Asia Plus Securities says title loan stocks still laggards in the market, recommends MTC

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Summary · why it matters

Asia Plus Securities expects the title loan group's net profit in the second quarter of 2026 at 4.8 billion baht, up 13.8% from the same period last year. It estimates that MTC will post the highest profit growth in the group at 14% year-on-year, followed by SAWAD and TIDLOR at 13.8% and 13.4% respectively. Asset quality is likely to weaken slightly but remains within manageable limits, with TIDLOR having the highest coverage ratio at around 328%, followed by MTC at around 145% and SAWAD at around 53%. The average share price of the title loan group has risen only 7% since the start of the year, still a laggard compared with the stock market's rise of around 29%. The research team continues to pick MTC because its share price is still a laggard relative to TIDLOR and has a chance to outperform if the market shifts to a risk-on mode.

Impact on assets 3

Financials▲ · 3 stocks
Srisawad Power 1979 PCL
SAWAD
± MixedCapitalrelevance

SAWAD mentioned with lower profit growth and coverage ratio, but no explicit recommendation.

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