KGI Securities (Thailand) has raised its profit estimates for TIDLOR for 2026-2027 by 6% after lowering its credit cost assumption to 2.4% from 2.5%. It also raised its target price to 20.20 baht from 19.20 baht, but maintains a "Hold" rating due to an unfavorable economy, unattractive share price, and limited upside. Loans in Q2 2026 grew 2.4% QoQ and 3% YTD, with motorcycle loans, which yield 22-24%, accounting for more than 50% of new loans. Meanwhile, the company diversified its funding sources by issuing 3-year yen bonds in Japan worth approximately 16.5 billion baht, or 20-22% of total funding, which is expected to have a higher overall cost than its current cost of funds of 3.2%.
Ngern Tid Lor Public Company LimitedKGI raises profit forecast and target price but maintains Hold due to unfavorable economy and limited upside.
