บทวิเคราะห์ (Research)

We maintain our BUY rating with a TP of 25 baht, unchanged at 24 baht, and reiterate KTB as our top pick in the banking sector alongside KBANK (BUY, TP 178 baht). This is due to: i) continued positive impacts from government spending in 1H25F, ii) a projected 9% y-y growth in 2025F net profit, outpacing the sector’s 4% y-y growth, and iii) the potential for KTB to increase its payout ratio from the current ~30%. 4Q24 net profit of 10.5 billion baht was in line with our and consensus estimates. This quarter, we observed two positive factors: a 5.2% q-q increase in loans, representing a 4.7% YTD growth driven by government loans, and continued robust asset quality, as reflected in credit costs, Stage 2 loans, and NPLs.