Krungthai Card PCL

Phillip Securities estimates that KTC will report third-quarter 2026 profit of 2.2 billion baht, up 0.8% from the previous quarter, and expects profit to keep setting new highs, driven by rising lending that will lift interest income and fee income, even as provisions and expenses increase. Year on year, profit is expected to rise 15% on higher interest and fee income, while interest costs and provisions decline. For the first nine months of 2026, profit is expected at 6.6 billion baht, up 16.3% from a year earlier, helped by lower interest costs and provisions and by holding expenses steady. The research house maintains its 2026 profit forecast at 8.5 billion baht, up 9.4% from a year earlier and a continued record high, and keeps its base price target at 45 baht with a Buy recommendation, viewing KTC as still outperforming peers in both lending and card spending growth.

KTC has launched a rooftop Solar Subscription service together with BlueRing Energy, becoming the first credit card to run a marketing campaign under this model. Members who pay a monthly service fee of 699 baht or more with their KTC credit card receive 15% cash back plus the option to use KTC FOREVER points under the conditions, from 1 October 2026 to 30 June 2027, and receive system maintenance and care services from BlueRing throughout the contract term. Kiattisak Srisuriyaporn, Head of Business Development at BlueRing Energy Provider Co., Ltd., said the company developed the Solar Subscription model as the first in Thailand to unlock the barrier of initial investment running into the hundreds of thousands of baht, with a Zero Upfront Cost concept designed so that the savings from lower electricity bills outweigh the monthly service fee, and to facilitate government paperwork so that homeowners can sell surplus electricity back to the power authority. Nattasit Suntranu, Chief Marketing Officer for Credit Cards at KTC, or Krungthai Card Public Company Limited, said KTC has more than 31 Solar Rooftop business partners covering installation service providers, equipment and energy solutions, and views energy as one of the key costs for Thai households and increasingly linked to long-term financial planning.

Maybank Securities (Thailand) Public Company Limited has raised its 2026 SET Index target to 1,590 points from 1,550 points, but maintained a Neutral view because the overall market upside is not particularly high. Speaking at an online seminar titled "Decoding Thai Stocks, Fourth Quarter: Finding the Next Winners," the firm said earnings support from listed companies is not yet broad-based, with upward earnings revisions concentrated mainly in the electronics and energy sectors, while bond yields in several countries remain elevated, pressuring valuations of risk assets. On the Thai economy, Maybank expects GDP growth of 2.4% in 2026 and 2.7% in 2027, supported by exports, private investment, and a recovery in tourism, though the government's fiscal capacity has diminished amid a higher public debt level. For its fourth-quarter strategy, Maybank recommends focusing on adjusting weights between industry groups and selecting individual stocks rather than investing based on index direction. It highlights three standout groups: consumer finance, where valuations are starting to look attractive again, with TIDLOR, KTC, and MTC as top picks; tourism and transport, where earnings momentum continues, with AWC, AOT, BA, and MINT; and hospital businesses, which have stable revenue and specific supporting factors, with BH and CHG. At the same time, it advises increased caution in three groups: utilities and energy, which has been downgraded from Positive to Neutral; petrochemicals; and retail.

Krungsri Securities Public Company Limited, or KSS, estimates that the government's new economic stimulus package, with a combined value of more than 50 billion baht, will add roughly 0.2% of GDP to Thailand's near-term economic momentum, and possibly 0.3% when including the money people contribute into the system. The Cabinet on 22 September 2026 approved raising the state welfare card purchase allowance by another 700 baht per person, from 300 baht to 1,000 baht per person in October 2026, and also approved the Thai Chuay Thai Plus (additional) project, which covers the welfare allowance increase and the extension of the Thai Chuay Thai Plus 60/40 project under a combined framework of 42 billion baht. The additional 60/40 project will run from 1 October to 30 November 2026, with the state co-paying 60% of the value of goods and services, capped at no more than 200 baht per person per day and no more than 1,000 baht per person over the whole project. Meanwhile, the disaster insurance project has been allocated a budget of 15.5 billion baht, split into 15 billion baht for group residential insurance premiums and 500 million baht for group accident insurance, covering floods, windstorms and earthquakes from 1 October 2026 to 1 October 2027. KSS named the beneficiary stocks as TNP, MTC, KTC, JMT and COM7, while not yet naming any insurance stock as its top pick from the disaster insurance theme, and said the insurance group is suitable for speculative monitoring until project details become clearer.

