Top Thai brokerages wrote analyses on Tidlor Holdings Public Company Limited (SET: TIDLOR), expressing bullish sentiment for the retail finance firm and anticipating the company to outperform its peers, buoyed by robust loan growth, resilient asset quality, and declining funding costs.
Kasikorn Securities (KS) has maintained a ‘Buy’ recommendation on TIDLOR, and has raised its target price by 11% to THB 24.40 per share from the previous THB 21.90. This revision reflects an upward adjustment in profit estimates, an increase in the long-term sustainable return on equity assumption to 16% from 15.2%, as well as a shift in the valuation base year from the end of 2026 to mid-2027.
TIDLOR continues to exhibit robust growth momentum, with its current share price trading at approximately 1.5x its 2026 price-to-book value and around 9.1x its price-to-earnings ratio. The company’s loan portfolio also has the potential to expand in line with its target of 5-10% growth year-on-year, after posting a 2.7% increase in loans during the first half of 2026.
Loan expansion is expected to continue, with an estimated 2% quarter-on-quarter growth, driven primarily by a rise in vehicle title loans and motorcycle loans. Meanwhile, truck hire-purchase loans are expected to remain stable. As a result, Kasikorn has revised its 2026 loan growth forecast upward to 6% from the previous estimate of 3%.
Another key factor supporting TIDLOR’s profit outlook is its stronger-than-expected asset quality and lower credit cost. The company has revised down its 2026 credit cost target to 2.0-2.5% from the previous 2.2-2.8%, following a first-half credit cost of just 1.88%. For the second half of the year, the figures are expected to hover around 2.0%.
Additionally, funding costs are anticipated to decrease by a further 5-10 basis points in the second half of 2026 as higher-cost debentures mature and are replaced by new issuances at lower interest rates. This should help alleviate interest expense burdens and support the company’s profitability.
Kasikorn projects TIDLOR’s normalized profit in 2H26 to be around THB 3 billion, a 4% decrease from the first half, attributable to an unusually low credit cost in the earlier period and an expected seasonal increase in operating expenses in the fourth quarter.
Nevertheless, on a year-on-year basis, normalized profit in the second half will likely rise by 25%, supported by loan growth, lower credit costs, and consistently declining funding costs. These factors continue to present upside risks to TIDLOR’s earnings projections.
TISCO Securities has also held a ‘Buy’ rating on TIDLOR, assigning it a fair value of THB 25.00 per share. The brokerage highlights management’s continued confidence in loan growth and asset quality going into the second quarter of 2026.
Regarding the increase in non-performing loans in the second quarter, TIDLOR’s management explained that it was partly due to the unusually low NPL base in the first quarter, and no significant deterioration in asset quality has been observed. The company remains confident that operational targets remain achievable.
Bualuang Securities (BLS) also reiterates a ‘Buy’ call on TIDLOR, stating that the company is on track to achieve its 2026 loan growth target of 5-10% year-on-year, driven by rising demand for vehicle title and truck hire-purchase loans, which should further accelerate loan growth in the second half of the year.
TIDLOR’s net profit in 3Q26 is forecast to show solid year-on-year growth and remain high compared to the previous quarter. For the full year 2026, net profit is expected to grow by 17% year-on-year, the highest growth rate among retail finance firms.
Bualuang assesses that TIDLOR’s asset quality remains strong, supported by the recovery in loan growth, declining credit costs, and a gradual reduction in funding costs. These factors are expected to continue to drive TIDLOR’s operational performance and share price going forward.
