AEON Thana Sinsap (Thailand) Public Company Limited
AEONTS.BKTHB
90.25-17.1%1Y · THB
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.
Why is AEON Thana Sinsap (Thailand) Public Company Limited (AEONTS.BK) moving?
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AEONTS hit by bad-loan provisions; dividend and buyback cushion the fall
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Bad loans force profit down and targets cut AEONTS's quarterly profit fell about 19% as more customers missed payments, especially on used-car loans in Thailand and Cambodia. Brokers cut their price targets to 96–108 baht, saying provisions will stay high for another one to two quarters. This is the main force pushing the shares down.
It is the core reason the stock is under pressure and explains the wave of target-price cuts.
Bigger dividend and buyback support the shares AEONTS will pay a 3.00 baht interim dividend, up from 2.55 baht last year, and is buying back its own shares until 19 October. That gives investors a cash yield of roughly 6.6% a year and puts a floor under the price while profits are weak.
It is the main counterweight keeping the stock from falling further despite poor earnings.
Weak US jobs data lifts rate-sensitive Thai financials US hiring slowed sharply in September, so investors now expect the Federal Reserve to hold off raising interest rates. That helps rate-sensitive Thai financial stocks like AEONTS, which trade cheaply compared with their book value. Lower rates would ease funding costs and loan-repayment strain.
It is a fresh outside force that can support AEONTS shares even as company-specific news is weak.
0% iPhone instalment campaign targets year-end demand AEONTS launched a 0% interest iPhone 18 instalment plan for up to 36 months with major retailers, aiming to boost card spending and new customers during the year-end shopping season. It is a small positive for demand, but it does not fix the bad-loan problem.
It is a new company action that could support lending volume and card usage.
Three brokers cut AEONTS target price after profit misses expectations and NPLs rise
Three brokers lowered their target price for AEONTS shares after the company reported second-quarter net profit that fell short of expectations. InnovestX said net profit for the second quarter of fiscal 2026 fell 19% quarter-on-quarter and 19% year-on-year, driven by expected credit losses mainly from its Cambodian subsidiary, as well as by net interest margin. The research team cut its fiscal 2026 profit forecast by 7% but maintained its OUTPERFORM rating, lowering its mid-2027 target price from 116 baht to 108 baht, based on a price-to-book value of 0.9 times. It expects an attractive dividend yield of 6.65% and sees the valuation as inexpensive at a price-to-book value of 0.77 times, against a return on equity of 10% for fiscal 2026. KGI said its second-quarter 2026 results were weak, reflecting shrinking revenue and deteriorating asset quality that pressured credit costs, and it expects credit-cost pressure to continue in the coming quarters. It maintained its Underperform rating with a 2026 target price of 98.00 baht. UOB Kay Hian Thailand said AEONTS reported net profit of 642 million baht for the second quarter of fiscal 2027, down 19% year-on-year and 19% quarter-on-quarter, with higher provisions reflecting worsening asset quality in its hire-purchase loan portfolio. AEONTS also declared an interim dividend of 3.00 baht per share, above the baseline of 2.55 baht seen over the past several years, which it called a positive surprise. The research team downgraded the stock to Hold and cut its target price to 98.00 baht from 120.00 baht, while lowering its fiscal 2027 to 2029 profit forecasts by 11.2%, 11.5% and 6.8% respectively.
AEONTS.BK · Capital · Negative Q2 profit missed expectations with 19% YoY/QoQ decline on higher credit losses and NPLs, prompting three brokers to cut target prices and downgrade the stock.
