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    Finance/Rental/Leasing
Muangthai Capital Public Co. Ltd.

Muangthai Capital Public Co. Ltd.

29.50
THB
-0.25
(-0.84%)
3.41EPS
9.24P/E
66.78BMarket Cap
Nov 10Next Earn
Muangthai Capital Public Co. Ltd.
SET:MTC.R
(Stock Exchange of Thailand)

Recent

price

29.50

P/E

ratio

9.24

div

yld

0.98%

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
0.19
0.35
0.42
0.74
1.1
1.95
3.2
4.39
5.26
6.11
6.56
7.95
9.32
10.2
11.09
11.63
Revenue per Share
0.03
0.1
0.11
0.26
0.39
0.69
1.18
1.75
2
2.46
2.33
2.4
2.31
2.77
3.17
3.41
Basic EPS, GAAP
-0.71
-0.08
-0.22
-0.62
-1.76
-4.23
-4
-3.45
-3.2
-1.43
-5.99
-8.65
-5.67
-3.63
-2.43
1.06
Free Cash Flow per Basic Share
- -
0.04
0.1
0.14
0.13
0.2
0.1
0.18
0.26
0.3
0.37
0.37
0.95
0.21
0.25
0.29
Dividend per Share
0.4
0.5
0.61
2.41
2.67
3.16
4.22
5.8
7.53
9.76
11.73
13.72
15.06
17.43
20.24
21.71
Book Value per Share
0.4
0.5
0.61
2.41
2.66
3.15
4.21
5.79
7.52
9.74
11.71
13.7
15.02
17.39
20.22
21.68
Tangible Book Value per Share
3,150
3,150
3,150
2,120
2,115
2,122
2,119
2,122
2,120
2,120
2,120
2,120
2,120
2,120
2,120
2,121
Basic Weighted Avg Shares
592
1,102
1,320
1,577
2,325
4,129
6,774
9,313
11,161
12,952
13,911
16,862
19,763
21,619
23,521
24,670
Sales/Revenue/Turnover
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Operating Margin (%)
11
18
24
29
48
91
153
218
276
1,169
1,258
1,357
1,443
1,518
1,585
1,618
Depreciation Expense
107
308
351
544
825
1,464
2,501
3,713
4,237
5,214
4,945
5,093
4,906
5,867
6,723
7,233
Net Income, GAAP
23.42
23.03
20.18
19.97
20.04
19.22
19.49
19.74
19.94
19.99
20.27
19.92
19.91
19.94
20.04
20.12
Effective Tax Rate (%)
18.06
27.99
26.63
34.51
35.48
35.46
36.91
39.87
37.97
40.26
35.54
30.2
24.83
27.14
28.58
29.32
Profit Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Working Capital
1,824
1,531
625
368
3,368
4,849
17,617
27,860
38,228
47,343
56,101
80,764
91,808
105,137
129,583
127,015
LT Debt
1,251
1,585
1,937
5,106
5,652
6,692
8,943
12,299
15,972
20,682
24,869
29,091
31,917
36,953
42,919
46,016
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
7.34
6.75
7.53
7.71
7.97
8.34
8.86
7.85
7.7
5.77
4.6
3.61
3.75
3.82
3.96
Return on Capital (%)
- -
21.75
19.96
15.45
15.34
23.72
31.99
34.96
29.98
28.45
21.71
18.88
16.08
17.04
16.84
16.91
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
13,298
13,543
16,630
LT Borrowings
125,354
127,379
122,481
LT Finance Leases
4,229
4,368
4,533
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,120
2,120
2,120
Market Capitalization
66,780
60,950
66,780

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
4,995
7,488
2,564
Accounts Receivable, Net
2,402
2,373
2,387
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
3,550
3,074
3,425
ST Debt
13,298
13,543
16,630
Deferred Revenue
- -
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
22.78%
15.77%
16.14%
Free Cash Flow
31.94%
52.05%
-33.07%
Net Income, GAAP
26.23%
5.67%
14.59%
Sales/Revenue/Turnover
27.9%
12.8%
8.8%
Total Cash Common Dividend
- -
- -
19.05%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5,224
5,289
5,527
5,579
21,619
2025
5,545
5,826
6,017
6,134
23,521
2026
6,159
6,361
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.66
0.68
0.7
0.73
2.77
2025
0.74
0.78
0.81
0.84
3.17
2026
0.86
0.9
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.21
- -
- -
0.21
2025
- -
0.25
- -
- -
0.25
2026
- -
0.29
- -
- -
- -
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Business
Muangthai Capital Public Company Limited (MTC.BK), founded in 1992 and headquartered in Bangkok, Thailand, operates as Thailand's largest microfinance provider and a leading non-bank financial institution regulated by the Bank of Thailand, offering vehicle title loans secured by motorcycles, cars, pickups and agricultural vehicles registered with the Department of Land Transport; land title deed loans with interest rates up to 15% per year; unsecured personal loans up to 25% per year for customers with good repayment histories; nano finance loans up to 33% per year for productive purposes; motorcycle hire purchase through subsidiary Muangthai Leasing Company Limited; buy now pay later installment loans for merchandise and agricultural products via subsidiary Muangthai Pay Later Company Limited, whose registered capital was increased from 100 million baht to 1,000 million baht in 2022; and insurance brokerage services including compulsory motorbike and car insurance plus personal accident coverage through subsidiary Muangthai Leasing Insurance Broker Company Limited, alongside vehicle tax renewal services. The company serves retail customers nationwide through 8,171 branches across all 77 provinces, emphasizing financial inclusion for underserved individuals such as farmers, wage earners and small entrepreneurs unable to access bank funding, with a focus on prudent lending, debt recovery and non-performing loan control below 2.7%. Recent developments include loan portfolio growth of 14.60% to 164,242 million baht in 2024 and 13% to 174,807 million baht in Q2/2025; issuance of a landmark USD 335 million four-year social bond in September 2024, the first offshore social bond by a Thai firm under ICMA and ASEAN standards, oversubscribed over five times and listed on the Singapore Exchange to support disadvantaged groups, farmers and women entrepreneurs; partnerships for funding such as USD 92 million from Bank of China in 2024, Euro 35 million from DEG and USD 67 million from Sumitomo Mitsui Banking Corporation in 2023, USD 50 million gender-inclusive social bond from IFC, and earlier facilities from JICA and Sumitomo Mitsui; collaboration with DEG and MicroFinanza Rating for international customer protection certification in 2025; AAA SET ESG Rating achievement; launch of innovations like the Muangthai Capital 4.0 app enhancements, Nong Khaichid chatbot and Solar Cell Loan product; and awards including Best Micro Finance Company Thailand 2025, Best CEO/CFO/IR 2024 from IAA, and Thailand Capital Markets Deal of the Year for the social bond at IFR Asia Awards 2024.