Analysts upgraded TCAP shares to "Buy" and raised the target price to 105 baht, based on a PBV of 1.17 times, after revising up net profit forecasts for 2026-27F by 16% and 20% to 9.23 billion baht, up 19% year-on-year, and 9.6 billion baht, up 1% year-on-year, driven by better-than-expected non-interest income, particularly dividend income and insurance income, as well as lower-than-expected provisioning, equivalent to a full-year credit cost of 0.6%. The company also raised its dividend payout ratio to 57.5% from 50%, amounting to 5.06 baht per share, and has a share buyback program worth no more than 7.5 billion baht for 104.86 million shares, or no more than 10% of issued shares, between August 17, 2026 and February 16, 2027, which will help lift ROE by 1% to 10.4% by the end of 2027. Even though the share price has already risen more than 43% year-to-date and hit a 30-year high, the company still offers a dividend yield as high as 5.7-6.1% per year during 2026-28F. On the technical side, key support sits at 83.25-83 baht and resistance at 85, 87.25 and 89 baht.
Thanachart Capital Public Company LimitedBrokerage upgraded TCAP to Buy with a 105 baht target after raising 2026-27F profit forecasts 16-20% on better non-interest income and lower provisioning.
