THANI (Ratchthani Leasing) — Deep Research¶

Second-wave deep dive. Live spot ฿1.67 (2026-06-23). Sourced; unverifiable items flagged.

Parent ownership¶

Thanachart Capital (TCAP) raised its stake 63.24% → 66.94% over the past year — parent accumulating, a constructive signal. Note: control sits with the TCAP group (plus a Thanachart SPV vehicle), not TTB bank — the "TTB-related" prior is loose.

Financials (2025)¶

Loan book ฿38,559m at end-2025, targeting >฿40bn by end-2026 — modest growth, not contraction.
Profit trend weak/cyclical: FY2024 revenue ฿1.91bn (−19.8%), earnings ฿800m (−37.8%); Q2-2025 net ฿278.7m on ฿948m revenue. Net margin still high (~61%).
Simply Wall St: earnings +73.7% over the past year off a depressed base, yet EPS fell ~21%/yr over 3 years — a cyclical bottoming after the commercial-vehicle downcycle, not a clean recovery.
2025 NPL ratio: unverified from primary sources (only historical ~4–5% from 2017–18). Thai commercial-vehicle/SME credit stress is the main downside risk — not quantified here without a filing.

Valuation¶

P/E ~8.4x (Simply Wall St) to ~13–15x (other vendors — wide spread, treat cautiously).
Dividend yield ~6.3–6.6%, payout ~57–60%; mkt cap ~฿10bn.
Screens as a higher-yield, lower-multiple name than title-loan growth peers (MTC P/E ~11x P/B ~1.75x; SAWAD P/B ~0.9x yield ~7%), reflecting its slower-growth truck-finance niche.

Insider / parent transactions¶

Material event = TCAP buying up (63.24% → 66.94%) — parent commitment. No specific Form-59 director filings retrieved.

Sober verdict¶

An income play, not a growth story. ~6%+ yield, parent accumulating, book stable-to-slightly-growing, earnings off a cyclical low and rate-cut-sensitive (a BoT cut helps the funding spread). Main risk is unquantified asset quality in Thai trucking/SME. Reasonable hold-for-yield; not a compounder.

Sources¶

TCAP / Ratchthani (thanachart.co.th); stockanalysis.com THANI; Simply Wall St THANI; valueinvesting.io; Kaohoon (Thai leasing peers).