Kiatnakin Phatra Bank Public Company Limited

Krungsri Securities has a positive view on the interim dividend declaration of Kiatnakin Phatra Bank (KKP) at 3.25 baht per share, representing a dividend yield of 2.8%, which is higher than the research department's expectation of 1.75 baht per share. The stock will trade ex-dividend (XD) on September 9, 2026, and the dividend will be paid on September 24, 2026. The research department maintains a "Buy" recommendation and a 2027 target price of 145 baht, expecting net profit in 2026-2027 to grow by 36% and 3%, respectively, driven by strong fee and service income as well as good asset quality management. It also expects the full-year 2026 dividend to be higher than expected at 7.2 baht per share.

Kiatnakin Phatra Bank (KKP) has approved an interim dividend payment from its first-half performance at 3.25 baht per share. The record date is set for September 10, 2026, with the ex-dividend (XD) date on September 9, 2026, and the payment date on September 24, 2026. KKP shares closed the morning session at 118.00 baht, unchanged, with a trading value of 818.17 million baht.

Leading brokers revealed at Thailand Focus 2026 that foreign investors are becoming more confident in the Thai stock market, focusing on political stability and the growth potential of AI and Data Center sectors. Thailand has high readiness in energy and logistics compared to other ASEAN countries. Kiatnakin Phatra Securities (KKPS) has set a SET index target of 1,680 points this year, while DBS Vickers Securities (DBSV) sees a target of 1,720 points, noting that investors will choose companies with earnings growth and benefiting from structural growth. UBS stated that the P/E of the Thai stock market (excluding DELTA) is over 12 times, attractive compared to the regional average of 15 times, and also gives a target of 1,680 points. Meanwhile, Krungsri (KSS) believes Thailand has the potential to become a new Data Center hub after Singapore, due to its readiness in electricity, water supply, and competitive production costs.

Dr. Pipat Luengnarumitchai, Assistant Managing Director and Chief Economist of Kiatnakin Phatra Financial Group (KKP), said at the Thailand Focus event that the Thai stock market is regaining confidence from foreign investors after a prolonged slump. This year's returns have been outstanding, reflecting a vote of confidence, and the investment structure has shifted from growth stocks to stable and resilient stocks. Notable sectors include banks, which excel in capital management and have a trend of increasing dividends; the energy sector, whose profits are supported by higher oil prices and improved refining margins, and is the only sector to have raised earnings estimates since the start of the year; and essential goods and utilities, such as communications and power plants, which offer stability. A new issue is Thailand's role in the AI supply chain, which needs to be monitored for its impact on the economy, investment, and exports. The key factor in retaining long-term investors is a clear recovery in listed companies' profits. Although the Thai economy is growing moderately, stability and the absence of new negative factors will help attract foreign investors to return continuously.

SCB X Bank (SCB) has announced an interim dividend of 2 baht per share, paid from retained earnings, with the XD date set for September 8, 2026, and payment on September 25, 2026. Meanwhile, KGI Securities (Thailand) expects most banks to pay interim dividends at 15-20% of their full-year dividend, except TTB, which may pay up to 50%. KKP is expected to increase dividends strongly, driven by a 65% profit growth in the first half. For 2026, KTB is expected to have a payout ratio of 80%, and KBANK 65%. KBANK paid a special dividend of 2 baht per share in 2025. Despite recent share price increases, dividend yields for SCB, KKP, KTB, and TISCO remain above 6%. KGI Securities prefers KBANK, KTB, and KKP due to strong earnings support and solid financial positions.

The Thailand Focus 2026 event, now in its 20th year, welcomed 220 institutional investors from 74 institutions worldwide, including first-time participants from Switzerland, New Zealand, and Israel. A total of 77 listed companies from the SET and mai, with a combined market capitalization of 16 trillion baht, representing 80% of the entire market, attended one-on-one and group meetings totaling 1,552 sessions. Meanwhile, the SET index has risen nearly 30% since the start of the year, ranking fourth highest globally, with net foreign buying of 67 billion baht. Leading brokers such as CLSA, DBS Vickers, UBS, and Kiatnakin Phatra noted that current buying is just the beginning of a rally cycle, setting a 2026 SET target of 1,680-1,720 points. They highlighted that the Thai stock market is the only one in Asia with net foreign buying of 1.8 billion US dollars, following cumulative net selling of over 7 billion dollars over the past two years. Investors are showing interest in digital infrastructure, data centers, and AI stocks, but remain selective, while also monitoring the impact of Nasdaq's planned 23-hour trading day.

