Finansia Syrus Securities (FSS) has given a “BUY” recommendation on Muangthai Capital Public Company Limited (SET: MTC), setting a target price of THB 46. The outlook for Q4 2025 is positive, with an expected net profit of THB 1.74 billion—up 1% quarter-on-quarter and 13% year-on-year—driven by robust growth in net interest income, which is likely to offset rising expenses.
Loan growth remains strong, marked by double-digit year-on-year expansion. Asset quality is also improving, with the NPL ratio (non-performing loans to total loans) continuing to decline.
For the full year 2025, net profit is forecasted at THB 6.7 billion, a 14% increase from last year, with continued growth expected in 2026—rising another 15% to THB 7.7 billion. The valuation remains attractive, trading at only 9 times PER.
Support levels are at THB 34, 33, and 32.50, while resistance is identified at THB 35.75, 36, and 37.50.
