Tidlor Holdings Public Company Limited provides loans and insurance brokerage services in Thailand. It offers vehicle title loans for motorcycles, cars, pickup trucks, and commercial trucks, along with insurance products such as car, electric vehicle, personal accident, travel, home, accident, life, and health coverage under the Shield Insurance Broker, Areegator, and heygoody brands. The company also provides hire purchase for vehicles. Incorporated in 2006, it is based 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.
Maybank raises 2026 SET target to 1,590 points, recommends stock picking
Maybank Securities (Thailand) Public Company Limited has raised its 2026 SET Index target to 1,590 points from 1,550 points, but maintained a Neutral view because the overall market upside is not particularly high. Speaking at an online seminar titled "Decoding Thai Stocks, Fourth Quarter: Finding the Next Winners," the firm said earnings support from listed companies is not yet broad-based, with upward earnings revisions concentrated mainly in the electronics and energy sectors, while bond yields in several countries remain elevated, pressuring valuations of risk assets. On the Thai economy, Maybank expects GDP growth of 2.4% in 2026 and 2.7% in 2027, supported by exports, private investment, and a recovery in tourism, though the government's fiscal capacity has diminished amid a higher public debt level. For its fourth-quarter strategy, Maybank recommends focusing on adjusting weights between industry groups and selecting individual stocks rather than investing based on index direction. It highlights three standout groups: consumer finance, where valuations are starting to look attractive again, with TIDLOR, KTC, and MTC as top picks; tourism and transport, where earnings momentum continues, with AWC, AOT, BA, and MINT; and hospital businesses, which have stable revenue and specific supporting factors, with BH and CHG. At the same time, it advises increased caution in three groups: utilities and energy, which has been downgraded from Positive to Neutral; petrochemicals; and retail.
Kasikorn Securities: Bangkok Flooding Has Limited Impact on Finance Sector, CREDIT and TIDLOR Most Exposed with Highest Bangkok Loan Shares
Kasikorn Securities stated that about 10% of the Bangkok area was affected by flooding from rainfall during September 25–28, with roughly 329,000 households and about 700,000 people affected, and expects conditions to return to normal by October 1, or a total flood duration of about 5 days. Within the financial business group, CREDIT has the highest proportion of loans in Bangkok and its vicinity at about 80% of its loan portfolio, followed by TIDLOR at 28%, while MTC, SAWAD and TURBO each have about 10% of their total loan portfolios. SAK is the only company with no loans in Bangkok, so the impact on the group is expected to be limited, since the affected area is not widespread and most financial operators have loan portfolios spread across the country. The impact is expected to show up in loan yields and credit cost in the fourth quarter of 2026, after the flooding occurred late in the third quarter of 2026, through customer assistance measures such as debt payment holidays and debt restructuring. Historical data from the southern Thailand floods in the fourth quarter of 2025 suggests the impact on profits was limited, with TIDLOR the only company to set aside an additional 200 million baht in reserves and to reverse some reserves in the first quarter of 2026. The research team maintains a neutral view on the financial group, with top picks MTC at a target price of 39.0 baht, TURBO at a target price of 2.56 baht, and THANI at a target price of 2.4 baht, all expected to see limited impact.
CREDIT.BK · Supply · Negative CREDIT has the highest Bangkok-area loan exposure (~80% of portfolio), making it most vulnerable to flood-driven yield and credit-cost pressure.
TIDLOR.BK · Supply · Negative TIDLOR has 28% of its loan portfolio in Bangkok, exposing it to flood-related credit cost and reserve needs in Q4 2026.
MTC.BK · Supply · Neutral MTC has ~10% of loans in Bangkok, so flood impact is limited; it is also a top pick with a 39.0 baht target price.
SAWAD.BK · Supply · Neutral SAWAD has ~10% of loans in Bangkok, implying only limited flood-related exposure.
SAK.BK · Supply · Positive SAK is the only company with no loans in Bangkok, so it is insulated from the flooding impact.
THANI.BK · Supply · Neutral THANI is named as a top pick with a 2.4 baht target price and expected limited flood impact, but its Bangkok loan share is not specified.
