Next Capital Public Company Limited

Next Capital Public Company Limited reported first-half net profit of 376 million baht, up 34% from the same period last year, supported by rubber and oil palm prices in its service areas remaining at good levels, along with an interest rate environment conducive to loan portfolio expansion. Acting Chief Executive Officer Puttipan Teyarachakul said the company continues to pursue a quality growth strategy. In the first half, new loans totaled 3.635 billion baht, up 15% from the same period last year, lifting the total loan portfolio to 10.923 billion baht as of the end of June 2026. Non-performing loans fell to 1.28%, funding costs are trending lower, and operating expenses were controlled in line with targets, supporting profitability in the second half.

Next Capital Public Company Limited, or NCAP, unveiled its strategy to expand its motorcycle hire-purchase loan base at the second-quarter 2026 securities analyst meeting, saying it sees positive momentum in the second half after first-half net profit of 376 million baht, up 34 percent from the same period last year. Acting Chief Executive Officer Puttiphan Teyarachakul said rubber and oil palm prices in its service areas remain at good levels, and the interest-rate direction supports opportunities to expand the loan portfolio in the second half. The company continues to focus on disciplined growth while maintaining asset quality and managing costs efficiently. Chief Accounting and Finance Officer Kruakaew Yerabutr added that the motorcycle hire-purchase business, its core business, remains strong, with new loan originations coming in better than target. In the first half of 2026, the company originated 3.635 billion baht in new loans, up 15 percent from the same period last year, lifting the total loan portfolio to 10.923 billion baht at the end of June 2026. Non-performing loans fell to 1.28 percent, while funding costs are trending lower and operating expenses were controlled in line with targets, supporting profitability in the second half.

Several mid- and small-cap stocks reported standout second-quarter profit growth. UNIX posted net profit of 117 million baht, up 244%, driven by sales of flexible film packaging and heavy-duty packaging. BLAND reported net profit of 193.11 million baht, up more than 100%, from property transfers and rental service income. NEO earned 209 million baht, up 161%, on market share gains in consumer products. NCAP posted a record profit of 196 million baht, up 34%, from expanding motorcycle hire-purchase lending. TKC earned 88 million baht, up more than threefold, from its AI cloud data center and cyber security business, with a backlog of 3.40 billion baht. TKN posted profit of 118 million baht, up 37%, and announced an interim dividend of 0.14 baht per share.

Nex Capital Public Company Limited, or NCAP, is preparing to offer two bond tranches with tenors of 2 years 6 months and 3 years to institutional and high-net-worth investors. Subscription is expected to open between 7 and 9 September 2026. The 2-year-6-month tranche carries an estimated fixed coupon of 5.10 to 5.20 percent per annum, while the 3-year tranche is set at 5.25 to 5.35 percent per annum, with interest paid every three months. This fundraising is part of capital structure management to support expansion of the motorcycle hire-purchase loan portfolio, after the company received a corporate credit rating of BBB minus with a positive outlook from TRIS Rating on 15 July 2026. For the second quarter of 2026, total revenue was 589.17 million baht, up 9.72 percent, and net profit was 196.63 million baht, up 34.12 percent from the same period last year. The company targets expanding its motorcycle loan portfolio by no less than 15 percent in 2026 and keeping non-performing loans at no more than 1.30 percent.

