บทวิเคราะห์ (Research)

Asset quality and loan growth to improve We maintain BUY and raise our FY25-26 earnings forecast by 9% for each year and TP to THB29.0 (based on 1.2x FY25E P/BV and 10x P/E) from THB27.0. 2Q25 beat our forecast on lower-than-expected loss on sales. We are positive on its strategy to grow title loans and reduce HP motorcycle loans. We expect SAWAD to resume loan growth from 4Q25 onwards as its asset quality is improving. Valuation remains attractive as SAWAD is trading at 8.3x FY25E PER and offers a c.5% dividend yield. Key risk is weakerthan- expected asset quality.