TIDLOR presses ahead, championing Ownership to drive loan and insurance growth
Auttaya Poonwattu, Chief Executive Officer of Tidlor Holdings Public Company Limited, or TIDLOR, disclosed that the Tidlor group of businesses held TIDLOR OPEN BOX 2026, its annual leadership conference for 2026, now in its third consecutive year, under the theme Beyond Execution: Take Ownership. A total of 480 senior executives and organizational leaders from across the country attended, to hear the business direction ahead of the final quarter of the year. At the event, the management team presented the operating results of the past half year, noting that the group continued to deliver quality growth, with the loan business maintaining asset quality at a well-managed level, while the insurance brokerage business grew faster than the overall market, helped especially by the strong response to life insurance products launched in the recent period. This has become a second engine contributing significantly to the overall growth of the Tidlor Holdings group. The company also announced the establishment of a Corporate Strategy and Investment Management Department, and introduced Thianthum Chalermsappayakorn as Senior Assistant Managing Director of the Corporate Strategy and Investment Management Department, who will bring more than 25 years of experience to support strategy, investment, business opportunity development, and the building of partnerships.
TIDLOR.BK · Demand · Positive TIDLOR reported quality loan growth and insurance brokerage growing faster than the market, boosted by strong response to new life insurance products.
SAWAD Confident Loans Won't Be Downgraded, Flood Impact Contained
Ms. Thida Kaewbutta, Director of Strategy at Srisawad Corporation Public Company Limited, or SAWAD, disclosed that the company is preparing relief and assistance measures for customers affected by flooding. The title-loan portfolio will see only limited impact because the flooding occurred only in certain areas, and she is not worried that credit quality will be downgraded from Tier 1 to Tier 2 or Tier 3. She also expects lending to grow in line with the targets set for the remainder of the year. Meanwhile, Mr. Trin Sittisawas, Director of Securities Analysis at Yuanta Securities (Thailand) Company Limited, stated that commercial banks and non-bank lenders will face short-term impacts from debt-relief measures by the government sector and the Bank of Thailand, which will slightly pressure yields and may force additional provisioning over roughly one to two quarters. Commercial banks will be affected only to a limited degree because they have shifted their customer base toward large corporates and salaried employees. As for TISCO and KKP, although they have auto-hire-purchase loans, most of their portfolios consist of new cars covered by insurance against flooding, so KKP is seen as a standout stock if its price declines. The non-bank group is more at risk, especially TIDLOR and SAWAD, which hold four-wheel vehicle title-loan portfolios. TIDLOR has a significant proportion and is more exposed to collateral value and the prices of repossessed cars, while SAWAD has SCAP, which focuses on motorcycle hire-purchase that is easier to repair and has already accelerated write-offs at a high level. MTC, whose main portfolio is motorcycle title loans and whose customer base is not concentrated in flooded areas, is a standout stock. Meanwhile, AMC players such as BAM face limited impact and may even benefit from buyer behavior that places less emphasis on locations prone to flooding.
TIDLOR.BK · Regulation · Negative TIDLOR is named as the non-bank lender most at risk from government and Bank of Thailand debt-relief measures, with heavy exposure to four-wheel title-loan collateral and repossessed-car prices.
SAWAD.BK · Regulation · Negative SAWAD holds four-wheel vehicle title-loan portfolios exposed to government and BoT debt-relief measures pressuring yields and provisioning.
MTC.BK · Regulation · Positive MTC's motorcycle title-loan portfolio and customer base outside flooded areas make it a standout amid debt-relief measures.
SCAP.BK · Regulation · Positive SAWAD's SCAP focuses on motorcycle hire-purchase that is easier to repair and has already accelerated write-offs, limiting flood impact.
TISCO.BK · Regulation · Neutral TISCO is mentioned as having auto-hire-purchase loans, but most of its portfolio is new cars insured against flooding, so the debt-relief impact is limited.
KKP.BK · Regulation · Neutral KKP's auto-hire-purchase portfolio is mostly new cars insured against flooding, seen as a standout if price declines.
Brokers pick TIDLOR and MTC as top picks in title-loan sector as flood impact seen limited
Securities analysts at Bualuang, or BLS, assess that flooding in some areas of Bangkok, its surrounding provinces and the eastern region will have a limited impact on title-loan providers. They assume that if 10% of those areas are affected, this would account for 5% of TIDLOR's loans, 4% of MTC's and 3% of SAWAD's, and they expect 20% of customers in this group to face temporary repayment problems of about one month. That would force the companies to set aside additional provisions of roughly 10% of the affected loans in the third and fourth quarters of 2026, which would have a low impact on 2026 net profit, cutting MTC's and TIDLOR's earnings by only 2% and SAWAD's by about 1%. CGS International (Thailand), or CGSI, said TIDLOR will be hit hardest because it has many branches in flooded areas and its collateral is four-wheeled vehicles at risk of damage, and it may consider setting aside an additional management overlay in the third quarter of 2026. MTC and SAWAD will be less affected because most of their branches are outside risk areas. KTC may be affected by higher overdue loans in the fourth quarter of 2026, but the impact on loan growth is limited because its coverage ratio stood at a strong 400% at the end of the second quarter of 2026. The house maintains a neutral weighting on the loan sector, with TIDLOR and MTC as its top picks in the group.
