บทวิเคราะห์ (Research)

THANI reported weaker-than-expected 2Q24 profit of Baht 255 million, down -40%y-y and – 26%q-q , mainly dragged by higher credit cost. The y-y and q-q decrease in earnings came from i) lower new loans of Baht 1,300 miilion from Baht 2,200 million in 2Q23 and Baht 1,400 million in 1Q24 ii) lower NIM iii) higher expected credit loss from write-off. We saw asset quality deterioration, NPL Ratio jumped to 3.41% from 3.29% in 1Q24. We revised our 2024-26F net profit to reflect lower loan growth and higher credit costs. We also rolled over our TP25F to THB 1.6 and changed recommendation to REDUCE due to i) weak 1Q25 results ii) asset quality deterioration and hire purchase market problem.