Earnings Report /
Thailand

Ngern Tid Lor: Mild profit beat (lighter LLPs and OPEX than modeled)

  • Result was above our expectation

  • TIDLOR posted a 1Q22 bottom-line of Bt940m

  • Gross loans grew by 23.2% YoY and 6.9% QoQ in 1Q22

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Bualuang Securities
12 May 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 above our expectation

TIDLOR posted a 1Q22 bottom-line of Bt940m, up by 20% YoY and 18% QoQ. The result was 5.1% above our estimate (and 5.4% ahead the Bloomberg consensus), due to lighter LLPs and OPEX than expected. Pre-provision operating profit came to Bt1.3bn, up by 31% YoY and 19% QoQ. 1Q22 earnings comprise 24% of our full-year forecast of Bt3.96bn.