Krungthai Card PCL

Two brokerages view positively the acquisition of 100% of Win Performance Company Limited (WIN) by Krungthai Card (KTC) for 295 million baht, noting that the deal is not large but offers high synergy, helping to improve cost management efficiency and expand revenue within the KTB group. Kasikorn Research expects the deal to initially boost KTC's profit by about 1%, while Bualuang estimates an increase of about 0.4% in 2026 profit and about 1.2% in 2027. Both brokers maintain a "Buy" recommendation, seeing potential for record-high profits and a dividend yield of over 5%.

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, or Krungthai Card Public Company Limited, announced the acquisition of all ordinary shares of Winper Performance Company Limited, which operates debt collection and related legal services, at 100% stake, at a price of 29.50 baht per share, totaling 295 million baht. The purpose of this acquisition is to support the strategy of managing operating costs and generating income through future strategic cooperation with the financial business group of the bank. After the completion of the acquisition, Winper Performance will become a subsidiary of KTC and part of the financial business group of Krungthai Bank, with approval from the Bank of Thailand.

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.