Kasikorn Securities Public Company Limited maintains a buy recommendation on Muangthai Capital Public Company Limited, or MTC, and raises its target price to THB 39.00 from THB 35.80, reflecting upward earnings revisions and a valuation base year roll-forward to mid-2027. It expects second-quarter 2026 normalized profit to reach a new record of THB 1.87 billion, up 2.6 percent quarter-on-quarter and 13.6 percent year-on-year, driven by wider net interest margins and loan growth. The research team also lifts its 2026 to 2028 normalized profit forecasts by 6.9 percent, 6.7 percent, and 8.1 percent respectively, to THB 7.7 billion, THB 8.8 billion, and THB 9.8 billion. It views asset quality as not deteriorating as feared and loan demand as remaining strong. It picks MTC to return as the top pick in the financial sector, replacing TIDLOR, as its share price has recovered more slowly than peers and trades at just 1.4 times book value, below TIDLOR at 1.5 times, while both companies are expected to generate similar returns on equity of around 16.5 percent.
Muangthai Capital Public Company LimitedKasikorn Securities raises target price and maintains buy rating, citing upward earnings revisions and strong Q2 profit forecast.
Ngern Tid Lor Public Company LimitedMTC replaces TIDLOR as top pick in financial sector, implying TIDLOR is less favored.