TIDLOR is hot for 16 days, rising 30%, keep an eye on this year’s profit of 3.8 billion, a new target of 36 baht

TIDLOR is hot for 16 days, rising 30%, keep an eye on this year’s profit of 3.8 billion, a new target of 36 baht
TIDLOR is hot for 16 days, rising 30%, keep an eye on this year’s profit of 3.8 billion, a new target of 36 baht

Reporters reported that today (May 26, 2023) the company stock price money on wheels Public Company Limited or TIDLOR At 10:22 a.m., it was at 27 baht, plus 0.25 baht or 0.93%, the highest at 27.25 baht, the lowest at 27.00 baht with a trading value of 50.58 million baht.

The price of TIDLOR shares during the last 15 days (working days) found that it has increased quite hot. or from the closing price level on May 2, 2023, at 20.80 baht, while today (May 26, 2023), the price is 27 baht, or a change of +30% from the date of May 2 that passed come

Latest on 24 May 2023 Mr. Piyasak Ukritnukul President of TIDLOR held a meeting with analysts. It provides information about key financial figures of the company. And the business plan for the year 2023 continues to grow the business and deliver results according to the goals. by focusing on car title loan and insurance brokerage business Along with more efficiency improvement strategies And the company continues to focus on driving the organization with digital technology and innovation. in applying technology and digital platforms to drive business Either a card with wheels or TIDLOR Card, a money application with wheels

Analyst securities company Dao (Thailand) Public Company Limited upgraded TIDLOR recommendation to “Buy” from “Hold” after a meeting with TIDLOR’s management, and raised the target price to 33 baht, based on the market price per share (P/BV) of 2023 at 3.0x from the previous 25. Baht based on 2023 P/BV of 2.4 times, including the current stock price, still trading low at only 2023, P/BV of 2.4 times, while the stock price has outperformed the market (Outperform SET) by 21% over the past 1 month. from the performance of the 1st quarter of 2023 that came out better than expected

However, we are optimistic about the latest analyst meeting. from adjusting the NPL target down to no more than 1.8% and reserve expenses reduced to 3.0-3.35%, while other performance remained unchanged Both good loan growth of 10-20%, cost of funds (Cost of Fund) still increased by 0.50% and operating expenses (cost to income) that will increase in the second half of 2023 from the return to open branches. from the present slowdown

In addition, net profit in 2023 increased 13% to 3.8 billion baht (5% increase compared to the previous year) and 2024 increased 17% to 4.7 billion baht (22% increase compared to the previous year) from increased growth. Loan growth, NPL reduction, and credit cost decline reflected concerns over the slowdown in NPL growth. This will allow the company to return to lending more in the second half of 2023 from the current level of only 2% from the beginning of the year (YTD).

securities company prosperous Public Company Limited adjusts recommendation TIDLOR increased from “sell” to “buy” and adjusted the target price from 22 baht to 36 baht, with good results in the first quarter of 2023, reflecting that the economy continued to recover and has a positive effect on low-income people after the company has better debt collection resulting in low NPL numbers

However, analysts expect that in the second quarter of 2023, operating results will continue to grow. supported by both external factors and good risk control of the company Therefore, we have raised our 2023-2025 profit forecasts by 4%, 9% and 10% due to concerns over credit costs and lower provisions.

securities company Trinity Public Company Limited has a positive view on TIDLOR from an analyst meeting. The company can still grow well compared to the previous year. Even compared to the previous quarter, it was stable due to tight credit expansion. To control the quality of credit and wait for a clear sign of economic recovery Looking at the second quarter, the company’s profits will be able to grow compared to the previous year. but stable compared to the previous quarter from seasonal factors

Maintain the profit forecast for the year at 3,739 million baht, with the management’s advice still within the assumption framework of Trinity Securities. Change recommendation from “buy” to “speculative buy” as the upside starts to limit. After the price has risen 30% in the past 2 months. with a target price of 2023 at 30 baht

However, from the past analyst meeting There are important points as follows. The loan portfolio in the first quarter of 2023 still grew well compared to the previous year (+32%) but slowed down compared to the previous quarter (+2.1%) due to the focus on asset quality control rather than expanding the credit portfolio. and will begin to expand the loan portfolio in the second quarter

In the first quarter, there was no branch expansion. Due to more branch expansion than usual in 2022, the management commented that in 2022, the lessor was affected by COVID. resulting in cheap rent The company therefore uses this opportunity to accelerate store expansion and slow down store expansion in 2023. The store expansion goal in 2023 is 50-200 stores, which will be the store expansion in the second half of 2023 onwards.

Meanwhile, insurance fee income continued to grow strongly, growing 28% year-on-year in the first quarter and renewal rates of up to 65% due to product quality. and better service than competitors. The credit cost was 3.1% (at 0.9% in 1Q/2022 and 3.29% in 4Q/2022), lower than management expected. which is a good sign The management provided information that the return of tourists improved the credit quality of customers located in tourist provinces. And it is expected that the third quarter will be the peak period of credit cost and will decrease.

The company’s management is positive on this year’s earnings from lower NPLs and lower credit cost, with the NPL forecast downgraded from 2.0% to 1.8% (NPL was 1.5% in Q1). /2023) and lowered the credit cost estimate from 3.00-3.50% to 3.00-3.35% (credit cost was 3.09% in Q1/2023). and maintaining the growth target of insurance fee income at 20-25%

securities company Bualuang Public Co., Ltd. has a positive view on TIDLOR as it has downgraded its NPLs/loans ratio target and Credit-cost peg. % compared to the previous year in 2023, close to what the research department Estimated at 18% year-on-year, TIDLOR has postponed store openings in the first half of 2023 after opening a large number of stores in 2022 and aims to open 50-100 more stores in the second half of 2023.

TIDLOR estimates that competition in the mortgage loan industry will ease after the Government Savings Bank sells Fast Cash Co., Ltd. Meanwhile, TIDLOR’s NIM is expected to be pressured by higher cost of funds. In addition, TIDLOR maintains a cost to income ratio target of 50%, close to our estimate. The cost to income ratio is expected to increase in the second half of 2023 from branch expansion and increased staff expenses.

In addition, TIDLOR has downgraded its NPLs/loans ratio target to 1.8% (previously 2.0%) and credit-cost peg to 3-3.35% (previously 3-3.5%), close to our estimate. However, the overall financial target is still close to the projection.

Tags: TIDLOR hot days rising eye years profit billion target baht


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