Maybank Securities (Thailand) anticipates that TMBThanachart Bank Pcl (SET: TTB) will experience tangible benefits from a recent decline in losses tied to repossessed vehicles—an improvement most recently highlighted by Kiatnakin Phatra Bank (SET: KKP) in its 3Q25 results. KKP reported a 13% drop in operating expenses, primarily attributed to a substantial 53% year-on-year fall in losses stemming from auto repossessions.
Given that approximately 29% of TTB’s lending portfolio comprises auto hire-purchase loans, Maybank expects the bank to mirror these positive trends in its own financials. The brokerage forecasts TTB’s net profit for 2025 at THB 5 billion, marking a 4% decline compared to the previous year, with performance anticipated to remain steady quarter-on-quarter.
While net interest income may moderate due to a reduction in loan volume, this is likely to be counterbalanced by a decrease in provisioning expenses. Maybank also projects a strong dividend outlook for TTB, estimating a full-year 2025-26 dividend yield of 8-9%—notably higher than the sector average of 7%. This healthy payout is expected to provide a cushion against downside risks, according to Maybank’s latest research. The firm set a strategic target price for TTB at THB 2.00 per share.
