JPMorgan gives an ‘Overweight’ rating on Krungthai Card Public Company Limited (SET: KTC), raising the price target to THB 39.00 per share from the previous THB 36.00. The brokerage adjusted earnings projections for the company after revising its economic outlook and incorporating updated loan growth expectations and credit cost assumptions.
The new forecasts reflect a 0.4% increase in earnings per share (EPS) estimates for 2026 and further upgrades of 3.9% and 4.4% for 2027 and 2028, respectively. According to JPMorgan, the positive revisions are predominantly driven by higher projected loan growth and an anticipated reduction in credit costs.
JPMorgan recently raised its forecast for Thailand’s GDP growth in 2026 to 2.8% from 2.1%, citing the supporting factors of fiscal stimulus and increased investment activity. In line with the improved macro outlook, the bank now projects KTC’s loan portfolio will expand by 0.8% in 2026, 2.7% in 2027, and 3.2% in 2028.
As a result, the analyst maintains a positive stance on Krungthai Card’s growth prospects given the supportive economic environment and the company’s strategic positioning in consumer finance.
