Ngernturbo Public Company Limited

Money Turbo Public Company Limited, or TURBO, has begun offering title loans for electric vehicles in addition to its existing focus on combustion-engine cars. It will concentrate on market-leading brands because EV prices are starting to stabilize, reducing resale-price risk, and expects this to support its total loan portfolio from the current level of about 13 billion baht. The company expects business in the second half of 2026 to continue growing from the first half because the economy is better than previously assessed and loan demand is still expanding, following continued new branch openings. This year it targets total loan growth of 12.5 to 20 percent from 2025, plans to open about 50 new branches, and screens customers to control bad debt. Non-performing loans at the end of the second quarter of 2026 fell to about 3.49 percent from 4.18 percent in 2025. Analysts at Kasikorn Securities Public Company Limited recommend buying TURBO shares with a target price of 2.56 baht after second-quarter 2026 net profit rose 69.45 percent from the same period a year earlier.

Kasikorn Securities notes that used car prices remain robust, supported by a 23% year-on-year decline in repossessed vehicles entering auction yards, averaging 13,400 units per month in the first half of 2026. This is below the historical average of around 18,000 units per month, leading to stable or slightly higher used car prices. Since mid-2025, prices have fallen only about 5%, compared with a normal depreciation rate of roughly 10% per year. The research team expects auto loan providers, including TISCO, KKP, TTB, BAY, MTC, SAWAD, TIDLOR, and TURBO, to benefit from rising used car prices, and maintains a neutral view on the financial sector. Top picks are MTC with a target price of 39.0 baht, KTC with a target price of 49.0 baht, and TURBO with a target price of 2.2 baht.