Earnings Report /
Thailand

Ngern Tid Lor: Profit was in line with our model

  • Result was in line with our forecast

  • TIDLOR posted 3Q22 earnings of Bt901m

  • Gross loans grew by 7.4% QoQ and 34.0% QoQ in 3Q22

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
10 November 2022

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.