普通外文研报
Muangthai Capital: Strong 1Q26 profit on lower credit costs
研报英文原文证据摘录
Muangthai Capital: Strong 1Q26 profit on lower credit costs
iQprofile SM Muangthai Capital
Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector
(Bt Millions) Financial Services-Consumer/Commercial
Net Interest Income 21,814 23,843 26,737 29,853 32,851
Net Fee Income 781 572 560 580 600
Securities Gains / (Losses) NA NA NA NA NA Company Description Other Income 165.36 157.27 157.27 157.27 157.27
Total Non-Interest Income 946.07 729.43 717.27 737.27 757.27 MTC is the largest non-bank financial institution in
Total Operating Income 22,760 24,572 27,454 30,590 33,609 Thailand. It specializes in vehicle title loans, capturing over
Operating Expenses (10,790) (11,759) (13,053) (14,358) (15,507) 30% market shares as well as land title deed loans. It has
Pre-Provision Profit 11,970 12,813 14,401 16,232 18,102 the largest branch network at over 8,000 locations. MTC
Provisions Expense (4,642) (4,404) (4,934) (5,438) (5,944)
positions itself as a price leader in the auto title loans
Operating Profit 7,328 8,409 9,467 10,794 12,158
Non-Operating Income NA NA NA NA NA industry. By offering the lowest interest rates, it attracts
Pre-Tax Income 7,328 8,409 9,467 10,794 12,158 high loan volumes, which strengthens its markt share and
Net Income to Comm S/Hold. 5,867 6,723 7,570 8,631 9,721 competitive edge.
Adjusted Net Income (Operating) 5,867 6,723 7,570 8,631 9,721
Key Balance Sheet Data
Total Assets 170,846 192,382 209,118 230,053 250,243 Investment Rationale
Average Interest Earning Assets 164,494 183,501 203,995 225,372 246,094 We assign a Buy rating on MTC. The valuation is attractive
Weighted Risk Assets NA NA NA NA NA while we see market concerns over asset quality and
Total Gross Customer Loans 164,242 183,223 203,707 225,074 245,786
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