On Friday at 10:55 AM (Bangkok time), the share price of Krungthai Card Public Company Limited (SET: KTC) rose by 2.50% or THB 0.75 to THB 30.75, with a trading value of THB 583.97 million.
AEON Thana Sinsap (Thailand) Public Company Limited (SET: AEONTS) grew by 2.40% or THB 2.25 to THB 96.00, with a trading value of THB 52.83 million.
According to Kasikorn Securities (KS), the analyst holds a positive view on the operating performance of both companies for this year, despite global economic uncertainties stemming from geopolitical issues and persistently high living costs.
Notably, Kasikorn assigns a higher investment weight to KTC due to its lower proportion of personal loans, stronger asset quality, and higher dividend yield, which provide better support against share price volatility in uncertain market conditions.
For 2026, KTC has reiterated its business objectives, aiming for loan growth of 1-2%, a 5% increase in credit card spending, 2% growth in personal loans, and maintaining the non-performing loan (NPL) ratio at below 2%. KTC also stands to benefit from a declining cost of funds, with interest costs expected to decrease by a further 15-20 basis points in 2026 due to the maturity of high-cost debentures.
Given these strong fundamentals, Kasikorn maintains a ‘Buy’ recommendation for KTC, with a target price of THB 39.00 per share. The key attractions include an expected dividend yield of 6.1-6.6%, a coverage ratio of more than 400%, and robust asset quality amid ongoing economic uncertainties.
The analyst also reiterates a ‘Buy’ rating on AEONTS, with a target price of THB 100 per share. While there are risks associated with its exposure to self-employed borrowers and the tourism sector, which may be more vulnerable to economic headwinds, AEONTS stands to benefit from lower financing costs.
Mrs. Pittaya Vorapanyasakul, Chief Executive Officer of KTC, stated that the company remains committed to setting new record-high profits annually, targeting a 5% year-on-year increase in credit card spending for this year, and aims to expand the new member base by an additional 200,000 to 250,000 accounts, driven through the e-Application system on the KTC Mobile application.
Regarding the insurance brokerage business, KTC is currently in the process of applying for a digital insurance broker license, which is expected to be a key driver in the second half of the year. Plans are also set to expand sales channels through online and digital platforms, as well as the telemarketing team, alongside further developing the skills of call center employees to increase their ability to offer insurance products.
