On Monday at 10:58 AM (Bangkok time), the share price of Muangthai Capital Public Company Limited (SET: MTC) surged 3.39% or THB 1.00 to THB 30.50, with a trading value of THB 504.86 million.
ASL Securities has issued a ‘Buy’ recommendation on MTC, setting a target price of THB 38.50 per share. According to the brokerage, the more than 25.71% decline in MTC’s stock price since the beginning of the year, compared to the overall market trend, has yet to fully reflect the company’s ongoing net profit growth, which is projected to reach new highs through 2028.
The stock also presents an opportunity for an increase in its current dividend yield of 9.1%. Should management signal a dividend payout higher than what the market currently expects, this could further support the company’s dividend yield and serve as a key positive factor, potentially contributing to an upward revaluation of the stock.
Moreover, MTC has announced its three-year strategic plan, titled ‘Jump+,’ which aims to raise total revenue from approximately THB 30.7 billion in 2025 to THB 43 billion by 2028. For its current growth strategy, MTC is prioritizing quality over quantity, having revised its loan portfolio growth target for this year to 10%, down from the earlier ambitious target of 15%. This adjustment is intended to ensure the long-term sustainability of the company’s asset quality.
For 2026, MTC’s net profit is projected to reach THB 7.26 billion, constituting an 8% increase year-over-year and marking yet another record high, driven by stronger asset quality. The company’s non-performing loan ratio remains low at only 2.57%, while its coverage ratio stands at a robust 143.86%.
Credit cost for the first quarter of 2026 decreased to 2.11%, down from 2.54% in the preceding quarter, which is better than the company’s full-year target to keep it below 2.60%.
MTC plans to cap the total number of its branches at around 9,000, up from the current 8,754 branches, in order to eliminate overlapping locations and enhance operational efficiency. Presently, the company’s average loan portfolio per branch stands at a substantial THB 21.02 million.
