On Friday at 10:52 AM (Bangkok time), the share price of SCB X Public Company Limited (SET: SCB) rose by 0.74% or THB 1.00 to THB 135.50, with a trading value of THB 483.67 million.
Phillip Securities (Thailand) has provided an analysis of SCB, highlighting its credit growth and attractive dividend policy. In April, despite only modest loan growth of 0.05% month-on-month, SCB continued to lead the sector in loan expansion, while the only bank to see a contraction in loan volume was TISCO, with a decline of 0.26% month-on-month.
Nonetheless, SCB remains the leader in terms of year-to-date loan growth in 2026, with an increase of 3.33%, followed by BBL at 3.13%. The primary driver for this growth continues to be large corporate lending.
SCB’s dividend policy also remains attractive. Since 2023, the bank has raised its payout ratio to 80% and has maintained this level consistently. The brokerage expects SCB to sustain this payout ratio through 2026 and project a dividend payment of THB 11.48 per share, reflecting a dividend yield of 8.5%.
The dividend is expected to be higher in the second half of 2026, while the first half is projected to see a dividend of THB 2 per share, yielding around 1.5%.
Phillip maintains its earnings forecast for SCB in 2026 at THB 48 billion, representing a 1.8% year-on-year increase. While net interest income is expected to decline due to lower lending rates, this will likely be offset by a decrease in funding costs and a reduction in provisioning, thereby supporting higher net profits.
Following these, the brokerage gives a ‘Buy’ recommendation for SCB, with a base price held at THB 145 per share, amid the bank’s high dividend yield and further upside potential.