KGI Securities views that commercial banks will gradually pay interim dividends for the first half of 2026, expecting KKP and TTB to offer attractive yields. Meanwhile, SCB, KKP, KTB, and TISCO have full-year dividend yields exceeding 6%. TTB has announced an interim dividend of 0.081 baht per share, with the XD date on September 7, 2026, and payment on September 25, 2026. KGI expects KKP to pay a total dividend of 7.65 baht per share for 2026, representing a yield of 6.7%; KTB to pay 2.73 baht per share, yielding 6.2%; SCB to pay 11 baht per share, yielding 7.2%; and TISCO to pay 7.75 baht per share, yielding 6.2%. Meanwhile, KBANK is expected to pay 14.50 baht per share, yielding 5.7%; BBL to pay 10 baht per share, yielding 5.3%; and TTB to pay 0.14 baht per share, yielding 4.9%. KGI continues to favor KBANK and KTB over other banks, citing that loan recovery and net interest margin (NIM) have bottomed out and will support performance. KKP is also favored due to strong profit growth of 65% year-on-year in the first half of 2026 and the potential for credit costs to fall below 1%.

Finansia Syrus Securities said commercial bank loans under its coverage expanded 0.1% month on month in July 2026, bringing overall growth to 2.4% from the same period a year earlier and 2.6% since the start of the year, above its full-year estimate of 1.7%. Krung Thai Bank, or KTB, posted the strongest monthly loan growth at 2.1%, followed by Kiatnakin Phatra Bank, or KKP, up 1.1%, and Tisco Financial Group, or TISCO, up 0.1%. Bangkok Bank, or BBL, Kasikornbank, or KBANK, SCB X, or SCB, and TMBThanachart Bank, or TTB, saw loan contraction. Loan growth was concentrated mainly in state enterprise and business loans, supported by demand for production credit, inventory build-up from higher oil prices, and various investment projects. Retail loans were mixed, with housing loans, personal loans, and some secured loans still growing. Total deposits in July rose 0.6% from the previous month, 4.3% from a year earlier, and 2.0% since the start of the year, growing faster than loans and leaving the group's loan-to-deposit ratio at a comfortable 83.2%. KBANK, KKP, KTB, SCB, and TTB all recorded deposit growth, especially in current and savings accounts. FSS expects banking group earnings to remain strong during 2026 to 2028, as fee income from wealth management and capital markets, cost control, and good asset quality help offset softer net interest income. Strong business loan demand and well-managed funding costs are also supportive of net interest margins. Third-quarter 2026 profit is expected to be flat or slightly higher than the previous quarter. FSS picks BBL with a target price of 240 baht and KTB with a target price of 47.30 baht as top picks. It also maintains buy ratings on KKP with a target price of 125 baht, KBANK at 265 baht, TTB at 3.05 baht, and SCB at 170 baht, while recommending a hold on TISCO with a target price of 132 baht, citing an attractive average dividend yield of about 5% per year.

Analysts at Yuanta Securities Thailand said Kiatnakin Phatra Bank, or KKP, has positive factors from capital-market business income that is expected to stand out in the third quarter of 2026, driven by a big-lot transaction in TTB shares worth 16 billion baht and higher market trading value compared with a year earlier. They expect first-half dividend per share of 2.30 baht, implying a dividend yield of 2 percent, and forecast 2026 profit growth of 33 percent from the previous year to 7.8 billion baht. For 2027, profit is expected to grow 7 percent from the prior year to 8.4 billion baht. They assess that KKP is the bank that benefits most from capital markets and from the continued growth of foreign-stock investment flows, with Dime serving as a key platform that generates profit for the bank. They expect a 2026 dividend of 6.84 baht per share, implying a dividend yield of 6.1 percent.

