Phillip Securities (Thailand) has issued an analysis forecasting the third-quarter 2026 operating results of Krung Thai Bank, or KTB, and SCB X Public Company Limited, or SCB, along with investment strategy recommendations and target price assessments for each stock. Phillip's research team expects KTB to post a third-quarter 2026 profit of 12.3 billion baht, down 16.1% from the same period a year earlier, on lower interest income following cuts in loan rates and a decline in gains from financial instruments. Compared with the previous quarter, however, profit rose 1.2% on higher interest income and fee income. KTB's loans in the third quarter of 2026 are expected to grow another 3% quarter on quarter, lifting loan growth to 6.6% year to date, the highest level in the banking group, and are expected to bring the ratio of non-performing loans to total loans down from 2.92% in the second quarter of 2026. Phillip's research team maintains its 2026 profit estimate for KTB at 48.9 billion baht, up 1.4% year on year, and views KTB as the bank that stands to benefit most from various government projects. It expects a dividend of 2.10 baht, a dividend yield of 4.7%, and for 2027 a dividend of 2.21 baht, a dividend yield of 4.9%. It therefore recommends gradual buying, with a target price of 46 baht. For SCB, Phillip's research team expects a third-quarter 2026 profit of 11.5 billion baht, down 4.9% year on year. Although fee income is expected to rise and interest costs and provisions are expected to fall, a sharp decline in interest income pulled profit lower. On a quarter-on-quarter basis, however, profit rose 3.1% on higher fee income and gains from financial instruments. SCB's loans in the third quarter of 2026 may also contract 0.3% quarter on quarter, leaving loan growth at 1.9% year to date, and the contraction in loans may push the ratio of non-performing loans to total loans higher than the previous quarter's 3.17%. Phillip's research team maintains its full-year 2026 profit estimate for SCB at 44.9 billion baht, down 5.5% year on year, and views SCB as having an attractive dividend. It expects a dividend of 10.66 baht for 2026, a dividend yield of 6.8%, and for 2027 a dividend of 11.03 baht, a dividend yield of 7.1%. It recommends gradual buying, with a target price of 163 baht.
Krung Thai Bank Public Company LimitedPhillip forecasts KTB Q3/2026 profit of 12.3bn baht, maintains 2026 estimate, and recommends gradual buying with a 46 baht target price.
SCB X Public Company LimitedPhillip expects SCB Q3/2026 profit of 11.5bn baht, down 4.9% y/y on lower interest income, though fee income and provisions improve.
