Kasikorn Securities stated that TIDLOR has been affected by the war to a limited extent and expects normalized profit in 2026 to grow strongly by 22% year-on-year. It forecasts normalized profit for the second quarter of 2026 at 1.5 billion baht, down 7% quarter-on-quarter but up 16% year-on-year. The main reason for the quarterly decline is higher loan loss provisions, rising to 2.3% from 1.7% in the first quarter of 2026. Meanwhile, profit is expected to remain stable in the third and fourth quarters of 2026, and the full-year profit estimate is maintained. The dividend payout ratio assumption has been raised to 40% from 30%, resulting in an expected dividend yield of 4.3% for 2026 and 4.5% for 2027. The Buy recommendation and target price of 21.9 baht are maintained.
Ngern Tid Lor Public Company LimitedKasikorn Securities maintains Buy rating and target price, raises dividend payout ratio to 40%, expects 22% profit growth in 2026.