On Wednesday at 4:00 PM (Bangkok time), the share price of Tidlor Holdings Public Company Limited (SET: TIDLOR) surged by 0.96% or THB 0.20 to THB 21.00, with a trading value of THB 524.88 million.
As per an analysis by Finansia Syrus Securities (FSS), TIDLOR reported robust third-quarter earnings that surpassed market expectations, driven primarily by reduced credit costs.
TIDLOR logged a net profit of THB 1.41 billion for 3Q25, marking a 42% year-over-year and 9% quarter-on-quarter increase. This figure exceeded both FSS’ projections and the Bloomberg consensus by approximately 8%, largely due to lower-than-anticipated credit costs, which stood at 2.2%—well below the brokerage’s estimate of 2.6%. Additionally, non-performing loan (NPL) formation remained subdued at 143 basis points.
Asset quality across the company’s portfolio came in stronger than anticipated, with a reduction in bad debt write-offs and persistently low NPL formation rates. The NPL ratio fell by 12 basis points from the previous quarter to 1.66%, while the NPL coverage ratio climbed to 284%—the highest level among peers in the auto title loan segment.
For the first nine months of 2025, TIDLOR’s net profit accounted for 80% of the broker’s full-year estimate.
Finansia maintained a ‘Buy’ rating on TIDLOR, with a target price of THB 24 per share. This valuation implies a 2026 estimated price-to-book ratio of 1.81 times, with a cost of equity of 10.2% and an expected return on equity of 15.2%.
The broker also took a positive view of TIDLOR’s ongoing restructuring into a holding company, indicating that the move would no longer have a dilutive impact on earnings per share or return on equity.
Looking ahead, FSS projects a compound annual net profit growth rate of 15% for 2025 to 2027, supported by continued revenue strength in lending and insurance brokerage operations.
