Phillip Securities maintains a buy recommendation on MTC and SAWAD after second-quarter 2026 profits grew both year-on-year and quarter-on-quarter, with 2027 target prices of 42 baht for MTC and 30 baht for SAWAD. MTC's profit continued to set new highs, driven by higher interest income as lending accelerated across all categories, even though non-performing loans also rose. SAWAD's profit reached a new high broadly in line with expectations, helped by lower funding costs, provisions, and expenses, with lending turning positive across all categories and non-performing loans held steady from the previous quarter. Phillip raised its 2026 profit forecast for MTC and trimmed it slightly for SAWAD, while shifting to 2027 base-case prices and still expecting continued solid results, though asset quality needs to be monitored.
Muangthai Capital Public Company LimitedPhillip maintains buy with raised 2026 profit forecast and 2027 target price of 42 baht, citing record profits from higher interest income.
Srisawad Power 1979 PCLPhillip maintains buy with 2027 target price of 30 baht, noting record profit from lower costs and provisions, though 2026 forecast trimmed slightly.
