บทวิเคราะห์ (Research)

SAWAD : Key takeaways from analyst meeting We have a slightly positive view towards the analyst meeting because i) 3Q25F still has a chance to see repossessed vehicle impairment reversals ii) credit cost in 2H25F trends lower than 1H25, allowing SAWAD to maintain its 2025F credit cost target at 180-200 bps., lower than our expectation of 210 bps. Preliminary credit cost lower than expected by every -10 bps. will result in 2025F net profit expectation of 4,677 million baht having upside +1.5% and TP 24 baht having upside +0.5 baht. We maintain NEUTRAL recommendation and maintain TP25F at 24 baht. We view SAWAD i) has asset quality risks ii) has Regulatory Risk for the hire-purchase business that will have stricter business operations, with SAWAD having hire-purchase loans at 28% of total loans as of 2Q25 iii) 2025F net profit expected to be the only one in the Consumer Finance group to contract y-y.