Brokers are recommending trading strategies for TTB shares after reports that ING Bank NV is preparing to sell about 6,149.2 million TTB shares, representing 6.3 percent, worth about 500 million US dollars, at a price range of 2.64 to 2.70 baht per share through BofA Securities and JPMorgan. After the transaction, there will be a 90-day lock-up period. An analyst at Yuanta Securities Thailand sees no impact on fundamentals, but expects an impact on the price, with the block trade likely to close at 2.64 baht, a 9 percent discount to yesterday's close, worth about 18 billion baht, and recommends waiting to buy at 2.7 baht, which offers a dividend yield of more than 5.2 percent per year. Meanwhile, an analyst at Dao Securities Thailand views this as negative sentiment for TTB's share price because the offer price is about 9 percent below yesterday's close, which could pressure the share price today to fall to the same level as the offer price, and maintains a hold rating on TTB with a target price of 3.20 baht. The analyst also noted that Kiatnakin Phatra Financial Group handled the deal, which is expected to boost fee income for Kiatnakin Phatra in the third quarter of 2026, and maintains a buy rating on Kiatnakin Phatra with a target price of 128 baht. TMBThanachart Bank, or TTB, disclosed that ING Bank N.V. has reported the results of its sale of the bank's ordinary shares through a private placement to institutional investors worth about 475 million euros. ING said this is part of its continued proactive capital management and an approach to optimise its investment portfolio. After settlement and delivery of the securities, which is expected to be completed on 21 August 2026, ING expects its shareholding in the bank to decline from 19.5 percent to 11.6 percent of total shares excluding treasury shares held by the bank.

Bualuang Securities revealed that net profits for the second quarter of 2069 for stocks under its coverage came in 5.6% above market expectations, with 48% of stocks beating estimates compared to a five-year average of 37%. Standout performers were led by SCC, up 41% from its petrochemical business, SCGP up 20% from packaging and recycling, KKP up 18% from non-interest income, and TU up 10.9% from seafood demand. Meanwhile, DELTA missed profit forecasts by 31% due to supply chain issues. The research team also noted positive signals from IT retail sales at COM7 and ADVICE, which grew 10% and 17% year-on-year in July. In the lifestyle segment, MOSHI saw same-store sales rise 9% on the squishy toy trend. Tourism continued to recover, with foreign arrivals in July reaching 2.5 million, and ERW's revenue per available room expected to grow both year-on-year and month-on-month. Export demand for food and pet food remained strong, with TU projecting 5-6% growth and ITC projecting 10% growth. The investment strategy therefore focuses on COM7, ADVICE, MOSHI, CPALL, ERW, TU, and ITC.

Bualuang Securities reported that aggregate net profit of listed companies that have already reported, covering 32% of stocks under its coverage, came in 5.6% above market expectations and 7.2% above Bualuang's own estimates. Of the stocks that have reported, 48% delivered better-than-expected earnings, exceeding the five-year average of 37%. Notable outperformers included SCC, with profit 41% above expectations, SCGP 20% above, KKP 18% above, and TU 10.9% above. Meanwhile, DELTA reported earnings 31% below expectations due to supply chain issues. Key signals from the earnings season show that cyclical sector profits remain strong but momentum may slow, consumption is recovering selectively with IT and affordable lifestyle products growing well, tourism continues to recover, asset quality in the hire-purchase sector is stable, and demand for food and pet food exports remains robust.

Pi Securities assesses that eight commercial banks will pay high interim dividends, with the full-year average dividend yield for the banking group expected at 5.7%, excluding special dividends. Thanadech Rungsrithananon, Director of Research at Pi Securities, notes that SCB, KKP, and TISCO will have dividend yields of no less than 6%. SCB is expected to pay 10.42 baht per share for the full year, representing 6.8%. KKP is expected to pay 7.50 baht per share, representing 6.3%. TISCO is expected to pay 7.75 baht per share, representing 6%. For BBL, despite a decline in profit, it is still expected to pay the same 10 baht per share for the full year, representing 5.3%. KBANK is expected to pay 12 baht per share for the full year, representing 5.1%. Meanwhile, KTB is expected to pay 2.09 baht per share, representing 5%. TTB is expected to pay 0.13 baht per share, representing 4.6%. CREDIT is expected to pay 1.05 baht per share, representing 4.5%. BAY is expected to pay 1.40 baht per share, representing 3.5%. Regarding the profit trend for the second half of the year, Thanadech views that if capital market income is excluded, profits will not be spectacular, as net interest margins are starting to stabilize and loans may rise slightly in line with private sector investment.

