Non-Bank CreditCompanies & operators

Srisawad Corporation (SET:SAWAD)

Srisawad Corporation Public Company Limited (SET:SAWAD) is a SET-listed Thai non-bank consumer-finance specialist focused on motorcycle title-pledge loans, auto title-pledge loans, and personal loans for Thailand's lower-middle-income segment. One of the largest non-bank consumer-credit portfolios in Thailand by branch network. Competes with Muangthai Capital (SET:MTC), AEON Thana Sinsap (SET:AEONTS), Krungthai Card (SET:KTC), and Easy Buy in Thai non-bank consumer-credit tier.

Profile overview

Public-record references

Data as of: 2024-2026

Business segments

Title Pledge

Motorcycle and Auto Title Loans

Largest segment: title-pledge loans using motorcycle and auto registration documents as collateral for borrowers with limited credit-bureau history. Average ticket $580-50,000 at yields of 24-28% per annum. ~3,000 branch network across 77 provinces.

Personal Loans

Unsecured Nano-Finance

SAWAD's nano-finance subsidiary offers nano-credit to informal-sector borrowers at regulated maximum interest of 33% per annum. Portfolio approximately $0.232-10B. Partners with Village Funds and Microfinance NGOs for origination in deep-rural segments.

Strategic

WHAUP and WHA Partnership

SAWAD holds equity in WHA Utilities and Power (SET:WHAUP) and financial-services JV with WHA Group. Provides diversification away from pure consumer credit into industrial utilities and water, contributing approximately 10-15% of group EBITDA.

Thai non-bank consumer credit — peers

Srisawad Corporation

Ticker

SET:SAWAD

Loan portfolio

~ $2.03-75B

Avg. portfolio yield

~24-28%

Muangthai Capital

Ticker

SET:MTC

Loan portfolio

~ $2.75-100B

Avg. portfolio yield

~24-26%

AEON Thana Sinsap

Ticker

SET:AEONTS

Loan portfolio

~ $1.59-60B

Avg. portfolio yield

~22-25%

Easy Buy (KTC affiliate)

Ticker

SET:KTC affiliate

Loan portfolio

~ $0.58-25B

Avg. portfolio yield

~20-23%

Company	Ticker	Loan portfolio	Avg. portfolio yield
Srisawad Corporation	SET:SAWAD	~ $2.03-75B	~24-28%
Muangthai Capital	SET:MTC	~ $2.75-100B	~24-26%
AEON Thana Sinsap	SET:AEONTS	~ $1.59-60B	~22-25%
Easy Buy (KTC affiliate)	SET:KTC affiliate	~ $0.58-25B	~20-23%

Watchpoints 2025-2026

Asset Quality

NPL and Provisioning

Non-bank consumer-credit NPLs rising to 4-6% industry-wide in 2024 as economic stress hits lower-income borrowers. SAWAD's provisioning coverage and write-off rate trajectory are key earnings-risk factors for 2025 EPS estimates.

Rate Cap

Interest-Rate Ceiling Regulation

BOT and Ministry of Finance reviewing potential further tightening of consumer-loan interest-rate ceilings (currently 25% personal, 33% nano-finance). A ceiling cut to 20% would materially compress SAWAD's title-pledge yield economics.

WHA Synergy

Industrial Services Cross-Sell

WHA partnership positions SAWAD to provide financial services to WHA Industrial Estate tenants' employees. If operationalised, this distribution channel would reduce acquisition cost for payroll-deduction lending versus branch-walk-in origination.

Related Market profiles

Peers, parents, partners, agencies, and other Non-Bank Credit actors.

Competitor

AEON Thana Sinsap (Thailand)

Listed Thai consumer-finance specialist; credit cards, hire-purchase, personal loans under AEON brand.

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Competitor

Muangthai Capital (MTC)

SET-listed Thai non-bank lender focused on motorcycle-title loans, nano-finance, and branch-led consumer credit.

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Competitor

Roong Hua Seng Pawn

Yaowarat-area pawn-shop chain; private gold-collateral lender in Bangkok's pawn and jewellery-credit ecosystem.

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Sector peer

Royal Thai Government Pawn Shop Office

State-owned Thai pawn-shop operator with a public-policy role in low-income household liquidity support.

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Reports featuring this profile

Thai Private Credit: SRT and the Non-Bank Lending Build-Out

SET-listed Thai non-bank consumer-finance specialist; SET:SAWAD; motorcycle, auto title, personal loan.

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Sits alongside 7 other Atlas profiles

Related Market profiles

competitor

AEON Thana Sinsap (Thailand)

Listed Thai consumer-finance specialist; credit cards, hire-purchase, personal loans under AEON brand.

competitor

Muangthai Capital (MTC)

SET-listed Thai non-bank lender focused on motorcycle-title loans, nano-finance, and branch-led consumer credit.

competitor

Roong Hua Seng Pawn

Yaowarat-area pawn-shop chain; private gold-collateral lender in Bangkok's pawn and jewellery-credit ecosystem.