MTC.BK · Capital · Positive MTC named a top pick in the title-loan sector, with flood impact seen limited (only ~2% 2026 earnings hit) and most branches outside risk areas.
TIDLOR.BK · Capital · Neutral TIDLOR named a top pick but CGSI says it will be hit hardest by flooding, with possible extra management overlay in Q3 2026.
SAWAD.BK · Capital · Negative SAWAD faces additional provisions from flood-affected loans, cutting 2026 earnings by about 1%.
KTC.BK · Capital · Negative KTC may face higher overdue loans in Q4 2026 from flooding, though strong 400% coverage limits loan-growth impact.
Pie says oil price falling below $100 supports Anti Oil and Non Bank stocks
Pie Securities stated that crude oil prices falling below the three-digit level for both Brent and WTI is a factor easing pressure on global bond yields and supporting Anti Oil and Non Bank stocks, after investors began to expect that the situation between the United States and Iran will move toward greater easing. Last night, Brent crude closed down 1.2% after reports that Saudi Arabia will reopen its oil pipeline. Meanwhile, the Dow Jones Industrial Average closed down 185 points, or 0.4%, on concerns that high oil prices could prompt the Fed to raise interest rates, and the latest CME Fed reading gives about 54% weight to the Fed raising rates at its October meeting. This morning, the KOSPI rose 1.6%, supporting Thai SEMI stocks such as DELTA, HANA, and KCE. Pie Securities estimates today's SET range at 1590 to 1620 points and recommends buying BA with a target price of 22.4 baht, citing the rise in passengers passing through Samui Airport in July and August both year on year and quarter on quarter. It also recommends buying TIDLOR with a target price of 24 baht, citing second-half 2026 profit trends expected to grow as much as 25% year on year.
BA.BK · Demand · Positive Pie Securities recommends buying BA with a 22.4 baht target, citing rising Samui Airport passenger traffic in July and August year on year and quarter on quarter.
TIDLOR.BK · Capital · Positive Pie Securities recommends buying TIDLOR with a 24 baht target, citing expected second-half 2026 profit growth of as much as 25% year on year.
DELTA.BK · · Positive Named as a Thai SEMI stock supported by the KOSPI's 1.6% rise, with no company-specific development of its own.
HANA.BK · · Positive Named as a Thai SEMI stock supported by the KOSPI's 1.6% rise, with no company-specific development of its own.
KCE.BK · · Positive Named as a Thai SEMI stock supported by the KOSPI's 1.6% rise, with no company-specific development of its own.
Fitch Upgrades Thailand's Outlook to Stable, Bank Stocks Rise Across the Board
Fitch Ratings has revised Thailand's credit rating outlook from Negative to Stable while affirming the rating at BBB+, an investment grade level. As a result, bank stocks rose across the board at 3:00 p.m., led by KBANK up 2.77% to 260.00 baht on trading value of 3.83 billion baht, followed by BAY up 2.61% to 39.25 baht, SCB up 2.30% to 156.00 baht, CREDIT up 1.32% to 23.00 baht, BBL up 1.29% to 196.00 baht, KTB up 1.11% to 45.50 baht, and TISCO up 0.39% to 128.00 baht. TISCO Securities noted four main reasons behind the outlook upgrade: reduced political risk following the election and the formation of a stable government, continuity of economic policy, an improving public debt outlook expected to hold below 63% of GDP in fiscal year 2028, better-than-expected GDP growth driven by investment in AI and data centers, and a strong external position supported by expectations of a return to a current account surplus of 1.5% next year. Based on a study of market movements after Moody's last upgraded Thailand's outlook on April 21 this year, bank stocks delivered positive returns and outperformed the SET across all timeframes, with SETBANK at +1.16%, +1.22%, +4.56%, and +28.56% versus the SET at -0.11%, +0.56%, +3.43%, and +11.55% respectively. The recommended strategic stocks are KBANK with a base target of 290 baht, KTB at 50 baht, and TTB at 3.3 baht. Meanwhile, the yield on 10-year Thai government bonds fell from 2.38% to 2.26%, a decline of 12 basis points, which is positive for interest-rate-sensitive stocks. Preferred picks are MTC at 55 baht, TIDLOR at 25 baht, and power plant stocks such as GULF at 82 baht and EGCO at 144 baht.
