Krungthai Card: Structural quality, sustainable growth

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Krungthai Card: Structural quality, sustainable growth

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Krungthai Card

Structural quality, sustainable growth

Reiterate Rating: BUY | PO: 38.00 THB | Price: 33.25 THB

Upgrading customer mix supports spending 01 July 2026

KTC continues to outperform the industry in credit-card spending despite soft Equity

consumption, reflecting an improving customer mix. Higher-income cardholders, now

20% of the portfolio, are driving higher spending, particularly in insurance, the largest

Key Changesspending category. Together with targeted campaigns and loyalty program, this leads us

to raise our credit card spending forecasts by an average of 3% p.a. over 2026-28. (Bt) Previous Current

Price Obj. 35.00 38.00

2026E EPS 3.41 3.39Quality over volume

The widening gap between spending and receivable growth reflects faster repayments 2027E EPS 3.53 3.62

by affluent customers rather than weaker demand. This reinforces KTC's quality-over- 2028E EPS 3.62 3.74

volume strategy and supports our lower credit cost assumptions. We forecast overall

loan growth of around 1% p.a. in 2026-27 and increasing to 1.9% in 2028. Sarachada Sornsong ^^^

Research Analyst

Kiatnakin Phatra Securities

+66 2 305 9197Multiple earnings tailwinds sarachada.sorn@kkpfg.com

We expect 2Q26 net profit of Bt2.2bn, up 1% QoQ and 14% YoY, supported by multiple

earnings tailwinds, including lower funding costs, resilient card spending, stable asset

quality and a normalized tax rate. We fine-tune our earnings forecasts to reflect stronger

spending and a lower medium-term credit cost outlook. Stock Data

Growth with yield Price 33.25 THB Price Objective 38.00 THB

KTC continues to offer an attractive combination of sustainable earnings growth, Date Established 1-Jul-2026