The research unit of CGS International Securities Thailand, or CGSI, has raised its profit forecast and target price for Tid Lor Holdings Public Company Limited, or TIDLOR, after first-half profit beat expectations. Second-quarter net profit for fiscal 2026 came in at 1.53 billion baht, up 18.3 percent from a year earlier but down 5.0 percent from the previous quarter, in line with the research unit's estimate and the Bloomberg consensus. First-half net profit accounted for 58 percent of the previous full-year forecast for fiscal 2026. Second-quarter loans grew 6.3 percent from a year earlier and 2.7 percent from the end of fiscal 2025. TIDLOR management maintained its loan growth target of 5 to 10 percent for fiscal 2026, but lowered its credit cost target to 200 to 250 basis points from the previous level, compared with a first-half credit cost of 187 basis points and a coverage ratio of 322 percent at the end of the second quarter. CGSI therefore raised its earnings per share estimates for fiscal 2026 to 2028 by 7.6 to 8.1 percent, after lowering its credit cost assumption from 245 to 267 basis points to 220 basis points and raising its loan growth assumption for fiscal 2027 to 2028 from 6 to 7 percent to 8 percent. It also raised its target price from 24 baht to 25 baht and maintained a buy rating, viewing TIDLOR as still attractively valued given return on equity of 15.7 to 16.0 percent in fiscal 2026 to 2028 and a high dividend yield of 4.9 to 5.9 percent per year, assuming a payout ratio of 45 percent of net profit.
Ngern Tid Lor Public Company LimitedCGSI raised profit forecast and target price after better-than-expected first half.
