Tris Rating Affirms THANI at A- with Stable Outlook, Upgrades SACP to a-

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Tris Rating has affirmed the corporate rating and the rating of senior unsecured debentures of Ratchathani Leasing, or THANI, at A- with a Stable outlook, while upgrading its standalone corporate credit profile, or SACP, to a- from bbb+, reflecting a stronger capital base at the Very Strong level and the company's firmly maintained leadership in the commercial truck and luxury car hire-purchase lending market. Executive Chairman Kowit Rungwattanasophon said Tris Rating views the first-half 2026 operating results as recovering better than expected, with the company reporting net profit of 700 million baht, up 31% from the same period a year earlier, driven by lower credit costs and reduced losses from vehicle repossessions. The net interest margin, or NIM, rose to 3.7%, while the non-performing loan ratio, or NPL Ratio, fell to 2.4% at the end of June 2026 from 2.6% at the end of 2025. New lending in the first half of 2026 increased by about 20% from the same period a year earlier, and new truck sales in the system expanded 24% in the first seven months of 2026. THANI is a strategically important subsidiary of Thanachart Capital, or TCAP, which holds a 66.9% stake, and is a core business unit generating roughly 14% of the Thanachart group's profit. As of the end of June 2026, the company had total credit lines of approximately 7.2 billion baht, of which about 57% remained undrawn.

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Financials▲ · 1 stocks
Ratchthani Leasing Public Company Limited
THANI
▲ PositiveCapitalrelevance

Tris Rating affirmed THANI's A- rating with Stable outlook and upgraded its SACP to a- on a stronger capital base, with H1 2026 net profit up 31% to 700 million baht.

Climate Adaptation & Water▲ · 1 stocks
Thanachart Capital Public Company Limited
TCAP
▲ PositiveCapitalrelevance

THANI, its 66.9%-owned subsidiary generating ~14% of group profit, was affirmed at A- with SACP upgraded to a- on a stronger capital base and better-than-expected H1 2026 results.

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