บทวิเคราะห์ (Research)

Maintain POSITIVE; top picks TIDLOR and SAK We expect FY25E sector earnings growth to accelerate to 11% vs 0-2% in FY23-24E, thanks to better profitability (NIM minus credit cost). We prefer auto title over unsecured loan operators. Our picks are TIDLOR and SAK due to ROE uptrends and attractive valuations. We also like MTC and SAK on stable asset quality and low concentration risk. We have HOLDs on KTC, SAWAD and ASK. We see an ROE downtrend for KTC (slow earnings growth) and SAWAD (EPS dilution from the stock dividend). We cut FY25-26E earnings of SAWAD, SAK and ASK to reflect slower loan and revenue growth.