Phillip Securities Thailand recommends gradually accumulating Kiatnakin Phatra Bank, or KKP, with a target price of 114 baht. It expects a dividend of 6.90 baht per share for 2026, representing a dividend yield of 6.1 percent, and maintains its 2026 profit forecast at 7.5 billion baht, up 50.5 percent from the previous year, which would make KKP the bank with the highest profit growth in the sector. The research team expects fee income to continue increasing as a proportion of revenue, driven by higher trading value on the stock exchange, where Phatra Securities maintains its number one market share. This would lift the fee income ratio from 21.8 percent in 2025 to 23.5 percent in the first quarter of 2026 and 25.0 percent in the second quarter of 2026. Meanwhile, the used car price index rose to 75.15 in May from 72.75 in April, pointing to lower losses on repossessed vehicle sales and steadily improving asset quality, with the non-performing loan ratio falling to 3.6 percent in the second quarter of 2026 from 4.3 percent in the first quarter of 2026, thanks to debt restructuring and write-offs.

Kiatnakin Phatra Financial Group, or KKP, has unveiled its investment strategy for the second half of the year, spotlighting two key themes: grid infrastructure exchange-traded funds, or Grid ETFs, and US small-cap stocks, to build portfolio resilience amid challenges from geopolitics, sticky inflation, and AI-related risks. Mr. Taweesak Phaopallop, Head of Economic and Investment Analysis at Kiatnakin Phatra Securities, said the world is entering an era of full-blown economic polarization and expects crude oil prices to stabilize at 80 US dollars per barrel by year-end if a full-scale war is avoided, though Middle East tensions remain a flashpoint. This keeps core inflation slow to decline and forces the US Federal Reserve to hold rates higher for longer than markets anticipate. KKP believes the AI investment cycle is not over but is rotating from infrastructure stocks into other segments, with rising computing demand continuing to support infrastructure companies. It advises investors to diversify into assets with profit drivers that differ from large-cap stocks and conventional bonds. The Grid ETF theme benefits from data center and AI energy demand, while US small caps gain from attractive valuations and reshoring policies.

Yutthaphon Laphlamun, Managing Director of Kiatnakin Phatra Asset Management, or KKPAM, revealed that the Chinese stock market has become interesting for investment again, as valuations are still about 43% lower than US stocks, and global investors hold Chinese stocks in low proportions, so there is an opportunity for money to flow back when confidence recovers. At the same time, KKPAM has offered two mutual funds, KKP CNGROWTH-H and KKP CNGROWTH-UH, which are feeder funds investing in the master fund Fullgoal China Small-Mid Cap Growth Fund, raising 3.36 billion baht. The master fund is managed by Fullgoal Fund Management, which has assets under management of over 300 billion US dollars, and focuses on investing in Chinese small- and mid-cap stocks that benefit from the transition to a new economy, such as artificial intelligence, semiconductors, robotics, and clean energy.

Krungsri Securities, or KSS, has raised its net profit forecasts for the commercial banking sector in 2026 and 2027 by 2.6% and 4.2% to 221 billion baht and 229 billion baht, respectively, while rolling forward to 2027 target prices. It selects Kasikornbank, or KBANK, and Krung Thai Bank, or KTB, as standout stocks in the group. KSS recommends buying KBANK with a target price of 300 baht, forecasting net profits of 53.1 billion baht in 2026 and 55.7 billion baht in 2027, benefiting from the investment cycle and wealth management business. For KTB, it recommends buying with a target price of 55 baht, citing strength in asset quality and government investment. For other banks, KSS has revised recommendations and target prices: BBL to buy at 225 baht, SCB to hold at 155 baht, TTB to buy at 3.50 baht, KKP to buy at 145 baht, and TISCO to reduce investment at 115 baht. The research team expects the banking sector to pay dividends in 2026 with high yields of 5 to 6 percent, supported by strong capital positions and no major investment plans weighing on them. It maintains a positive view on the sector, forecasting a rise in 2027 return on equity driven by the end of the rate-cutting cycle, the return of government investment worth over 8 trillion baht, and growth in wealth management. Moreover, banking stocks are trading at a price-to-book value of just 0.9 times, below historical averages and ASEAN peers.

