Ngernturbo Public Company Limited and its subsidiaries provide financial services in Thailand. It operates through the Financial Services and Insurance Broker segments. Its offerings include motorcycle, car, tractor, and land title deed loans, as well as motorcycle, car, health and critical illness, home and condo, and accident insurance products. The company also provides loans secured against vehicle registrations, land title deeds, and nano-finance, and engages in cash and installment sales, insurance brokerage, training services, and life and non-life insurance brokerage and consultation. Founded in 2017, it is headquartered in Pak Kret, Thailand.
ASP opens subscription for TURBO bonds with interest rates up to 5.60% per annum
Asia Plus Securities Company Limited, or ASP, is opening subscriptions for institutional investors and high-net-worth investors to subscribe to the bonds of Money Turbo Public Company Limited, or TURBO, in its 1/2026 issuance, comprising 2 tranches, between 5 and 7 October 2026. The first tranche has a maturity of 2 years, 1 month and 2 days, maturing in 2028, with an interest rate of 5.20% per annum, and the second tranche has a maturity of 3 years, 1 month and 1 day, maturing in 2029, with an interest rate of 5.60% per annum. Interest is paid every 3 months. ASP is one of the underwriters of the bonds, and TURBO will use the proceeds to expand the loan portfolio of the TURBO group. TURBO received a corporate credit rating of BBB- with a Positive outlook from TRIS Rating Company Limited on 28 May 2026. It operates a non-bank financial business covering auto title loans, land title deed loans, nano finance loans, and an insurance brokerage business. For its operating results in the first 6 months of 2026, TURBO had total revenue of 1,676.31 million baht, up from 1,517.55 million baht in the same period last year, and net profit of 329.12 million baht, up from 235.92 million baht, or growth of approximately 39.5% from the same period last year.
Kasikorn Securities: Bangkok Flooding Has Limited Impact on Finance Sector, CREDIT and TIDLOR Most Exposed with Highest Bangkok Loan Shares
Kasikorn Securities stated that about 10% of the Bangkok area was affected by flooding from rainfall during September 25–28, with roughly 329,000 households and about 700,000 people affected, and expects conditions to return to normal by October 1, or a total flood duration of about 5 days. Within the financial business group, CREDIT has the highest proportion of loans in Bangkok and its vicinity at about 80% of its loan portfolio, followed by TIDLOR at 28%, while MTC, SAWAD and TURBO each have about 10% of their total loan portfolios. SAK is the only company with no loans in Bangkok, so the impact on the group is expected to be limited, since the affected area is not widespread and most financial operators have loan portfolios spread across the country. The impact is expected to show up in loan yields and credit cost in the fourth quarter of 2026, after the flooding occurred late in the third quarter of 2026, through customer assistance measures such as debt payment holidays and debt restructuring. Historical data from the southern Thailand floods in the fourth quarter of 2025 suggests the impact on profits was limited, with TIDLOR the only company to set aside an additional 200 million baht in reserves and to reverse some reserves in the first quarter of 2026. The research team maintains a neutral view on the financial group, with top picks MTC at a target price of 39.0 baht, TURBO at a target price of 2.56 baht, and THANI at a target price of 2.4 baht, all expected to see limited impact.
CREDIT.BK · Supply · Negative CREDIT has the highest Bangkok-area loan exposure (~80% of portfolio), making it most vulnerable to flood-driven yield and credit-cost pressure.
TIDLOR.BK · Supply · Negative TIDLOR has 28% of its loan portfolio in Bangkok, exposing it to flood-related credit cost and reserve needs in Q4 2026.
MTC.BK · Supply · Neutral MTC has ~10% of loans in Bangkok, so flood impact is limited; it is also a top pick with a 39.0 baht target price.
SAWAD.BK · Supply · Neutral SAWAD has ~10% of loans in Bangkok, implying only limited flood-related exposure.
SAK.BK · Supply · Positive SAK is the only company with no loans in Bangkok, so it is insulated from the flooding impact.
THANI.BK · Supply · Neutral THANI is named as a top pick with a 2.4 baht target price and expected limited flood impact, but its Bangkok loan share is not specified.
TURBO to Offer Two Tranches of Debentures with Interest Rates of 5.20-5.60%, Subscription Opens Oct 5-7
Ngern Tur Capital Public Company Limited (TURBO) has filed a draft registration statement with the Securities and Exchange Commission (SEC) to issue and offer high-risk, unsubordinated, callable debentures with quarterly interest payments to institutional and high-net-worth investors. The offering comprises two tranches: Tranche 1 has a tenor of 2 years, 1 month, and 2 days, maturing in 2028, with an annual interest rate of 5.20%; Tranche 2 has a tenor of 3 years, 1 month, and 1 day, maturing in 2029, with an annual interest rate of 5.60%. The subscription period runs from October 5 to 7, 2026. There are eight underwriters, led by Asia Plus Securities, which also acts as the debenture holders' representative. The company will use the proceeds to acquire assets, invest, or cover expenses related to its current business operations. Tris Rating assigned a credit rating of BBB- on May 28, 2026.
TURBO expects Q3 growth to continue on recovering loan demand
TURBO signals that Q3/2026 will continue to grow, benefiting from recovering loan demand and government plans to extend the "Thai Helps Thai Plus" measure, which will boost liquidity and clients' debt repayment capacity. The company maintains its loan portfolio growth target of 12.5-20% this year from 2025 and is expanding into EV title loan market. Meanwhile, brokers expect 2026 profit at 564 million baht, up 12.2%, and maintain a "Buy" recommendation with a target price of 2.30 baht.
TURBO pushes into EV title loans, targeting 20% portfolio growth
Money Turbo Public Company Limited, or TURBO, has begun offering title loans for electric vehicles in addition to its existing focus on combustion-engine cars. It will concentrate on market-leading brands because EV prices are starting to stabilize, reducing resale-price risk, and expects this to support its total loan portfolio from the current level of about 13 billion baht. The company expects business in the second half of 2026 to continue growing from the first half because the economy is better than previously assessed and loan demand is still expanding, following continued new branch openings. This year it targets total loan growth of 12.5 to 20 percent from 2025, plans to open about 50 new branches, and screens customers to control bad debt. Non-performing loans at the end of the second quarter of 2026 fell to about 3.49 percent from 4.18 percent in 2025. Analysts at Kasikorn Securities Public Company Limited recommend buying TURBO shares with a target price of 2.56 baht after second-quarter 2026 net profit rose 69.45 percent from the same period a year earlier.
Used car prices remain strong, boosting MTC, KTC, and TURBO shares
Kasikorn Securities notes that used car prices remain robust, supported by a 23% year-on-year decline in repossessed vehicles entering auction yards, averaging 13,400 units per month in the first half of 2026. This is below the historical average of around 18,000 units per month, leading to stable or slightly higher used car prices. Since mid-2025, prices have fallen only about 5%, compared with a normal depreciation rate of roughly 10% per year. The research team expects auto loan providers, including TISCO, KKP, TTB, BAY, MTC, SAWAD, TIDLOR, and TURBO, to benefit from rising used car prices, and maintains a neutral view on the financial sector. Top picks are MTC with a target price of 39.0 baht, KTC with a target price of 49.0 baht, and TURBO with a target price of 2.2 baht.
Thailand