Earnings Report /
Thailand

Ngern Tid Lor: Good profit, as expected

  • Result was in line with our model

  • TIDLOR posted a 2Q22 bottom-line of Bt981m

  • Gross loans grew by 28.8% YoY and 7.6% QoQ in 2Q22

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
11 August 2022

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.