Investment promotion applications filed with the BOI in the first half of 2026 totaled 1.4 trillion baht, a 37% increase compared to the same period last year. In the second quarter, applications reached 0.46 trillion baht, which, while slowing from the previous quarter, remained above the quarterly average of 0.33 trillion baht seen over the past four to five years. The growth was driven by large-scale investment projects in AI and data centers, as well as other targeted industries such as electronics, electrical appliances, and food processing. Krungsri Securities Research views the rise in BOI applications as positive for the country's economic outlook and the Thai stock market under the investment cycle theme, particularly for businesses in new global S-curves like AI, data centers, and green energy. Coupled with the government's investment acceleration measures, projects are expected to be approved and implemented more quickly, benefiting overall economic activity and supporting supply chain sectors such as industrial estates like AMATA, construction contractors like STECON and PYLON, and banking groups like KBANK, KTB, and KKP.

The SET index closed at 1,641.03 points, up 1.69 points or 0.10 percent, with total trading value of 86.80 billion baht. Buying was seen in electronics stock Delta Electronics Thailand, which closed at 310 baht, up 1.97 percent, and a rebound in banking stocks led by Kiatnakin Phatra Bank, which surged 7.24 percent to close at 118.50 baht. Foreign investors were net buyers of 1.89 billion baht, while domestic institutions were net sellers of 2.86 billion baht. Meanwhile, Brent crude oil prices jumped to trade at 98.19 dollars per barrel, up 4.35 percent, nearing the 100-dollar level, pressuring tourism stocks. Airports of Thailand plunged 3.54 percent to close at 61.25 baht, and Minor International dropped 5.11 percent to close at 22.30 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.

Eleven Thai commercial banks reported combined net profit for the first half of 2026 at 134.043 billion baht, down 0.34% from the same period last year. Kasikornbank posted the highest net profit at 27.915 billion baht, up 6.22%, while Krungthai Bank recorded net profit of 24.562 billion baht, up 7.6%, and SCB X reported net profit of 21.312 billion baht, down 16%. Bangkok Bank had net profit of 20.491 billion baht, down 16.21%, and Bank of Ayudhya posted net profit of 16.912 billion baht, up 6.8%. Among mid-sized banks, TMBThanachart Bank reported net profit of 10.683 billion baht, up 6%, Kiatnakin Phatra Bank posted net profit of 4.078 billion baht, up 65%, Tisco Bank had net profit of 3.497 billion baht, up 6.4%, LH Financial Group reported net profit of 1.538 billion baht, up 37.32%, and CIMB Thai posted net profit of 1.488 billion baht, up 47.03%.

Dao Securities Thailand expects the SET index to move sideways today, with resistance at 1,658 to 1,663 points and support at 1,642 to 1,648 points. Although foreign fund flows may slow after 13 consecutive trading days of net buying, the positive mood from a global tech stock recovery and rising crude oil prices will support the energy sector and cushion the index. Second-quarter 2026 earnings for the banking sector were strong, with combined profit reaching 55 billion baht, led by Kiatnakin Phatra Bank which posted standout profit growth, while Kasikornbank and TMBThanachart Bank delivered stable results and attractive dividend policies. The investment strategy focuses on selective buying in bank stocks, upstream energy, and construction and industrial estate plays, with PLANB and SMT highlighted as top technical picks.

Banking stocks have reported their second-quarter 2026 results, with KBANK recording the highest net profit at 13.247 billion baht, up 6.07% from a year earlier. Meanwhile, CIMBT showed the most outstanding profit growth, reaching 886 million baht, a 407% increase year-on-year. Analysts at Bualuang Securities cited positive factors from strong fee income growth and still-robust asset quality, but noted a negative factor from a higher cost-to-income ratio. They expect the sector's profit in the third quarter of 2026 to weaken by 13% from a year earlier and 3% from the previous quarter, due to lower investment gains. KBANK has been upgraded to a top pick alongside KKP and KTB.