Bluebell Securities is offering newly issued bonds from nine companies, totaling 13 tranches, between August and September 2026. Coupons range from 3.70% to 7.40% per annum, with tenors from one year and six months to five years. Villa Kunalai bonds, with a tenor of two years and three months, carry a coupon of 7.40% per annum, are secured at 1.50 times, and have a credit rating of B plus. They will be offered to institutional and high-net-worth investors on August 20 to 21 and 24. Sak Siam Leasing bonds, with a three-year tenor and a coupon of 5.60% per annum, are rated triple B and will be offered to the general public on August 24 to 27. Aurora Design has two tranches: a one-year-six-month bond with a coupon of 4.80 to 4.90% per annum, rated triple B minus, and a two-year-six-month bond with a coupon of 4.60 to 4.70% per annum, rated triple B, both secured at 1.00 times. They will be offered to institutional and high-net-worth investors on August 25 to 27. Origin Property has two tranches: a one-year-eleven-month bond with a coupon of 5.50% per annum and a two-year-eleven-month bond with a coupon of 6.00% per annum, both rated triple B minus. They will be offered to the general public on August 25 to 27. Micro Leasing bonds, with a two-year tenor and a coupon of 6.40 to 6.60% per annum, are rated double B, secured at 1.20 times, and will be offered to institutional and high-net-worth investors on September 1 to 3. TPI Polene has two tranches: a four-year bond with a coupon of 3.70% per annum and a five-year bond with a coupon of 3.90% per annum, both rated triple B. They will be offered to the general public on September 1 to 3. Next Capital has two tranches: a two-year-six-month bond with a coupon of 5.10 to 5.20% per annum and a three-year bond with a coupon of 5.25 to 5.35% per annum, both rated triple B minus. They will be offered to institutional and high-net-worth investors on September 7 to 9. Charn Issara Development bonds, with a tenor of one year and ten months and a coupon of 7.30% per annum, are rated double B minus, secured at 1.40 times, and will be offered to institutional and high-net-worth investors on September 10 to 11 and 14. Jaymart Group Holdings bonds, with a three-year tenor and a coupon of 5.75 to 6.00% per annum, are rated triple B minus and will be offered to the general public on September 21 to 23.

Bualuang Securities assesses that SAWAD is an attractive stock, with this year's earnings trend set to hit a new record, asset quality remaining stable, and valuation still compelling at a PER of just 7.4 times. The research team expects earnings per share this year to grow 13 percent compared to the previous year, and maintains a buy recommendation with a new 2027 target price of 37 baht. The research team notes that SAWAD has tightened lending for over two years, particularly reducing motorcycle hire-purchase loans by as much as 28 percent over the past two years, leading to better asset quality for new customers and a continuous decline in losses from repossessed vehicles. Adjusted credit cost, which includes losses from repossessed vehicles, is expected to fall from 4.5 percent in the third quarter of 2023 to 2.6 percent in 2028. In addition, asset quality in the retail loan segments of KKP and TISCO remains sound, and NCAP, a motorcycle hire-purchase provider similar to SAWAD's subsidiary, has also reported improved asset quality, indicating that SAWAD's asset quality direction is likely to remain positive. The research team forecasts SAWAD's second-quarter 2026 profit at 1.4 billion baht, reaching a quarterly high, growing 10 percent year-on-year and 4 percent quarter-on-quarter, driven by loan growth, NIM expansion, and a lower cost-to-income ratio, while asset quality is expected to be stable compared to the previous quarter at the end of the second quarter of 2026. Third-quarter 2026 profit is expected to continue setting new records at 1.4 billion baht, up 8 percent year-on-year and 3 percent quarter-on-quarter, supported by loan and NIM expansion. The research team has raised its 2026 to 2027 net profit estimates by 6 percent, reflecting better-than-expected trends in repossessed vehicle losses and NIM, with 2026 profit forecast to grow 13 percent year-on-year to a new high, and views the current valuation as attractive, with the market having an opportunity to re-rate the stock.

Bualuang Securities assesses that SAWAD is likely to see its profit this year reach a new record high, with asset quality remaining stable and no worrying signals. The firm recommends a buy with a new 2027 target price of 37 baht, based on three reasons. First, it has been tightening loan approvals for over two years, especially reducing motorcycle hire-purchase loans by as much as 28 percent over the past two years, leading to better asset quality for new customers. Adjusted credit cost, which includes losses from repossessed vehicles, is expected to decline from 4.5 percent in the fourth quarter of 2023 to 2.6 percent in 2028. Asset quality in the retail loan segments of KKP and TISCO remains sound, and NCAP, a motorcycle hire-purchase provider similar to SAWAD's subsidiary, has also reported improving asset quality, reflecting a positive trend for SAWAD. Second-quarter 2026 profit is forecast at 1.4 billion baht, hitting a quarterly high, growing 10 percent year-on-year and 4 percent quarter-on-quarter, driven by loan growth, expanding net interest margin, and a lower cost-to-income ratio. Asset quality is expected to be stable from the previous quarter as of the end of the second quarter of 2026. Third-quarter 2026 profit is projected to continue making new highs at 1.4 billion baht, up 8 percent year-on-year and 3 percent quarter-on-quarter, supported by loan and net interest margin expansion. Bualuang Securities has raised its 2026 to 2027 net profit estimates by 6 percent due to better-than-expected trends in repossessed vehicle losses and net interest margin. Full-year 2026 profit is expected to grow 13 percent year-on-year to a new record. Meanwhile, the current share price trades at a price-to-earnings ratio of only 7.4 times, making the valuation attractive and offering potential for a market re-rating.

