As Krungthai Card Public Company Limited (SET: KTC) is set to release its fourth quarter 2025 and full-year results on January 14, 2026, UOB Kay Hian Securities (Thailand) recommends a ‘Buy’ rating with a target price of THB 45 per share, projecting stable Q4 net profit at THB 1.9 billion, flat year-on-year but down 3% from the preceding quarter. Robust loan growth is anticipated to support these results.
Meanwhile, Krungsri Securities (KSS) also rates ‘Buy’ on KTC, setting a target price of THB 42 per share. The brokerage expects fourth-quarter earnings to increase from a year earlier, though sequential profits are forecast to decrease, while continuing to list the company as a top pick in the sector, pairing it with Muangthai Capital (MTC), which receives a ‘Buy’ recommendation and a target of THB 58 per share.
Analysts highlight several factors underpinning KTC’s status as a sector standout: 1) a strong balance sheet; 2) attractive dividend yield, forecast at over 5%; 3) earnings support from potential interest rate declines; 4) 2025’s net profit is anticipated to reach a new record after the previous year’s high; and 5) the ongoing expansion into insurance sales is poised to serve as a future revenue driver.
KSS projects 4Q25 net profit at THB 1.92 billion, a 2% increase year-on-year, stemming from reduced expected credit loss (ECL) expenses. The result, however, is expected to fall 2% from the previous quarter due to higher operating (OPEX) and ECL expenses. Asset quality remains well-managed, with the non-performing loan (NPL) ratio at 1.80%, nearly unchanged from the third quarter of 2025.
Phillip Securities (Thailand) also counsels investors to ‘Buy’ KTC, setting a base price of THB 37 per share. The broker estimates 4Q25 profit at THB 1.9 billion, up 1.7% on the year but down 4.1% from the prior quarter. This year-on-year increase is attributed to lower provisioning, though higher expenses due to seasonal factors are expected to dampen quarter-on-quarter earnings.
Accelerated loan growth is forecast, tempered by caution over a sharp contraction in 1Q25 that may still weigh on full-year loan balances and potentially elevate NPL ratios. The analyst points to net profit at THB 7.6 billion for the full-year 2025, a 1.9% increase driven by falling interest expenses and lower provisions.
