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.