Phillip Securities (Thailand) wrote an analysis on TISCO Financial Group Public Company Limited (SET: TISCO), projecting a 3Q26 net profit of THB 1.8 billion. This represents an increase of 5.3% year-on-year and 3.3% quarter-on-quarter despite a decline in interest income, attributable to lower lending rates.
However, the decrease in interest expenses and provisions, coupled with an expected rise in fee income, is anticipated to support year-on-year earnings growth. On a quarterly basis, the forecast calls for a rebound in interest income in line with loan growth, alongside further increases in fee income.
Phillip forecasts continued loan growth in 3Q26, lifting year-to-date loan growth from the end of 2025 to 0.6%. Although overall expansion remains modest, it is expected to drive a recovery in interest income after a prolonged contraction due to reductions in lending rates. The increased lending is also expected to help stabilize the non-performing loan ratio at 2.1%.
As a result, the brokerage maintains its full-year 2026 net profit forecast for TISCO at THB 6.9 billion, up 3.2% year-on-year, with a ‘Gradual Buy’ recommendation and a target price of THB 131 per share. While this leaves limited room for upside, Phillip highlights TISCO’s attractive dividend prospects, expecting a payout of THB 7.75 per share this year and THB 8 per share next year, translating into dividend yields of 6.2% and 6.4%, respectively.