AEONTS Q2 2570 profit falls 18.8%, revenue shrinks across all segments, NPL jumps to 5.9%
AEON Thana Sinsap (Thailand) Public Company Limited, or AEONTS, reported its operating results for the second quarter of 2570 (June-August 2569), with net profit of 642 million baht, down 18.8% from the same period last year and down 19% from the previous quarter. Total revenue came in at 5,154 million baht, down 5.8% from the same period last year and down 0.3% from the previous quarter, as revenue declined across all business segments. Credit card revenue was 1,482 million baht, down 13.3% from the same period last year and down 5.9% from the previous quarter, accounting for 30% of total revenue. Revenue from lending was 2,206 million baht, down 6.9% from the same period last year and down 0.5% from the previous quarter, accounting for 43% of total revenue. Revenue from hire purchase was 357 million baht, down 1.3% from the same period last year and down 7.5% from the previous quarter, accounting for 7.2% of total revenue. Meanwhile, loans contracted while non-performing loans, or NPLs, rose to 5.9% from 5.6% in the previous quarter. As a result, expected credit losses stood at 2,061 million baht, up 8% from the second quarter of 2569, when they were 1,906 million baht, and up 23.2% from the first quarter of 2570, when they were 1,673 million baht. Although expenses fell to 4,430 million baht, down 0.9% from the same period last year, the decline was smaller than the drop in revenue. Yesterday, October 8, 2569, AEONTS shares closed at 91.25 baht, up 1.11%, with trading value of 117.94 million baht, supported by speculative buying ahead of an interim dividend of 3.00 baht per share, representing a dividend yield of 3.32% based on the closing price on October 7, 2569. The stock will go ex-dividend on October 21, 2569, with payment on November 6, 2569.
AEONTS rises 2.77% as Phillip recommends gradual buying, expects higher dividend than last year
AEONTS shares rose 2.77%, bucking the market, after Phillip Securities upgraded its recommendation to "gradual buying" and cut its 2026 target price to 96 baht following reductions to its profit and loan forecasts, though it still sees upside from the target price as well as support from a dividend expected to be higher than last year. Phillip Securities noted that AEONTS reported second-quarter 2026 net profit of 642 million baht, down 18.9% year-on-year and 19% quarter-on-quarter, due to lower interest income amid contracting loans and higher provisions. First-half 2026 net profit came in at 1.435 billion baht, down 8.2% year-on-year. Loans continued to contract, falling 1.2% quarter-on-quarter in the second quarter of 2026, bringing the decline from the end of 2025 to 2% year-to-date, with reductions across all loan categories, while non-performing loans rose to 5.9% from 5.6% in the previous quarter. Phillip expects loans to recover in the second half of 2026 but not enough to reach its previous forecast of 5% growth, so it cut its loan growth estimate to 0%. As a result, it expects 2026 profit of 3 billion baht, down from its previous estimate of 3.3 billion baht, and lowered its target price to 96 baht. However, a key supporting factor remains the dividend, as AEONTS declared an interim dividend of 3 baht per share, a dividend yield of 3.3%, higher than last year's payout of 2.55 baht per share, making it possible that the full-year dividend will exceed Phillip's previous estimate of 5.50 baht per share. It therefore maintains its "gradual buying" recommendation.
AEONTS.BK · Capital · Neutral Phillip cut its 2026 profit and loan forecasts and target price to 96 baht, but upgraded to 'gradual buying' and flagged a higher-than-expected dividend after Q2 profit fell 18.9% y/y.
AEONTS declares dividend of 3.00 baht, XD on Oct 21; second-quarter profit comes in at 642.36 million baht
AEON Thana Sinsap (Thailand) Public Company Limited, or AEONTS, informed the Stock Exchange of Thailand that its board of directors has resolved to pay an interim dividend from operating results for the period from March 1, 2026 to August 31, 2026, and from retained earnings, at 3.00 baht per share. The stock will go ex-dividend on October 21, 2026, with the record date for dividend entitlement set for October 22, 2026, and payment scheduled for November 6, 2026. In addition, AEONTS reported operating results for the second quarter ended August 31, 2026, with a profit of 642.36 million baht, down 18.8% from 791.54 million baht in the same period a year earlier, and down 19.0% from the previous quarter. The decline in profit stemmed from higher expected credit loss expenses, or ECL. However, the company maintained its gross profitability through effective cost control, particularly in managing expenses in its core business. Total revenue for the second quarter of fiscal year 2026 was 5,154 million baht, flat from the previous quarter but down 5.8% from the same quarter a year earlier. The decline in interest income this quarter continued to reflect the adjustment of the portfolio mix and the gradual reduction in the size of credit card, personal loan, and hire purchase loan portfolios, though it was still supported by strong growth in other income.
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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