Ratchthani Leasing Public Company Limited, along with its subsidiary, provides hire-purchase and finance leasing services in Thailand. Its offerings include hire purchase loans for new and used cars, refinance and car title loans, financial leases, loans for solar panel installation, and loans to car dealerships. The company also provides auto and property insurance products, as well as annual tax registration and truck services. Founded in 1988 and headquartered in Bangkok, Thailand, it operates as a subsidiary of Thanachart SPV1 Co., Ltd.
Tris Ratings Affirms THANI at A- with Stable Outlook, Upgrades SACP to a-
Tris Rating has affirmed the corporate and senior unsecured debenture ratings of Ratchthani Leasing Public Company Limited, or THANI, at A- with a Stable outlook, and has upgraded the company's standalone credit profile, or SACP, to a- from bbb+, reflecting a stronger capital position at the Very Strong level as well as the company's ability to maintain its market leadership in commercial truck and luxury car hire-purchase lending. Kovit Rungwattanasophon, Chairman of the Executive Board, said that in the final stretch of 2026 the Thai economy is still recovering gradually, so the company is pressing ahead aggressively with its commercial truck hire-purchase lending business. Tris Rating views the first-half 2026 operating results as recovering better than expected, with the company reporting net profit of 700 million baht, up 31% from the same period a year earlier, driven by lower credit expenses and lower losses from vehicle repossessions. The net interest margin, or NIM, improved to 3.7%. Asset quality continued to improve, with the non-performing loan ratio, or NPL Ratio, falling to 2.4% at the end of June 2026 from 2.6% at the end of 2025, while new lending in the first half of 2026 rose about 20% from the same period a year earlier. New truck sales in the system expanded 24% in the first seven months of 2026. THANI is a strategically important subsidiary of Thanachart Capital Public Company Limited, or TCAP, which holds a 66.9% stake, and is a core business unit generating roughly 14% of the Thanachart group's profit as of the end of June 2026. The company has total credit lines of approximately 7.2 billion baht, of which about 57% remains undrawn.
THANI.BK · Capital · Positive Tris Rating affirmed THANI's A- rating with Stable outlook and upgraded its standalone credit profile to a- on a stronger capital position and market leadership.
THANI.BK · Demand · Positive First-half 2026 new lending rose about 20% year-on-year as the company aggressively pushes commercial truck hire-purchase lending amid 24% growth in system new truck sales.
TCAP.BK · Capital · Positive THANI, 66.9%-owned by TCAP and ~14% of group profit, saw its SACP upgraded and ratings affirmed at A-, strengthening the parent's subsidiary credit profile.
Kasikorn Securities: Bangkok Flooding Has Limited Impact on Finance Sector, CREDIT and TIDLOR Most Exposed with Highest Bangkok Loan Shares
Kasikorn Securities stated that about 10% of the Bangkok area was affected by flooding from rainfall during September 25–28, with roughly 329,000 households and about 700,000 people affected, and expects conditions to return to normal by October 1, or a total flood duration of about 5 days. Within the financial business group, CREDIT has the highest proportion of loans in Bangkok and its vicinity at about 80% of its loan portfolio, followed by TIDLOR at 28%, while MTC, SAWAD and TURBO each have about 10% of their total loan portfolios. SAK is the only company with no loans in Bangkok, so the impact on the group is expected to be limited, since the affected area is not widespread and most financial operators have loan portfolios spread across the country. The impact is expected to show up in loan yields and credit cost in the fourth quarter of 2026, after the flooding occurred late in the third quarter of 2026, through customer assistance measures such as debt payment holidays and debt restructuring. Historical data from the southern Thailand floods in the fourth quarter of 2025 suggests the impact on profits was limited, with TIDLOR the only company to set aside an additional 200 million baht in reserves and to reverse some reserves in the first quarter of 2026. The research team maintains a neutral view on the financial group, with top picks MTC at a target price of 39.0 baht, TURBO at a target price of 2.56 baht, and THANI at a target price of 2.4 baht, all expected to see limited impact.
CREDIT.BK · Supply · Negative CREDIT has the highest Bangkok-area loan exposure (~80% of portfolio), making it most vulnerable to flood-driven yield and credit-cost pressure.
TIDLOR.BK · Supply · Negative TIDLOR has 28% of its loan portfolio in Bangkok, exposing it to flood-related credit cost and reserve needs in Q4 2026.
MTC.BK · Supply · Neutral MTC has ~10% of loans in Bangkok, so flood impact is limited; it is also a top pick with a 39.0 baht target price.
SAWAD.BK · Supply · Neutral SAWAD has ~10% of loans in Bangkok, implying only limited flood-related exposure.
