Fitch Revises Thailand's Outlook to Stable, Boosting Bank Stocks KTB and TTB on Upgrade Hopes

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Summary · why it matters

The Thai stock market rose 13.88 points, or 0.88%, yesterday to close at 1,598.03 points, with foreign investors net buying 4.63 billion baht after Fitch Ratings raised its outlook on Thailand's credit rating from negative to stable while affirming the rating at BBB+. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the government will accelerate investment in new industries, the transition to green energy, and maintain fiscal discipline. DAOL Securities analysts said the country's outlook revision should lead banks to have their outlooks raised accordingly, expecting KTB and TTB to have a chance of an outlook upgrade this round, and gave a buy recommendation on KTB with a target of 50 baht, KBANK with a target of 270.00 baht, and TTB with a target of 3.20 baht. Meanwhile, UOB Kay Hian analysts viewed it as a positive factor for domestic play stocks, especially banks and consumer goods. Iara Securities was positive on large banks BBL, KBANK, SCB, and KTB, as well as the technology, AI infrastructure, and renewable energy sectors, namely DELTA, GULF, ADVANC, and TRUE.

Impact on assets 9

Financials▲ · 3 stocks
Krung Thai Bank Public Company Limited
KTB
▲ PositiveMonetaryrelevance

DAOL expects KTB to have a chance of an outlook upgrade this round and gave a buy recommendation with a 50 baht target after Fitch revised Thailand's outlook to stable.

TMBThanachart Bank Public Company Limited
TTB
▲ PositiveMonetaryrelevance

DAOL expects TTB to have a chance of an outlook upgrade this round and gave a buy recommendation with a 3.20 baht target after Fitch revised Thailand's outlook to stable.

Kasikornbank Public Company Limited
KBANK
▲ PositiveMonetaryrelevance

DAOL gave KBANK a buy recommendation with a 270 baht target and Iara was positive on KBANK as a large bank after the sovereign outlook upgrade.

Digital Finance & Tokenization▲ · 2 stocks
Bangkok Bank PCL
BBL
▲ PositiveMonetaryrelevance

Fitch's outlook revision to stable is seen as positive for large Thai banks including BBL, which Iara Securities highlighted as a beneficiary.

SCB X Public Company Limited
SCB
▲ PositiveMonetaryrelevance

Iara Securities was positive on large banks including SCB following the sovereign outlook revision.

Cloud & Digital Infrastructure▲ · 2 stocks
Electrification & Mobility▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
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