Phillip Securities (Thailand) stated that the net profit forecast for Muangthai Capital Public Company Limited (SET: MTC) in 2026 is still expected to continue growing. In 2025, the company’s net profit is estimated at THB 6.7 billion, an increase of 13.8% from the previous year, driven by branch expansion contributing to the growth of the loan portfolio.
For 2026, profit is expected to rise by a further 5.8% year-on-year. However, the research department has revised down its target price to THB 39 to reflect a possible slowdown in profit growth, as well as risks from loan quality, with a chance of higher non-performing loans (NPLs). Nevertheless, the current share price versus fair value spread remains attractive, as such the “Buy” recommendation is maintained.
At the same time, profit for 4Q25 is estimated at around THB 1.7 billion, an increase of 12.5% year-on-year, due to rising interest income in line with loan growth. However, compared to the previous quarter, profit is expected to rise only 0.7% because of higher interest expenses, provisions, and operating costs.
