Next Capital vs Srisawad Power 1979 PCL: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Next Capital Public Company Limited (NCAP.BK)

Q3 202631 Jul – 2 Oct 2026

▲4

NCAP hits record profits, expands loans, and raises cheap bonds

Record Q2 and H1 profits beat expectations NCAP reported a record second-quarter net profit of 197 million baht, up 10% from the previous quarter and 34% year-on-year, bringing first-half profit to a record 376 million baht, up 34%. This strong earnings growth shows the company is making more money and supports a higher stock price.
This is the core new financial result that directly drives the stock's value.
Loan portfolio grows 15% with lower bad loans New loans in the first half totaled 3.635 billion baht, up 15%, pushing the total loan book above 10.9 billion baht. The non-performing loan ratio fell to 1.28%, meaning fewer borrowers are failing to repay. This healthy growth supports future profits and makes the stock more attractive.
Loan growth and better asset quality are key drivers of future earnings and investor confidence.
Bond issuance raises funds at low cost NCAP is issuing two series of bonds with interest rates of 5.10% and 5.25% per year, open for subscription on September 7–9, 2026. The money will be used to expand the business. This gives the company cheaper funding to grow its loan portfolio, which can boost future profits.
The bond offering is a new capital-raising event that funds growth and affects the company's cost of money.
Analysts see more growth ahead, name NCAP a top pick Yuanta Securities initiated coverage with a buy rating and a 6 baht target, citing a record profit outlook and cheap valuation. It later named NCAP in its Tier 1 list of most interesting small and mid-caps for third-quarter earnings growth. This positive analyst attention can attract more buyers.
Analyst recommendations and target prices often influence investor demand and the stock price.

August 202631 Jul – 2 Oct 2026

▲4

NCAP hits record profits, expands loans, and raises cheap bonds

Record Q2 and H1 profits beat expectations NCAP reported a record second-quarter net profit of 197 million baht, up 10% from the previous quarter and 34% year-on-year, bringing first-half profit to a record 376 million baht, up 34%. This strong earnings growth shows the company is making more money and supports a higher stock price.
This is the core new financial result that directly drives the stock's value.
Loan portfolio grows 15% with lower bad loans New loans in the first half totaled 3.635 billion baht, up 15%, pushing the total loan book above 10.9 billion baht. The non-performing loan ratio fell to 1.28%, meaning fewer borrowers are failing to repay. This healthy growth supports future profits and makes the stock more attractive.
Loan growth and better asset quality are key drivers of future earnings and investor confidence.
Bond issuance raises funds at low cost NCAP is issuing two series of bonds with interest rates of 5.10% and 5.25% per year, open for subscription on September 7–9, 2026. The money will be used to expand the business. This gives the company cheaper funding to grow its loan portfolio, which can boost future profits.
The bond offering is a new capital-raising event that funds growth and affects the company's cost of money.
Analysts see more growth ahead, name NCAP a top pick Yuanta Securities initiated coverage with a buy rating and a 6 baht target, citing a record profit outlook and cheap valuation. It later named NCAP in its Tier 1 list of most interesting small and mid-caps for third-quarter earnings growth. This positive analyst attention can attract more buyers.
Analyst recommendations and target prices often influence investor demand and the stock price.

Latest31 Jul – 2 Oct 2026

▲4

NCAP hits record profits, expands loans, and raises cheap bonds

Record Q2 and H1 profits beat expectations NCAP reported a record second-quarter net profit of 197 million baht, up 10% from the previous quarter and 34% year-on-year, bringing first-half profit to a record 376 million baht, up 34%. This strong earnings growth shows the company is making more money and supports a higher stock price.
This is the core new financial result that directly drives the stock's value.
Loan portfolio grows 15% with lower bad loans New loans in the first half totaled 3.635 billion baht, up 15%, pushing the total loan book above 10.9 billion baht. The non-performing loan ratio fell to 1.28%, meaning fewer borrowers are failing to repay. This healthy growth supports future profits and makes the stock more attractive.
Loan growth and better asset quality are key drivers of future earnings and investor confidence.
Bond issuance raises funds at low cost NCAP is issuing two series of bonds with interest rates of 5.10% and 5.25% per year, open for subscription on September 7–9, 2026. The money will be used to expand the business. This gives the company cheaper funding to grow its loan portfolio, which can boost future profits.
The bond offering is a new capital-raising event that funds growth and affects the company's cost of money.
Analysts see more growth ahead, name NCAP a top pick Yuanta Securities initiated coverage with a buy rating and a 6 baht target, citing a record profit outlook and cheap valuation. It later named NCAP in its Tier 1 list of most interesting small and mid-caps for third-quarter earnings growth. This positive analyst attention can attract more buyers.
Analyst recommendations and target prices often influence investor demand and the stock price.