Krungthai Card Public Company Limited, or KTC, is giving members of its "KTC Proud" cash card the option to pay in 0% installments for up to 24 months on the iPhone 18 Pro at participating partner stores from September 12 to December 31, 2026. Ms. Pichamon Jitpenrtham, Chief Executive of the Personal Loan Business at KTC, said the 0% installment option helps spread expenses to align with monthly cash flow. She gave the example of a 256 GB iPhone 18 Pro priced at 48,900 baht, which, if paid over 24 months, would cost an average of about 2,038 baht per month. Members can use the privilege at leading participating stores, including Advice, Advice iStore, JIB, Jaymart, and TG Phone nationwide, or pay in 0% installments for up to 20 months through the Lazada application from September 12, 2026, to December 31, 2026. KTC has also expanded its point-of-sale installment service through the "KTC Proud" cash card, with participating partner stores allowing those who do not yet have a card to scan a QR code to apply for credit and learn the approval result within 30 minutes, or download the KTC Mobile application.

Stella X Public Company Limited, or STELLA, has announced a major turnaround, with its second-quarter 2026 results returning to a net profit for the first time in 10 years. Kan Danai Phuwasawat, Deputy Chief Executive Officer, said the profit came from the sale of the Legend Siam project asset, valued at 2.45 billion baht, along with the successful unlocking of its debt burden under plan, leaving the company with a stronger financial structure and the liquidity to press ahead at full strength in the real estate business. Meanwhile, Chayo Group Public Company Limited, or CHAYO, is targeting net profit attributable to the parent company of no less than 300 million baht and continued growth of 20% a year, from assets under management currently standing at around 100 billion baht. Krungthai Card Public Company Limited, or KTC, is confident that credit card spending and lending in the second half of 2026 will grow in line with its targets, focusing on customers earning 50,000 baht or more and on first jobbers among the younger generation. WP Energy Public Company Limited, or WP, has signalled continued business growth in the second half under its JUMP+ plan, aiming to upgrade its liquefied petroleum gas, or LPG, business. And Meesuk Solutions Public Company Limited, or HAPPY26, a developer of ready-built warehouses and factories, begins trading on LiVEx on 23 September 2026.

Krungsri Securities recommends buying shares of Krungthai Card Public Company Limited, or KTC, with a 2027 target price of 54 baht, and has selected it as a top pick in the consumer finance group, citing its strong balance sheet and attractive dividend, with an expected dividend yield of 5-6% per year. It also expects net profit in 2026 to set a new high following 2025, while the company is in the process of building new businesses, both debt collection and insurance sales, which will drive future revenue. For third-quarter 2026 results, the research team expects net profit of 2.16 billion baht, up 11% year on year, driven by higher interest income as financial costs decline and lower loan-loss provisions, or ECL. Compared with the previous quarter, however, profit will fall 3% on higher operating expenses. The NPL ratio is expected at 1.90%, up slightly from 1.86% in the second quarter of 2026. As for fourth-quarter 2026 profit trends, it is expected to rise year on year and hold steady quarter on quarter on higher total loans during the year-end festive season, though this will be offset by increased operating expenses. Full-year 2026 net profit is expected at 8.746 billion baht, up from 7.782 billion baht in 2025.

Krungthai Card, or KTC, reported second-quarter 2026 net profit of a record 2.2 billion baht, up 17.4% year on year and 2.5% from the previous quarter, driven by fee income growth, cost control and lower provisions. Its net interest margin rose to 13.31% after funding costs fell to 2.62%, bringing first-half profit to about 4.4 billion baht, with a credit cost of 5.0% and a cost-to-income ratio of just 34.8%. The second-half outlook remains positive on both margin and fee income, but expenses are expected to rise with the new IT system, as amortization of the Core System begins to be recognized gradually from July. The company expects its full-year cost-to-income ratio at around 36%, plus or minus, compared with 34.8% in the first half. Asia Plus Securities raised its 2026 profit forecast by 5% to 8.48 billion baht, up 12.2% from a year earlier, and maintained its Buy rating with a target price of 50.00 baht, viewing the insurance brokerage business as a new S-curve that has yet to generate its full revenue. It expects a digital license in the fourth quarter of 2026 and a dividend yield of about 4.8% a year.