BAY.BK · Monetary · Positive BAY rose 2.61% as Fitch upgraded Thailand's outlook to Stable and 10-year bond yields fell 12bp, positive for rate-sensitive bank stocks.
BBL.BK · Monetary · Positive BBL rose 1.29% amid the sovereign outlook upgrade and falling Thai government bond yields benefiting banks.
CREDIT.BK · Monetary · Positive CREDIT gained 1.32% as the Fitch outlook upgrade and lower bond yields lifted Thai bank stocks broadly.
KBANK.BK · Monetary · Positive Fitch upgraded Thailand's outlook to Stable and KBANK rose 2.77%, with the bank named as a recommended strategic stock with a 290 baht target.
KTB.BK · Monetary · Positive Fitch outlook upgrade lifted Thai bank stocks and KTB is a recommended strategic pick with a 50 baht target.
SCB.BK · Monetary · Positive SCB rose 2.30% as Thai bank stocks gained across the board after Fitch revised Thailand's outlook to Stable.
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.
Pi Securities Says US Bond Yields Have Peaked, Recommends Accumulating MTC, SAWAD, TIDLOR
Pi Securities Public Company Limited said investment sentiment in global stock markets is beginning to ease after the US Federal Reserve raised interest rates by 0.25% as the market expected, while signalling it may hike once more this year. As a result, yields on 10-year and 30-year US government bonds declined, and the brokerage views them as likely to have passed their peak. Meanwhile, Brent crude oil prices fell to trade around 104-105 dollars per barrel after concerns over the Middle East situation eased somewhat. In the US stock market, the Dow Jones index closed up 0.61% and the S&P 500 rose 1.14%, led by technology stocks NVIDIA up 2.5%, Micron Technology up 5.5%, and Amazon up 2.2%. For the Thai stock market, Pi Securities estimates today's index range at 1,570-1,595 points, supported psychologically by the South Korean stock market, which rose about 2.5% in the morning, and by Thai technology stocks such as DELTA and KCE. On investment strategy, it views the non-bank group as increasingly attractive for accumulation now that bond yields are likely to gradually decline, and therefore picks MTC, SAWAD, and TIDLOR. Stocks that benefit from slowing oil prices include AOT, MINT, CENTEL, AWC, CPALL, CPN, and HMPRO, as well as hospital stocks BDMS, BCH, and PR9.
MTC.BK · Monetary · Positive Pi Securities picks MTC for accumulation as US bond yields are seen to have peaked and likely to decline, easing funding costs for non-bank lenders.
SAWAD.BK · Monetary · Positive SAWAD is recommended for accumulation on the view that falling US bond yields make the non-bank group more attractive.
TIDLOR.BK · Monetary · Positive TIDLOR is among the non-bank stocks Pi Securities recommends accumulating as bond yields are expected to gradually decline.
InnovestX outlines three Fed meeting scenarios and recommends defensive stocks
InnovestX Securities has assessed three possible outcomes for tomorrow's US Federal Reserve meeting, after US August inflation figures came in close to expectations. The Consumer Price Index stood at 3.4% year-on-year, unchanged from the previous month, while Core CPI slowed from 2.5% to 2.4% year-on-year. However, the month-on-month figures came in slightly above expectations, and the overall inflation level remains above the Fed's target, keeping the market concerned about the interest rate path. The first scenario is a hold, which is the base case, but the market assigns it only about 10% probability, while nearly 90% expect a rate hike. The second scenario is a single Dovish Hike with no signal of further increases, which could pressure the SET to pull back in the short term before building a base. The third scenario is a Hawkish Hike with a signal of further increases, in which case the Dot Plot must be watched to see whether it reflects a higher rate path for next year. For Thai equity portfolios, InnovestX recommends two defensive themes for low-risk investors. The first is a Domestic Play, focusing on big-cap stocks with domestic revenue, such as CPALL, CPN, CRC, BDMS, BCH, PR9 and CHG. The second is a High Dividend Play, stocks expected to deliver a consistent dividend yield above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC, PTT, FTREIT and LHSC. For investors with a high risk appetite, the firm recommends a Tactical strategy based on the meeting outcome. If the Fed holds rates, it sees a Risk-on play in MTC, SAWAD, TIDLOR, AP, SIRI, DELTA, HANA and KCE. If it is a Dovish Hike, it recommends buying on dips. If it is a Hawkish Hike, it recommends raising cash holdings and waiting for a market correction over roughly three to six months before considering groups that benefit from high interest rates and a weak baht, namely BBL, KBANK, KTB, TLI, BLA, TU and ITC.
