In the fourth quarter, net profit is still expected to grow from the same period last year but decline from the third quarter, as the company typically books higher-than-normal technology investment expenses during that period. For full-year 2026, net profit is maintained at 5.176 billion baht, up 2% from the previous year, and is forecast to grow 7.6% in 2027. The current share price still offers 20.4% upside after rolling forward to a new 2027 fundamental value of 23 baht. The recommendation remains buy.
Asia Plus Securities says title loan stocks still laggards in the market, recommends MTC
Asia Plus Securities expects the title loan group's net profit in the second quarter of 2026 at 4.8 billion baht, up 13.8% from the same period last year. It estimates that MTC will post the highest profit growth in the group at 14% year-on-year, followed by SAWAD and TIDLOR at 13.8% and 13.4% respectively. Asset quality is likely to weaken slightly but remains within manageable limits, with TIDLOR having the highest coverage ratio at around 328%, followed by MTC at around 145% and SAWAD at around 53%. The average share price of the title loan group has risen only 7% since the start of the year, still a laggard compared with the stock market's rise of around 29%. The research team continues to pick MTC because its share price is still a laggard relative to TIDLOR and has a chance to outperform if the market shifts to a risk-on mode.
BAY set to raise dividend payout ratio, broker sees 2.3 baht per share in 2026, yield 5.6%
Bank of Ayudhya, or BAY, is preparing to consider raising its dividend payout ratio. Analysts at InnovestX Securities expect clarity on the interim dividend announcement this August. The research team has raised its dividend payout ratio assumption from 45% to 50% for 2026, compared with 30% in 2025. This lifts the dividend per share forecast from 1.3 baht in 2025 to 2.3 baht in 2026, representing a dividend yield of 5.6%. The strong Common Equity Tier 1 ratio of 19.1% as of the second quarter of 2026 still leaves room for further upside to the dividend per share estimate. On loan growth, momentum is expected to accelerate in the second half of 2026, driven by a robust pipeline of large corporate loans, ASEAN business expansion, and the acquisition of a 29 billion baht hire-purchase loan portfolio from CIMBT in the fourth quarter of 2026. The bank maintains its 2026 loan growth target at 2% to 4%. Meanwhile, net interest margin, or NIM, is projected to rise to 4.5% in 2026, supported by a full-year contribution from the TIDLOR consolidation, despite pressure from intensifying deposit competition and the deconsolidation of Home Credit Indonesia. On asset quality, the NPL ratio fell to 3.5% in the second quarter of 2026, but SME and mortgage loans still carry elevated NPL ratios of 8.5% and 7.5%, respectively, and remain a concern. Credit cost in the first half of 2026 stood at 2.36%, above the full-year target of 2% to 2.3%. The research team maintains its 2026 profit growth forecast of 7% and keeps a NEUTRAL recommendation, while raising the target price from 44 baht to 45 baht.
Finansia Syrus lifts SET target to 1,710 by mid-2027, flags 11 top picks
Finansia Syrus Securities has raised its target for the SET Index to 1,710 points by mid-2027, based on an estimated average earnings per share of 100.5 baht and a target PER of 17 times. The research team lifted its 2026 earnings per share estimate by 3 percent to 99 baht, and its 2027 estimate to 102 baht, reflecting growth of 13 percent and 4 percent from the prior year, respectively. It also sees the Thai economy recovering steadily and foreign capital flows having a chance to return to the Thai stock market, as foreign investors' holdings of Thai equities remain below past peaks. Recommended top picks include BA, BBL, BDMS, CPALL, CPF, CPN, ERW, GULF, SAPPE, STA, and TIDLOR.
Kasikorn Securities maintains Buy on TIDLOR, target 21.9 baht, expects 2026 profit to grow 22%
Kasikorn Securities stated that TIDLOR has been affected by the war to a limited extent and expects normalized profit in 2026 to grow strongly by 22% year-on-year. It forecasts normalized profit for the second quarter of 2026 at 1.5 billion baht, down 7% quarter-on-quarter but up 16% year-on-year. The main reason for the quarterly decline is higher loan loss provisions, rising to 2.3% from 1.7% in the first quarter of 2026. Meanwhile, profit is expected to remain stable in the third and fourth quarters of 2026, and the full-year profit estimate is maintained. The dividend payout ratio assumption has been raised to 40% from 30%, resulting in an expected dividend yield of 4.3% for 2026 and 4.5% for 2027. The Buy recommendation and target price of 21.9 baht are maintained.
