On Friday at 10:51 AM (Bangkok time), the share price of Krungthai Card Public Company Limited (SET: KTC) rose by 1.80% or THB 0.50 to THB 28.25, with a trading value of 1.14 billion.
Krungthai Card Public Company Limited (KTC) revealed the company will announce its 2Q25 financial results on Friday (July 18, 2025), while assuring that the results will not “shock the market” in any way, as per Mrs. Pittaya Vorapanyasakul, President and Chief Executive Officer and Director of the company.
As for the second half of this year, the company noted that its overall business performance will depend largely on the outlook for the Thai economy, which remains quite challenging. However, KTC remains unconcerned about the quality of its loan portfolio, as it is still well managed.
KTC has maintained a cautious approach to loan and new credit card approvals to align with ongoing economic uncertainties, continuing to target higher-income segments. Growth in its credit card business continues to track the recovery in the tourism industry, bolstered by government efforts to stimulate the sector.
Mrs. Pittaya added that new credit card issuance in the first half of the year saw a modest slowdown, remaining close to targets as the company focused on maintaining portfolio quality over quantity. Meanwhile, total new card issuances in 2025 may slightly undershoot the annual goal.
Phillip Securities reaffirms its ‘Buy’ rating on KTC, adjusting the target price to THB 40.00 per share to reflect the company’s current price-to-earnings ratio.
The analyst sees continued upside for KTC, projecting a potential record-high profit in 2025 on the back of a rebound in both loan and card spending, which are set to boost interest and fee income. The outlook is further supported by lower provisioning, even as expenses increase.
For the second quarter of 2025, net profit is forecast to reach THB 1.9 billion, marking a 3.8% year-on-year increase and a 1.9% rise from the previous quarter. First-half earnings (January–June) are estimated at THB 3.8 billion, up 3.5% from the same period last year. The full-year profit estimate for 2025 remains unchanged at THB 7.5 billion, which would represent a modest 1.9% growth but still mark a new all-time high.
Finansia Syrus Securities (FSS) anticipates that KTC’s net profit for the second quarter of 2025 will reach THB 1.91 billion, reflecting a 3% increase from the previous quarter and a 5% rise year-on-year. Loan growth is projected at 2.3% year-on-year, while credit card spending is expected to climb 6.3%. The ratio of non-performing loans (NPLs) is estimated to stand at 1.93%.
The recent sharp decline in KTC’s share price is viewed as unrelated to the company’s fundamentals, as the stock is currently trading at a 2025 price-to-earnings ratio (P/E) of 8.4 times and a price-to-book value (P/BV) of 1.5 times. With a return on equity (ROE) in the 16-17% range, KTC remains one of the highest-ROE non-bank financial stocks in Thailand.
The analyst maintains a positive outlook on KTC’s long-term prospects, supported by a robust return on assets (ROA) projected at 6-7% between 2025 and 2027, steady net interest income, gradual loan expansion, a rising contribution from non-interest income—especially debt recovery—a healthy balance sheet, opportunities to keep credit costs low, and increasing market share in the credit card business.
Following these developments, FSS gives a ‘Buy’ rating for KTC, with a target price set at THB 32 per share.
