Phillip Securities (Thailand) forecasts Tidlor Holdings Public Company Limited (SET: TIDLOR) to report a net profit for the first quarter of 2026 of THB 1.2 billion, representing a 2.1% increase year-on-year and a notable 22.9% rise quarter-on-quarter.
The primary driver of this performance is the increase in interest income, which is attributed to the expansion of TIDLOR’s loan portfolio. Consequently, fee income is also expected to grow in tandem, despite an anticipated uptick in provisioning to address asset quality risks.
For 1Q26, loan growth is projected at approximately 3% compared to the previous quarter, supported mainly by continued expansion in lending. However, hire purchase loans are expected to contract further.
The non-performing loan (NPL) ratio could rise from the previous level of 1.54% at the end of the fourth quarter of 2025, given ongoing economic uncertainty. Nonetheless, NPLs are still considered low relative to industry peers.
Additionally, the brokerage maintains its forecast for TIDLOR’s full-year 2026 net profit at THB 5.3 billion, marking an 8.4% year-on-year increase.
Phillip reiterates its ‘Buy’ recommendation and holds the target price at THB 22.90, citing TIDLOR’s strong and diversified income structure—particularly its insurance business, which reinforces earnings beyond traditional interest income, viewing it as an attractive value-add for investors.
