CLSA Securities has upgraded the rating of Krungthai Card Public Company Limited (SET: KTC) from ‘Hold’ to ‘Outperform,’ while adjusting the target price downward to THB 32 from THB 48. The move reflects a view that KTC now offers limited downside after a sharp price decline in late June 2025.
KTC reported second-quarter net profit of THB 1.9 billion, matching both CLSA and consensus expectations, indicating resilient performance despite macroeconomic headwinds.
The analyst noted that KTC’s underlying business remains robust, and asset quality is on an improving trajectory. However, with ongoing weakness in the Thai economy and the company’s prudent stance on loan expansion, earnings growth is forecast to stay modest at around 2% to 5% annually through 2027.
While the subdued economic outlook has prompted CLSA to lower its price target, the more attractive valuation underpins the decision to upgrade the stock’s rating.