AP.BK · · Neutral Listed in InnovestX's recommended defensive Domestic Play and Risk-on tactical plays, but no company-specific development; recommendation is contingent on Fed outcome.
BBL.BK · · Neutral Named in InnovestX's High Dividend Play list (yield above 5%), a portfolio recommendation rather than a company-specific event.
BCH.BK · · Neutral Included in InnovestX's Domestic Play defensive theme, but no company-specific news; impact depends on Fed meeting scenario.
BDMS.BK · · Neutral Listed among InnovestX's Domestic Play big-cap domestic-revenue stocks, a thematic recommendation with no company-specific development.
CHG.BK · · Neutral Named in InnovestX's Domestic Play defensive theme, but no company-specific news; impact hinges on the Fed meeting outcome.
CPALL.BK · Monetary · Neutral Named as a defensive Domestic Play pick ahead of the Fed meeting, but the impact depends on the Fed outcome.
InnovestX Unveils 4 Standout Stock Themes as SET Slips Below 1,600 Points
InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.
AMATA.BK · Regulation · Positive Named as a stock benefiting from government policy on the draft PDP2026 plan and rooftop solar support.
AOT.BK · Regulation · Positive Listed among stocks supported by the Thai Tiew Thai Plus economic stimulus program.
BBL.BK · Monetary · Positive Selected as a bank benefiting from high bond yields after the 10-year US Treasury yield hit 5%, and also cited for dividend yield above 5%.
AP.BK · Regulation · Positive Named in both the high-dividend defensive theme and the laggard theme on expected H2 2026 earnings growth.
BCH.BK · Capital · Positive Included in the laggard theme on expectations its second-half 2026 earnings will grow year on year and versus H1.
CPALL.BK · Demand · Positive Seen benefiting from the extension of the Thai Chai Thai Plus and Thai Tiew Thai Plus stimulus programs.
Kasikorn Research Center expects the Fed to hold rates in September, with one more hike seen in 2026
Kasikorn Research Center expects the Fed to hold its policy rate at 3.50-3.75% at the FOMC meeting on September 15-16, 2026, even as the market assigns greater weight to a rate hike after headline inflation in August 2026 held steady at 3.4% year-on-year, in line with market expectations and with no clear sign of acceleration. This comes amid tight financial conditions, with the 10-year US Treasury yield rising another 0.027% to 4.971%. Kasikorn Research Center expects the Fed to raise rates once over the remainder of 2026, and that hike is unlikely to mark the start of a new rate-hiking cycle. Meanwhile, the European Central Bank has just decided to raise its policy rate by 0.25% at its meeting on September 10, 2026, its second increase this year, and the market is also watching the Bank of Japan meeting on September 18, 2026. Concerns about rate hikes by major central banks weighed on financial stocks, led by large leasing companies MTC, TIDLOR and SAWAD, which continued to decline. MTC closed at 29.25 baht, 22.52% below the average minimum target of 37.75 baht, and the pressure also hit power businesses carrying high debt. Chitra Amorntham, Deputy Managing Director of the Securities Analysis Department at Finansia Syrus Securities, sees the sharp share price decline as an opportunity to accumulate, because news of foreign central bank rate hikes is only sentiment, since Thailand's policy rate has not risen and stands at 1.00% per year. Meanwhile, Krungsri Securities maintains a buy recommendation on MTC and keeps its target price at 44 baht, citing controllable asset quality, and expects net profit in 2026-2027 to have upside from provisioning expenses. MTC has no plan to raise its dividend level because it is still in a growth phase.
MTC.BK · Monetary · Negative Concerns about major central bank rate hikes weighed on financial stocks, with MTC among the large leasing companies that continued to decline.
SAWAD.BK · Monetary · Negative SAWAD was named among the leasing companies hit by rate-hike concerns from major central banks.
TIDLOR.BK · Monetary · Negative TIDLOR was named among the large leasing companies pressured by concerns over rate hikes by major central banks.
