At the end of the morning session on Thursday, the share price of Muangthai Capital Public Company Limited (SET: MTC) jumped by 7.63% or THB 2.25 to THB 31.75, with a trading value of THB 1.09 billion.
Srisawad Corporation Public Company Limited (SET: SAWAD) rose by 3.98% or THB 0.90 to THB 23.50, with a trading value of THB 546.90 million.
Tidlor Holdings Public Company Limited (SET: TIDLOR) advanced by 4.88% or THB 0.80 to THB 17.20, with a trading value of THB 484.83 million.
Next Capital Public Company Limited (SET: NCAP) increased by 2.29% or THB 0.08 to THB 3.58, with a trading value of THB 34.71 million.
Pi Securities noted that Thai finance stocks are likely to benefit from declining bond yields, a trend reflecting the results of the recent U.S. midterm elections, where the Democratic Party secured majorities in both the Senate and the House.
This outcome indicates a shift in public sentiment against Donald Trump’s policies, such as trade tariffs and tensions with Iran. Additionally, with crude oil prices dropping by 19% from their peak, concerns over inflation have subsided, further supporting a gradual decrease in bond yields.
Separately, Tisco Securities expects MTC’s loan growth in 3Q26 to rise by 7.3% year-on-year or a 2.6% increase quarter-on-quarter to THB 194 billion. The yield on loans is also anticipated to improve from 17.05% in Q2, attributable to the higher number of days in the third quarter. As of the end of 3Q26, MTC operated 8,964 branches, up from 8,906 in the prior quarter.
The structure of MTC’s loan portfolio is projected to remain stable, as the company continues its prudent lending strategy. This includes reducing the proportion of unsecured loans and high-value loans per customer, while tightening credit terms based on collateral value. Such policies are expected to maintain asset quality at a comparable level to the previous quarter.
Tisco estimates credit costs for 3Q26 at 2.50%, compared to 2.34% in Q2, based on a conservative scenario where MTC may continue to raise its loan loss coverage ratio from 142.6% in 2Q26 to 139.7% in 3Q26.
On the cost of funds, MTC has replaced higher-cost debentures with lower-cost ones, in tandem with a declining interest rate environment and an improved credit rating. This will lower funding costs by around 0.10% in 3Q26, with further reductions possible in 4Q26—supporting continued improvement in net interest margin.
Tisco forecasts MTC’s 3Q26 net profit at THB 1.95 billion, up 13.1% year-on-year and 2.4% quarter-on-quarter, driven by higher net interest income, lower funding costs, and efficient asset quality management. Net profit for the first nine months of 2026 is estimated at THB 5.68 billion, a 15% increase year-on-year, while the full-year 2026 figure is projected to grow by 12.2% year-on-year to THB 7.54 billion, equating to a 2026 PER of 8x.
The brokerage maintains a ‘Buy’ recommendation on MTC, with a fair value estimate of THB 55.00 per share. MTC is scheduled to announce its 3Q26 results after market close on November 10, 2026.
