Company Coverage
Tisco Financial Group (TISCO TB): 2Q26: Results In Line; Improving Credit Costs QOQ
HOLD (Maintained)
Current price:
Target price:
Upside:
Bt126.00
Bt120.00
-4.8%
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- TISCO reported a net profit of Bt1.76b in 2Q26, up 7% yoy and 2% qoq.
- Management said the bank prefers a sustainable dividend payout ratio.
- Maintain HOLD with a higher target price of Bt120.00 (previously: Bt110.00).
Analysis
- 2Q26 results in line. TISCO Financial Group (TISCO) posted a 2Q26 net profit of Bt1.76b (+7% yoy, +2% qoq), in line with our and market expectations. Pre-provision operating profit rose 5% yoy but fell 7% qoq in 2Q26. 1H26 net profit accounted for 50% of our 2026 earnings forecasts.
- Neutral tone at analyst meeting. Management guided that the bank maintains a prudent credit policy due to the volatile situation. The bank expects a brighter economic outlook. The current coverage ratio is adequate to buffer against uncertainties.
- Loan portfolio flat yoy and qoq. TISCO’s loan portfolio was flat qoq, but retail and SME loans expanded qoq. New car hire purchase (HP) grew 1.5% qoq and motorcycle HP rose 4.9% qoq. The increase in HP was in line with the previous guidance. Moreover, TISCO guided that loan growth should continue in these two segments.
Highlights
- TISCO reported a net profit of Bt1.76b in 2Q26, up 7% yoy and 2% qoq.
- Management said the bank prefers a sustainable dividend payout ratio.
- Maintain HOLD with a higher target price of Bt120.00 (previously: Bt110.00).
Analysis
- 2Q26 results in line. TISCO Financial Group (TISCO) posted a 2Q26 net profit of Bt1.76b (+7% yoy, +2% qoq), in line with our and market expectations. Pre-provision operating profit rose 5% yoy but fell 7% qoq in 2Q26. 1H26 net profit accounted for 50% of our 2026 earnings forecasts.
- Neutral tone at analyst meeting. Management guided that the bank maintains a prudent credit policy due to the volatile situation. The bank expects a brighter economic outlook. The current coverage ratio is adequate to buffer against uncertainties.
- Loan portfolio flat yoy and qoq. TISCO’s loan portfolio was flat qoq, but retail and SME loans expanded qoq. New car hire purchase (HP) grew 1.5% qoq and motorcycle HP rose 4.9% qoq. The increase in HP was in line with the previous guidance. Moreover, TISCO guided that loan growth should continue in these two segments.
HOLD (Maintained)
Current price:
Target price:
Upside:
Bt126.00
Bt120.00
-4.8%
Analyst
Analyst
Panjarat Thaweesriprasert
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
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