SAK.BK · Supply · Positive SAK is the only company with no loans in Bangkok, so it is insulated from the flooding impact.
THANI.BK · Supply · Neutral THANI is named as a top pick with a 2.4 baht target price and expected limited flood impact, but its Bangkok loan share is not specified.
THANI approves interim dividend of 0.06 baht per share, payable 22 October 2026
Ratchthani Leasing Public Company Limited, or THANI, announced that its board of directors resolved on 24 September 2026 to approve the payment of an interim dividend to common shareholders at a rate of 0.06 baht per share for operating results covering the period from 1 January 2026 to 30 June 2026. The dividend is paid in cash at 0.06 baht per share, with a par value of 1.00 baht per share. The company has set 6 October 2026 as the ex-dividend date, or XD, and 8 October 2026 as the book closing date for dividend entitlement, ahead of the dividend payment date on 22 October 2026.
ASL Securities Recommends Buying THANI with Target of 2.70 Baht, Expects 17.8% Profit Growth in 2026
ASL Securities expects THANI's net profit in 2026 to reach 1.35 billion baht, up 17.8% from the previous year, supported by improved asset quality, lower provision expenses, and reduced funding costs, despite continued loan contraction. It anticipates loans will bottom out in 2026 before returning to growth of 1% in 2027 and 3% in 2028, driven by accelerated new disbursements in new trucks and used vehicles. Meanwhile, the interest rate spread is likely to remain stable due to lower funding costs. ASL Securities recommends a "Buy" on THANI with a year-end 2027 target price of 2.70 baht, based on a price-to-book ratio of 1.11 times, and sees potential for a re-rating following the recovery of return on equity and earnings quality. It also expects a dividend yield of more than 6% per year over the next three years.
Brokers maintain buy rating on THANI with high target price of 2.90 baht
Krungsri Securities and Finansia Syrus maintain their buy recommendations on Ratchathani Leasing Public Company Limited, or THANI, with 2027 target prices of 2.90 baht and 2.75 baht respectively. Krungsri expects net profit for 2026 and 2027 at 1.326 billion baht and 1.372 billion baht, growing 16% and 3% from the same periods a year earlier, supported by good asset quality, low NPLs and repossessed vehicles, a high dividend yield of up to 6% per year, and a policy of paying dividends of no less than 50% of net profit. The company targets new loan disbursements of 17 billion baht this year, with 8.241 billion baht already disbursed in the first half. In the second half, it will focus more on new trucks. Financial costs are likely to decline due to lower interest rates on debentures and bills of exchange. It targets credit cost in 2026 of no more than 2.0%, with the first half at 0.7%. Repossessed vehicles currently stand at 50 to 60 units per month, below the normal 90 to 100 units. Management expects cost savings from maturing debentures of 4.4 billion baht and targets average financial costs of around 3.00% in 2026 and below 3% in 2027.
THANI pushes into truck loans, targets 17 billion baht in new lending
Ratchathani Leasing Public Company Limited, or THANI, has announced a second-half plan focused on penetrating the new truck loan market to help return its total loan portfolio to positive growth. The company is confident that new loan disbursements will meet the target of 17 billion baht after expanding its used truck loan base to 34 percent of the portfolio. Mr. Kovit Rungwattanasophon, Executive Chairman and Managing Director, said at an Opportunity Day event that the company is beginning to see positive signals from major customers who are bringing electric trucks in for trial use, and expects the electric truck market to become clearer next year. The board is reviewing the high level of excess reserves. If they can be reduced, it will open the opportunity to pay higher dividends from the current level of no less than 50 percent of net profit. The company has arranged credit facilities to support more than 9 billion baht of debentures maturing from the second quarter of this year to the second quarter of next year, and expects financial costs to decline significantly next year due to the downward interest rate trend. First-half results showed net profit of 700 million baht, an increase of 168 million baht from the previous year, while expected credit losses fell to 193 million baht. The non-performing loan ratio stood at 2.35 percent, credit cost was 0.69 percent, and the allowance for doubtful accounts to non-performing loans ratio was 143 percent.
