Tidlor Holdings: Growth on track, shareholder return reinforced

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Tidlor Holdings: Growth on track, shareholder return reinforced

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Tidlor Holdings

Growth on track, shareholder return

reinforced

Maintain Rating: BUY | PO: 22.00 THB | Price: 19.20 THB

Looking beyond the seasonal noise 13 July 2026

We forecast 2Q26 net profit of Bt1.5bn, down 7% QoQ but up 16% YoY. The sequential Equity

decline mainly reflects the absence of 1Q26 one-off provisioning benefits, with credit

costs normalizing despite remaining 14% below last year. PPOP should stay broadly flat Sarachada Sornsong ^^^ Research Analyst

as stronger loan growth and NIM expansion are offset by seasonal weakness in Kiatnakin Phatra Securities

insurance brokerage income and higher operating expenses. We view the softer quarter +66sarachada.sorn@kkpfg.com2 305 9197

as a normalization rather than any deterioration in underlying fundamentals. 1H26

should account for 52% of our full-year forecast.

Core business continues to strengthen Stock Data

We expect loans to grow 2% QoQ and 6% YoY, led by motorcycle and car title lending, Price 19.20 THB

while truck-related loans remain subdued. NIM should continue to expand as funding Price Objective 22.00 THB

costs continue to decline and also are supported by higher interest yields in selected Date Established 8-May-2026

loan segments. Although NPLs are expected to edge up to 1.5%, loan loss coverage Investment Opinion C-1-7

should remain strong at 326%. 52-Week Range 13.80 THB-22.50 THB

Building on stronger fundamentals in 2H26 MrktMarketValValue/ Shares(mn)Out (mn) 1,670 USD55,602/ 2,895.9THB

We expect loan growth to accelerate in 2H26, supported by continued customer Average Daily Value (mn) 15.39 USD

acquisition, keeping our 7% FY26 loan growth forecast intact. Funding cost tailwinds Free Float 49.6%