Kasikorn Securities names KTB and KKP as standout bank stocks, sees pullback opening upside, SET target of 1,680 points by end of 2026

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2▲2 ▼0Impact / 5
Summary · why it matters

Wichit Arayapisit, Senior Director of the Securities Analysis Department at Kasikorn Securities, said that bank stocks, which had previously risen on the dividend theme until their short-term valuation reached an unattractive zone at a PBV of close to 1 time, have now pulled back on flood concerns, opening an upside opportunity for a new round of investment, especially if PBV falls into the 0.7 to 0.8 times zone. Among the standout stocks worth accumulating in this group is KTB, driven by growth that tracks the country's investment cycle, offering a high dividend yield and third- and fourth-quarter earnings momentum that is not falling as sharply as at other banks. KKP stands out for its large share of capital market businesses such as brokerage and its overseas investments that help accelerate profit; although its valuation has risen somewhat, it still pays a high dividend and maintains a high ROE. On the overall Thai economy, growth this year is expected at 2%, with flooding cutting GDP by at most 0.1% if there is no second round of flooding. As for NPL concerns, the impact is seen as limited if flooding does not last longer than 2 to 3 days up to 1 week, and the government is expected to roll out measures to help borrowers. The research department of Kasikorn Securities sees a SET Index target of 1,680 points by the end of 2026, based on an EPS forecast of 105 baht and a valuation P/E of 16 times.

Impact on assets 2

Financials▲ · 2 stocks
Kiatnakin Phatra Bank Public Company Limited
KKP
▲ PositiveCapitalrelevance

Kasikorn Securities names KKP a standout bank stock to accumulate, citing its large capital-market business share, overseas investments, high dividend, and high ROE.

Krung Thai Bank Public Company Limited
KTB
▲ PositiveCapitalrelevance

Kasikorn Securities names KTB a standout bank stock to accumulate, citing growth tied to the country's investment cycle, high dividend yield, and better Q3/Q4 earnings momentum than peers.

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