KGI raises KKP's 2027 profit forecast by 5%, new target price 145 baht

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Analysts at KGI Securities (Thailand) Public Company Limited have raised their 2027 profit forecast for KKP by a further 5% and moved their new target price to 145 baht from 125 baht, noting that KKP's investment banking business, or IB, has the potential to grow and create upside for the 2027 profit forecast after slowing over the past several years because of the lackluster outlook for the SET index. Revenue from the IB business stood at 145 million baht in the first half of 2026, down 16% from the same period, based on assumptions of IB fees of 312 million baht and 350 million baht for 2026 and 2027 respectively. The company kept its 2026 profit forecast unchanged but raised its 2027 profit forecast by 5% to reflect fee revenue growth accelerating to 17% from a previous estimate of 8%, and re-rated the PE to 14 times from 12.5 times, equivalent to a P/BV of 1.75 times, after shifting to 2027 forecasts. That represents a premium of about 30% over fair PBV, reflecting the ability to capture opportunities to increase ROE and a dividend yield as high as 7%.

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