JPMorgan downgrades Ngern Tid Lor stock to Neutral on limited upside

Published 25/07/2025, 09:20
JPMorgan downgrades Ngern Tid Lor stock to Neutral on limited upside

Investing.com - JPMorgan downgraded Ngern Tid Lor PCL (BKK:TIDLOR) from Overweight to Neutral with a price target of THB18.00, citing limited upside potential after recent stock gains.

The Thai financial services company’s stock has risen 14% in the last two weeks, outperforming both the SETBANK index (+3%) and the broader SET index (+9%). This rally was driven by expectations of a dovish Bank of Thailand governor appointment, which was confirmed earlier this week.

JPMorgan identified a potential stake sale by a large shareholder as a key technical overhang for the stock. The firm noted that TIDLOR has re-rated approximately 78% on PE/PB from May lows, which already reflects higher quarter-over-quarter profits expected in Q2, improvements in asset quality, and easing monetary policy.

A key downside risk highlighted by JPMorgan is the potential delay in budget approval or slowdown in fiscal spending over the next six months. Such delays could disproportionately impact debt servicing for Tidlor’s truck loan customers, which represent about 16% of the company’s loan mix.

At current valuations of 10.3x/1.49x 2025 PE/PB for 15% EPS growth and 15% return on equity, JPMorgan considers the stock fairly valued. The firm maintained its earnings estimates and price target for Ngern Tid Lor.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.