บทวิเคราะห์ (Research)

After reviewing 1H25 earnings and 2H25 NIM risks, we are less bullish on Kasikornbank (KBANK.BK/KBANK TB)* and Bangkok Bank (BBL.BK/BBL TB)*, remain bullish on Krungthai Bank (KTB.BK/KTB TB)*, and add Siam Commercial Bank (SCB.BK/SCB TB)* and Kiatnakin Phatra Bank (KKP.BK/KKP TB)* for trading. All banks face margin pressure from 0.25–0.5bps rate cuts and asset quality risks from slower GDP growth. BBL may see rising NPLs and limited credit cost relief, while KBANK faces NPL and credit cost pressure after low 1H25 credit costs. KKP should benefit from a recovering capital market, SCB’s strong 1H25 earnings cushion its outlook, and KTB’s solid loan mix and bad debt reserves should help it withstand headwinds.