The Thai stock market fell sharply by 12.23 points to 1,640.74 points, with trading value of 45.795 billion baht. There was selling pressure across the board in commercial banking stocks, led by BBL, ADVANC, KTB, SCB, and DELTA, amid concerns over the still-unsettled situation in the Middle East with no sign of meaningful negotiations. This was compounded by the release of second-quarter results from the banking sector, which were unimpressive. KKP, KBANK, and TTB posted strong profits, while BBL and SCB saw profits decline compared to the previous year, with SCB's profit down 13% year-on-year. Meanwhile, foreign investors turned to net selling of 472 million baht yesterday, the first time in 13 trading days. Krungsri Securities expects the market to move in a sideways-to-upward range, with the volatile war being a short-term negative after Iran destroyed an Amazon data center in Bahrain and Trump threatened to attack Iranian nuclear facilities, pushing Brent crude back above 90 US dollars, which is expected to support energy and security stocks in the short term. There are also reports that Trump is preparing to announce Section 301 tariffs of 10 to 12.5 percent on 60 countries, replacing Section 122 which expires on July 24. Pi Securities noted that the market is weighing earnings against the war, with earnings still showing good growth momentum after signs of strong upstream profit expansion from TSMC and ASML, leading to speculative buying in semiconductor stocks. Tonight, the market awaits Alphabet's earnings to see the direction of capital expenditure and growth. However, the rapid rise in US bond yields is a risk causing market volatility, with the market still believing there will be two rate hikes this year and next year. Oil prices are therefore the main factor determining the direction of interest rates. The strategy remains to use limited funds with a focus on valuation. Recommended stocks include exporters like ITC and TU, retailers like CPALL, CPN, and HMPRO, industrial estates like AMATA and WHA, power plants like BGRIM and GPSC, and financials like MTC.

Krungsri Securities assesses the earnings direction of listed companies in the second quarter of 2026 as positive and likely to come in better than market expectations, supported by the banking sector's performance which was mostly in line to better than expected. Only BBL reported profit below market expectations but still in line with its own assessment. A key positive factor for the banking group is fee income from wealth management business, which is growing and becoming a new S-curve for the business. Meanwhile, asset quality remains manageable despite the impact of the war situation, with only SCB still vulnerable due to non-performing loan formation and BBL seeing mainly migration of existing debtors. Most banks' loans returned to expansion compared to the previous quarter, reflecting the positive effect of the investment cycle, with KBANK and KTB showing outstanding loan growth, while SCB remains the only bank with contracting loans. On the real sector side, stocks are starting to show positive signals, with SCGP reporting profit 21 percent above market expectations due to tight supply conditions in the Middle East, and PTTGC reporting profit above expectations from greater-than-expected supply disruption, similar to IVL and SCC. The research team views the decline in banking stocks after earnings announcements due to profit-taking as an opportunity to gradually accumulate, as fee income from wealth management is growing as a new support factor, asset quality has passed the peak risk point, and the impact from net interest margin has been largely priced in. Recommended top picks in the banking group are KBANK and KKP from wealth management growth, and KTB from strong asset quality. The team also unveils a list of standout stocks for the earnings season, expecting second-quarter 2026 results to be strong or to have passed the trough, including ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

The Thai stock market index closed at 1,652.97 points, up 6.97 points or 0.42 percent, with trading value of 97.96 billion baht. It was supported by KKP shares after the company reported second-quarter 2026 earnings that beat expectations, and by DELTA shares which rose and helped lift the index. NVDR data from the start of the year to July 20, 2026, indicates that foreign investors were the largest net buyers of PTT shares, totaling approximately 29 billion baht at an average price of 35.51 baht, followed by PTTEP at approximately 22 billion baht at an average price of 141.41 baht, bringing total net buying for the two PTT group companies to over 52 billion baht. Next were KBANK at approximately 21 billion baht at an average price of 199.26 baht, TOP at approximately 7 billion baht at an average price of 47.94 baht, and KTB at approximately 5.5 billion baht at an average price of 34.30 baht. Meanwhile, InnovestX recommends top picks for the second-quarter 2026 earnings season, including SCGP, ADVANC, CPN, GULF, and TIDLOR, expecting profit growth both year-on-year and quarter-on-quarter. As for the Thailand Individual Savings Account, or TISA, project, progress is being made, with the Ministry of Finance, together with the SEC and the Stock Exchange of Thailand, accelerating efforts to finalize it by September 2026 to promote long-term savings and increase portfolio management flexibility. Tax benefits will be based on the amount invested, and dividends may be received without affecting the benefits.

