Brokers still expect TISCO to keep growing, though the current share price trades above its 10-year average. Pi Securities maintained a "Hold" rating and raised its base valuation to 125 baht, applying a 2027 base value calculated using the GGM method at 16% ROE and 2% TG, based on 2.2x PBV'27E. On operations, it expects net profit in 3Q26 at 1.761 billion baht, up 1.8% year-on-year but down 0.1% quarter-on-quarter, and expects the NPL ratio to hold steady at 2.1%. The research house kept its forecast for 2026 net profit growth of about 5%, continuing at 3% in 2027, and expects a dividend yield of 6.2% in 2027. Meanwhile, Krungsri Securities maintained a REDUCE rating and kept its TP27F at 115 baht, as it views the stock's 13% rise year-to-date as trading at a forward PBV of 2.4x, or plus two standard deviations, already reflecting the strength of its dividend maintenance at an annual dividend yield of 6.2%. It expects 3Q26F net profit at 1.78 billion baht, up 3% year-on-year and 1% quarter-on-quarter, driven by higher NIM on total loans and service fee income, and by the absence of a large special provision like in 3Q25, while the NPL ratio stands at 2.12%, unchanged from 2Q26.
TISCO Financial Group Public Company LimitedBrokers diverge: Pi keeps Hold and raises base valuation to 125 baht, while Krungsri keeps REDUCE with 115 baht TP, citing the stock trading above its 10-year average at 2.4x forward PBV.