Broker flags 7 SET50 laggard stocks, sees foreign buying after market leaders hit tight valuations
Analysts at InnovestX Securities say the SET Index has risen over 31.2% from the start of the year to date, supported by foreign fund flows into electronics on the AI theme and better-than-expected domestic fundamentals. But at 1,650 points, the market is starting to face tight valuation constraints, especially for the large-cap stocks that have led the rally, where foreign ownership has exceeded the five-year average. They therefore expect a rotation of funds into laggard stocks where foreign ownership and valuations are below average, while earnings are still growing well. The short-term strategy recommends switching into laggard stocks via two themes. The first is Earnings Play, focusing on stocks with strong expected second-quarter 2026 earnings growth and a robust second half, such as ADVANC, CPN, GULF, PR9, SCGP, and TIDLOR. The second is Foreign Underowned Play, focusing on SET50 stocks where foreign ownership is below the five-year average and earnings momentum is good, such as BEM, CPALL, HMPRO, MTC, OR, TRUE, and TU.
Phillip Securities sees Thai stocks moving sideways, recommends shifting funds from banks into four key themes
Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.
Kasikorn Securities maintains buy on MTC, raises target to THB 39 after Q2 profit hits new high
Kasikorn Securities Public Company Limited maintains a buy recommendation on Muangthai Capital Public Company Limited, or MTC, and raises its target price to THB 39.00 from THB 35.80, reflecting upward earnings revisions and a valuation base year roll-forward to mid-2027. It expects second-quarter 2026 normalized profit to reach a new record of THB 1.87 billion, up 2.6 percent quarter-on-quarter and 13.6 percent year-on-year, driven by wider net interest margins and loan growth. The research team also lifts its 2026 to 2028 normalized profit forecasts by 6.9 percent, 6.7 percent, and 8.1 percent respectively, to THB 7.7 billion, THB 8.8 billion, and THB 9.8 billion. It views asset quality as not deteriorating as feared and loan demand as remaining strong. It picks MTC to return as the top pick in the financial sector, replacing TIDLOR, as its share price has recovered more slowly than peers and trades at just 1.4 times book value, below TIDLOR at 1.5 times, while both companies are expected to generate similar returns on equity of around 16.5 percent.
BAY reports first-half profit of 16.9 billion baht, up 6.8%, boosted by TIDLOR consolidation and AI-ASEAN lending
Bank of Ayudhya reported first-half net profit of 16.912 billion baht, up 6.8% from the same period last year, supported by loan growth from large corporate clients and businesses in ASEAN, as well as higher fee income. Net interest margin rose to 4.60% from 4.14% in the first half of 2024, driven by higher loan yields from the consolidation of TIDLOR's portfolio and ASEAN expansion. The non-performing loan ratio improved to 3.08% from 3.26% at the end of 2024, while the capital adequacy ratio stood at 20.20%.
ASPS Points to Three Wars Pressuring the World, Recommends Three Safe-Haven Stocks
Analysts at Asia Plus Securities, or ASPS, say the market is facing pressure from three major wars: tensions in the Middle East, the trade war, and the technology war. This has caused capital flows to disperse to three destinations, with foreign funds flowing into the Thai stock market since the start of the month by more than 44 billion baht, into the communications, energy, and commercial banking sectors. ASPS therefore recommends three standout safe-haven stocks: SCGP, PTTEP, and TIDLOR. They also advise keeping an eye on second-quarter earnings reports from large technology groups, led by Tesla and Alphabet, to further assess investment direction in the AI sector.
Asia Plus flags three global war risks driving oil surge, with fund flows shifting 44 billion baht into Thai stocks
Asia Plus Securities assesses that global financial markets are under pressure from three key risk factors: Middle East tensions pushing Brent crude to 89 dollars per barrel, a trade war with the United States preparing to impose 50 percent import tariffs on certain Canadian goods, and a technology war after Chinese startup MOONSHOT AI launched its KIMI K3 model, which delivers performance close to top US models but at lower cost. This has triggered capital outflows from high-growth and AI sectors into oil, value, and high-dividend plays. The Thai stock market has become a safe-haven destination, attracting net foreign inflows of over 44 billion baht since the start of July, concentrated in communications, energy, and banking stocks such as TRUE, PTTEP, KBANK, TOP, BBL, and GULF. Asia Plus also warns that Thailand may post a trade deficit of around 4 billion dollars in June, as imports surged 35.8 percent year on year while exports grew only 15.2 percent year on year, lagging neighbors like South Korea, Taiwan, Vietnam, and China. On investment strategy, Asia Plus recommends top picks SCGP, PTTEP, and TIDLOR, while keeping an eye on eight Chinese depositary receipts: TENCENT80, BABA80, MEITUAN80, NETEASE80, XPENG03, GEELY80, KUAISH23, and XIAOMI80, as well as second-quarter earnings reports from US big tech led by TESLA and ALPHABET.