Dao Securities estimates TISCO's net profit for the third quarter of 2026 at 1.766 billion baht, up 2% year-on-year but flat quarter-on-quarter. The year-on-year increase comes from a return to provisioning within the target framework, with credit cost at 102 basis points, close to the guidance of 100-110 basis points. Meanwhile, net interest margin stands at 5.02%, up from 4.88% in the third quarter of 2025, benefiting from falling interest rates, and the cost of funds is expected to bottom out in the third quarter of 2026. The flat quarter-on-quarter profit is due to nearly all items holding steady. Total loans rose 2.8% year-on-year and 0.5% quarter-on-quarter, or 0.4% year-to-date, driven by large corporate loans. SME loans remained flat, while retail loans declined. Non-performing loans will be at 2.08%, down from 2.12% in the previous quarter, due to improved borrower quality from reduced high-yield lending and a larger loan base. The brokerage maintains its 2026 net profit forecast at 6.9 billion baht, up 4% year-on-year, on higher net interest margin from falling interest rates. It also keeps its 'Hold' rating on TISCO with a target price of 125.00 baht, based on a 2026 estimated price-to-book value of 2.25 times, which is 2.25 standard deviations above the 10-year average, while offering a high dividend yield.
TISCO Financial Group Public Company LimitedDao Securities estimates TISCO's Q3 2026 net profit at 1.766 billion baht, up 2% year-on-year, and maintains its 2026 profit forecast and Hold rating with a 125.00 baht target price.
