On October 17, 2025, Krungthai Card Public Company Limited (SET: KTC) will announce its financial performance for 3Q25 and the first nine months of 2025.
Finansia Syrus Securities maintains a “BUY” recommendation for KTC, with a new target price of THB 35 per share. The 3Q25 profit is expected to be THB 1.96 billion, reflecting growth of 4% quarter-on-quarter and 2% year-on-year, due to modest loan growth and lower credit cost. Asset quality remains strong, with the NPL Ratio expected to remain low at 1.83%.
Spending through KTC cards during July–September 2025 is expected to grow only marginally, as political uncertainty continues to weigh on consumer confidence. However, a recovery in spending may be seen in 4Q25 if consumer sentiment improves following the formation of a new coalition government and the implementation of economic stimulus measures.
The extent of the recovery will depend on the types of stimulus, such as tax incentives from e-receipts or spending caps within specific programs.
Moreover, the net profit forecasts for 2025–2027 are maintained at THB 7.76–8.52 billion, supported by gradually increasing loan growth, lower financial costs, and manageable asset quality, with a credit cost of around 6%, compared to the sector average of 8%. Another potential upside is KTC’s possibility of a higher dividend payout ratio than Finansia’s current assumption of 45%, which would offer a 4.5% annual dividend yield.
Bualuang Securities (BLS) analysts expect KTC’s 3Q25 profit to be THB 1.90 billion, steady both YoY and QoQ, due to ongoing strict lending policies, resulting in stable loan volumes and manageable asset quality thanks to stricter customer selection over the past year.
KTC’s asset quality trend is expected to remain stable through to 2026 as the company continues its stringent customer screening measures. Overall, the economy is gradually recovering next year, but this has yet to deliver a strong boost to clients’ asset quality, and consumers remain cautious in their spending.
Overall, KTC’s 2025–2026 net profit growth is expected to be modest and slower than that of title loan companies. KTC’s profit profile is considered quite mature, similar to the banking group, thus KTC’s valuation is likely to trade close to the banking sector.
TISCO Securities recommends “HOLD” for KTC with a fair value of THB 32.00 per share, expecting 3Q25 profit of THB 1.96 billion, up 2.8% YoY and 1.3% QoQ. Overall profit may decrease slightly, consistent with previous quarters, as loans are forecast to grow by 1.9% YoY and 0.5% QoQ to THB 106 billion.
KTC’s strict screening and approval processes support its ability to maintain flexible profitability. The scheduled IT system upgrade delay to 2026 (from the second half of 2025) is likely to help manage the cost-to-income ratio in 2H25. KTC paid dividends equivalent to 45.8% of FY2024 net profit. If the dividend payout ratio rises to 48%, FY2025 dividend per share is expected at THB 1.46 per share (higher than FY2024’s THB 1.32 per share), translating into a dividend yield of 4.8%.