Land and Houses Securities Recommends Buying MTC and TIDLOR
Land and Houses Securities has issued a research report recommending buying shares of MTC and TIDLOR, with target prices of 42.5 baht and 24.2 baht, respectively. For MTC, the brokerage expects second-half profit to continue growing and potentially reach a new high, supported by accelerating loan growth, improved net interest margin (NIM) due to lower funding costs from bond refinancing, and cost control as the branch network approaches its target of 9,000 branches. Although the company has revised down its loan growth target for this year to 8-10%, this still represents high growth. Meanwhile, a focus on low-risk loans and economic stimulus measures should support asset quality. For TIDLOR, the brokerage expects second-half profit to grow year-on-year, driven by seasonal loan acceleration and a further 5-10 basis point decline in funding costs, which should widen the interest rate spread. The insurance brokerage business continues to provide steady income. Asset quality remains strong, with NPL at around 1.5-1.6% and a coverage ratio above 320%. The company has lowered its credit cost target for 2026 to 2.0-2.5% from the previous 2.2-2.8%, following better-than-expected performance in the first half.
KGI raises profit forecast and target price for TIDLOR but maintains Hold rating
KGI Securities (Thailand) has raised its profit estimates for TIDLOR for 2026-2027 by 6% after lowering its credit cost assumption to 2.4% from 2.5%. It also raised its target price to 20.20 baht from 19.20 baht, but maintains a "Hold" rating due to an unfavorable economy, unattractive share price, and limited upside. Loans in Q2 2026 grew 2.4% QoQ and 3% YTD, with motorcycle loans, which yield 22-24%, accounting for more than 50% of new loans. Meanwhile, the company diversified its funding sources by issuing 3-year yen bonds in Japan worth approximately 16.5 billion baht, or 20-22% of total funding, which is expected to have a higher overall cost than its current cost of funds of 3.2%.
TIDLOR First-Half Profit Surges 26.2%; Broker Sees Upside in Second Half
TIDLOR reported a first-half net profit of 3.147 billion baht, up 26.2% from the previous year despite the economic slowdown. Second-quarter profit stood at 1.5332 billion baht, up 18.3% year-on-year. Meanwhile, brokers view the second-half momentum as positive, citing potential acceleration in loan growth, lower financial costs, and credit costs having passed their peak. ASL Securities expects full-year 2026 net profit of 6.03 billion baht, up 22.2%, with ROE rising to 16.6% from 15.1%. It maintains a "Buy" recommendation with a target price of 25.75 baht, based on a PBV of 1.8 times.
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.
TIDLOR.BK · Capital · Positive CGSI raises target price to 25 baht and maintains buy on better-than-expected H1 2026 net profit and higher EPS estimates.
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.
CPN.BK · Demand · Positive CPN expected to see Q4 2026 shopping mall rental income and residential revenue reach quarterly highs, and plans to inject malls into CPNREIT.
TIDLOR.BK · Capital · Positive TIDLOR's Q2 2026 net profit rose 18.3% YoY and CGSI raised its 2026-2028 EPS estimates by 7.6-8.1%.
US-30Y.GB · Monetary · Negative 30-year US Treasury yield hit a 19-year high of 5.31%, pressuring global sentiment.
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.
BA.BK · Capital · Positive Named as a top pick by Finansia Syrus, with a raised SET target and positive earnings outlook.
BBL.BK · Capital · Positive Named as a top pick by Finansia Syrus, with a raised SET target and positive earnings outlook.
BDMS.BK · Capital · Positive Named as a top pick by Finansia Syrus, with a raised SET target and positive earnings outlook.
CPALL.BK · Capital · Positive Named as a top pick by Finansia Syrus, with a raised SET target and positive earnings outlook.
CPF.BK · Capital · Positive Named as a top pick by Finansia Syrus, with a raised SET target and positive earnings outlook.
CPN.BK · Capital · Positive Finansia Syrus names CPN as a top pick and raises SET target, implying positive analyst sentiment and expected capital inflows.
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.
TIDLOR.BK · Capital · Positive Kasikorn Securities maintains Buy rating and target price, raises dividend payout ratio to 40%, expects 22% profit growth in 2026.
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.
PTTEP.BK · Geopolitics · Positive Recommended as a safe-haven stock amid three wars (Middle East tensions, trade war, tech war); energy sector benefits from geopolitical uncertainty.
SCGP.BK · Geopolitics · Positive Recommended as a safe-haven stock amid three wars; communications sector benefits from capital flows into Thai market.
TIDLOR.BK · Geopolitics · Positive Recommended as a safe-haven stock amid three wars; commercial banking sector benefits from capital flows into Thai market.
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