Srisawad Capital 1969 PCL

Ms. Thida Kaewbutta, Director of Strategy at Srisawad Corporation Public Company Limited, or SAWAD, disclosed that the company is preparing relief and assistance measures for customers affected by flooding. The title-loan portfolio will see only limited impact because the flooding occurred only in certain areas, and she is not worried that credit quality will be downgraded from Tier 1 to Tier 2 or Tier 3. She also expects lending to grow in line with the targets set for the remainder of the year. Meanwhile, Mr. Trin Sittisawas, Director of Securities Analysis at Yuanta Securities (Thailand) Company Limited, stated that commercial banks and non-bank lenders will face short-term impacts from debt-relief measures by the government sector and the Bank of Thailand, which will slightly pressure yields and may force additional provisioning over roughly one to two quarters. Commercial banks will be affected only to a limited degree because they have shifted their customer base toward large corporates and salaried employees. As for TISCO and KKP, although they have auto-hire-purchase loans, most of their portfolios consist of new cars covered by insurance against flooding, so KKP is seen as a standout stock if its price declines. The non-bank group is more at risk, especially TIDLOR and SAWAD, which hold four-wheel vehicle title-loan portfolios. TIDLOR has a significant proportion and is more exposed to collateral value and the prices of repossessed cars, while SAWAD has SCAP, which focuses on motorcycle hire-purchase that is easier to repair and has already accelerated write-offs at a high level. MTC, whose main portfolio is motorcycle title loans and whose customer base is not concentrated in flooded areas, is a standout stock. Meanwhile, AMC players such as BAM face limited impact and may even benefit from buyer behavior that places less emphasis on locations prone to flooding.

Srisawad Capital 1969, or SCAP, reported first-half 2026 net profit of 898.12 million baht, up more than 146% from the same period last year, with total revenue of 2.92 billion baht. Second-quarter net profit was 477.35 million baht, up 155.05% year on year and up 13.45% from the previous quarter. SCAP director Duangjai Kaewbutta said growth came from the core motorcycle hire-purchase lending business, which has continued to recover, and the mobile phone hire-purchase business through the locked phone system, which is the company's new S-curve. The company now has more than 7,000 dealer stores and has recently expanded cooperation with Xiaomi, adding to Realme, Huawei, Honor, Infinix, Nubia and Tecno. The company launched an automated credit system for the locked phone mobile business in July, which has helped increase customer numbers by more than 40% since the launch, and expects it to keep driving record profits throughout 2026.

Three Thai listed companies reported strong second-half results. WINMED posted second-quarter 2026 profit of 6.40 million baht, up 237%, with total revenue of 209.22 million baht, driven by growth in blood recruitment products and services and cell and molecular technology products. Management said the second-half outlook is bright after its Pathogen Inactivation innovation was well received by public and private hospitals, and it is moving ahead with launching Thailand's first mobile platelet donation bus. IROYAL reported first-half 2026 total revenue of 232.73 million baht and net profit of 65.91 million baht, up 34%, with a backlog of 620 million baht and projects ready for bidding in 2026 to 2027 worth more than 2.5 billion baht. The board approved an interim dividend of 0.1304 baht per share. SCAP posted record profit in the second quarter of 2026, with total revenue of 1.45555 billion baht and net profit of 477.35 million baht, up 155.05% from the same period last year, driven by motorcycle hire-purchase lending and mobile phone hire-purchase lending through the Locked Phone system, along with effective control of debt quality and expenses.

Srisawad Capital 1969 Public Company Limited, or SCAP, is expanding its locked phone hire-purchase financing market by partnering with major player Xiaomi and investing in an unlimited, paperless automatic credit approval system, enabling dealers and stores nationwide to use it without credit officers. Acting Chief Executive Officer Ms. Duangjai Kaewbutta stated that locked phone financing is a long-term strategic plan or New S-Curve for SCAP, with the mobile phone market selling over 17 million units per year expected to increasingly rely on financing due to continuously rising chip prices. The company aims to become the leader in mobile phone hire-purchase financing in Thailand within two years, after already succeeding as the market leader in motorcycle hire-purchase financing. The automatic approval system will launch this July to enhance speed, reduce costs, and manage risk through an intelligent system under good governance and ESG principles.