TISCO Financial Group: Strong execution warrants higher PT; DPS upside limited

研报英文原文证据摘录

TISCO Financial Group: Strong execution warrants higher PT; DPS upside limited

Global Research

14 July 2026ab

First Read

EquitiesTISCO Financial Group

Strong execution warrants higher PT; DPS upside Thailand

limited Diversified Financial

12-month rating Neutral

12m price target Bt119.00

Raise PT to Bt119 on credit cost control and fee income

Prior : Bt108.00

We lift our 2026-28E earnings 3-4% and raise our price target to Bt119 from Bt108 as

we fine-tune H126 better-than-expected credit quality control and banking fee income. Price (14 Jul 2026) Bt124.50

Although TISCO foresees an NPL uptick signal and COF bottoming in H226, and we RIC: TISCO.BK BBG: TISCO TB

anticipate non-NII growth to normalize in 2027E, we still expect TISCO to be able to

Trading data and key metrics

maintain earnings momentum and Bt7.75 DPS in the short-to-medium term, supported

by its built-up LLR buffer in Q126. We therefore maintain our Neutral rating given a likely 52-wk range Bt126.00-97.50

sustainable high dividend despite premium valuations. Market cap. Bt99.7b/US$2.97b

Shares o/s 801m (ORD)

Manageable credit quality, selective loan growth Free float 75%

NPL and stage-2 ratios have ticked up slightly in Q226. Only SME saw NPL uptick from Avg. daily volume ('000) 4,254

logistics sector. Looking forward, TISCO expects credit quality to deteriorate, led by Avg. daily value (m) Bt490.6

macro challenges, but this should be manageable as both BOT and banks still have policy Common s/h equity (12/26E) Bt44.2b

to help customers. Credit cost has normalized to around 1% YTD as management P/BV (12/26E) 2.3x

targeted. TISCO is looking to speed up high-yield loan growth to sustain NII growth Tier 1 ratio 17%

momentum as management expects COF to bottom in Q326. However, even if macro