ASL Securities (ASL) stated that shares of Srisawad Corporation (SAWAD) are entering a new growth cycle, with loans expected to grow 10% per year in 2026-2027, led by title loans. Meanwhile, funding costs are declining, and asset holding expenses will be eliminated from the third quarter of 2026, which will support a rebound in interest margin and net interest income. Additionally, non-performing loans are expected to decrease from 3.9% in 2025 to 3.7% and 3.6% in 2026 and 2027, respectively. Pressure from repossessed vehicles is easing, and new businesses such as SCAP-Locked Phone and insurance brokerage will help boost revenue and profits. Profits for 2026-2027 are estimated at 5.36 billion baht and 6.01 billion baht, growing 6.7% and 12.2% year-on-year. ASL recommends a "Buy" rating with a target price of 29.50 baht, offering dividend yields of 3.4% and 3.8%.
Srisawad Power 1979 PCLASL initiates Buy with target 29.50 baht, citing growth cycle and profit estimates.
