The Securities and Exchange Commission (SEC) reported that on October 15, 2025, Gulf Development Public Company Limited (SET: GULF) had acquired additional shares in Kasikornbank Public Company Limited (SET: KBANK), increasing its stake by 0.2278% of the total voting rights. This brings GULF’s total shareholding in KBANK to 5.03% of the company’s total voting rights.
According to the report, GULF purchased a total of 5.3 million KBANK shares, with an investment of around THB 915 million at a maximum price of THB 169.50 per share. This transaction makes GULF the fourth-largest shareholder in KBANK, holding a total of 119 million shares at an average cost of approximately THB 160.70 per share.
InnovestX Securities (INVX) assessed that holding shares in KBANK will benefit GULF through both dividend yield and equity income. Should GULF increase its holdings to over 20% in the future, the accounting method would change to an “equity method” for associated companies. Furthermore, this move could open up opportunities for new businesses in digital lending and fintech. INVX maintains an “Outperform” recommendation with a target price of THB 63 per share.
The purchase is viewed positively, seeing the investment as a strategic move into a fundamentally strong stock like KBANK, which is highly liquid, has low P/BV and P/E ratios, and pays an average dividend of 7–8% per year. Meanwhile, GULF’s financial cost is only 3.0–3.5% per year, making the net dividend return attractive.
GULF’s stake exceeding 5% is not expected to raise concerns regarding the Bank of Thailand’s lending limit, which caps loans at 5% of the financial institution’s capital funds. KBANK has Tier 1 capital of around THB 510 billion, allowing it to lend GULF up to approximately THB 25.5 billion. GULF also maintains adequate liquidity from a bond issuance program totaling THB 300 billion.
Bualuang Securities noted that GULF continues to increase its shareholding in KBANK, drawing close market attention to the potential for GULF to exert influence on KBANK’s management.
Analysts view this move as similar to GULF’s previous strategic stake in INTUCH. Although GULF has stated that the purchases are for dividends and short-term investment, the gradual increase in holdings in a large bank signals a deeper strategic intent.
Holding KBANK shares allows GULF to benefit from KBANK’s strong financial position and high dividends. Should GULF’s stake reach 30%, its profit could rise as much as 43% under the equity method of accounting.
Daol Securities (Thailand) viewed GULF’s continuous purchase of KBANK shares exceeding 5% as a positive sentiment for both GULF and KBANK, reflecting confidence in the bank’s potential. It may signal GULF’s intention to further increase its stake up to 10%, which would allow GULF to directly appoint board members at KBANK.
In 2024, KBANK had a dividend payout ratio of 59% (including special dividends), with strong Tier 1 capital at 18.68%, well above the Bank of Thailand’s minimum requirement of 9.5%. Dao Securities expects that if GULF increases its shareholding in the future, it could boost KBANK’s dividend payout trend.
However, holding more than 5% will result in KBANK being limited in granting loans to GULF under the Bank of Thailand’s regulations. Nevertheless, GULF still has access to financing alternatives from other banks. Dao Securities maintains a “HOLD” recommendation on KBANK with a target price of THB 170 per share.
