Company Coverage
Tidlor Holdings Pcl (TIDLOR TB): Cautious Outlook Despite Lower Credit Cost Guidance
BUY (Maintained)
Current price:
Target price:
Upside:
Bt19.40
Bt25.00
+28.86%
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- TIDLOR revised down its 2026 credit cost target from 2.2-2.8% to 2.0-2.5% given the low credit cost in 1H26.
- Loan growth is likely to track the lower end of the 5-10% target, with title loans remaining the key growth driver in 2H26.
- Maintain BUY with an unchanged target price of Bt25.00.
Analysis
- Slightly negative tone at meeting. We attended Tidlor Holdings’ (TIDLOR) 2Q26 analyst meeting where the tone was slightly negative, given the uncertainty over whether asset quality can remain strong. The company maintained all of its financial targets, except for its credit cost target which was lowered from 2.2-2.8% to 2.0-2.5%, given the low credit cost in 1H26.
- Focusing on title loans. Title loans remain the key focus for loan growth this year, especially for motorcycles and cars. For hire purchase (HP), the truck portfolio remained broadly stable, with the company remaining disciplined in HP lending. Overall, the company focuses on lending according to risk levels and risk-adjusted returns. Management expects loan growth to accelerate in 2H26, potentially driven by improving economic and business activity, with motorcycle and car loans remaining the key growth segments. The average ticket size declined in 1H26, following the decline in used-vehicle prices, along with the higher contribution from motorcycles. Overall, despite management maintaining its 5-10% loan growth target, we expect the loan growth to end at the lower bound given the tone from the meeting along with the cautiousness and focus on motorcycle and cars.
- Further room to grow insurance brokerage business. TIDLOR sees further room to gain market share through its broad online and offline distribution channels. While weaker economic conditions have led to some decline in the average premium per policy and a shift from Class 1 to the more affordable Class 2 coverage, the impact remains manageable. We expect insurance to continue growing in 2H26, supported by seasonal increases in business activity, higher auto insurance sales and renewals, and cross-selling opportunities in PA and travel insurance. Management sees room for further growth.
Highlights
- TIDLOR revised down its 2026 credit cost target from 2.2-2.8% to 2.0-2.5% given the low credit cost in 1H26.
- Loan growth is likely to track the lower end of the 5-10% target, with title loans remaining the key growth driver in 2H26.
- Maintain BUY with an unchanged target price of Bt25.00.
Analysis
- Slightly negative tone at meeting. We attended Tidlor Holdings’ (TIDLOR) 2Q26 analyst meeting where the tone was slightly negative, given the uncertainty over whether asset quality can remain strong. The company maintained all of its financial targets, except for its credit cost target which was lowered from 2.2-2.8% to 2.0-2.5%, given the low credit cost in 1H26.
- Focusing on title loans. Title loans remain the key focus for loan growth this year, especially for motorcycles and cars. For hire purchase (HP), the truck portfolio remained broadly stable, with the company remaining disciplined in HP lending. Overall, the company focuses on lending according to risk levels and risk-adjusted returns. Management expects loan growth to accelerate in 2H26, potentially driven by improving economic and business activity, with motorcycle and car loans remaining the key growth segments. The average ticket size declined in 1H26, following the decline in used-vehicle prices, along with the higher contribution from motorcycles. Overall, despite management maintaining its 5-10% loan growth target, we expect the loan growth to end at the lower bound given the tone from the meeting along with the cautiousness and focus on motorcycle and cars.
- Further room to grow insurance brokerage business. TIDLOR sees further room to gain market share through its broad online and offline distribution channels. While weaker economic conditions have led to some decline in the average premium per policy and a shift from Class 1 to the more affordable Class 2 coverage, the impact remains manageable. We expect insurance to continue growing in 2H26, supported by seasonal increases in business activity, higher auto insurance sales and renewals, and cross-selling opportunities in PA and travel insurance. Management sees room for further growth.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt19.40
Bt25.00
+28.86%
Analyst
Analyst
Panjarat Thaweesriprasert
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