KTC has disclosed statistics showing that credit card members aged 60 and over are spending more per person and more frequently than in the same period last year, spanning categories such as health and beauty products, fashion apparel, and household goods. Mr. Sorachat Srilamoon, Chief Marketing Officer for KTC Credit Cards, noted that Thailand currently has more than 14.68 million people aged 60 and over, accounting for 20.9% of the country's total population, and that as many as 5.41 million of them remain active in the workforce. KTC has therefore shifted its marketing strategy from age-based marketing to understanding life stages, and has partnered with the Robinson department store chain to launch the campaign "Retire Happy, Live Life to the Fullest," running from September 1, 2026 to October 4, 2026. The campaign offers discounts of up to 50% on participating products and brands, and lets members redeem KTC FOREVER reward points for additional discounts and cashback totaling up to 25% at Robinson department stores nationwide. KTC also sees the spending of retirees as linked to the spending patterns of family members, whether children buying goods for their parents or shared household items, making this an opportunity in the Silver Economy market that is not limited to marketing to people aged 60 and over.

KTC, or Krungthai Card Public Company Limited, has announced the acquisition of Win Performance Company Limited (WIN), a debt collection and tracking business, for 295 million baht. This move supports the strategic plan to manage costs and generate revenue through collaboration with the financial business group of Krungthai Bank (KTB). WIN has consistently posted net profits from 2021 to 2025, with total revenue of 293 million baht and net profit of 54 million baht in 2021, growing to total revenue of 377 million baht and net profit of 98 million baht in 2025. WIN's average net profit margin exceeds 25%. This acquisition will allow KTC to increase revenue from the debt collection business, and WIN will have the opportunity to access non-performing loans (NPLs) from the KTC group and Krungthai Bank, which were previously sold to external parties for management. It is expected that the NPLs of Bank CLICX, in which Krungthai Bank holds a 41% stake, may also be assigned to WIN for management.

Analysts at Tisco Securities view positively the acquisition of Win Performance (WIN) by Krungthai Card (KTC) at 100% for 295 million baht. They believe the purchase price is not high compared to KTC's net profit in the first half of 2026, which is approximately 4.4 billion baht. This acquisition will support operating cost management, create new revenue sources, and strengthen asset quality maintenance. Meanwhile, TTBS Well Securities sees a slight positive, as WIN derives more than 90% of its debt collection from KTC. This deal will enhance cost efficiency and clearly reduce fee burdens. They estimate an upside to KTC's net profit of about 1-2% and maintain a Buy recommendation with a base price of 44.00 baht.

Sukhumvit Asset Management Company, or SAM, has signed a cooperation agreement with Krungthai Card, or KTC, to assist non-performing loan (NPL) debtors through the SAM Debt Clinic project. Eligible debtors can choose from three debt restructuring options with annual interest rates of 3-5% and repayment periods of up to 10 years. Eligibility criteria include being an individual with income, aged not over 70 years, having payments overdue by more than 120 days, and total debt not exceeding 2 million baht. For debtors with multiple creditors, SAM will act as a central coordinating agency, while those with debt only to KTC can negotiate directly. SAM's Managing Director stated that this cooperation is a significant step in concretely addressing household debt issues, while KTC's executives expressed their commitment to responsibly care for members and provide options suited to their repayment capacity.

Kiatnakin Phatra Securities (KKPS) has raised its target price for Krungthai Card (KTC) to 43.00 baht from 38.00 baht, while maintaining a "Buy" recommendation, based on three positive factors: an upward revision of profit forecasts starting from 2028, an increase in the dividend payout ratio assumption to 70% from 2027, and a slight reduction in the cost of capital to 9.1% from 9.2%. Additionally, KKPS has raised its earnings estimates for 2028-2030 by 2-7% due to better loan growth prospects, while credit costs and funding costs are expected to decline. The brokerage expects EPS to grow 12.1% in 2026 and 7.1% in 2027, with ROE as high as 19%, supporting the investment appeal.

KTC has released data on younger consumer behavior, showing that Gen Z in particular still went to the cinema at least once in the past 12 months at a rate of 87%, higher than Millennials at 82%, Gen X at 70%, and Baby Boomers at 58%, according to Fandango's 2026 Moviegoing Trends and Insights Study of 7,000 adults in the United States. Gen Z and Millennials go to the cinema about 7 times a year on average. As a result, in the first 7 months of 2026, KTC credit card members redeemed KTC FOREVER points for IMAX movie tickets, with growth of as much as 122% compared with the same period a year earlier. Meanwhile, PwC Thailand expects Thailand's entertainment and media industry to generate total revenue of nearly 550 billion baht in 2026, or growth of about 1.8% from the previous year.

