On Monday at 3:04 PM (Bangkok time), the share price of Muangthai Capital Public Company Limited (SET: MTC) advanced by 3.33% or THB 1.00 to THB 31.00, with a trading value of THB 259.74 million.
Phillip Securities (Thailand) projected MTC to report a net profit of approximately THB 1.8 billion for the first quarter of 2026, representing an increase of 14.1% year-on-year and a 1.0% rise from the previous quarter. The growth is primarily supported by rising interest income due to continued loan expansion and a decline in interest expenses, despite an increase in overall expenses in line with higher revenues.
The brokerage assessed that MTC’s loan portfolio in 1Q26 will continue to grow steadily, driven by the gradual opening of new branches, even though the number of new branches is lower compared to previous years. Concurrently, the combination of loan growth and stricter debt collection measures is expected to enhance asset quality. The non-performing loan (NPL) ratio is anticipated to continue its decline from the previous quarter’s level of 3.48%.
For the full-year 2026, Phillip maintains its net profit forecast for MTC at THB 7.3 billion, representing an 8.8% increase year-on-year, supported by the anticipated expansion of interest income in line with loan growth.
The brokerage reiterates its ‘Buy’ recommendation and maintains its target price for MTC at THB 45.00 per share, noting substantial upside potential from the current price. Furthermore, the company is expected to continue delivering loan growth at a pace ahead of its sector peers.
