Stocks in Focus on February 23, 2024: TRUE and KTB

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on February 23, 2024.


KGI Securities (KGI) has given an “Outperform” rating on True Corporation Public Company Limited (SET: TRUE) with a target price at ฿7.20/share.

KGI stated that TRUE’s 4Q23 net loss of Bt11.3bn (vs. net loss of Bt1.6bn in 3Q23 and net loss of Bt9.9bn in 4Q22) was a far cry from all estimates on surprise one-time items. Still, core loss of Bt1.11bn beat all estimates on lower-than-expected SG&A. KGI retained its Outperform call and TP of Bt7.20. While the share price has soared 26% YTD, KGI believed earnings improvement would remain a catalyst in 2024.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Krung Thai Bank Public Company Limited (SET: KTB) with a target price at ฿22.00/share.

MST stated that considering banks that have gradually announced dividend payments in the previous period, such as SCB and TTB, are inclined to increase their Dividend Payout Ratio. If KTB (which pays dividends once a year) follows the same path, it is believed that the stock price will respond positively.

Additionally, in the short term, there are two positive factors: 1) the BoT’s signal indicating that there will not be a special meeting to consider interest rates. This alleviates concerns about reducing interest rates faster than before (which affects NIM), and 2) the government budget for 2024, which is expected to pass and commence disbursement from 2Q24 onwards. KTB will benefit from lending to government projects.