TIDLOR’s 2023 earnings growth outlook is good, driven by lending and insurance brokerage income expansion, competitive advantages in the title loans-for-motorbikes market (TIDLOR offers a motorbike title loan rate of 23%; the general market range 12-16%), and a superior online platform. Our BUY call stands to a YE23 target price of Bt31.50, pegged to a PBV of 2.6x.
Result was in line with our forecast
TIDLOR posted 3Q22 earnings of Bt901m, up 10.9% YoY but down 8.2% QoQ. The result was in line with our estimate (but was 6% shy of the Bloomberg consensus). Pre-provision operating profit was Bt1.6bn, up by 40.5% YoY and 8.4% QoQ. 9M22 earnings comprise 76.1% of our full-year forecast of Bt3.7bn.