บทวิเคราะห์ (Research)

(EN) SAWAD : Earnings Preview - Expect to see a continuous decrease in losses from vehicle repossession in 4Q24F We maintain our TRADING BUY recommendation and maintain our TP25F at THB 42. We like SAWAD because we see positive developments in asset quality, which leads us to expect that in 2025F, SAWAD has a chance to see a return to total loan growth, and 2025F net profit is expected to grow +10% y-y from 2024F, which is expected to be only flat y-y. For 4Q24F net profit, it is expected to be THB 1,320 million, an increase of +4% y-y and +2% q-q because i) insurance sales revenue increased ii) vehicle repossession losses decreased to THB 150-200 million from THB 250 million in 3Q24 iii) customer debt repayment improved. For total loans, they increased +2% q-q, representing +1% YTD from the increase in title loans. Asset quality is at a controllable level with an NPL Ratio of 3.50%, close to 3Q24 at 3.49%.