Bualuang Securities stated that KTB has a digital customer base far larger than other banks, especially Paotang with more than 40 million users and Krungthai NEXT with around 22 million users. However, revenue from these customer bases is currently still quite limited, so it sees the medium-to-long-term upside as converting these usage bases into revenue from loans and increased sales of financial products. It estimates incremental profit from Paotang at approximately 93 million baht in 2026, 227 million baht in 2027, and 436 million baht in 2028, or about 0.8% of the 2028 profit forecast. In addition, KTB has upside from its wealth management business, with fee income in 2026 expected to grow 10% YoY and grow another 3% in 2027, and the proportion of fee income to total revenue is expected to rise from 14% in 2025 to 17% in 2028, which is still much lower than the industry. Profit trends in 2027 are expected to return to 8% YoY growth, the highest growth in the banking group, supported by loans, fee income, and an improving cost-to-income ratio. Meanwhile, asset quality remains strong, and dividend yield is expected at around 5.5–6%, so it continues to recommend Buy with a target price of 47 baht.
Krung Thai Bank Public Company LimitedBualuang maintains Buy on KTB with a 47 baht target price, citing Paotang and wealth-management upside.