Asia Plus Securities upgrades TCAP to Buy with target price of 105 baht
Asia Plus Securities has upgraded its recommendation on TCAP to Buy, with a target price of 105 baht, after second-quarter 2026 net profit came in at 2.64 billion baht, up 25% from the previous quarter and 28% from a year earlier. The increase was driven mainly by non-interest income, including dividend income, share of profit from associates, and investment gains. Net interest income fell 5% from the previous quarter and 12% from a year earlier, as THANI tightened lending, causing net loans to decline 4.2% from the previous quarter and 5.7% from the start of the year. Interest expenses rose due to financial restructuring, but provisions fell 79% from a year earlier on better asset quality, representing a credit cost of 0.5%. The cost-to-income ratio was 12.3%, down from 13.0% in the previous quarter and 13.9% a year earlier. For the first six months of 2026, net profit was 4.77 billion baht, up 26% from a year earlier, equal to 52% of Asia Plus Securities' full-year net profit estimate. Asia Plus Securities raised its 2026 and 2027 net profit forecasts by 16% and 20% to 9.23 billion baht, up 19% from a year earlier, and 9.6 billion baht, up 1% from a year earlier, respectively, on better-than-expected non-interest income, especially a significant increase in dividend income and improved insurance income, as well as a smaller-than-expected decline in provisions, implying a full-year credit cost of 0.6%. It also raised its dividend payout ratio to 57.5% from 50%, equal to a dividend of 5.06 baht per share, and expects an interim dividend of 1.35 baht per share, representing a dividend yield of 1.5%. The share buyback program of up to 7.5 billion baht, covering 104.86 million shares or no more than 10% of paid-up shares, from 17 August 2026 to 16 February 2027, will help lift shareholder return by 1% to 10.4% by the end of 2027, supporting the share price and limiting downside risk. The target price of 105 baht is based on a price-to-book value of 1.17 times, assuming return on equity of 10.2% and cost of equity of 9.2%. Although the share price has already risen more than 48% from the start of the year and hit a new 30-year high, it still offers a high dividend yield of 5.7% to 6.1% per year during 2026 to 2028. On technical factors, the price has formed a double bottom and is holding clearly above the 5-day moving average. In the short term, it made a new high with a long white candle. Intraday support is at 88.25 to 88 baht. The trend is to continue rising within an uptrend channel, with resistance at 90 and 93 baht.
Thanachart Capital Public Company Limited, or TCAP, reported second-quarter 2026 net profit of 2.64 billion baht, up 28% from a year earlier and 24% from the previous quarter, beating market expectations by 25%. The strong result was driven by high dividend income of 797 million baht and a sharp 79% year-on-year drop in provisioning expenses, reflecting improved asset quality at Ratchathani Leasing Public Company Limited, or THANI. In addition, TMBThanachart Bank Public Company Limited, or TTB, and Thanachart Insurance Public Company Limited both delivered better-than-expected earnings. Thanachart Insurance saw profit rise 57% on investment gains, while T-Life Assurance Company Limited posted a 137% profit jump thanks to higher dividend income. Analysts at Dao Securities Thailand Public Company Limited raised their 2026 and 2027 net profit forecasts by 8% and 7% respectively, putting 2026 net profit at 8.88 billion baht, up 15% from the prior year. They maintained a buy rating and lifted the target price to 97 baht from 82 baht, based on 1.2 times 2026 book value, and forecast a 2026 dividend of 3.60 baht per share, implying a yield of about 4%, with potential for a higher payout if no share buyback occurs.
Two brokers raise target price for THANI, highest at 2.90 baht
Analysts from Krungsri Securities and Phillip Securities Thailand have both raised their target prices for Ratchthani Leasing Public Company Limited, or THANI. Krungsri set a new target of 2.90 baht, up from 2.70 baht, while maintaining a buy recommendation, citing well-managed asset quality and forecasting 2026 net profit growth of 16 percent year-on-year. Phillip gave a 2027 base price of 2.75 baht, also recommending buy, and raised its 2026 net profit estimate to 1.4 billion baht, representing growth of 22.9 percent from the previous year. This follows second-quarter 2026 results that came in close to expectations, with net profit of 359 million baht, up 29 percent year-on-year and 5.6 percent quarter-on-quarter, supported by lower-than-expected provisioning, even as loans contracted for a twelfth consecutive quarter and non-performing loans rose to 2.35 percent.
Krungsri Securities highlights 7 standout stocks for Q2 2026 earnings season
Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.
TTBWEALTH Recommends 3 Top Picks PR9, STECON, THANI for Strong Q2 2026 Earnings Growth
The research team at TTB Wealth Securities, or TTBWEALTH, has assessed the earnings outlook for the second quarter of 2026 and selected three standout stocks expected to deliver strong net profit growth. They are Praram 9 Hospital, or PR9, with an estimated net profit of 194 million baht, up 6 percent from a year earlier and 5 percent from the previous quarter, and a target price of 21 baht. Stecon Group, or STECON, with an estimated net profit of 759 million baht, surging 367 percent from a year earlier, driven by lower administrative expenses and profit sharing from the U-Tapao airport project, and a target price of 21 baht. And Ratchathani Leasing, or THANI, with an estimated net profit of 354 million baht, up 27 percent from a year earlier and 4 percent from the previous quarter, supported by good asset quality, lower financial costs, and higher loan origination, with a target price of 2.50 baht.
Thailand