Bualuang Securities estimates that Krungthai Bank, or 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 more. But revenue from these customer bases is still relatively limited. The research team therefore sees the medium-to-long-term upside as converting these user bases into revenue from loans and more sales of financial products. It estimates the 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 its 2028 profit forecast. It also expects fee income in 2026 to grow 10% year on year and to grow another 3% in 2027, with the proportion of fee income to total revenue rising from 14% in 2025 to 17% in 2028, which is still far below the industry. The research team expects profit in 2027 to return to 8% year-on-year growth, the highest in the banking group, supported by loans, fee income and an improving cost-to-income ratio. It also expects a dividend yield of around 5.5–6% and maintains a buy recommendation with a target price of 47 baht.
Krung Thai Bank Public Company LimitedBualuang maintains buy on KTB with 47 baht target, forecasting profit growth, rising fee income and 5.5-6% dividend yield.
