AEON Thana Sinsap (Thailand) Public Company Limited
AEON Thana Sinsap (Thailand) Public Company Limited provides retail finance services in Thailand and internationally. It operates through Retail Finance Services and Other Business segments, offering credit cards, hire purchase, personal loans, and microfinance. The company also provides debt collection and insurance brokerage services, and is involved in securitization projects and non-performing asset management. Founded in 1992, it is headquartered in Bangkok, Thailand.
US jobs data misses forecasts, boosting Thai non-bank and power stocks
US non-farm payrolls rose by just 29,000 in September, far below the 90,000 economists had expected in a Reuters poll, and figures for the two prior months were revised down. The unemployment rate edged up to 4.2%, against economists' expectations that it would hold steady at 4.1%. The data led investors to scale back bets that the Fed will raise interest rates by at least 0.25% at its late-October meeting, with CME FedWatch showing the odds falling to 22.7% from 24.4% the previous day and 64.2% a week earlier. This supported US stocks and bodes well for Thai equities, especially rate-sensitive sectors such as property, power plants and financials, including AEONTS and SAWAD, which trade at 0.79 and 0.90 times book value respectively. Analysts, meanwhile, are highlighting TIDLOR and MTC as top picks. All 16 analysts polled unanimously recommend buying TIDLOR, which Kasikorn Securities gives a mid-2027 target price of 24.40 baht after raising this year's profit forecast by 2% to 6.163 billion baht, lifting 2027 by 5% to 6.638 billion baht and 2028 by 3% to 7.3 billion baht, while raising its long-term ROE assumption to 16% from 15.2%. For MTC, Krungsri Securities maintains a buy rating with a 2027 target price of 44 baht, citing manageable asset quality and potential upside to this year's and next year's net profit from provisioning expenses.
Kasikorn Securities lowered its target price for AEONTS shares to 108 baht from 120 baht but maintained its buy recommendation, expecting second-quarter net profit for fiscal year 2570 to come in at 697 million baht, down 12% both quarter-on-quarter and year-on-year. The decline is pressured by higher loan-loss provisions, weaker non-interest income, lower card spending, and margin pressure. First-half profit for fiscal year 2570 is expected to account for 51% of the revised full-year profit forecast. Credit cost is expected to rise 107 basis points quarter-on-quarter to 8.7% on higher bad debts in Cambodia's hire-purchase market, with pressure expected to continue for another one to two quarters. Loans are expected to fall 2.5% in fiscal year 2570 and stay flat in fiscal year 2571. The brokerage cut its profit forecasts for fiscal years 2570 to 2572 by 13.9%, 10.8%, and 5.9% to 2.9 billion baht, 3.17 billion baht, and 3.55 billion baht respectively. It views the 5.7% dividend yield and the potential to return capital to shareholders as likely to limit the downside.
Yuanta cuts AEONTS target to 106 baht after provisions surge, pressuring 2Q26 profit
Yuanta Securities downgraded its recommendation on AEON Thana Sinsap (Thailand) Public Company Limited, or AEONTS, from "Buy" to "TRADING" and lowered its 2026 fair value to 106 baht, based on a PBV of 0.9x, implying upside of about 8.2%, with an expected dividend yield of 5.6%. It noted that the company faces pressure from provisioning on used-car hire-purchase loans and expects provisions to remain elevated for another two quarters. Yuanta expects net profit for 2Q26, to be reported on 7 October, at 652 million baht, down 17.6% year-on-year and down 17.8% quarter-on-quarter. Although non-interest income is expected to grow 8.8% quarter-on-quarter on gains from selling bad debt to AMCs, net interest income is expected to fall 1.6% quarter-on-quarter due to reduced lending for used-car hire-purchase. NIM is expected to hold steady at 17.3%, while provisions are expected to accelerate by 11.4% quarter-on-quarter, representing a credit cost of 8.7%, up from 7.6% in 1Q26, pushing total NPLs up to 5.8% from 5.6% in 1Q26. The research team therefore cut its net profit forecasts for 2026 and 2027 by 6.6% and 2.6%, respectively, expecting net profit of 2.973 billion baht in 2026, down 3.8% year-on-year, before returning to growth of 6.6% year-on-year in 2027.
AEONTS.BK · Capital · Negative Yuanta downgraded AEONTS to TRADING and cut its 2026 fair value to 106 baht, slashing 2026-27 profit forecasts on surging provisions.
TCG expands credit guarantees by 70 billion baht, boosting non-banks with MTC in focus
TCG is preparing to expand its credit guarantee base to Micro SMEs, Nano SMEs, and freelancers through partnerships with non-bank groups and virtual banks, targeting a guarantee volume of 70 billion baht, which will generate a multiplier effect of up to 4 times, equivalent to injecting more than 280 billion baht into the economy. Currently, TCG supports loans covering only 50% of its existing potential, and is in discussions with 17 qualifying non-bank providers out of 37 to set loan limits of 20,000-30,000 baht per borrower, with a conclusion expected in October 2026. Analysts at KGI said the policy will benefit the non-bank sector, especially MTC, which currently has nano-finance loans accounting for about 5% of its total loans, while SAWAD, TIDLOR, KTC, and AEONTS do not yet have loans in this segment. If the credit guarantee project expands, it will help support stronger loan growth for the non-bank sector.
MTC.BK · Demand · Positive KGI says the TCG guarantee expansion will especially benefit MTC, whose nano-finance loans are about 5% of total loans, supporting stronger loan growth.
AEONTS.BK · Demand · Neutral Article notes AEONTS does not yet have nano-finance loans in this segment, so it is not a direct beneficiary of the TCG guarantee expansion.
KTC.BK · Demand · Neutral KTC is listed among non-banks without nano-finance loans, so the TCG credit guarantee expansion does not directly boost its loan growth.
SAWAD.BK · Demand · Neutral SAWAD is noted as not yet having loans in the nano-finance segment, so it is not a direct beneficiary of the guarantee expansion.
TIDLOR.BK · Demand · Neutral TIDLOR is listed among non-banks without nano-finance loans, so the TCG guarantee expansion does not directly support its loan growth.
AEONTS launches 0% interest iPhone 18 instalment campaign for up to 36 months
AEON Thana Sinsap (Thailand), or AEONTS, has launched a 0% interest instalment campaign for the iPhone 18 lasting up to 36 months, aiming to capture year-end smartphone demand after Apple announced it will open pre-orders for Thai consumers from Saturday, September 12, 2026. Customers can pay in instalments using participating AEON cash cards or AEON credit cards. The campaign also offers a 600 baht discount coupon, a Soundcore speaker worth 899 baht, and other premium gifts at participating iStudio stores, subject to conditions set by the stores and the company. The campaign runs from September 12, 2026 to February 28, 2027, in collaboration with mobile and IT retail partners, mobile operators, and leading department stores nationwide, including Studio7, iStudio by Copperwired, iStudio by SPVI, iStudio by Uficon, TG, IT City / CSC, JIB, AIS, True, and PowerBuy.
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