Krungthai Card Public Company Limited, or KTC, has unveiled its plan for the second half of 2026, focusing on quality growth by expanding its customer base among those earning 50,000 baht or more and first jobbers, while accelerating digital development and the insurance brokerage business. In the first half of the year, the company posted a net profit of 4.397 billion baht, up 17.1 percent, and card spending grew 4.7 percent, higher than the industry's 2.7 percent, with its market share by spending rising to 13.3 percent. The company launched a new core system on 15 July 2026, which will help improve efficiency and address cyber risks. It expects the full-year cost-to-income ratio to be around 36 percent and the non-performing loan ratio to be 1.86 percent, still within the target ceiling of 2 percent.

Krungsri Securities recommends buying shares of Krungthai Card Public Company Limited, or KTC, with a 2027 target price of 54 baht, and selects it as a top pick in the consumer finance group because of its balance sheet strength and attractive dividends, with an expected dividend yield of 5 to 6 percent. It also expects 2026 net profit to set a new record high after the previous year. Krungsri Research expects 2026 operating results to show profit of 8.746 billion baht, up 12 percent from the previous year, and 2027 profit of 8.999 billion baht, up 3 percent. It sees full-year 2026 provisioning expenses, or credit cost, at 5.0 to 5.3 percent, compared with 5.0 percent in the first half of 2026. Meanwhile, the credit card business saw first-half card spending grow 4.7 percent this year, better than the industry's 2.7 percent growth. The insurance business is in the process of applying for a digital insurance license, with approval expected in the fourth quarter of 2026. KTC shares traded today at 37.75 baht, up 0.25 baht or 0.67 percent, with turnover of 220.34 million baht.

Krungthai Card Public Company Limited, or KTC, is expanding growth in automotive and travel spending through a partnership with business groups under PTT Oil and Retail Business Public Company Limited, or OR. The collaboration offers benefits covering fuel, electric vehicle charging, car maintenance, and coffee shop services. Suwat Theppreechasakul, KTC's Head of Credit Card Marketing, said this partnership gives KTC access to car users nationwide through OR's business network, which includes PTT Station fuel stations, EV Station PluZ charging stations, FIT Auto car service centers, and Café Amazon coffee shops. KTC credit card members will receive special privileges such as 3% cashback when refueling at PTT Station from July 1, 2026 to October 31, 2026, 15% cashback for electric vehicle charging at EV Station PluZ from July 1, 2026 to December 31, 2026, 0% installment plans for up to 10 months with up to 16% cashback at FIT Auto from March 1, 2026 to February 28, 2027, and 40 baht cashback when redeeming 359 KTC FOREVER points at Café Amazon from April 1, 2026 to March 31, 2027.

Krungthai Card, or KTC, believes the solo-living economy is transforming Thailand's economic structure. The share of single-person households rose from 22.3 percent in 2021 to 26.5 percent in 2024, while average household size fell to 2.6 people. KTC notes that consumers continue to spend on quality of life, with pet-category spending in the first half of 2026 growing 12 percent and spending by KTC members in South Korea jumping 40 percent from a year earlier. KTC advises businesses to understand differing lifestyles and design more personalised products. Analysts see this megatrend creating opportunities for listed companies in credit cards, restaurants, tourism, health, and pets.

Krungsri Securities, or KSS, says the extension of the Thai Chuay Thai Plus measures into the fourth quarter of 2026 is a positive factor for the Thai stock market. Retail lenders such as MTC, KTC, and JMT will benefit, while ICHI is likely to gain from higher sales. KSS estimates MTC will post a net profit of 1.88 billion baht in the second quarter of 2026, up 14 percent from a year earlier, and sees a chance for full-year 2026 profit to beat estimates if loan-loss provisions decline. It gives a 2026 target price of 40 baht. For ICHI, KSS expects a core profit of 306 million baht in the second quarter of 2026, up 7 percent from both a year earlier and the previous quarter, with a standout dividend yield. It forecasts a 2026 yield of about 6.8 percent and expects an interim dividend for the first half of 0.50 baht per share to be announced this August.