Synnex Thailand Public Company Limited, or SYNEX, reported second-quarter 2026 core profit of 197 million baht, up 19% from the same period last year and about 5% above analyst expectations. Core revenue came in at 11.8 billion baht, edging up 1.3% from a year earlier. While Apple product sales fell 10.7% due to supply constraints, the smartphone and wearables segment grew 9.7%, consumer IT grew 4.8%, commercial IT surged 43.1% on large project deliveries and demand for Windows 11 and AI PC transitions, enterprise solutions rose 11.3%, and gaming grew 13.6% off a low base last year. Gross margin improved to 4.0%, supported by inventory gains amid rising product prices. Share of profit from associates was 50 million baht, up 33% year-on-year, with associate NCAP posting a record quarterly net profit of 197 million baht, growing 34.1% from a year earlier. Total loans grew 3.8% from the previous quarter, and net interest margin widened to 12.2%, while the non-performing loan ratio edged down from 1.4% to 1.3%, reflecting strong asset quality. SYNEX announced an interim dividend for the first half of 2026 of 0.10 baht per share, representing a dividend yield of about 1.0%, with the XD date set for 19 August 2026. Analysts at Yuanta Securities noted that first-half 2026 core profit accounts for 53% of the full-year estimate of 705 million baht, and they see room for a further roughly 10% upgrade to that estimate on better-than-expected NCAP performance. They raised the end-2026 target price to 12.00 baht per share and upgraded the recommendation to buy, saying market concerns have passed their peak.

Next Capital Public Company Limited, or NCAP, has filed a registration statement with the SEC to issue and offer high-risk, unsubordinated, unsecured bonds with quarterly interest payments to institutional and high-net-worth investors. The bonds are divided into two series: Series 1 has a tenor of 2 years and 6 months, maturing in 2029, with an interest rate of 5.10–5.20% per annum; Series 2 has a tenor of 3 years, maturing in 2029, with an interest rate of 5.25–5.35% per annum. Subscription opens from September 7 to 9, 2026, with multiple underwriters including Yuanta Securities Thailand, Asia Plus Securities, and Dao Securities Thailand. Yuanta Securities Thailand acts as the bondholder representative. TRIS Rating assigned a credit rating of BBB- on July 15, 2026. The company will use the proceeds to acquire assets, make investments, or cover expenses related to its current business operations.

Next Capital Public Company Limited, or NCAP, reported a record first-half net profit for 2026 of 376 million baht, up 34% from the same period last year. In the second quarter of 2026, net profit was 197 million baht, an increase of 10% from the previous quarter and 34% from a year earlier. Total revenue for the first half was 1.162 billion baht, up 9% year-on-year, supported by interest income from hire-purchase contracts which grew 11% to 452 million baht in the second quarter of 2026, driven by the expansion of the motorcycle hire-purchase loan portfolio, the company's core business. As of the end of June 2026, the total loan portfolio stood at 10.923 billion baht, while the non-performing loan ratio fell to 1.28%, reflecting improved portfolio quality. The company originated 3.635 billion baht in new loans in the first half, a 15% increase from the previous year, and plans to continue aggressive loan expansion in the second half.

Nex Capital Public Company Limited, or NCAP, reported a second-quarter 2026 net profit of 197 million baht, up 34.1% from a year earlier and 9.7% from the previous quarter, marking a new all-time high. Net interest income came in at 395 million baht, a 4.8% increase from the prior quarter, driven by a 3.8% acceleration in total loans and a net interest margin that widened to 12.2%. The cost-to-income ratio improved to 31.5%, while asset quality remained well under control, with Stage 3 loans declining to 1.3% and a high coverage ratio of 285.1%. Yuanta Securities' research team noted that first-half 2026 net profit accounted for 46.1% of its full-year forecast and expects stronger growth in the second half, supported by multiple factors. The broker maintains its full-year 2026 net profit estimate at 816 million baht, representing 47.0% growth, and a 2027 fair value of 6.00 baht per share, implying 47.1% upside from the current price, while reiterating a buy recommendation.