On Monday, the share price of Srisawad Corporation Public Company Limited (SET: SAWAD) at a time of 4.07 p.m. was THB 25.25, a THB 0.85 or 3.48% increase with a total trading value of THB 331.89 million.
Thida Kaewbootta, Director of Corporate Strategy at SAWAD, affirmed that the transition in the calculation method of hire purchase interest from the traditional Flat Rate to the Effective Interest Rate (EIR) model will not impact the company’s financial performance or its business plans. This is because SAWAD already recognizes interest income in accordance with the EIR method in line with accounting standards.
SAWAD remains dedicated to prudent credit portfolio management, while continuously expanding services to meet customers’ evolving needs. The company fully supports government policies aimed at building a fair and sustainable lending environment, Thida stated.
Meanwhile, Bualuang Securities (BLS) maintains a “Buy” recommendation on SAWAD stock following its latest analyst meeting. BLS expects loan growth to rebound quarter-on-quarter (QoQ) in 3Q25, with SAWAD focusing its efforts on expanding title loans, while motorcycle hire purchase loans are projected to remain steady compared to the previous quarter.
The company continues to target 5-10% loan book growth year-on-year (YoY) for 2025, with an ambitious goal of 15% growth for 2026. From a fundamental perspective, BLS anticipates that operational results will remain robust in the second half of this year, while valuation metrics remain significantly below the retail finance peer group—further underscoring its “Buy” recommendation.
Additionally, Yuanta Securities (Thailand) also assigned a “Buy” rating to SAWAD stock, raising its target price to THB 30. According to research released after the analyst meeting, Yuanta’s outlook is positive as losses from repossessed vehicle sales and provision levels are expected to continue declining in 2H25. Net interest margin (NIM) is also trending up.
With revised forecasts, Yuanta now expects SAWAD’s 2025 net profit to reach THB 4,955 million, a modest 1.9% decrease year-on-year.
The research also highlights a return in the company’s return on equity (ROE) above 13%, and anticipates a further 26% upside from the current share price, with an expected cash dividend of THB 1.19 per share—implying a dividend yield of 5%. The “Buy” recommendation remains in place.