Ms. Sirirat Korwanich, Chief Marketing Officer for Credit Cards at Krungthai Card Public Company Limited, or KTC, revealed that spending via KTC credit cards in the pet category from January to June 2026 totaled over 602 million baht, growing 12% compared to the same period last year. Notably, June 2026 saw spending of more than 101 million baht, a 13% increase from June 2025, reflecting a shift into the Pet Parent era where owners prioritize the health and quality of life of their pets no differently than family members. Although the Thai economy still faces challenges from unevenly recovering purchasing power, the pet market continues to grow steadily and shows more resilience to economic conditions than many other industries. KTC is therefore moving forward to support the Pet Parent segment through exclusive privileges at the Pet Expo Championship 2026, taking place from July 30 to August 2, 2026 at the Queen Sirikit National Convention Center. Members can use KTC FOREVER points to redeem up to 18% cash back and choose installment plans with a special interest rate of 0.74% per month for up to 10 months.

Kasikorn Securities notes that used car prices remain robust, supported by a 23% year-on-year decline in repossessed vehicles entering auction yards, averaging 13,400 units per month in the first half of 2026. This is below the historical average of around 18,000 units per month, leading to stable or slightly higher used car prices. Since mid-2025, prices have fallen only about 5%, compared with a normal depreciation rate of roughly 10% per year. The research team expects auto loan providers, including TISCO, KKP, TTB, BAY, MTC, SAWAD, TIDLOR, and TURBO, to benefit from rising used car prices, and maintains a neutral view on the financial sector. Top picks are MTC with a target price of 39.0 baht, KTC with a target price of 49.0 baht, and TURBO with a target price of 2.2 baht.

The Ministry of Finance has disclosed progress on the Thailand Individual Savings Account scheme, or TISA, and is preparing to scrap the tax-benefit multiplier so that all citizens receive equal tax deductions. Clearer details and the deduction limit framework are expected in September. The research arm of TTB Wealth Securities views this as positive for the overall stock market, as it will encourage more people to invest in equities, and positive for 14 high-dividend stocks: ADVANC, KTB, KKP, KTC, AMATA, PIN, THANI, SAK, CPN, HMPRO, PTG, SIRI, SPALI, and SAT.

KTC shares rose 5.76% to 41.25 baht, bucking the market trend, after reporting second-quarter 2026 net profit of 2.225 billion baht, up 17% from a year earlier and about 6% above analyst expectations. The result was driven by higher interest income, lower financial costs, and operating expenses and provisioning charges that came in below forecasts. Krungsri Securities maintained a buy rating and raised its 2026 target price to 50 baht from 39 baht, while naming KTC its top pick in the consumer finance sector due to strong asset quality. Gross non-performing loans fell 4% from the previous quarter, pushing the NPL ratio down to 1.86%, with a coverage ratio of 426%. The research team lifted its 2026 to 2028 net profit estimates by about 7% per year, forecasting 2026 net profit of 8.746 billion baht and a 2026 dividend yield of around 5%.

Krungsri Securities expects the SET index today to fluctuate within a range with resistance at 1,646 to 1,655 points and support at 1,630 to 1,620 points. It is supported by energy and security stocks, which account for 20 percent of market capitalization, after the US-Iran war intensified, pushing Brent crude oil prices this morning above 90 US dollars. Meanwhile, foreign fund flows continue to pour in, with net buying in 17 of the last 18 trading days. The market is also awaiting second-quarter 2026 earnings reports from the banking sector early this week. Recommended standout stocks include KTC, whose earnings are expected to beat estimates, and PTTGC and BCP, which benefit from higher oil prices.

The policy injecting 200 billion baht under the emergency loan decree to drive clean energy and electric transport systems is positively impacting nine Thai stocks in the solar rooftop and electric vehicle ecosystem sectors. The solar rooftop group that will benefit fully includes GUNKUL from its integrated business covering equipment sales and installation contracting, SOLAR as a panel manufacturer and installation service provider, retail building materials and IT groups such as HMPRO, DOHOME, GLOBAL, and COM7 as distribution channels for ready-made household solar kits, and KTC from low-interest loan measures and installment payments for solar rooftop installation that stimulate card spending. In the electric vehicle ecosystem group, NEX benefits the most in the electric bus and truck segment, EA will ease liquidity concerns and unlock assets from its battery manufacturing and EV assembly plants, while GPSC and GULF benefit from investments in nationwide charging station infrastructure. Analysts recommend a strategy of accumulating on dips or speculating on policy momentum, while cautioning that EV and solar cell stocks often react quickly to policy news. Investors should scale in and avoid chasing prices during sharp short-term rallies.