Analysts at Bualuang Securities recommend "buy" on KTB shares with a target price of 47 baht, seeing substantial room for the bank to grow net fee income over the medium to long term by using a digital ecosystem centered on the Paotang app and Krungthai NEXT to convert usage volume into sales of financial products. Paotang has 40 million users and Krungthai NEXT has 22 million users, helping the bank distribute mutual funds, insurance, bonds, loans and wealth management products at a relatively low additional customer acquisition cost. The research team estimates that digital loans and fees through the Paotang app will generate additional profit above the current forecast of 93 million baht in 2026, rising to 227 million baht in 2027, equal to 0.5% of forecast net profit, and 436 million baht in 2028, equal to 0.8% of forecast net profit. Meanwhile, KTB's forecast net fee income stands at 25.2 billion baht in 2026, up 10%, and 25.9 billion baht in 2027, up 3%. KTB's ratio of net fee income to operating income was 14% in 2025, below the average of 17% for the banks the research team covers, and is expected to rise to 17% in 2028, compared with an expected average of 20% in 2028 for the banks it recommends.
Krung Thai Bank Public Company LimitedBualuang Securities recommends buy on KTB with a 47 baht target price, citing digital ecosystem-driven net fee income growth.
