บทวิเคราะห์ (Research)

MTC reported a 2Q25 net profit of Bt1.6bn (+5% QoQ, +14% YoY). The result was 3% above the market consensus and 5% above our forecast due to better-than-expected loan groan. The 1H25 net profit accounted for 52% of our full-year forecast. We fine-tune our earnings forecasts up 3% for 2025F and 4% for 2026F. . Applying PE 12.5x of 2026F earnings, we reach a new 2025F target price of Bt43.00, from Bt37.50. We maintain a Neutral rating on the counter.