Netcap Public Company Limited, or NCAP, reported net profit for the second quarter of fiscal year 2026 at 196.6 million baht, up 9.7% from the previous quarter and 34% from a year earlier, supported by higher interest income as motorcycle loans expanded 7.34% since the start of the year. Net interest margin stood at 13.7%, improving slightly from 13.5% at the end of 2025, while financial costs fell to 2.3% from 2.5% due to debenture repayments. Asset quality continued to improve, with non-performing loans declining to 1.28% from 1.72% at the end of 2025 and 1.83% at the end of 2024. As a result, provisioning dropped 12.6% from a year earlier to 102.79 million baht, partly helped by a reversal of 10 million baht in excess reserves previously set aside for flood risk in Hat Yai. The coverage ratio at the end of the period was 366%, close to large non-bank peers. The company expects full-year loan growth of up to 15%, driven by expansion into new areas and dealer networks, especially in the north, and expects net interest margin could reach 14%. Asset quality remains under control, with a target of keeping non-performing loans no higher than in the second quarter of fiscal year 2026. Major shareholders COM7 and SYNNEX hold 34.3% and 27.0% respectively, strengthening the company's technology and funding capabilities. The stock trades at a price-to-earnings ratio of only 7.5 times, below the sector average of 12 times. Analysts at ASL recommend buying, with support at 3.60 to 3.58 baht and resistance at 3.72, 3.84, and 3.96 to 4 baht.
Com7 PCLNCAP's strong earnings and growth outlook may benefit major shareholder COM7.
Synnex (Thailand) Public Company LimitedNCAP's improved profitability and asset quality reflect positively on major shareholder Synnex Thailand.
Synnex Technology International Corp