Phillip Securities (Thailand) has released its analysis on Krungthai Card Public Company Limited (SET: KTC), forecasting the company to report a net profit of THB 2.2 billion for 3Q26, which represents a 0.8% quarter-on-quarter increase and a 15% year-on-year rise. Despite the relatively modest sequential growth, profit is expected to reach a new high.
The anticipated profit growth is attributed to increased loan volume, resulting in higher interest and fee income, even though provisions and operating expenses are expected to rise. On a year-on-year basis, profit is expected to increase significantly, largely due to both higher interest and fee income, as well as lower interest and provision costs.
For the first nine months of 2026, KTC’s net profit is projected at THB 6.6 billion, up 16.3% year-on-year. The primary driver of this growth is the reduction in interest and provision costs, together with effective expense management, although revenue growth may remain subdued.
Phillip maintains its earnings estimate for KTC in 2026 at THB 8.5 billion, a 9.4% year-on-year increase and another record high. The company continues to outperform its peers in both loan issuance and card spending growth.
As a result, the brokerage recommends a ‘Buy’ rating with a target price of THB 45.00 per share, leaving ample upside potential.
