Kasikorn Securities: Bangkok Flooding Has Limited Impact on Finance Sector, CREDIT and TIDLOR Most Exposed with Highest Bangkok Loan Shares

HoonVision··TH·Read original
2▲1 ▼2Impact / 5
Summary · why it matters

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.

Impact on assets 7

Financials▼ · 6 stocks
Thai Credit Pcl
CREDIT
▼ NegativeSupplyrelevance

CREDIT has the highest Bangkok-area loan exposure (~80% of portfolio), making it most vulnerable to flood-driven yield and credit-cost pressure.

Robotics & Physical AI▲ · 1 stocks
© 2026 MarketIVNews