บทวิเคราะห์ (Research)

We maintain our BUY rating with a TP25F of 180 baht. We believe that returning credit cost to a normal level of 140-160 bps in 2025F is becoming more challenging, as we saw a significant increase in stage 2 debtors this quarter to 8.6% from 7.7% in 3Q24. Net profit in 4Q24 of 10,494 million baht was close to our expectations but better than the market consensus. Profit increased by 12% y-y and decreased by 12% q-q. KBANK will hold an analyst meeting this morning. If there is any information that differs from our previous expectations, we will review our estimates again.