TIDLOR’s 2022 earnings growth outlook is strong, driven by lending and insurance brokerage income expansion, competitive advantages in the title loans-for-motorbikes market, and a superior online platform. Our BUY call stands to a YE22 target price of Bt47.
Result was in line with our model
TIDLOR posted a 2Q22 bottom-line of Bt981m, up by 26% YoY and 4% QoQ. The result was in line with our estimate and the Bloomberg consensus. Pre-provision operating profit came to Bt1.5bn, up by 37% YoY and 15% QoQ. 1H22 earnings comprise 49% of our full-year forecast of Bt3.96bn.