On Wednesday at 10:51 AM (Bangkok time), the share price of JMT Network Services Public Company Limited (SET: JMT) rose by 3.77% or THB 0.40 to THB 11.00, with a trading value of THB 204.32 million.
Krungsri Securities (KSS) expressed a positive view on JMT’s earnings trend for the second half of 2026 through to 2028. The upbeat outlook stems from JMT’s improved non-performing loan (NPL) collection capabilities, which have risen to an average rate of approximately 20% per year. This is expected to support a gradual reduction in expected credit loss (ECL) provisions in the long term.
In addition, increased debt purchases are likely to contribute to the company’s long-term cash flow growth. Typically, after acquiring distressed assets, JMT takes around three to six months to initiate recovery actions and negotiate with debtors, after which it can start recognizing cash collections.
Krungsri anticipates that JMT’s net profit for 2Q26 will remain flat, both year-on-year and quarter-on-quarter, as the company maintains a prudent approach in provisioning for ECLs amid ongoing macroeconomic uncertainties. Nonetheless, financial performance is expected to recover in 2H26 as JMT begins to realize the benefits from its accelerated debt purchases over the past several years.
Currently, JMT holds a recoverable NPL portfolio of approximately THB 580 billion, including around THB 150 billion of unsecured loans that remain unamortized. This portfolio is projected to support the recovery of operating results in the coming periods and underpin a gradual reduction in ECL provisions, consistent with the company’s policy.
Following these, Krungsri has reiterated its ‘Buy’ recommendation on JMT, with a 2026 target price of THB 13.00 per share, based on a 2026 price-to-book value (PBV) of 0.7x, which is close to the group’s long-term average.
The broker estimates JMT’s earnings will recover at an average rate of 6% during 2026–2027, reflecting that the business and its performance have passed their lowest point. Meanwhile, JMT’s current PBV remains about 1.5 standard deviations below its historical average, suggesting an attractive valuation.