Srisawad Power 1979 PCL (SAWAD.BK)

Q3 202613 Sep – 5 Oct 2026

▲3▼1

SAWAD's own growth plan and dividend stand out as rate fears ease

SAWAD guides to stronger H2 loan growth and cheaper funding SAWAD said second-half 2026 lending should grow faster than the first half, helped by small traders needing working capital, and expects its borrowing cost to fall to about 4% by year-end after refinancing expensive debt. More loans and cheaper funding both lift profit.
Company guidance on loan growth and funding costs is the clearest new force on future earnings and the stock.
SAWAD pays an interim dividend of 0.35 baht SAWAD declared an interim dividend of 0.35 baht per share, 581.53 million baht in total, from first-half results. The XD date is 6 October 2026 and payment is 21 October 2026. A cash payout supports the shares and shows the business is still generating money.
A newly declared dividend is a concrete cash return to holders and a fresh support for the share price.
Weak US jobs cut the chance of a Fed rate hike US September jobs came in far below forecasts and unemployment rose, so investors cut the odds of a Fed hike in late October to 22.7% from 64.2% a week earlier. Lower rate-hike fear helps rate-sensitive Thai financials like SAWAD, which trades at 0.90 times book value.
This is the newest shift in the interest-rate backdrop that has been the main outside pressure on SAWAD.
Floods seen trimming SAWAD's 2026 earnings about 1% Bualuang Securities estimates the widening floods will cut SAWAD's 2026 earnings by roughly 1%, as borrowers in flooded areas struggle to repay. The hit is small and far below the 2011 floods, but it is a real drag on profit and asset quality.
It is the main new counterweight to the positive company and rate news this period.

September 202613 Sep – 5 Oct 2026

▲3▼1

SAWAD's own growth plan and dividend stand out as rate fears ease

SAWAD guides to stronger H2 loan growth and cheaper funding SAWAD said second-half 2026 lending should grow faster than the first half, helped by small traders needing working capital, and expects its borrowing cost to fall to about 4% by year-end after refinancing expensive debt. More loans and cheaper funding both lift profit.
Company guidance on loan growth and funding costs is the clearest new force on future earnings and the stock.
SAWAD pays an interim dividend of 0.35 baht SAWAD declared an interim dividend of 0.35 baht per share, 581.53 million baht in total, from first-half results. The XD date is 6 October 2026 and payment is 21 October 2026. A cash payout supports the shares and shows the business is still generating money.
A newly declared dividend is a concrete cash return to holders and a fresh support for the share price.
Weak US jobs cut the chance of a Fed rate hike US September jobs came in far below forecasts and unemployment rose, so investors cut the odds of a Fed hike in late October to 22.7% from 64.2% a week earlier. Lower rate-hike fear helps rate-sensitive Thai financials like SAWAD, which trades at 0.90 times book value.
This is the newest shift in the interest-rate backdrop that has been the main outside pressure on SAWAD.
Floods seen trimming SAWAD's 2026 earnings about 1% Bualuang Securities estimates the widening floods will cut SAWAD's 2026 earnings by roughly 1%, as borrowers in flooded areas struggle to repay. The hit is small and far below the 2011 floods, but it is a real drag on profit and asset quality.
It is the main new counterweight to the positive company and rate news this period.

Latest13 Sep – 5 Oct 2026

▲3▼1

SAWAD's own growth plan and dividend stand out as rate fears ease

SAWAD guides to stronger H2 loan growth and cheaper funding SAWAD said second-half 2026 lending should grow faster than the first half, helped by small traders needing working capital, and expects its borrowing cost to fall to about 4% by year-end after refinancing expensive debt. More loans and cheaper funding both lift profit.
Company guidance on loan growth and funding costs is the clearest new force on future earnings and the stock.
SAWAD pays an interim dividend of 0.35 baht SAWAD declared an interim dividend of 0.35 baht per share, 581.53 million baht in total, from first-half results. The XD date is 6 October 2026 and payment is 21 October 2026. A cash payout supports the shares and shows the business is still generating money.
A newly declared dividend is a concrete cash return to holders and a fresh support for the share price.
Weak US jobs cut the chance of a Fed rate hike US September jobs came in far below forecasts and unemployment rose, so investors cut the odds of a Fed hike in late October to 22.7% from 64.2% a week earlier. Lower rate-hike fear helps rate-sensitive Thai financials like SAWAD, which trades at 0.90 times book value.
This is the newest shift in the interest-rate backdrop that has been the main outside pressure on SAWAD.
Floods seen trimming SAWAD's 2026 earnings about 1% Bualuang Securities estimates the widening floods will cut SAWAD's 2026 earnings by roughly 1%, as borrowers in flooded areas struggle to repay. The hit is small and far below the 2011 floods, but it is a real drag on profit and asset quality.
It is the main new counterweight to the positive company and rate news this period.