Leasing stocks surge across the board on falling bond yields; KGI highlights SAWAD with target price of 26 baht

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Summary · why it matters

Leasing stocks rose across the board in morning trading today. SAWAD gained 3.06% to 25.25 baht, MTC added 3.76% to 34.50 baht, TIDLOR increased 1.05% to 19.30 baht, THANI rose 1.87% to 2.18 baht, MICRO jumped 11.11% to 1.40 baht, AEONTS edged up 1.44% to 105.50 baht, and SGC advanced 1.16% to 1.75 baht. Analysis from KGI Securities Thailand indicated that the positive factor came from government bond yields trending lower in line with the pullback in crude oil prices, coupled with the recovery of the Thai economy as the Ministry of Finance raised its GDP target, which will benefit asset quality in the sector. KGI set a base-case target price for SAWAD at 26.00 baht, viewing the stock as consolidating and testing its 200-day moving average, with support at 24.10 baht and resistance at 25.00 to 26.00 baht. If it breaks through this range, the next resistance is at 28.00 baht, with a stop loss set at 23.80 baht. The firm noted that the stock's valuation is not expensive, with a forward price-to-earnings ratio of 8 times, which is below the minus one standard deviation level of around 9 times.

Impact on assets 7

Financials▲ · 7 stocks
Srisawad Power 1979 PCL
SAWAD
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Falling bond yields and lower crude oil prices, along with improved GDP outlook, benefit leasing stocks; KGI highlights SAWAD with a target price of 26 baht.

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