Kasikorn Securities has upgraded Saksiam Leasing Public Company Limited, or SAK, to a buy rating and raised its target price by 15 percent to 3.9 baht, citing stronger-than-expected loan growth and a dividend yield of 6.1 percent as a cushion against downside risk. Management maintained its 2026 loan growth target of 10 percent year on year after first-half growth of 5.2 percent year to date, with the trend in July and August still solid. Although the issuance of 3 billion baht in debentures at a cost of 5.6 percent will pressure interest margins in the near term, asset quality remains strong, with credit costs expected to rise to 1.3 percent in the second half of 2026 from 1.2 percent in the second quarter of 2026. The broker raised its normalized profit forecasts for 2026 through 2028 by 6 percent, 8 percent, and 12 percent to 874 million baht, 933 million baht, and 1.1 billion baht, respectively. It expects second-half 2026 profit to be soft at 419 million baht, down 8 percent half on half and 7 percent year on year, before recovering in 2027 with growth of 6.8 percent and in 2028 with growth of 13.2 percent. At the current price, SAK trades at a 2026 price-to-book value of only 1.0 times and a price-to-earnings ratio of 7.9 times, while return on equity stands at 12.6 percent.
Saksiam Leasing Public Company LimitedUpgraded to buy with target price raised 15% to 3.9 baht, citing stronger loan growth and dividend yield.
