บทวิเคราะห์ (Research)

There are positive signs of stable credit costs for TIDLOR, supported by steady used car prices and enough bad debt provision built up in the previous two quarters. We raise our 2025F/2026F earnings forecasts by 7% each, reflecting lower credit cost assumptions and reduced operating expenses. Applying a re-rated PE of 12.5x (from 11.5x), we increase our 2025F target price to Bt20.30, from Bt17.50, and upgrade TIDLOR to Outperform, from Neutral. The upgrade reflects the company’s potential to raise its dividend payout ratio after becoming a holding company and its ability to improve ROE through business expansion or capital management.