Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
 <li>
Dominant Market Player with Stable Growth: <a href="https://smartkarma.com/entities/krungthai-card-pcl">Krungthai Card</a> (KTC) is a leading provider of credit card and personal loan services in Thailand, consistently demonstrating revenue and net income growth. Its strategic affiliation with Krungthai Bank provides a significant competitive advantage.</li>
 <li>
Digital Transformation to Drive Future Growth: The company is heavily investing in a digital transformation strategy, aiming to enhance customer acquisition, improve operational efficiency, and strengthen data analytics. This initiative is expected to support sustainable long-term growth and mitigate rising competition from virtual banks and fintech.</li>
 <li>
Navigating Macroeconomic Headwinds: While fundamentals are strong, the company faces challenges from a softer economic outlook in Thailand and high household debt levels. Regulatory oversight from the Bank of Thailand, particularly concerning interest rate ceilings and lending practices, remains a key factor to monitor.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Player with Stable Growth: Krungthai Card (KTC) is a leading provider of credit card and personal loan services in Thailand, consistently demonstrating revenue and net income growth. Its strategic affiliation with Krungthai Bank provides a significant competitive advantage.
  
Digital Transformation to Drive Future Growth: The company is heavily investing in a digital transformation strategy, aiming to enhance customer acquisition, improve operational efficiency, and strengthen data analytics. This initiative is expected to support sustainable long-term growth and mitigate rising competition from virtual banks and fintech.
  
Navigating Macroeconomic Headwinds: While fundamentals are strong, the company faces challenges from a softer economic outlook in Thailand and high household debt levels. Regulatory oversight from the Bank of Thailand, particularly concerning interest rate ceilings and lending practices, remains a key factor to monitor.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Krungthai Card (KTC TB) - Nov 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As first discussed back in May (see <a href="https://skr.ma/LAfHm" target="_blank" rel="noopener">here</a>), shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice.</li>
<li>As widely reported at the time, Mongkol Prakitchaiwattana reportedly pledged his holdings in all four companies. Pledged shares in KTC ballooned in June versus May, but since fallen.</li>
<li>All four were mostly flat in Sept vs. August. Elsewhere, recent big moves were seen in <a href="https://www.smartkarma.com/entities/bcpg-pcl" target="_blank" data-smartkarma-citation="entities:24051:1" rel="noopener">BCPG (BCPG TB)</a> (up), and <a href="https://www.smartkarma.com/entities/thai-foods-group-public-company-limited" target="_blank" data-smartkarma-citation="entities:24053:1" rel="noopener">Thai Foods Group (TFG TB)</a> (down).</li>
</ul>


As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
As widely reported at the time, Mongkol Prakitchaiwattana reportedly pledged his holdings in all four companies. Pledged shares in KTC ballooned in June versus May, but since fallen.
All four were mostly flat in Sept vs. August. Elsewhere, recent big moves were seen in BCPG (BCPG TB) (up), and Thai Foods Group (TFG TB) (down).


Thai Pledged Shares: The Prakitchaiwattana Complex Remains Static

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>KTC reported 3Q25 net profit of Bt1.95bn, up 2% YoY and 3% QoQ, broadly in line with our and market expectations.</li><li>Overall asset quality remained well under control, with Stage 2 loans and Stage 3 (NPLs) stable at 11% and 1.85%, respectively, while the coverage ratio improved to 426%.</li><li>Regarding the insurance brokerage business, the company has obtained its operating license and is in the preparation stage, with a soft launch expected by the end of the year.</li></ul>

KTC reported 3Q25 net profit of Bt1.95bn, up 2% YoY and 3% QoQ, broadly in line with our and market expectations.Overall asset quality remained well under control, with Stage 2 loans and Stage 3 (NPLs) stable at 11% and 1.85%, respectively, while the coverage ratio improved to 426%.Regarding the insurance brokerage business, the company has obtained its operating license and is in the preparation stage, with a soft launch expected by the end of the year.

Krungthai Card Plc. (KTC): Earnings In Line With Expectations; Asset Quality Remains Solid.

<ul><li>We switch our rating to “Neutral” (previously Outperform) as the valuation appeal has diminished after the share price rose more than 9% since our previous report.</li><li>KTC’s 3Q25E net profit is expected at Bt1.9bn (flat YoY, +1.4 % QoQ), with results scheduled for release on October 17, 2025.</li><li>Loan portfolio growth is projected at just 1.2% YoY and 0.3% QoQ, reflecting muted expansion in line with cautious consumer spending.</li></ul>

We switch our rating to “Neutral” (previously Outperform) as the valuation appeal has diminished after the share price rose more than 9% since our previous report.KTC’s 3Q25E net profit is expected at Bt1.9bn (flat YoY, +1.4 % QoQ), with results scheduled for release on October 17, 2025.Loan portfolio growth is projected at just 1.2% YoY and 0.3% QoQ, reflecting muted expansion in line with cautious consumer spending.

KRUNGTHAI CARD Plc. (KTC): 3Q25E Profit To Have Edged Up Slightly

<ul>
<li>As <a href="https://skr.ma/LAfHm" target="_blank" rel="noopener">discussed</a> in May this year, shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC World (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice.</li>
<li>Reportedly Mongkol Prakitchaiwattana pledged his holdings in all four companies. Pledged shares figures released by the SET illustrated a dramatic downward swing in KTC's pledged shares in June versus May. </li>
<li>SET's updated list of securities pledged - as at 29th August - shows pledged shares in KTC ticking up. But so has KTC's share price, slowly but surely.</li>
</ul>


As discussed in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
Reportedly Mongkol Prakitchaiwattana pledged his holdings in all four companies. Pledged shares figures released by the SET illustrated a dramatic downward swing in KTC's pledged shares in June versus May. 
SET's updated list of securities pledged - as at 29th August - shows pledged shares in KTC ticking up. But so has KTC's share price, slowly but surely.


Krungthai Card (KTC TB): Pledged Shares Inching Up, Again

Thailand

Krungthai Card Public Company Limited provides credit and debit card services, as well as other professional services.  The Company offers both VISA and MasterCard associated cards, and covers areas such as recurring payments in addition to traditional credit and debit card related services.

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Krungthai Card (KTC TB)

Primer: Krungthai Card (KTC TB) - Nov 2025

Dominant Market Player with Stable Growth: Krungthai Card (KTC) is a leading provider of credit card and personal loan services in Thailand,...

αSK

Thai Pledged Shares: The Prakitchaiwattana Complex Remains Static

Pledged shares in the four key Prakitchaiwattana-held stocks, including Krungthai Card, were mostly flat in Sept vs. August. Elsewhere, recent big...

David Blennerhassett

Krungthai Card Plc. (KTC): Earnings In Line With Expectations; Asset Quality Remains Solid.

Overall asset quality remained well under control, with Stage 2 loans and Stage 3 (NPLs) stable at 11% and 1.85%, respectively, while the coverage...

Krungthai XSpring

KRUNGTHAI CARD Plc. (KTC): 3Q25E Profit To Have Edged Up Slightly

We switch our rating to “Neutral” (previously Outperform) as the valuation appeal has diminished after the share price rose more than 9% since our...

Krungthai XSpring

Krungthai Card (KTC TB): Pledged Shares Inching Up, Again

KTC is not trading down here on account of any large fundamental miss. 1H25 results bear this out. But this is no longer a high conviction trade....

David Blennerhassett

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