Securities analyst at Kiatnakin Phatra Securities Public Company Limited, or KKPS, issued an analysis forecasting the third-quarter 2569 operating results of Krungthai Card Public Company Limited, or KTC, expecting net profit to grow 12% compared with the same period last year, but to decline 2% compared with the previous quarter. The main reason is lower recognition of recovered bad debt income. KKPS stated that KTC's core business momentum remains strong, reflected in credit card spending in the first seven months of 2569, which grew nearly 5% compared with the same period last year, and it expects profit in the first nine months of 2569 to account for 75% of the full-year profit estimate. On asset quality, the non-performing loan ratio, or NPL, is expected to edge up to 1.83% compared with the previous quarter, but the cost of risk from lending should remain low at 4.94%, compared with 5.0% in the first half of 2569, while the loan loss reserve coverage ratio, or LLR coverage, is as high as 433%, a strong buffer to absorb risk. For this reason, KKPS maintains its buy recommendation with a target price of 43.00 baht.
Krungthai Card PCLKKPS maintains a buy rating with a 43.00 baht target price and forecasts Q3 2569 net profit up 12% year-on-year on strong core business momentum.
Kiatnakin Phatra Bank Public Company Limited