InnovestX Securities has reaffirmed its recommendation for Kasikornbank Public Company Limited (SET: KBANK) with a target price of THB 210. The affirmation came amid a short-term catalyst from the Middle East unrest, which have driven inflationary pressures, and effectively ended the rate-cutting cycle. This marked a turning point for the bank’s net interest margin (NIM), which is expected to bottom out in the second quarter of 2026.
Additionally, KBANK will benefit from a significant increase in investment promotion applications filed with the Board of Investment (BOI), supporting loan growth. In 2026, the company’s loan expansion is projected at 1%.
KGI Securities (Thailand) also recommended KBANK with a target price of THB 245, expecting the share to move sideways up, with potential to reach new highs. The support level is estimated at THB 204, resistance is set at THB 208 – 218, should the price break above this range, the next resistance lies at THB 230. The stop-loss point has been set at THB 201.
KGI further noted that KBANK received a short-term boost as S&P Global Ratings has maintained Thailand’s credit rating at BBB+ with a “Stable” outlook, providing positive sentiment for bank stocks. In addition, there is a long-term investment theme as Thailand enters a new investment cycle.
Looking ahead, loan growth in 2026-2027 is forecast to recover to 2.6% and 4%, respectively, from the negative figures in previous years. KBANK’s NIM is also expected to remain high in line with the current interest rate trends, which show no signs of declining.
On the valuation front, KBANK has room for further upside, with an attractive dividend yield as high as 5.8% annually.
