Land and Houses Securities has issued a research report recommending buying shares of MTC and TIDLOR, with target prices of 42.5 baht and 24.2 baht, respectively. For MTC, the brokerage expects second-half profit to continue growing and potentially reach a new high, supported by accelerating loan growth, improved net interest margin (NIM) due to lower funding costs from bond refinancing, and cost control as the branch network approaches its target of 9,000 branches. Although the company has revised down its loan growth target for this year to 8-10%, this still represents high growth. Meanwhile, a focus on low-risk loans and economic stimulus measures should support asset quality. For TIDLOR, the brokerage expects second-half profit to grow year-on-year, driven by seasonal loan acceleration and a further 5-10 basis point decline in funding costs, which should widen the interest rate spread. The insurance brokerage business continues to provide steady income. Asset quality remains strong, with NPL at around 1.5-1.6% and a coverage ratio above 320%. The company has lowered its credit cost target for 2026 to 2.0-2.5% from the previous 2.2-2.8%, following better-than-expected performance in the first half.
Muangthai Capital Public Company LimitedBrokerage recommends buying with target price 42.5 baht, citing profit growth and improved NIM.
Ngern Tid Lor Public Company LimitedBrokerage recommends buying with target price 24.2 baht, citing profit growth and lower funding costs.
