2022-01-05-瑞士信贷集团-泰国_担保贷款机构的投资机会_68页_1mb

This report highlights investment opportunities in Thailand’s consumer finance sector, focusing on secured lending as a promising area amid market recovery and regulatory changes. Key recommendations include a buy recommendation for Thai Public Foundation for Consumer Finance (TIDLOR) and SAWAD due to their strong growth potential in vehicle title loans and fee-based income. Muangthai Capital (MTC) and Krungthai Card (KTC) are given neutral ratings, while AEON Thana Sinsap (AEONTS) receives a neutral-low recommendation. The underbanked population and economic reopening drive demand, but rising competition and interest rate risks remain concerns. Valuation models such as DDM support the recommendations.

• Secured Lenders: TIDLOR (Target: Bt48) and SAWAD (Target: Bt80) are favored for their loan growth and efficiency. MTC (Target: Bt66) benefits from micro-loans but faces NIM pressure.
• Unsecured Lenders: KTC/BT and AEONTS lag due to slower growth and higher competition.
• Key Risks: Regulatory intervention, rising funding costs, and economic uncertainty could impact returns.