บทวิเคราะห์ (Research)

KTC : Earnings Preview - Expect 4Q24F profit to increase y-y and decrease q-q We have a neutral outlook on 4Q24F net profit, estimated at 1,900 million baht. Profit increased by 8% y-y due to the increase in NIM, fee and service income, and recovery of bad debts. While profit decreased by 1% q-q due to the increase in operating expenses (OPEX) due to seasonal factors and the increase in credit loss provisions (ECL) from write-offs and the increase in total loans by 6.0% q-q or 0.2% YTD, mainly from credit card loans. Asset quality is well-managed with NPL Ratio at 1.90%, close to 3Q24. We like KTC because i) We expect the BOT's measures and government stimulus to help reduce the problem of customer delinquency. ii) Benefit from declining interest rates. iii) Have a strong balance sheet. iv) Net profit in 2025F is expected to reach a new high following 2024F.