Trinity forecasts TISCO third-quarter profit of 1.766 billion baht, recommends hold with 115 baht target

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Trinity Securities has issued an analysis of TISCO Financial Group Public Company Limited, or TISCO, forecasting third-quarter profit of 1.766 billion baht, flat quarter on quarter and up 2% year on year. Net interest income is expected to improve slightly by about 2% quarter on quarter, driven by loan growth of roughly 0.6% quarter on quarter from the hire-purchase loan segment, while funding costs are expected to decline slightly further on deposit repricing. Non-interest income is expected to rise about 1% quarter on quarter. Loan-loss provisions in the third quarter are expected to be higher, possibly reflecting excess provisioning to cushion against macroeconomic volatility and developments during the quarter. Trinity's research team recommends holding TISCO shares with a 2027 target price of 115 baht, noting the current share price offers no upside to the target even after including dividend returns. TISCO shares traded at 128 baht this afternoon, up 1.00 baht or 0.79%, with turnover of 223.38 million baht.

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