SCB and Kasikornbank remain cautious on the second-half outlook. SCB is focusing on high-quality lending and wealth management, recently providing credit support to PTT Group totalling over 68 billion baht. Meanwhile, Kasikornbank reported second-quarter 2026 net profit of 13.2 billion baht, up 6 percent year-on-year but down 10 percent quarter-on-quarter, and assessed that the Thai economy will improve in the second half but still faces risk factors from the Middle East situation and US tariff measures. Analysts view first-half banking sector profits as 5 to 10 percent above expectations, driven by strong fee income, but the second half may weaken due to cost pressures and provisioning. They recommend a dividend investment strategy, picking KKP as a standout stock for its capital market business and dividend yield of around 6 percent.

The Stock Exchange of Thailand index on July 21, 2026 closed at 1,652.97 points, up 6.97 points or 0.42%, with total trading value of 97.96 billion baht. In the afternoon session, the index moved in positive territory, supported by speculative buying in stocks with positive factors, such as KKP, which reported second-quarter 2026 earnings that came in much better than brokers had expected, prompting several brokers to raise their estimates and target prices. Meanwhile, large-cap stock DELTA saw its price rise, which lifted the overall market. However, there was selling pressure in SCB, which also reported better-than-expected second-quarter 2026 earnings, but its price had already risen beforehand, leading to sell-on-fact pressure. Similarly, KBANK saw profit-taking after its second-quarter 2026 earnings came in line with expectations.

Brokers have raised their target price for KKP after the company reported second-quarter 2069 profit that exceeded expectations. The upgrade follows the earnings release, though specific figures and the names of the brokers were not disclosed in the report. Thunhoon, an independent investment newsroom, reported the development as part of its coverage of equities and market-moving events.

Several brokers have raised their earnings estimates and target prices for Kiatnakin Phatra Bank, or KKP, after second-quarter 2026 net profit came in at 2.1 billion baht, up 9 percent from the previous quarter and up 51 percent from the same period last year, far exceeding market expectations, driven by improved fee income and lower operating expenses. Asia Plus Securities raised its 2026–2027 net profit forecasts by an average of 20 percent and lifted its 2027 target price to 129 baht from 110 baht, while maintaining a buy rating and selecting it as a top pick in the hire-purchase banking group. Yuanta Securities Thailand raised its 2026 and 2027 net profit estimates by 14.5 percent and 19.6 percent respectively, forecasting 2026 net profit of 7.85 billion baht, up 32.8 percent from the previous year, and raised its 2027 target price to 120 baht from 85 baht, upgrading its recommendation to buy from speculative buy. Meanwhile, Pi Securities upgraded its rating to buy from hold and raised its target price to 120 baht from 100 baht, lifting its 2026–2027 earnings estimates by 10 percent and expecting a high dividend yield of 6.9 percent per year. Krungsri Securities raised its 2026–2028 earnings estimates by 10 percent each year to 8.04 billion baht, 8.29 billion baht, and 8.51 billion baht respectively, while raising its 2026 target price to 130 baht from 110 baht and maintaining a buy rating. KGI Securities Thailand raised its 2027 earnings estimate by 13 percent and lifted its target price to 125 baht from 97 baht, upgrading its recommendation to buy from hold, and expects a high dividend yield of around 7 percent.

The second-quarter earnings of the commercial banking group came in better than market expectations, mainly supported by lower provisions and improved fee income. After TISCO and TTB reported their results, analysts at Yuanta Securities noted that the easing situation in the Middle East helped reduce provisions, while the bancassurance and mutual fund businesses gained better momentum. However, the second-half trend is expected to slow due to seasonal factors and an unusually high revenue base earlier in the year. On investment strategy, they recommend taking profits in tranches or short-term speculation, highlighting SCB and KBANK as top picks for their high dividends and potential target price upgrades. Meanwhile, Kasikorn Securities favors BBL, KTB, KKP, and BAY, expecting loans to return to slight growth and asset quality to strengthen.