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Investing.com - UBS downgraded Ngern Tid Lor PCL (BKK:TIDLOR) from Buy to Neutral on Friday, while raising its price target to THB19.00 from THB18.00.
The rating change comes despite UBS raising its 2025-27 earnings estimates by 3% following Ngern Tid Lor’s better-than-expected second-quarter 2025 earnings and asset quality results.
UBS noted that Ngern Tid Lor shares have rallied 48% since April 2025, suggesting the stock now fully reflects market expectations of more controllable credit quality and costs since the fourth quarter of 2024.
The firm also cited the falling bond yield year-to-date and the policy rate cut following the new Bank of Thailand governor’s appointment in July 2025 as factors already priced into the stock.
UBS expressed concerns about U.S. tariffs and Thai political headwinds, which it believes could limit room for credit quality and growth improvement from the fourth quarter of 2025 onward, while noting the stock’s valuation is no longer at a discount compared to peers.
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