CGS International Securities (Thailand) (CGSI) wrote that Krungthai Card Public Company Limited (SET: KTC) has completed the acquisition of all shares of Win Performance Company Limited (WIN) on August 25, 2026. The transaction, valued at THB 295 million, effectively makes WIN a wholly owned subsidiary of KTC and incorporates it into the larger Krung Thai Bank Public Company Limited (SET: KTB) financial business group.
WIN, established by former KTC management, specializes in providing debt collection, legal-related, and support services—primarily servicing KTC’s operations. The strategic acquisition aligns with KTC’s plan to optimize cost management and generate new revenue streams by leveraging closer cooperation and synergies within KTB’s financial group.
According to KTC, integrating WIN will enhance the company’s capabilities in debt collection and related services, and is set to drive operational efficiency improvements in the years ahead.
CGSI has indicated, based on a discussion with KTC’s investor relations team, that WIN’s financial statements have not been disclosed. However, the IR team commented that, at present, WIN’s contribution to KTC’s revenue and net profit is expected to be limited. WIN is not engaged in distressed asset management—unlike firms such as CHAYO and JMT—but provides core debt collection services, with its main client being KTC. This focus results in relatively thin profit margins for the company.
Looking forward, WIN is expected to continue supporting debt collection activities within the KTB group, and there are plans to broaden its client base by offering services to external entities, including digital loan providers and virtual banks. Over the medium term—or within the next two to three years—these diversification efforts could yield meaningful financial contributions to KTC.
Given the currently modest impact on earnings, CGSI has maintained its earnings per share (EPS) forecasts for KTC for fiscal years 2026 – 2028 and has reiterated its “Reduce” rating on the stock.
