บทวิเคราะห์ (Research)

Overall 2Q25 earnings for non-banks improved slightly and beat our forecasts by 6%. Asset quality showed improvement in some loan segments, particularly H/P loans. The earnings and asset quality of SAWAD* and TIDLOR* improved, while MTC* grew more loans with no improvement in asset quality. SAWAD’s share price has rallied strongly over the past month while its earnings should be stable in 2H25F and show moderate improvement in 2026F. However, our target price rolled over to 2026F offers limited upside from the current price, so we downgrade the counter to Neutral, from Outperform. Meanwhile, we downgrade MTC to Underperform, from Neutral, as we derated PE to 10x, to reflect moderate earnings growth in 2026F and accusations by BoT against the company.