Mr.Chuchat Petaumpai, Chief Executive Officer of Muangthai Leasing PCL, revealed that Company's new approved name is 'Muangthai Capital' and the stock name will be changed from MTLS to MTC.
The reason for the name change is to lessen the confusion for both local and foreign investors regarding company's business operation which has been 'microfinancing', not 'leasing'. Therefore, the company's operation is not subject to the new Leasing Act, which will be active from 1st July, 2018 onwards. It is expected that after the change of the name, such confusion would be definitely eliminated.
Moreover, Mr.Chuchat also mentioned about the overall 1Q2018 performance that it is expected to be aligned with the target, which is 40% growth Y-o-Y and the NPL will not excess 1.5%. The number of branch opened is also in line with the target. As of 31st March, 2018, the company has already opened 214 branches, out of target of 600 branches set for this year. The total number of branch, hence, is 2,637.
Mr.Chuchat said, having 1Q2018 hitting its target making us confident that the overall performance of this whole year would be as planned. The revenue of this year is expected to reach 10 Billion Baht, and the net profit shall reach new high, from that of 2.5 Billion Baht last year.
In additions, the new loan issue amount is expected to be a new high as well, which shall excess 80 Billion Baht, or slightly higher than 40% growth from the prior year, whereas the growth of 2019 and 2020 are expected to be 35% on average.
'The company has set the 3-year plan (2018-2020) that the new loan issue will be 40%, 40% and 30% growth, respectively, or 35% on average, which derived from supporting factors such as government spending to stimulate Thailand's economy, as well as private sector's spending, which will result in higher demand for microfinance. Hence, the outlook of the company is still considered an uptrend for, at least, the next 3 years.' Mr.Chuchat said.