Mr. Narathip Wirunechatapant, Chief Executive Officer of Singer Thailand Public Company Limited (SET: SINGER), has expressed confidence in the company’s ongoing business growth for the remainder of 2026. He indicated that the company’s Lock Phone lending business will continue to be the main driver, with growth expectations of over 10% quarter-on-quarter in the second quarter of 2026.
This expansion is also anticipated to enhance the overall quality of the company’s loan portfolio, following the sustained maintenance of non-performing loans (NPL) at below 3%. Notably, expected credit loss in the first quarter of 2026 declined by 21.6% year-on-year.
Additionally, the company is preparing to expand the lock technology to air conditioning units under the Singer brand, with the launch of ‘Lockable Air Conditioners’ expected in the fourth quarter of this year. This initiative aims to instill greater confidence in consumer appliance lending and reduce NPL risk over the long term.
Meanwhile, SG Capital Public Company Limited (SET: SGC), a subsidiary of the company, has raised THB 700 million through a debenture issuance to support the expansion of the lending portfolio. SINGER’s net profit for 1Q26 reached THB 144 million, the highest level since early 2023, underscoring a clear recovery in business performance.
Yuanta Securities (Thailand) has recommended a ‘Buy’ rating on SINGER, assigning a target price for 2027 of THB 13.50 per share, representing an upside of approximately 37.8% from current levels. The brokerage cited signs of a pronounced turnaround in SINGER’s performance, with expectations of sustained growth.
For 2Q26, net profit is forecast to rebound to THB 156 million, a reversal from the net loss of THB 14 million in the same period last year and an increase of 9.3% from the previous quarter. This improvement is attributed to a reduction in expected credit loss and better profitability from electrical appliance sales.
For the second half of the year, SINGER is expected to continue growing year-on-year and compared to the first half. As a result, the company’s net profit for the full year 2026 is estimated at THB 606 million, marking a remarkable 476.5% increase from the previous year, while profit is forecast to expand by a further 23.8% in 2027.
The key driver of this growth is the performance of SGC, which is benefiting from the expansion of locked mobile phone lending, as well as strategic adjustments in the sale of electrical appliances, including changes in product mix and an increase in sales staff, which together are boosting the overall profitability of the business.
Furthermore, SINGER’s financial position remains robust, with an interest-bearing debt-to-equity ratio of only 0.1x, reflecting a modest debt burden. This provides ample capacity for additional borrowing to support further business expansion and sustainable long-term growth.
