Tisco Financial Group: Steady execution, limited catalysts

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Tisco Financial Group: Steady execution, limited catalysts

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Tisco Financial Group

Steady execution, limited catalysts

Maintain Rating: UNDERPERFORM | PO: 112.00 THB | Price: 126.00 THB

2Q26 profit broadly in line 14 July 2026

TISCO reported 2Q26 net profit of Bt1.76bn, up 7% YoY and 2% QoQ, broadly in line Equity

with our estimates and consensus. Earnings growth was driven by lower provisions, with

credit costs normalizing to 1.1% from 1.3% in 1Q26. PPOP rose 5% YoY on stronger fee Sarachada Sornsong ^^^ Research Analyst

income but declined 7% QoQ. 1H26 earnings account for 50% of our full-year forecast Kiatnakin Phatra Securities

and 51% of consensus’ forecast. We maintain our earnings projections. With limited +66sarachada.sorn@kkpfg.com2 305 9197

upside to DPS (Bt2 interim and Bt5.75 final), we maintain our Underperform rating.

Funding cost tailwinds support NIM

Stock DataLending yield declined slightly by 1bp QoQ and 17bps YoY, reflecting the absence of

exceptional front-end fees and a higher mix of lower-yield new car HP loans. However, a Price 126.00 THB

larger decline in funding costs led NIM to expand to 5.1% (vs. 5.0% in 1Q26 and 4.9% in Price Objective 112.00 THB

2Q25). Management expects funding cost tailwinds to moderate and we do not Date Established 25-Mar-2026

anticipate a further meaningful expansion in net spread or NIM in 2H26. Investment Opinion A-3-7

Muted loan growth due to corporate repayments 52-WeekMrkt Val / RangeShares Out (mn) 97.253,018THB-126.50USD / 800.6THB

Loans increased marginally by 0.3% QoQ and were flat YTD. Retail lending grew Market Value (mn) 100,881 THB

modestly (+0.5% QoQ, +0.7% YTD), supported by auto HP, which rose to 44.5% of total Average Daily Value (mn) 15.49 USD