DBS Vickers says KTB and TTB benefit as Fitch lifts Thailand's Outlook to Stable, recommends buying SAV with a 14.50 baht target

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DBS Vickers named KTB, TTB and SAV as its top picks today, saying the banking group has a positive sentiment after Fitch Ratings raised Thailand's Outlook to Stable from BBB+/Negative, which could lead to Thai banks' Outlooks being revised up as well. It expects KTB, rated buy with a 50 baht target price, and TTB, rated hold with a 3.20 baht target price, to have a chance of an Outlook upgrade in this round, a sentiment that could push their share prices higher. For SAV, flight trends in the third quarter of 2026 are expected to recover well, with July to August 2026 seen growing 8% and 20% year on year, supported by overflight traffic, especially from Vietnam, while the fourth quarter of 2026 is expected to improve further on the high season. It recommends buying with a 14.50 baht target price and expects third-quarter 2026 profit to improve both year on year and quarter on quarter to about 130 to 140 million baht, while 2027 profit still has upside from Airports of Thailand auction work worth about 1.35 billion baht and a high dividend yield of 8.5%.

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Fitch RatingsPrivate± Mixed
Regulationrelevance

Fitch raised Thailand's sovereign Outlook to Stable from Negative, the credit-rating action driving the bank Outlook-upgrade expectations.

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