Brokers pick TIDLOR and MTC as top picks in title-loan sector as flood impact seen limited

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Summary · why it matters

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.

Impact on assets 4

Financials± Mixed
Srisawad Power 1979 PCL
SAWAD
▼ NegativeCapitalrelevance

SAWAD faces additional provisions from flood-affected loans, cutting 2026 earnings by about 1%.

Krungthai Card PCL
KTC
▼ NegativeCapitalrelevance

KTC may face higher overdue loans in Q4 2026 from flooding, though strong 400% coverage limits loan-growth impact.