Brokers say four bank stocks may pay higher dividends than expected

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Analysts at DAOL Securities Thailand give a positive view on the banking group, which will announce interim dividend payments earlier than last year and with a greater chance than expected, because first-half 2026 profit was higher than estimated. Interim dividends will be announced starting from 25 August to 4 September 2026. They expect KKP, KTB, TCAP and TTB have a chance to pay higher first-half 2026 dividends than in first-half 2025. For first-half 2026 dividend yields, TTB is highest at 2.4%, followed by TISCO at 1.6% and TCAP at 1.55%. The dividend yield for 2026 remains high at around 6%, above the market average of 3%. At the same time, a new investment cycle will help support total loans in 2026 with a chance to beat expectations, mainly from large corporate and government loans. They maintain their 2026 net profit estimate for the banking group at 221 billion baht, down 1.5% because NIM has declined along with the recent downtrend in interest rates, but fee income is growing well from wealth management and provisions have decreased. They maintain an overweight rating because the banking group's average dividend yield is around 6%, higher than the stock market average of 3%. Valuation is still not expensive, trading at only 0.98 times price-to-book value, with KTB and KBANK as top picks.

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