ASL Securities expects THANI's net profit in 2026 to reach 1.35 billion baht, up 17.8% from the previous year, supported by improved asset quality, lower provision expenses, and reduced funding costs, despite continued loan contraction. It anticipates loans will bottom out in 2026 before returning to growth of 1% in 2027 and 3% in 2028, driven by accelerated new disbursements in new trucks and used vehicles. Meanwhile, the interest rate spread is likely to remain stable due to lower funding costs. ASL Securities recommends a "Buy" on THANI with a year-end 2027 target price of 2.70 baht, based on a price-to-book ratio of 1.11 times, and sees potential for a re-rating following the recovery of return on equity and earnings quality. It also expects a dividend yield of more than 6% per year over the next three years.
Ratchthani Leasing Public Company LimitedASL Securities issues a Buy rating with a 2.70 baht target, citing profit growth and re-rating potential.
